Document:

EX-4.4

 Exhibit 4.4 

[Form of Floating Rate Global Medium-Term Note, Series A] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AIR LEASE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

AIR LEASE CORPORATION 

************************** 

GLOBAL MEDIUM-TERM NOTE, SERIES A 

(Floating Rate) 

CUSIP: [•] 

ISIN: [•] 
  

			
	No. [•]	  	
	PRINCIPAL OR FACE AMOUNT:	  	$[•]

 *** [ ] CHECK IF A PRINCIPAL INDEXED NOTE *** 

If this is a Principal Indexed Note, references herein to “principal” shall be deemed to be the face amount hereof, except that the amount payable
upon Maturity of this Note shall be determined in accordance with the formula or formulas set forth below or in an attached Addendum hereto. 
 Issue Date:

 Stated Maturity: 
 Initial Interest Rate: 

Interest Payment Dates: 
 Regular Record Date: 

Interest Calculation: 
 [ ] Regular Floating Rate
Note 
 [ ] Other Floating Rate Note 

(See attached Addendum) 
 Interest Rate Basis:

 [ ] CMS Rate 
 [ ] CMT Rate

 [ ] Commercial Paper Rate 

 [ ] Compounded SOFR 

[ ] Eleventh District Cost of Funds Rate 

[ ] Federal Funds Rate 
 [ ]
Federal Funds OIS Compound Rate 
 [ ] LIBOR 

[ ] Prime Rate 
 [ ] Treasury Rate

 [ ] Other (see attached Addendum) 
 If CMS:

 Designated CMS Maturity Index: 
 If CMT:

 Designated CMT Maturity Index: 

Designated CMT Reuters Page: 
 [
] FRBCMT 
 [ ] FEDCMT 
 If LIBOR: 

Designated LIBOR Page: 
 Index
Currency: 
 If LIBOR or Treasury Rate: 
 Index
Maturity: 
 Spread (+/-): 
 Spread Multiplier: 

Maximum Interest Rate: 
 Minimum Interest Rate: 

First Interest Reset Date: 
 Interest Reset Dates: 

Interest Reset Period: 
 Interest Rate Reset Cutoff Date: 

Interest Determination Date: 
 Day Count Convention: Actual/360
unless another convention is checked below. 
 [ ] 30/360 

[ ] Actual/Actual 
 Business Day Convention: 

[ ] Following 
 [ ] Modified
Following 
 Optional Redemption: [ ] Yes [ ] No 

Optional Redemption Date(s) (including any applicable regular or special record date): 

Optional Redemption Price(s): 

[See Addendum for optional redemption provisions] 

Repayment at Option of Holder: [ ] Yes [ ] No 

Repayment Date(s): 
 Repayment
Price: 
 Change of Control Put: [ ] Yes [ ] No 

 Original Issue Discount: 

Total Amount of Original Issue Discount: 

Yield to Maturity: 
 Initial
Accrual Period: 
 Specified Currency: [U.S. dollars] 
 Minimum
Denomination/Minimum Incremental Denomination: [$2,000/$1,000] 
 Calculation Agent: 

If an Add On Security, check [ ], and specify: 

Initial Interest Accrual Date: 
 Addendum
Attached: 
 [X] Yes 
 [ ] No

 Other Provisions: [•] 

AIR LEASE CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., the registered Holder hereof, the Principal or Face Amount (as
specified above) or, if this is a Principal Indexed Note, the principal amount as determined in accordance with the terms set forth under “Other Provisions” above and/or in an Addendum attached hereto, on the Stated Maturity specified
above [(except to the extent redeemed or repaid prior to the Stated Maturity)], and to pay interest on the Principal or Face Amount hereof as set forth above, at a rate per annum equal to the Initial Interest Rate specified above until the First
Interest Reset Date specified above and thereafter at a rate per annum determined in accordance with the provisions hereof and any Addendum relating hereto depending upon the Interest Rate Basis or Bases, if any, and such other terms specified
above, until the principal hereof is paid or duly made available for payment; provided, that any principal, and any such installment of interest, that is overdue shall bear interest at the interest rate in effect (to the extent that
the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in The
City of New York, New York (or, if the Company does not maintain such office or agency, at the corporate trust office of the Trustee in The City of New York or if the Trustee does not maintain an office in The City of New York, at the office of a
Paying Agent in The City of New York); provided, however, that payment of principal and interest on Global Securities shall be made by wire transfer in accordance with the procedures of the Depositary. 

Interest on this Note will accrue from and including the Issue Date specified above, at the rates determined from time to time as specified
herein, until the principal hereof has been paid or made available for payment. The Company will pay interest on each Interest Payment Date specified above, commencing on the first Interest Payment Date following the Issue Date, and on the Stated
Maturity or [any Redemption Date (if specified as redeemable above) or any Repayment Date or] Change of Control Payment Date (each, if specified as repayable above) (the date of each such Stated Maturity[, Redemption Date, Repayment Date] and Change
of Control Payment Date and the date on which principal or an installment of principal is due and payable by declaration of acceleration or otherwise pursuant to the Indenture being referred to hereinafter as a “Maturity” with
respect to principal payable on such date); provided, however, that if the Issue Date is between a Regular Record Date (as defined below) and the next succeeding Interest Payment Date, interest payments will commence on the second
Interest Payment Date following the Issue Date; and provided, further, unless otherwise specified in an Addendum attached hereto, that if “Following” is specified above under Business Day Convention, if an Interest Payment
Date (other than an Interest Payment Date at Maturity) would fall on a day that is not a Business Day (this and certain other capitalized terms used herein are defined on the reverse of the Note), such Interest Payment Date will be the

 
next succeeding day that is a Business Day (the “Following Business Day Convention”), and if “Modified Following” is specified above under Business Day Convention, if
an Interest Payment Date (other than an Interest Payment Date at Maturity) would fall on a day that is not a Business Day, such Interest Payment Date will be the next succeeding day that is a Business Day unless such next Business Day falls in the
next calendar month, in which case such Interest Payment Date will be the immediately preceding day that is a Business Day (the “Modified Following Business Day Convention”). If any payment is made on a Business Day following the
applicable Interest Payment Date (other than an Interest Payment Date at Maturity) pursuant to the preceding sentence, no interest on such payment will accrue on the amount payable for the period from and after such Interest Payment Date to the
Business Day on which such payment is made. 
 If Maturity falls on a day which is not a Business Day, the payment due on such Maturity will
be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity and no interest will accrue with respect to such payment for the period from and after such Maturity to the date of that payment on the next
succeeding Business Day. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such Interest Payment Date. Any such interest so payable but not so punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted
Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date and at the Company’s election, may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof to be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Unless otherwise specified under Specified Currency above and/or in an Addendum attached hereto, this Note will be denominated in U.S. dollars
and payments of principal, premium and interest, if any, on this Note will be made in U.S. dollars or in such coin or currency of the United States as at the time of payment is legal tender for payments of public and private debts. If this Note is
denominated in a Foreign Currency or if the principal, premium or interest, if any, on this Note is payable in or by reference to a Foreign Currency or in amounts determined by reference to one or more currencies other than that in which this Note
is denominated, any other applicable provisions will be included in an Addendum attached hereto. However, unless otherwise specified in an Addendum attached hereto, if any payment in respect of this Note is required to be made in a Foreign Currency,
and a Conversion Event occurs in respect of such Foreign Currency, then all payments in respect of this Note will be made in U.S. dollars until such currency is again available to the Company or so used. The amounts payable on any date in such
currency will be converted into U.S. dollars on the basis of the most recently available market exchange rate for such currency or as otherwise indicated in an Addendum attached hereto. Any payment so made in U.S. dollars will not constitute an
Event of Default under the Indenture. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature of one or more authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: [•]	 		 	AIR LEASE CORPORATION
				
		 		 	By:	 	 [•]

		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein 

referred to in the within-mentioned Indenture. 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, as Trustee 
  

			
	By:	 	 [•]

		 	Authorized Signatory
		
	By:	 	 [•]

		 	Authorized Signatory

 [Signature Page to Floating Rate Global Note] 

 [FORM OF REVERSE OF NOTE] 

 

	1.	 This Note (herein called this “Note” and, together with all such notes having Equivalent
Terms, the “Notes”) is one of a duly authorized series of securities of the Company designated as its Medium-Term Notes, Series A (the “Securities”), issued under an
Indenture, dated as of November 20, 2018 (herein called the “Indenture”, as may be amended or supplemented from time to time), among the Company, as issuer, and Deutsche Bank Trust Company Americas, as Trustee (herein
called the “Trustee,” which term includes any successor trustee with respect to the Securities under the Indenture, and, unless otherwise specified in an Addendum attached hereto, as registrar for the Notes), and reference is
hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to
be, authenticated and delivered. 

  

	2.	 This Note is not subject to any sinking fund and will not be redeemable or subject to repayment at the option
of the Holder prior to the Stated Maturity, except as provided below. 

  

	3.	 This Note is a senior unsecured obligation of the Company and ranks equally with the other unsecured and
unsubordinated indebtedness of the Company. 

  

	4.	 The interest rate borne by this Note will be determined as follows: 

 

	 	(a)	 [If this Note is designated as a Regular Floating Rate Note, then, except][Except] as described below, this
Note will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases designated on the face of this Note (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread
Multiplier, if any, specified and applied in the manner described on the face of this Note. The interest rate in effect for the period from the Issue Date to the First Interest Reset Date will be the Initial Interest Rate. Commencing on the First
Interest Reset Date, the rate at which interest on this Note is payable will be reset as of each Interest Reset Date specified on the face of this Note. 

  

	 	(b)	 Notwithstanding the foregoing, if this Note is designated on the face of this Note as having an Addendum
attached, the Note will bear interest in accordance with the terms described in such Addendum. If interest on this Note is to be calculated in accordance with the terms of an attached Addendum, unless otherwise specified in such Addendum, the
interest rate in effect for the period from the Issue Date to the First Interest Reset Date will be the Initial Interest Rate and commencing on the First Interest Reset Date, the rate at which interest on this Note is payable will be reset as of
each Interest Reset Date specified on the face of this Note. 

  

	5.	 Unless otherwise specified on the face of this Note and/or in an Addendum attached hereto, the “Interest
Reset Date” for this Note, if applicable, will be as follows: if the interest rate resets daily, each Business Day; if the interest rate resets weekly, the Wednesday of each week, except if the Interest Rate Basis for this Note is the Treasury
Rate the interest rate will reset on the Tuesday of each week; if the interest rate resets monthly, the third Wednesday of each month, except if the Interest Rate Basis for this Note is the Eleventh District Cost of Funds Rate the interest rate will
reset on the first calendar day of the month; if the interest rate resets quarterly, the third Wednesday of March, June, September and December of each year; if the interest rate resets semiannually, the third Wednesday of the two months specified
on the face of this Note; and if the interest rate resets annually, the third Wednesday of the month specified on the face of this Note. 

  

	6.	 Unless otherwise specified in an Addendum attached hereto, if “Following” is specified on the face of
this Note under Business Day Convention, if any Interest Reset Date (which term includes the First Interest Reset Date unless the context otherwise requires) would otherwise be a day that is not a Business Day, such Interest Reset Date will follow
the Following Business Day Convention, and if “Modified Following” is specified on the face of this Note under Business Day Convention, if any Interest Reset Date (which term includes the First Interest Reset Date unless the context
otherwise requires) would otherwise be a day that is not a Business Day, such Interest Reset Date will follow the Modified Following Business Day Convention. 

	7.	 Except as provided on the face of this Note, in an Addendum attached hereto or after giving effect to an
Interest Rate Reset Cutoff Date as provided below, the interest rate in effect on each day will be (a) if such day is an Interest Reset Date, the interest rate determined on the related Interest Determination Date (as defined below) immediately
preceding such Interest Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined on the related Interest Determination Date immediately preceding the most recent Interest Reset Date. 

 

	8.	 Unless otherwise specified in an Addendum attached hereto, if an “Interest Rate Reset Cutoff Date” is
specified on the face hereof, beginning on the Interest Rate Reset Cutoff Date, the interest rate for this Note on each day from and including the Interest Rate Reset Cutoff Date to but excluding the next Interest Payment Date will be determined
based on the Interest Rate Basis in effect on the Interest Rate Reset Cutoff Date. 

  

	9.	 Notwithstanding the foregoing, the interest rate hereon will not be greater than the Maximum Interest Rate, if
any, or less than the Minimum Interest Rate, if any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note
will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States laws of general application. 

  

	10.	 Interest payments on this Note on any Interest Payment Date will equal the amount of interest accrued from and
including the immediately preceding Interest Payment Date in respect of which interest has been paid (or from and including the Issue Date, if no interest has been paid), to but excluding the related Interest Payment Date; provided, however, that
the interest payments on Maturity will include interest accrued to but excluding the date of Maturity. 

  

	11.	 Unless otherwise specified in an Addendum attached hereto, this Note will accrue interest on an
“Actual/360” basis, an “Actual/Actual” basis, or a “30/360” basis, as specified on the face hereof, in each case, from the period from the Issue Date to the date of Maturity. If no Day Count Convention is specified on
the face hereof or in an Addendum attached hereto, interest on this Note will be paid on an “Actual/360” basis. If this Note is calculated on an Actual/360 basis or an Actual/Actual basis, accrued interest for each Interest Calculation
Period, as defined below, will be calculated by multiplying: 

  

	 	•	 the face amount of this Note; 

 

	 	•	 the applicable interest rate; and 

 

	 	•	 the actual number of days in the related Interest Calculation Period 

and dividing the resulting product by 360 or 365, as applicable; or with respect to an Actual/Actual basis Note, if any portion of the related
Interest Calculation Period falls in a leap year, the product of (i) the face amount of this Note and (ii) the applicable interest rate will be multiplied by the sum of: 

 

	 	•	 the actual number of days in that portion of the related Interest Calculation Period falling in a leap year
divided by 366, and 

  

	 	•	 the actual number of days in that portion of the related Interest Calculation Period falling in a non-leap year divided by 365. 

	12.	 If this Note is calculated on a 30/360 basis, accrued interest for an Interest Calculation Period will be
computed on the basis of a 360-day year of twelve 30-day months, irrespective of how many days are actually in such Interest Calculation Period. Unless otherwise
specified on the face of this Note and/or in an Addendum attached hereto, if this Note accrues interest on a 30/360 basis, if any Interest Payment Date or Maturity falls on a day that is not a Business Day, the related payment of principal or
interest will be made on the next succeeding Business Day as if made on the date such payment was due, and no interest will accrue on the amount payable for the period from and after such Interest Payment Date or Maturity, as the case may be.

  

	13.	 Unless otherwise specified on the face of this Note and/or in an Addendum attached hereto, interest with
respect to Notes for which the interest rate is calculated with reference to two or more Interest Rate Bases will be calculated in the same manner as if only one of the applicable Interest Rate Bases applied. 

 

	14.	 Unless otherwise specified on the face of this Note and/or in an Addendum attached hereto, the “Interest
Determination Date” with respect to the CMS Rate, the CMT Rate, the Commercial Paper Rate and the Prime Rate will be the second Business Day preceding each Interest Reset Date; the “Interest Determination Date” with respect to
Compounded SOFR will be the second U.S. Government Securities Business Day preceding each Interest Payment Date; the “Interest Determination Date” for the Federal Funds Rate will be the date specified above which shall be the same day as
the Interest Reset Date or the first Business Day preceding each Interest Reset Date; the “Interest Determination Date” with respect to the Federal Funds OIS Compound Rate will be the same day as each Interest Reset Date; the
“Interest Determination Date” with respect to the Eleventh District Cost of Funds Rate will be the last Business Day of the month immediately preceding each Interest Reset Date on which the Federal Home Loan Bank of San Francisco publishes
the Index (as defined below); the “Interest Determination Date” with respect to LIBOR will be the second London Banking Day (as defined below) preceding each Interest Reset Date, unless the Index Currency specified on the face of this Note
is the British pound sterling, in which case, the Interest Determination Date will be the applicable Interest Reset Date; the “Interest Determination Date” with respect to the Treasury Rate will be the day in the week in which the related
Interest Reset Date falls on which day Treasury Bills (as defined below) having the Index Maturity specified on the face of this Note are normally auctioned; provided, however, that if an auction is not held on Monday or Tuesday of the
week in which the Interest Reset Date falls and an auction is held on the Friday of the week preceding the related Interest Reset Date, the related Interest Determination Date will be such preceding Friday and provided, further, that
if an auction falls on any Interest Reset Date, then the related Interest Reset Date will instead be the first Business Day following the auction. If the interest rate of this Note is determined with reference to two or more Interest Rate Bases, the
Interest Determination Date pertaining to this Note will be the most recent Business Day which is at least two Business Days prior to such Interest Reset Date on which each Interest Rate Basis is determinable; and each Interest Rate Basis will be
determined and compared on such date, and the applicable interest rate will take effect on the related Interest Reset Date. 

  

	15.	 Unless otherwise specified on the face of this Note and/or in an Addendum attached hereto, all percentages
resulting from any calculation of interest on this Note will be rounded to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g.,
9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upward). 

  

	16.	 Determination of CMS Rate. Unless otherwise specified in an Addendum attached hereto, if CMS Rate is
designated as an Interest Rate Basis for this Note, the CMS Rate will be the rate on the applicable Interest Determination Date for U.S. dollar swaps having the Designated CMS Maturity Index specified on the face of this Note, expressed as a
percentage, which appears on the Reuters Screen ICESWAP1 Page or any Successor Source as of 11:00 a.m., New York City time. 

  

	 	(a)	 If the rate referred to in paragraph 16 is no longer published on the relevant page, or if not published by
3:00 p.m., New York City time, on the related Calculation Date, then the CMS Rate on the applicable Interest Determination Date will be a percentage determined on the basis of the mid-market semi-annual swap
rate quotations provided by five leading swap dealers (which may include 

 
one or more of the Agents, the Calculation Agent or their respective affiliates) in the New York City interbank market selected by the Calculation Agent (after consultation with the Company) as
of approximately 11:00 a.m., New York City time on the related Interest Determination Date. For this purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count
basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction having the Designated CMS Maturity Index specified on the face hereof in an amount that is
representative for a single transaction in that market at the time with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an Actual/360 day count basis, is equivalent to USD-LIBOR-ICE with a designated stated maturity of three months. The Calculation Agent shall request the principal New York City office of each of the swap dealers to provide a quotation of this rate. If at
least three quotations are provided, the rate will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the
lowest). If fewer than three swap dealers selected by the Calculation Agent are quoting as referred to in the preceding sentence, the CMS Rate will be the rate in effect on the applicable Interest Determination Date. 

 

	 	(b)	 “Designated CMS Maturity Index” means the original period to stated maturity of the CMS Rate
specified in an Addendum attached hereto with respect to which the CMS Rate will be calculated. 

  

	 	(c)	 “Successor Source” means, in relation to any display page, other published source, information
vendor or provider: (i) the successor display page, other published source, information vendor or provider that has been officially designated by the sponsor of the original page or source; or (ii) if the sponsor has not officially
designated a successor display page, other published source, information vendor or provider (as the case may be), the successor display page, other published source, information vendor or provider, if any, designated by the relevant information
vendor or provider (if different from the sponsor). 

  

	17.	 Determination of CMT Rate. Unless otherwise specified in an Addendum attached hereto, if CMT Rate is
designated as an Interest Rate Basis for this Note, the CMT Rate on the applicable Interest Determination Date will be any of the following rates published by the Federal Reserve System Board of Governors as the yield is displayed for United States
Treasury securities at “constant maturity” under the column for the Designated CMT Maturity Index, as defined below, for: the rate on that applicable Interest Determination Date, if the Designated CMT Reuters Page specified on the face of
this Note is FRBCMT or any Successor Source; and the week or the month, as applicable, ended immediately preceding the week in which the related Interest Determination Date occurs, if the Designated CMT Reuters Page specified on the face of this
Note is FEDCMT or any Successor Source. 

  

	 	(a)	 If the rate referred to in paragraph 17 is no longer displayed on the relevant page, or if not published by
3:00 p.m., New York City time, on the related Calculation Date, then the CMT Rate will be the “Treasury constant maturities” rate for the Designated CMT Maturity Index or other U.S. Treasury rate for the Designated CMT Maturity Index on
the applicable Interest Determination Date for the related Interest Reset Date as may then be published by either the Board of Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent
determines to be comparable to the rate formerly displayed on the Designated CMT Reuters Page and published on the website of the Federal Reserve System Board of Governors or in another recognized electronic source. If the information described in
the preceding sentence is not so published by 3:00 p.m., New York City time, on the related Calculation Date, then the CMT Rate for the applicable Interest Determination Date will be calculated by the Calculation Agent as a yield to stated maturity,
based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 p.m., New York City time, on the applicable Interest Determination Date, of three leading primary United States government securities dealers
(which may include one or more of the Agents, the Calculation Agent or their respective affiliates) in New York City selected by the Calculation Agent (after consultation with the Company) (each, a “Reference Dealer”) from five such
dealers and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest) for the most recently issued direct noncallable fixed rate obligations of the
United States, which are commonly referred to as 

 
“Treasury notes,” with an original stated maturity equal to the Designated CMT Maturity Index specified in an Addendum attached hereto, a remaining term to stated maturity no more than
one year shorter than the Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in that market at that time. If two Treasury notes with an original stated maturity as described above have remaining
terms to stated maturity equally close to the Designated CMT Maturity Index, the quotes for the Treasury note with the shorter remaining term to stated maturity will be used. 
  

	 	(b)	 If the Calculation Agent cannot obtain three Treasury notes quotations as described in paragraph 17(a), the
Calculation Agent will determine the CMT Rate to be a yield to stated maturity based on the arithmetic mean of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the applicable Interest Determination Date of
three Reference Dealers, selected using the same method described in paragraph 17(a), for Treasury notes with an original stated maturity equal to the number of years closest to but not less than the Designated CMT Maturity Index and a remaining
term to stated maturity closest to the Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in the securities in that market at that time. If fewer than five but more than two of the Reference
Dealers are quoting as described in the preceding sentence, then the CMT Rate will be based on the arithmetic mean of the offer prices obtained and neither the highest nor the lowest of those quotes will be eliminated. If fewer than three Reference
Dealers selected by the Calculation Agent are quoting as described in the preceding sentence, the CMT Rate for that applicable Interest Determination Date will remain the CMT Rate for the immediately preceding Interest Reset Period, or, if there was
no Interest Reset Period, the rate of interest payable will be the Initial Interest Rate. 

  

	 	(c)	 “Designated CMT Maturity Index” means the original period to stated maturity of the United
States Treasury securities, either 1, 2, 3, 5, 7, 10, 20 or 30 years, specified on the face of this Note with respect to which the CMT Rate will be calculated. If no stated maturity is specified on the face of this Note, the Designated CMT Maturity
Index will be two years. 

  

	 	(d)	 “Designated CMT Reuters Page” means the Reuters Page specified in an Addendum attached hereto
with respect to which the CMT Rate will be calculated. 

  

	18.	 Determination of Commercial Paper Rate. Unless otherwise specified in an Addendum attached hereto, if
the Commercial Paper Rate is designated as an Interest Rate Basis for this Note, the Commercial Paper Rate on the applicable Interest Determination Date will be the Money Market Yield (as defined below) on such date of the rate for commercial paper
having the Index Maturity specified on the face of this Note as published in the H.15 Daily Update under the heading “Commercial Paper—Nonfinancial.” If the rate referred to in the preceding sentence is not published in the H.15 Daily
Update by 5:00 p.m., New York City time, on the related Calculation Date, then the Commercial Paper Rate for the Interest Determination Date will be calculated by the Calculation Agent as the Money Market Yield of the arithmetic mean of the offered
rates at approximately 11:00 a.m., New York City time, as of the applicable Interest Determination Date of three leading dealers (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) of U.S. dollar
commercial paper in The City of New York, selected by the Calculation Agent (after consultation with the Company) for U.S. dollar commercial paper having the Index Maturity specified on the face of this Note placed for industrial issuers whose bond
rating is “Aa,” or the equivalent, from a nationally recognized rating agency. If the dealers selected by the Calculation Agent are not quoting as mentioned in the preceding sentence, the Commercial Paper Rate determined on the applicable
Interest Determination Date will be the rate in effect on such Interest Determination Date. 

  

	 	(a)	 “H.15 Daily Update” means the daily statistical release designated as such published by the
Federal Reserve System Board of Governors, or its successor, available through the website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15, or any Successor Source. 

	 	(b)	 “Money Market Yield” means, in respect of any security with a stated maturity of six months or
less, the rate for which is quoted on a bank discount basis, a yield (expressed as a percentage) calculated in accordance with the following formula: 

  

					
	                                   
     Money Market Yield =	 	 D x 360
	  	 x 100

		 	  
 360-(D x
M)
	  	

 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount
basis and expressed as a decimal; and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
  

	19.	 Determination of Compounded SOFR. Unless otherwise specified in an Addendum attached hereto, if
Compounded SOFR is designated as an Interest Rate Basis for this Note, Compounded SOFR on the applicable Interest Determination Date will be computed in accordance with the following formula: 

 
 

 
 where: 

“SOFR IndexStart” is the SOFR Index value for the day which is two U.S. Government Securities Business Days preceding the
first date of the relevant interest period; 
 “SOFR IndexEnd” is the SOFR Index value for the day which is two U.S.
Government Securities Business Days preceding the Interest Payment Date relating to such interest period; and 
 “dc” is the
number of calendar days in the relevant Observation Period. 
 “SOFR Index”, with respect to any U.S. Government Securities
Business Day, means: 
  

	 	(1)	 the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR
Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Determination Time”); or 

  

	 	(2)	 if a SOFR Index value specified in (1) above does not so appear at the SOFR Determination Time, then:

  

	 	(i)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to
SOFR, then Compounded SOFR shall be the rate determined pursuant to the “SOFR Index Unavailability” provisions below; or 

  

	 	(ii)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR,
then Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event” provisions below. 

where: 
 “SOFR”
means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s Website; 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of SOFR); 

 “SOFR Administrator’s Website” means the website of the Federal
Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor website of the Federal Reserve Bank of New York or the website of a successor administrator of SOFR; and 

“Observation Period” means, in respect of each interest period, the period from, and including, the date two U.S. Government
Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such interest period. 

If SOFR IndexStart or SOFR IndexEnd is not published on the relevant Interest Determination Date and a Benchmark Transition Event and its
related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” will mean, for the relevant interest period for which such index is not available, the rate of return on a daily compounded interest investment
calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the
purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If the daily SOFR (“SOFRi”) does not so appear for any day,
“i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR
Administrator’s Website. 
 As used in this paragraph 19: 

“Benchmark” means, initially, Compounded SOFR; provided that if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR or SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company (or its
designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or 

 

	 	(2)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(3)	 the sum of: (a) the alternate rate of interest that has been selected by the Company (or its designee) as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes
at such time and (b) the Benchmark Replacement Adjustment. 

 “Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Company (or its designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment (which may be a positive or negative value or zero), or method for calculating or
determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

 

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; or 

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
(or its designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 

 The Benchmark Replacement Adjustment shall not
include the margin specified in the applicable pricing supplement and such margin shall be applied to the Benchmark Replacement to determine the interest payable on such Compounded SOFR Securities, provided that the Trustee shall have no
responsibility or liability for calculations made pursuant to this definition and shall be entitled to conclusively rely on the accuracy of such calculations. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of amounts or tenors and other administrative matters) that
the Company (or its designee) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company (or its designee) decides that adoption of any portion of
such market practice is not administratively feasible or if the Company (or its designee) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (or its designee) determines is reasonably
necessary). 
 “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the
later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such
component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark
(or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark (or such component); or 

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 For the avoidance of doubt, for purposes of the
definitions of Benchmark Replacement Date and Benchmark Transition Event, references to “Benchmark” also include any reference rate underlying such Benchmark. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “ISDA” means
the International Swaps and Derivatives Association, Inc. or any successor thereto. 
 “ISDA Definitions” means the 2006
ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the
SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company (or its designee) in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

 

	20.	 Determination of Eleventh District Cost of Funds Rate. Unless otherwise specified in an Addendum
attached hereto, if the Eleventh District Cost of Funds Rate is designated as an Interest Rate Basis for this Note, the Eleventh District Cost of Funds Rate on the applicable Interest Determination Date will be the rate equal to the monthly weighted
average cost of funds set forth opposite the caption “11TH Dist COFI:” on the Reuters Screen COFI/ARMS Page or any Successor Source as of 11:00 a.m., San Francisco time, on such Interest Determination Date. If the rate referred to in the
preceding sentence is no longer published on the relevant page, or if not published by 11:00 a.m., San Francisco time, on the related Calculation Date, the Eleventh District Cost of Funds Rate for such Interest Determination Date will be the monthly
weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that was most recently announced (the “Index”) by the Federal Home Loan Bank of San Francisco as the cost of funds for the
calendar month immediately preceding the applicable Interest Determination Date. If the Federal Home Loan Bank of San Francisco fails to announce the Index as referred to in the preceding sentence on or before the related Calculation Date for the
calendar month immediately preceding such applicable Interest Determination Date, then the Eleventh District Cost of Funds Rate for such Interest Determination Date will be the Eleventh District Cost of Funds Rate in effect on such Interest
Determination Date. 

	21.	 Determination of Federal Funds Rate. Unless otherwise specified in an Addendum attached hereto, if the
Federal Funds Rate is designated as an Interest Rate Basis for this Note, the Federal Funds Rate on the applicable Interest Determination Date will be the rate set forth in the H.15 Daily Update for that day opposite the caption “Federal funds
(effective)” as such rate is displayed on the Reuters Screen FEDFUNDS1 Page or any Successor Source under the caption “EFFECT.” If the rate referred to in the preceding sentence is not so published by 5:00 p.m., New York City time, on
the related Calculation Date, the Federal Funds Rate for the applicable Interest Determination Date will be calculated by the Calculation Agent as the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds
arranged by three leading brokers (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) of U.S. dollar federal funds transactions in The City of New York, selected by the Calculation Agent (after
consultation with the Company) as of a time prior to 9:00 a.m., New York City time on the applicable Interest Determination Date. If the brokers selected as aforesaid by the Calculation Agent are not quoting as referred to in the preceding sentence,
the Federal Funds Rate for such Interest Determination Date will be the Federal Funds Rate in effect on such Interest Determination Date. 

  

	22.	 Determination of Federal Funds OIS Compound Rate. Unless otherwise specified in an Addendum attached
hereto, if the Federal Funds OIS Compound Rate is designated as an Interest Rate Basis for this Note, the Federal Funds OIS Compound Rate on the applicable Interest Determination Date immediately following an Interest Reset Period will be the rate
of return of a daily compound interest investment calculated in accordance with the formula set forth below: 

  

 
 where: 
  

	 	(a)	 “d0” is the number of New York Banking Days
in the relevant Interest Reset Period; “i” is a series of whole numbers from one to d0, each representing the relevant New York Banking Days in chronological order from, and
including, the first New York Banking Day in the relevant Interest Reset Period; 

  

	 	(b)	 “FEDFUNDi,” for any day “i” in the
relevant Interest Reset Period, is a reference rate equal to the rate set forth in the H.15 Daily Update in respect of that day opposite the caption “Federal funds (effective)” as such rate is displayed on the Reuters Screen FEDFUNDS1 Page
or any Successor Source under the caption “EFFECT.” Provided, that (1) if such rate does not appear on Reuters Screen FEDFUNDS1 Page or any Successor Source or is not yet published in the H.15 Daily Update by 5:00 p.m., New York City
time, on the related day, FEDFUNDi for that day will be calculated by the Calculation Agent as the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds
arranged by three leading brokers (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) of U.S. dollar federal funds transactions in The City of New York, selected by the Calculation Agent (after
consultation with the Company) as of a time before 9:00 a.m., New York City time on the applicable day; (2) if the brokers so selected by the Calculation Agent are not quoting as referred to in clause (1) above, FEDFUNDi for such day will be the rate displayed on the Reuters Screen FEDFUNDS1 Page or any Successor Source in respect of the first preceding New York Banking Day; and (3) if the rate is not
displayed on the Reuters Screen FEDFUNDS1 Page or any Successor Source in respect of the first preceding New York Banking Day, then FEDFUNDi for such day will be the FEDFUNDi in effect on the applicable Interest Determination Date; 

  

	 	(c)	 “ni” is the number of calendar days in the
relevant Interest Reset Period on which the rate is FEDFUNDi; 

  

	 	(d)	 “d” is the number of calendar days in the relevant Interest Reset Period; and 

	 	(e)	 “New York Banking Day” means any day on which commercial banks are open for general business
(including dealings in foreign exchange and foreign currency deposits) in New York, New York. 

  

	23.	 Determination of LIBOR. Unless otherwise specified in an Addendum attached hereto, if LIBOR is
designated as an Interest Rate Basis for this Note, LIBOR will be generally determined on the applicable Interest Determination Date by the Calculation Agent as the average of the offered rates for deposits in the Index Currency having the specified
Index Maturity beginning on the second London Banking Day immediately after the Interest Determination Date (or, if pounds sterling is the Index Currency, beginning on such date or, if euro is the Index Currency, beginning on the second TARGET2
Settlement Day immediately after such date), that appear on the Designated LIBOR Page at approximately 11:00 a.m., London time, on that Interest Determination Date, if at least two such offered rates appear on the Designated LIBOR Page;
provided, that if the specified Designated LIBOR Page by its terms provides only for a single rate, then the single rate will be used. If fewer than two offered rates appear on the Designated LIBOR Page, or, if no rate appears and the
Designated LIBOR Page by its terms provides only for a single rate, LIBOR for that Interest Determination Date will be determined based on the rates on that Interest Determination Date at approximately 11:00 a.m., London time, at which deposits on
that date in the Index Currency for the period of the specified Index Maturity are offered to prime banks in the London interbank market by four major banks (which may include one or more of the Agents, the Calculation Agent or their respective
affiliates) in that market selected by the Calculation Agent (after consultation with the Company) and in a principal amount that is representative for a single transaction in the Index Currency in such market at such time. The offered rates must
begin on the second London Banking Day immediately after such Interest Determination Date (or if pounds sterling is the Index Currency, commencing on such Interest Determination Date or, if euro is the Index Currency, beginning on the second TARGET2
Settlement Day immediately after such date). The Calculation Agent shall request the principal London office of each of these banks to quote its rate. If the Calculation Agent receives at least two quotations, LIBOR will be the average of those
quotations. If the Calculation Agent receives fewer than two quotations as referred to in the preceding sentence, LIBOR will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in the Principal Financial Center, on such Interest
Determination Date by major banks (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) in the Principal Financial Center selected by the Calculation Agent (after consultation with the Company). The
rates will be for loans in the Index Currency to leading European banks having the specified Index Maturity beginning on the second London Banking Day after such Interest Determination Date (or, if pounds sterling is the Index Currency, commencing
on such Interest Determination Date or, if euro is the Index Currency, beginning on the second TARGET2 Settlement Day immediately after such Interest Determination Date) and in a principal amount that is representative for a single transaction in
such Index Currency in such market at such time. If LIBOR is not determinable as described in this paragraph 23, LIBOR for the applicable Interest Determination Date will be equal to the interest rate in effect during the most recent Interest Reset
Period for which LIBOR was determinable as described in this paragraph 23. 

  

	 	(a)	 “Designated LIBOR Page” means the display page specified on the face hereof, or if no page is
so specified or LIBOR Reuters is specified, the display on Reuters on page LIBOR01 or any Successor Source, for the purpose of displaying the London interbank rates of major banks for the applicable Index Currency. 

 

	 	(b)	 “TARGET2 Settlement Day” means any day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer (TARGET2) System or any successor thereto is open. 

 Notwithstanding the foregoing in this
paragraph 23, if the Company (or its designee) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the
Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the LIBOR Securities in respect of such determination on such date and all determinations on all subsequent dates. 

 As used in this paragraph 23: 

“Benchmark” means, initially, LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if the Company (or its designee) cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, then “Benchmark Replacement” means the first alternative set forth
in the order below that can be determined by the Company (or its designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; 

 

	 	(2)	 the sum of: (a) Compounded SOFR (as defined below) and (b) the Benchmark Replacement Adjustment;

  

	 	(3)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

  

	 	(4)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(5)	 the sum of: (a) the alternate rate of interest that has been selected by the Company (or its designee) as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes
at such time and (b) the Benchmark Replacement Adjustment. 

 “Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Company (or its designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment (which may be a positive or negative value or zero), or method for calculating or
determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

 

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; or 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
(or its designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 

 “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and
making payments of interest, the rounding of amounts or tenors and other administrative matters) that the Company (or its designee) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent
with market practice (or, if the Company (or its designee) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or its designee) determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Company (or its designee) determines is reasonably necessary). 
 “Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the
later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such
component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark
(or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “Compounded SOFR” means, with
respect to LIBOR Securities, the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate (which will be compounded in arrears with a lookback and/or suspension period as a mechanism to
determine the interest amount payable prior to the end of each interest period), and conventions for this rate being established by the Company (or its designee) in accordance with: 

 

	 	(1)	 the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining Compounded SOFR; provided that: 

  

	 	(2)	 if, and to the extent that, the Company (or its designee) determines that Compounded SOFR cannot be determined
in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company (or its designee) giving due consideration to any industry-accepted market practice for U.S.
dollar denominated floating rate notes at such time. 

 “Corresponding Tenor” with respect to a Benchmark
Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

 “Interpolated Benchmark” with respect to the Benchmark means the rate
determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the
shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 “ISDA” means the
International Swaps and Derivatives Association, Inc. or any successor thereto. 
 “ISDA Definitions” means the 2006 ISDA
Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is LIBOR, approximately
11:00 a.m., London time, on the Interest Determination Date, and (2) if the Benchmark is not LIBOR, the time determined by the Company (or its designee) in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 
 “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor
administrator of SOFR). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor website of the Federal Reserve Bank of New York or the website of a successor administrator of SOFR. 

“Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected
or recommended by the Relevant Governmental Body. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement
excluding the Benchmark Replacement Adjustment. 
  

	24.	 Determination of Prime Rate. Unless otherwise specified in an Addendum attached hereto, if Prime Rate is
designated as an Interest Rate Basis for this Note, the Prime Rate on the applicable Interest Determination Date shall be the rate on such Interest Determination Date set forth in the H.15 Daily Update opposite the caption “Bank prime
loan.” If the rate referred to in the preceding sentence is not so published by 5:00 p.m., New York City time, on the related Calculation Date, the Prime Rate for the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of the rates of interest publicly announced by each bank (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) that appears on the Reuters Page US PRIME 1, as
defined below, as that bank’s prime rate or base lending rate, as of 11:00 a.m., New York City time, for the applicable Interest 

	 	
Determination Date. If fewer than four rates appear on the Reuters Page US PRIME 1 by 5:00 p.m., New York City time, on the related Calculation Date, the Prime Rate for the applicable Interest
Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of the rates of interest publicly announced by three major banks (which may include one or more of the Agents, the Calculation Agent or their respective
affiliates) in New York City, selected by the Calculation Agent (after consultation with the Company) as its U.S. dollar prime rate or base lending rate as in effect for that day. Each change in the prime rate or base lending rate so announced by
such bank will be effective as of the effective date of the announcement or, if no effective date is specified, as of the date of the announcement. If the banks selected by the Calculation Agent are not quoting as described in the third sentence of
this paragraph 24, the Prime Rate for the applicable Interest Determination Date will be the Prime Rate in effect on such Interest Determination Date. 

  

	 	(a)	 “Reuters Page US PRIME 1” means the display designated as page “US PRIME 1” on
Reuters, or any Successor Source, for the purpose of displaying prime rates or base lending rates of major U.S. banks. 

  

	25.	 Determination of Treasury Rate. Unless otherwise specified in an Addendum attached hereto, if the
Treasury Rate is designated as an Interest Rate Basis for this Note, the Treasury Rate on the applicable Interest Determination Date will be the rate from the auction held on the applicable Interest Determination Date (“Auction”) of
direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified on the face hereof which appears on either the Reuters Screen USAUCTION10 Page or any Successor Source or the Reuters Screen USAUCTION11
Page or any Successor Source opposite such Index Maturity under the heading “INVEST RATE.” If the rate described in the preceding sentence is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the Treasury
Rate for the applicable Interest Determination Date will be the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills announced by the United States Department of the Treasury. If the rate described in the preceding sentence is
not announced by the United States Department of the Treasury, or if the Auction is not held, the Treasury Rate for the applicable Interest Determination Date will be the Bond Equivalent Yield of the rate on such Interest Determination Date of
Treasury Bills having the Index Maturity specified on the face of this Note set forth in the H.15 Daily Update under the caption “U.S. government securities—Treasury bills (secondary market).” If the rate described in the preceding
sentence is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the Treasury Rate for the applicable Interest Determination Date will be the rate on the applicable Interest Determination Date of the applicable
Treasury Bills as published in the H.15 Daily Update under the caption “U.S. government securities—Treasury bills (secondary market).” If the rate described in the preceding sentence is not so published by 3:00 p.m., New York City
time, on the related Calculation Date, the Treasury Rate for the applicable Interest Determination Date will be the rate on such Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of
the secondary market bid rates, as of approximately 3:30 p.m., New York City time, on the applicable Interest Determination Date, of three primary United States government securities dealers (which may include one or more of the Agents, the
Calculation Agent or their respective affiliates), selected by the Calculation Agent (after consultation with the Company) for the issue of Treasury Bills with a remaining stated maturity closest to the Index Maturity specified on the face of this
Note. If the dealers selected as aforesaid by the Calculation Agent are not quoting as described in the preceding sentence, the Treasury Rate for the applicable Interest Determination Date will be the Treasury Rate in effect on such Interest
Determination Date. 

  

	 	(a)	 “Bond Equivalent Yield” means, in respect of any security with a stated maturity of six months
or less, the rate for which is quoted on a bank discount basis, a yield (expressed as a percentage) calculated in accordance with the following formula: 

  

					
	                                   
 Bond Equivalent Yield =	  	D x N x 100	  	
		  	  
	  	
		  	360 – (D x M)	  	

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a
bank discount basis and expressed as a decimal; “N” refers to 365 or 366, as the case may be; and “M” refers to the actual number of days in the interest period for which interest is being calculated. 

 

	26.	 Notwithstanding anything to the contrary contained herein or in the Indenture, for purposes of determining the
voting rights of a Holder of a Note for which the principal thereof is determined by reference to the price or prices of specified commodities or stocks, interest rate indices, interest rate swap or exchange rate swap indices, the exchange rate of
one or more specified currencies relative to another currency or such other price, exchange rate or other financial index or indices as may be specified on the face of this Note and/or in an Addendum attached hereto (a “Principal Indexed
Note”), the principal amount of any such Principal Indexed Note will be deemed to be equal to the face amount thereof upon issuance. The method for determining the amounts, if any, payable on Interest Payment Dates and at Maturity on a
Principal Indexed Note will be specified in an attached Addendum. 

  

	27.	 The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of, and all
other obligations under, the Notes, subject to the survival of specified provisions of the Indenture, or (ii) certain restrictive covenants and Events of Default with respect to the Notes, in each case upon compliance with certain conditions
set forth in the Indenture. 

  

	28.	 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes
may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture. 

  

	29.	 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of
the Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities,
to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

 

	30.	 Notwithstanding any other provision in the Indenture, this Note or the Addendum attached hereto, the Holder of
this Note has the right, which is absolute and unconditional, to receive payment of the principal of, premium, if any, and interest, if any, on, and any Additional Amounts, if any, with respect to, this Note on the respective due dates expressed in
this Note (including the [Redemption Date, Repayment Date and the] Change of Control Payment Date, as applicable) and to institute suit for the enforcement of any such payment, and such rights will not be impaired without the consent of such Holder.

  

	31.	 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of, any premium and interest on or any Additional Amounts with respect to this
Note are payable, (if so required by the Company or the Trustee) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the
Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 

	32.	 At the request of the Holder of this Note or the Trustee, the Calculation Agent shall provide to the Holder or
the Trustee, as applicable, the interest rate hereon then in effect and, if determined, the interest rate which will become effective as of the next Interest Reset Date. 

	33.	 The Company may reopen this issue of Notes by issuing additional Securities with the same terms as this issue
of Notes, except that the additional Securities shall bear interest from and including the last date to which interest has been paid on this issue of Notes or from and including the Issue Date specified on the face of this Note, if no interest has
been paid. Any additional Securities so issued will be considered for all purposes part of the same issue of Notes. 

  

	34.	 Unless otherwise specified in an Addendum attached hereto, if this Note is an Add On Security, notwithstanding
anything to the contrary in this Note, interest on this Note shall accrue from and including the Initial Interest Accrual Date specified on the face of this Note; and for purposes of all interest calculations, references to Issue Date in this Note
shall be replaced with a reference to the Initial Interest Accrual Date specified on the face of this Note. If this Note is an Add On Security, this Note shall be considered for all purposes part of the same issue of Notes that has been reopened.

  

	35.	 Unless otherwise indicated on the face of this Note and/or in an Addendum attached hereto, Holders may elect to
have their Notes repurchased upon a Change of Control Repurchase Event as described below. 

  

	 	(a)	 If a Change of Control Repurchase Event occurs, [unless the Company has exercised its right to redeem all of
the Notes pursuant to the terms of this Note, if applicable,] the Company will make an offer to purchase all the Notes (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount of the Notes
plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). Within 30 days following the date upon which the Change of Control Repurchase Event occurred, or at the Company’s option,
prior to any Change of Control but after the public announcement of the pending Change of Control, [unless the Company has exercised its right to redeem all of the Notes pursuant to the terms of this Note, if applicable,] the Company will mail a
notice of such Change of Control Offer to each Holder or otherwise give notice, which will govern the terms of the Change of Control Offer, in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating:

  

	 	(i)	 that a Change of Control Offer is being made pursuant to this paragraph 35 of this Note and that all Notes
validly tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase;

  

	 	(ii)	 the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is
mailed or given, other than as may be required by law) (the “Change of Control Payment Date”); 

  

	 	(iii)	 if sent or given prior to the date of consummation of the Change of Control, that the Change of Control Offer
is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date; provided, that if a Change of Control is consummated after a proposed Change of Control Payment Date and such Change of
Control Offer is therefore not consummated, the Company shall make a Change of Control Offer in accordance with this paragraph 35 within 30 days following the later of the consummation of such Change of Control or a Below Investment Grade Rating
Event; 

  

	 	(iv)	 that Notes must be tendered in multiples of the Minimum Incremental Denomination and any Note not validly
tendered will remain outstanding and continue to accrue interest; 

  

	 	(v)	 that, unless the Company defaults in the payment of the Change of Control Payment, any Note accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

	 	(vi)	 that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to
surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” attached hereto, to the Paying Agent specified in the notice at the address specified in the notice, or transfer their Notes to the Paying Agent by
book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

 

	 	(vii)	 that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to
purchase such Notes; provided, that the Paying Agent receives at the address specified in the notice, not later than the close of business on the 30th day following the date of the Change of Control notice, a telegram, facsimile transmission
or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

  

	 	(viii)	 that if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to the Minimum Denomination or an integral multiple of the Minimum Incremental Denomination in excess thereof); and

  

	 	(ix)	 the other instructions, as determined by the Company, consistent with this paragraph 35 that a Holder must
follow. 

 The notice, if mailed or given in a manner herein provided, shall be conclusively presumed to have been given, whether or not
the Holder receives such notice. If (A) the notice is mailed or given in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive
such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

 

	 	(b)	 On the Change of Control Payment Date, the Company will, to the extent lawful: 

 

	 	(i)	 accept for payment all Notes or portions of Notes (of integral multiples of the Minimum Incremental
Denomination thereof) validly tendered pursuant to the Change of Control Offer; 

  

	 	(ii)	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes so tendered; 

  

	 	(iii)	 deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with this paragraph 35; and 

 

	 	(iv)	 deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in the Indenture relating to the making of such Change of Control Payment have been complied with. 

  

	 	(c)	 The Paying Agent will promptly pay to each Holder of Notes so tendered the Change of Control Payment for such
Notes, and the Trustee will promptly authenticate, upon receipt of an authentication order, and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided, that each such new Note will be in a principal amount equal to the Minimum Denomination or integral multiples of the Minimum Incremental Denomination in excess thereof. 

 

	 	(d)	 If the Change of Control Payment Date is on or after a Regular Record Date, but on or prior to the related
Interest Payment Date, any accrued and unpaid interest to the Change of Control Payment Date shall be paid on the Change of Control Payment Date to the Person in whose name a Note is registered at the close of business on such Regular Record Date.

	 	(e)	 Prior to making a Change of Control Payment, and as a condition to such payment (i) the requisite holders
of each issue of indebtedness issued under an indenture or other agreement that would be violated by the making of such payment shall have consented to such Change of Control Payment being made and waived the event of default, if any, caused by the
Change of Control or (ii) the Company will repay all outstanding indebtedness issued under an indenture or other agreement that would be violated by the making of a Change of Control Payment or the Company will offer to repay all such
indebtedness, make payment to the holders of such indebtedness that accept such offer and obtain waivers from the requisite remaining holders of such indebtedness of any event of default arising under the relevant indenture or other agreement as a
result of the Change of Control. The Company covenants to effect such repayment or obtain such consent prior to making a Change of Control Payment, it being a default of this paragraph 35 if the Company fails to comply with such covenant.

  

	 	(f)	 The Company will not be required to make a Change of Control Offer upon a Change of Control if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this paragraph 35 applicable to a Change of Control Offer made by the Company and such third party purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer. 

  

	 	(g)	 The Company will comply, to the extent applicable, with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any
securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of the
conflict. 

  

	 	(h)	 Other than as specifically provided in this paragraph 35, any purchase pursuant to this paragraph 35 shall be
made pursuant to the provisions of Sections 11.03, 11.05 and 11.07 of the Indenture. 

  

	 	(i)	 Notwithstanding anything to the contrary in the foregoing clauses (a) though (h), the Company’s
obligation to make a Change of Control Offer may, subject to Section 9.02 of the Indenture, be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities. 

 

	36.	 The Company may acquire Notes [by means other than a redemption], whether by tender offer, open market
purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

 

	37.	 Any provision contained herein with respect to the determination of an Interest Rate Basis, the specification
of Interest Rate Basis, calculation of the Interest Rate applicable to this Note, its payment dates or any other matter relating hereto may be modified as specified in an Addendum relating hereto. References herein to “this Note,”
“hereof,” “herein,” “as specified above” or similar language of like import shall include any Addendums to this Note. 

  

	38.	 As used herein, and unless otherwise specified in an Addendum attached hereto: 

“Agents” means each of the distribution agents appointed by the Company from time to time with respect to the
issuance and sale of Securities. 

 “Below Investment Grade Rating Event” means that at any
time within 60 days (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies) from the date of the public notice of a Change of Control or of
the Company’s intention or that of any Person to effect a Change of Control, the rating on the Notes is lowered, and the Notes are rated below an Investment Grade Rating, by (x) one Rating Agency if the Notes are rated by less than two
Rating Agencies, (y) both Rating Agencies if the Notes are rated by two Rating Agencies or (z) at least a majority of such Rating Agencies if the Notes are rated by three or more Rating Agencies; provided, that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of
the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request
that the reduction in the rating of the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of
Control shall have occurred at the time of the Below Investment Grade Rating Event); 
 “Business Day”
means: 
 • for CMS Rate Securities and CMT Rate Securities, any day except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities; 

• for Compounded SOFR Securities, a day that is both (1) a day other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City of New York (a “New York Business Day”) and (2) a day other than a Saturday, Sunday or a
day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities (a “U.S. Government
Securities Business Day”); and 
 with respect to all other Securities: 

• for floating rate Securities for which LIBOR is not an applicable Interest Rate Basis: any day that is a New York
Business Day; 
 • for floating rate Securities for which LIBOR is an applicable Interest Rate Basis: a day that is both
(x) a day on which commercial banks are open for business, including dealings in the designated Index Currency (as defined below), in London (a “London Banking Day”) and (y) a New York Business Day; 

provided, however, that: 

• if the Specified Currency is other than U.S. dollars and euros: the day is also a day other than a day on which
commercial banks are authorized or required by law, regulation or executive order to close in the Principal Financial Center (as defined below) of the country issuing the Specified Currency (a “Principal Financial Center Business
Day”); 
 • if the Specified Currency is euros: the day is also a day on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer (TARGET2) System or any successor thereto is open; 
 “Calculation
Date” means, unless otherwise indicated on the face of this Note, pertaining to any Interest Determination Date, the earlier of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a Business Day,
the next succeeding Business Day, or (ii) the Business Day preceding the applicable Interest Payment Date or date of Maturity, as the case may be. All calculations on this Note will be made by the Calculation Agent specified on the face of this
Note or such successor thereto as is duly appointed by the Company; 

 “Change of Control” means, the occurrence of any one of the
following: 
 • a “person” or “group” within the meaning of Section 13(d) of the Exchange Act
other than the Company, a direct or indirect Subsidiary, or any employee or executive benefit plan of the Company and/or its Subsidiaries, has become the “beneficial owner,” as defined in Rule 13d-3
under the Exchange Act, of the Company’s Common Stock representing more than 50% of the total voting power of all Common Stock of the Company then outstanding and constituting Voting Stock; 

• the consummation of (i) any consolidation or merger of the Company pursuant to which the Company’s Common
Stock will be converted into the right to obtain cash, securities of a Person other than the Company, or other property; or (ii) any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially
all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any other Person other than a direct or indirect Subsidiary of the Company; provided, that Aircraft Asset leasing in the ordinary course of business of
the Company or any of its Subsidiaries shall not be considered the leasing of “all or substantially all” of the Company’s consolidated assets; provided further, however, that a transaction described in clause (i) or
(ii) in which the holders of the Company’s Common Stock immediately prior to such transaction own or hold, directly or indirectly, more than 50% of the voting power of all Common Stock of the continuing or surviving corporation or the
transferee, or the parent thereof, outstanding immediately after such transaction and constituting Voting Stock shall not constitute a Change of Control; or 

• the adoption of a plan relating to the Company’s liquidation or dissolution; 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment
Grade Rating Event; 
 “Common Stock” shall mean and include any class of capital stock of any corporation
now or hereafter authorized, the right of which to share in distributions of either earnings or assets of such corporation is without limit as to any amount or percentage; 

“DTC” means The Depository Trust Company; 

“Index Currency” means the currency for which Compounded SOFR or LIBOR will be calculated as specified on the
face of this Note. If no currency is specified, the Index Currency will be U.S. dollars; 
 “Interest Calculation
Period” means with respect to any period, the period from and including the most recent Interest Reset Date (or from and including the Issue Date in the case of the first Interest Reset Date), to but excluding the next succeeding Interest
Reset Date for which accrued interest is being calculated; 
 “Interest Reset Period” means the period from
and including the Issue Date to but excluding the First Interest Reset Date specified on the face of this Note and thereafter, each succeeding period from and including an Interest Reset Date to but excluding the immediately following Interest Reset
Date; 
 “Investment Grade Rating” means a rating equal to or higher than
BBB- by S&P, or the equivalent of any other Rating Agency, as applicable, or in each case the equivalent under any successor category of such Rating Agency; 

“Principal Financial Center” means: (1) the capital city of the country issuing the Specified Currency,
except that with respect to U.S. dollars, Australian dollars, Canadian dollars, euro, New Zealand dollars, South African rand and Swiss francs, the Principal Financial Center will be The City of New York, Sydney, Toronto, London, Wellington,
Johannesburg and Zurich, respectively, or (2) the capital city of the country to which the Index Currency relates, except that with respect to U.S. dollars, Australian dollars, Canadian dollars, euro, New Zealand dollars, South African rand and
Swiss francs, the Principal Financial Center will be The City of New York, Sydney, Toronto, London, Wellington, Johannesburg and Zurich, respectively; 

 “Rating Agency” means S&P and any additional rating
agency that provides a rating with respect to the Notes and is a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act (“NRSRO”); provided, that if any such
Rating Agency ceases to provide rating services to issuers or investors, the Company may appoint a replacement for such Rating Agency that is a NRSRO; 

“S&P” means Standard & Poor’s Ratings Services or any successor to its rating agency
business; 
 “Specified Currency” means the currency specified on the face of this Note, in which this
particular Note is denominated or payable (or, if the currency is no longer legal tender for the payment of public and private debts, any other currency of the relevant country or entity which is then legal tender for the payment of such debts); and

 “Voting Stock” means Capital Stock of any class or classes, the holders of which are ordinarily, in the
absence of contingencies, entitled to elect the corporate directors (or Persons performing similar functions). 
  

	39.	 The Notes are issuable only in registered form without coupons in denominations equal to the Minimum
Denomination specified on the face of this Note and higher integral multiples of the Minimum Incremental Denomination specified on the face of this Note (unless otherwise specified in an Addendum attached hereto). The Company will specify the
minimum denominations for Notes denominated in a foreign currency in an Addendum attached hereto. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of
Notes of any authorized denomination, as requested by the Holder surrendering the same. 

  

	40.	 No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  

	41.	 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
thereof may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

  

	42.	 All terms used in this Note that are not defined herein and are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  

	43.	 The Indenture and this Note are governed by and construed in accordance with the laws of the State of New York.

  

	44.	 The provisions of this Note (including any Addendum attached hereto) shall supersede any conflicting provisions
in the Indenture with respect to the Notes. 

 ASSIGNMENT 
  

	
	FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:
	
	_____________________________________________________
	
	_____________________________________________________
	(Insert assignee’s social security or tax identification number)
	
	_____________________________________________________
	
	_____________________________________________________
	_____________________________________________________
	(Insert address and zip code of assignee)

 and irrevocably appoints
                 as agent to transfer this Note on the Security Register. The agent may substitute another to act for him or her. 

 

			
	 Dated:
	  	 Signature:

		  	 Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Note) 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to a Change of Control Repurchase Event as described in paragraph 35
of this Note, check the box below: 
 [    ] Elect to have Notes repurchased pursuant to a Change of Control Repurchase
Event 
 If you want to elect to have only part of this Note purchased by the Company pursuant to paragraph 35 of this Note, state the
amount you elect to have purchased: 
  

					
		 	$	  	 (If less than the entire principal amount of this Note is to be repaid, specify the portion hereof (which shall be
integral multiples of the Minimum Incremental Denomination) which the Holder elects to have repaid and specify the denomination or denominations (which shall be equal to at least the Minimum Denomination or higher integral multiples of the Minimum
Incremental Denomination in excess thereof) of the Notes to be issued to the Holder for the portion of this Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being
repaid).

  

			
	Date:                                     
   	  	
	Your Signature:	  	
		  	  

		  	 (Sign exactly as your name appears on the face of this Note)

	 	  	Tax Identification
No.:                                        
             
	Signature
Guarantee*:                                       
              
	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

 ADDENDUM 

Amendment to Section 1.01 of the Indenture: The following term shall be added to the definitions in
Section 1.01 of the Indenture in the right alphabetical order: 
 “Future Supplemental Indenture” means a future
supplemental indenture to the Indenture. 
 Amendment to Section 9.02 of the Indenture: Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes or of the Securities but no other series of securities issued under the Indenture, whether now or hereafter issued and Outstanding, Section 9.02 of the Indenture is
hereby amended with respect to the Notes by the following: 
 (f) replacing the period at the end of clause (c) thereof with “,
or”; and 
 (g) adding a new clause (d) after the end of clause (c) thereof, as follows: “(d) reduce the premium payable
upon the redemption or repurchase of any Note, if applicable, or change the time at which any Note may be redeemed or repurchased, if applicable, as described in the Notes whether through an amendment or waiver of provisions in the covenants,
definitions or otherwise (except amendments to the definition of “Change of Control” or “Below Investment Grade Rating Event”).” 

Amendment to Section 11.02 of the Indenture: Section 11.02 of the Indenture is hereby amended with respect to
the Notes by replacing the number “30” with the number “10.” 
 Amendment to Section 11.03 of the
Indenture: Section 11.03 of the Indenture is hereby amended with respect to the Notes by replacing the words “by pro rata or by lot or such method as the Trustee shall deem fair and appropriate and” with the words “by
lot.” 
 Amendment to Section 11.04 of the Indenture: Section 11.04 of the Indenture is hereby amended
with respect to the Notes by replacing the number “30” with the number “10.” 
 Amendment to
Section 13.03 of the Indenture: The covenants provided pursuant to Section 3.01(r), 9.01(b) and 9.01(g) of the Indenture for purposes of Section 13.03(a) of the Indenture are the covenants in paragraph 35 of
this Note and Section 5.15, Section 7.04. Section 8.01, Section 10.05 and Section 10.06 of the Indenture. 
 [Optional Redemption:

 This Note is redeemable at the Company’s option as described below: 
  

	 	(1)	 [If a make-whole redemption is applicable:] At any time prior to [the Optional Redemption Date or Stated
Maturity] specified on the face of this Note, the Company may redeem the Notes at its option, in whole or, from time to time, in part, upon notice pursuant to [Section 11.04 of the Indenture or such other notice specified in this Addendum], at
a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date. 

 

	 	(2)	 [If a par call feature is applicable:] On or after the Optional Redemption Date specified on the face of
this Note, the Company may redeem the Notes at its option, in whole or, from time to time, in part, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, thereon
to, but excluding, the Redemption Date. 

  

	 	(3)	 Promptly after the determination thereof, the Company shall give the Trustee written notice of the Redemption
Price provided for in this Addendum, and the Trustee shall not be responsible for such calculation. If a Note is redeemed on or after a Regular Record Date but on or prior to the related Interest Payment Date, any accrued and unpaid interest to the
Redemption Date shall be paid on the Redemption Date to the Person in whose name a Note is registered at the close of business on such Regular Record Date. Unless the Company defaults in payment of the Redemption Price, from and after the Redemption
Date, interest will cease to accrue on the Notes or portions thereof called for redemption. 

	 	(4)	 Except pursuant to this Addendum, the Notes shall not be redeemable at the Company’s option prior to the
Stated Maturity. 

  

	 	(5)	 Any redemption pursuant to this Addendum shall be made pursuant to the provisions of Sections 11.01
through 11.07 of the Indenture. 

  

	 	(6)	 Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent,
including completion of a corporate transaction. In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such
time as any or all such conditions shall be satisfied or waived (provided that in no event shall such Redemption Date be delayed to a date later than 60 days after the date on which such notice was given), or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so delayed. The Company shall notify holders of any such rescission as soon as
practicable after the Company determines that such conditions precedent will not be able to be satisfied or the Company is not able or willing to waive such conditions precedent. Once notice of redemption is mailed or sent, subject to the
satisfaction of any conditions precedent provided in the notice of redemption, Notes called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price as set forth above. 

 

	 	(7)	 The Company may acquire Notes by means other than a redemption, whether by tender offer, open market purchases,
negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

As used in this Addendum: 

“Applicable Premium” means, with respect to a Note on any Redemption Date, the excess, if any, of (x) the
present value as of such Redemption Date of (i) 100% of the principal amount of such Note plus (ii) all required interest payments due on such Note through [if a par call feature is applicable—the Optional Redemption Date, assuming
such Note matured on such date][if this Note is not subject to a par call feature—the Stated Maturity] (excluding accrued but unpaid interest to, but excluding, the Redemption Date), computed using a discount rate equal to the Applicable
Treasury Rate as of such Redemption Date plus [•] basis points, over (y) the then outstanding principal of such Note; and 

“Applicable Treasury Rate” means as of any Redemption Date, the yield to stated maturity at the time of
computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent statistical release designated as “H.15” under the caption “Treasury constant maturities” or any successor
publication which is published at least weekly by the Board of Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity that has become publicly available at least two Business Days prior to the Redemption Date (or, if such statistical release is no longer published, any publicly available source
or similar market data)) most nearly equal to the period from the Redemption Date to [if a par call feature is applicable—the Optional Redemption Date][if this Note is not subject to a par call feature—the Stated
Maturity]; provided, however, that if the period from the Redemption Date to [If a par call feature is applicable—the Optional Redemption Date][If this Note is not subject to a par call feature—the Stated
Maturity] is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Applicable Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to [If a par call feature is
applicable—the Optional Redemption Date][If this Note is not subject to a par call feature—the Stated Maturity] is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used.]Exhibit 10.1

 

Execution
Version

 

COMMON
STOCK PURCHASE AGREEMENT

 

Dated
as of May 6, 2021

 

by
and between

 

GAUCHO
GROUP HOLDINGS, INC.

 

and

 

TUMIM
STONE CAPITAL LLC

 

    	 

     

    

 

Table
of Contents

	 	Page
	Article
    I DEFINITIONS	1
	 	 
	Article
    II PURCHASE AND SALE OF COMMON STOCK	1
	 	 
	Section
    2.1.	Purchase
    and Sale of Stock	1
	Section
    2.2.	Closing
    Date; Settlement Dates	2
	Section
    2.3.	Initial
    Public Announcements and Required Filings	2
	 	 	 
	Article
    III PURCHASE TERMS	3
	Section
    3.1.	Fixed
    Purchases	3
	Section
    3.2.	VWAP
    Purchases	4
	Section
    3.3.	Settlement	5
	Section
    3.4.	Compliance
    with Rules of Trading Market.	6
	Section
    3.5.	Beneficial
    Ownership Limitation	6
	 	 	 
	Article
    IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
    INVESTOR	7
	Section
    4.1.	Organization
    and Standing of the Investor	7
	Section
    4.2.	Authorization
    and Power	7
	Section
    4.3.	No
    Conflicts	7
	Section
    4.4.	Investment
    Purpose	8
	Section
    4.5.	Accredited
    Investor Status	8
	Section
    4.6.	Reliance
    on Exemptions	8
	Section
    4.7.	Information	8
	Section
    4.8.	No
    Governmental Review	9
	Section
    4.9.	No
    General Solicitation	9
	Section
    4.10.	Not
    an Affiliate	9
	Section
    4.11.	No
    Prior Short Sales	9
	Section
    4.12.	Statutory
    Underwriter Status	9
	Section
    4.13.	Resales
    of Securities	9
	 	 	 
	Article
    V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
    COMPANY	10
	Section
    5.1.	Organization,
    Good Standing and Power	10
	Section
    5.2.	Authorization,
    Enforcement	10
	Section
    5.3.	Capitalization	11
	Section
    5.4.	Issuance
    of Securities	11
	Section
    5.5.	No
    Conflicts	12
	Section
    5.6.	Commission
    Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants	12
	Section
    5.7.	Subsidiaries	14
	Section
    5.8.	No
    Material Adverse Effect or Material Adverse Change	14
	Section
    5.9.	No
    Undisclosed Liabilities	15
	Section
    5.10.	No
    Undisclosed Events or Circumstances	15
	Section
    5.11.	Indebtedness;
    Solvency	15
	Section
    5.12.	Title
    To Assets	15
	Section
    5.13.	Actions
    Pending	16
	Section
    5.14.	Compliance
    With Law; Compliance with Continued Listing Standards	16
	Section
    5.15.	Certain
    Fees	16
	Section
    5.16.	Disclosure	17
	Section
    5.17.	Operation
    of Business	17
	Section
    5.18.	Environmental
    Compliance	18
	Section
    5.19.	Material
    Agreements	18
	Section
    5.20.	Transactions
    With Affiliates	18

 

    	 	i	 

     

    

 

	Section
    5.21.	Employees;
    Labor Laws	19
	Section
    5.22.	Use
    of Proceeds	19
	Section
    5.23.	Investment
    Company Act Status	19
	Section
    5.24.	ERISA	19
	Section
    5.25.	Taxes	20
	Section
    5.26.	Insurance	20
	Section
    5.27.	Exemption
    from Registration	20
	Section
    5.28.	No
    General Solicitation or Advertising	21
	Section
    5.29.	No
    Integrated Offering	21
	Section
    5.30.	Dilutive
    Effect	21
	Section
    5.31.	Manipulation
    of Price	21
	Section
    5.32.	Securities
    Act	22
	Section
    5.33.	Listing
    and Maintenance Requirements; DTC Eligibility	22
	Section
    5.34.	Application
    of Takeover Protections	22
	Section
    5.35.	No
    Unlawful Payments	23
	Section
    5.36.	Money
    Laundering Laws	23
	Section
    5.37.	OFAC	24
	Section
    5.38.	U.S.
    Real Property Holding Corporation	24
	Section
    5.39.	Bank
    Holding Company Act	24
	Section
    5.40.	Information
    Technology; Compliance With Data Privacy Laws	25
	Section
    5.41.	No
    Disqualification Events	25
	Section
    5.42.	Accuracy
    of Certain Summaries and Statements	25
	Section
    5.43.	Acknowledgement
    Regarding Investor’s Acquisition of Securities	26
	 	 	 
	Article
    VI ADDITIONAL COVENANTS	26
	Section
    6.1.	Securities
    Compliance	26
	Section
    6.2.	Reservation
    of Common Stock	27
	Section
    6.3.	Registration
    and Listing	27
	Section
    6.4.	Compliance
    with Laws.	28
	Section
    6.5.	Keeping
    of Records and Books of Account; Due Diligence.	29
	Section
    6.6.	No
    Frustration; No Variable Rate Transactions.	29
	Section
    6.7.	Corporate
    Existence	30
	Section
    6.8.	Fundamental
    Transaction	30
	Section
    6.9.	Selling
    Restrictions.	30
	Section
    6.10.	Effective
    Registration Statement	31
	Section
    6.11.	Blue
    Sky	31
	Section
    6.12.	Non-Public
    Information	31
	Section
    6.13.	Broker/Dealer	32

 

    	 	ii	 

     

    

 

	Section
    6.14.	Disclosure
    Schedule.	32
	Section
    6.15.	Delivery
    of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events	32
	 	 	 
	Article
    VII CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE
    AND PURCHASE OF THE SHARES	32
	Section
    7.1.	Conditions
    Precedent to Closing	32
	Section
    7.2.	Conditions
    Precedent to Commencement	34
	Section
    7.3.	Conditions
    Precedent to Fixed Purchases and VWAP Purchases after Commencement Date	37
	 	 	 
	Article
    VIII TERMINATION	40
	Section
    8.1.	Automatic
    Termination	40
	Section
    8.2.	Other
    Termination	41
	Section
    8.3.	Effect
    of Termination	42
	 	 	 
	Article
    IX INDEMNIFICATION	43
	Section
    9.1.	Indemnification
    of Investor	43
	Section
    9.2.	Indemnification
    Procedures	44
	 	 	 
	Article
    X MISCELLANEOUS	44
	Section
    10.1.	Certain
    Fees and Expenses; Commitment Shares; Commencement Irrevocable Transfer Agent Instructions.	44
	Section
    10.2.	Specific
    Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.	47
	Section
    10.3.	Entire
    Agreement	48
	Section
    10.4.	Notices	48
	Section
    10.5.	Waivers	49
	Section
    10.6.	Amendments	49
	Section
    10.7.	Headings	49
	Section
    10.8.	Construction	49
	Section
    10.9.	Binding
    Effect	50
	Section
    10.10.	No
    Third Party Beneficiaries	50
	Section
    10.11.	Governing
    Law	50
	Section
    10.12.	Survival	50
	Section
    10.13.	Counterparts	50
	Section
    10.14.	Publicity	50
	Section
    10.15.	Severability	50
	Section
    10.16.	Further
    Assurances	50

 

Annex
I. Definitions

 

    	iii

    	 

    

 

COMMON
STOCK PURCHASE AGREEMENT

 

This
COMMON STOCK PURCHASE AGREEMENT is made and entered into as of May 6, 2021 (this “Agreement”), by and
between Tumim Stone Capital LLC, a Delaware limited liability company (the “Investor”), and Gaucho Group Holdings,
Inc., a Delaware corporation (the “Company”).

 

RECiTALS

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell
to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to the lesser of (i) $50,000,000
worth of newly issued shares of the Company’s common stock, par value $0.01 per share (“Common Stock”),
and (ii) the Exchange Cap (to the extent applicable under Section 3.4 hereof);

 

WHEREAS,
such sales of Common Stock by the Company to the Investor will be made in reliance upon the provisions of Section 4(a)(2) of the Securities
Act (“Section 4(a)(2)”) and/or Rule 506(b) of Regulation D promulgated by the Commission under the Securities
Act (“Regulation D”), and upon such other exemption from the registration requirements of the Securities Act
as may be available with respect to any or all of the sales of Common Stock to the Investor to be made hereunder;

 

WHEREAS,
the parties hereto are concurrently entering into a Registration Rights Agreement in the form attached as Exhibit A hereto
(the “Registration Rights Agreement”), pursuant to which the Company shall register the resale of the Registrable
Securities (as defined in the Registration Rights Agreement), upon the terms and subject to the conditions set forth therein; and

 

WHEREAS,
in consideration for the Investor’s execution and delivery of this Agreement, the Company is concurrently causing its transfer
agent to issue to the Investor the Commitment Shares pursuant to and in accordance with Section 10.1(ii);

 

NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

 

Article
I

DEFINITIONS

 

Capitalized
terms used in this Agreement shall have the meanings ascribed to such terms in Annex I hereto, and hereby made a part hereof,
or as otherwise set forth in this Agreement.

 

Article
II

PURCHASE AND SALE OF COMMON STOCK

 

Section
2.1. Purchase and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, during the Investment Period,
the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor
shall purchase from the Company, up to the lesser of (i) $50,000,000 (the “Total Commitment”) in aggregate
gross purchase price of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock and (ii) the Exchange Cap,
to the extent applicable under Section 3.4 (such lesser amount of shares of Common Stock, the “Aggregate Limit”),
by the delivery to the Investor of Fixed Purchase Notices as provided in Article III.

 

    	 	1	 

     

    

 

Section
2.2. Closing Date; Settlement Dates. This Agreement shall become effective and binding (the “Closing”)
upon (a) the payment of the Investor Expense Reimbursement to the Investor at or prior to the Closing pursuant to Sections 7.1 and 10.1(i),
(b) the delivery of irrevocable instructions to issue the Commitment Shares to the Investor or its designees as provided in Sections
7.1 and 10.1(ii), (c) the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by
each of the parties hereto and thereto, and (d) the delivery of all other documents, instruments and writings required to be delivered
at the Closing, in each case as provided in Section 7.1, to the offices of Dorsey & Whitney LLP, 51 West 52nd Street,
New York, NY 10019-6119, at 4:00 p.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the
representations, warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the
Investment Period the Company shall issue and sell to the Investor, and the Investor shall purchase from the Company, the Shares in respect
of each Fixed Purchase and each VWAP Purchase. The payment for, against simultaneous delivery of, Shares in respect of each Fixed Purchase
and each VWAP Purchase shall occur in accordance with Section 3.3, provided that all of the conditions precedent in Article VII
shall have been fulfilled at the applicable times set forth in Article VII.

 

Section
2.3. Initial Public Announcements and Required Filings. The Company shall, within the time period required under the Exchange
Act, file with the Commission a Current Report on Form 8-K describing the material terms of the transactions contemplated by the Transaction
Documents, including, without limitation, the issuance of the Commitment Shares to the Investor, and attaching as exhibits thereto copies
of each of this Agreement, the Registration Rights Agreement and, if applicable, any press release issued by the Company disclosing the
execution of this Agreement by the Company (including all exhibits thereto, the “Current Report”). The Company
shall provide the Investor a reasonable opportunity to comment on a draft of the Current Report prior to filing the Current Report with
the Commission and shall give due consideration to all such comments. From and after the filing of the Current Report with the Commission,
the Company shall have publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives
or agents) by the Company, or any of its officers, directors, employees, agents or representatives (if any) in connection with the transactions
contemplated by the Transaction Documents. The Investor covenants that until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company as described in this Section 2.3, the Investor shall maintain the confidentiality of all disclosures
made to it in connection with the transactions contemplated by the Transaction Documents (including the existence and terms of the transactions),
except that the Investor may disclose the terms of such transactions to its financial, accounting, legal and other advisors (provided
that the Investor directs such Persons to maintain the confidentiality of such information). Not later than 15 calendar days following
the Closing Date, the Company shall file a Form D with respect to the issuance and sale of the Securities in accordance with Regulation
D and shall provide a copy thereof to the Investor promptly after such filing. The Company shall use its commercially reasonable efforts
to prepare and, as soon as practicable, but in no event later than the applicable Filing Deadline, file with the Commission the Initial
Registration Statement and any New Registration Statement covering only the resale by the Investor of the Registrable Securities in accordance
with the Securities Act and the Registration Rights Agreement. At or before 5:30 p.m. (New York City time) on the second (2nd)
Trading Day immediately following the Effective Date of the Initial Registration Statement and any New Registration Statement (or any
post-effective amendment thereto), the Company shall file with the Commission in accordance with Rule 424(b) under the Securities Act
the final Prospectus to be used in connection with sales pursuant to such Registration Statement (or post-effective amendment thereto).

 

    	2

    	 

    

 

Article
III

PURCHASE TERMS

 

Subject
to the satisfaction of the conditions set forth in Article VII, the parties agree as follows:

 

Section
3.1. Fixed Purchases. Upon the initial satisfaction of all of the conditions set forth in set forth in Section 7.2 (the “Commencement”
and the date of initial satisfaction of all of such conditions, the “Commencement Date”) and from time to time
thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3 and in this Section 3.1, the Company shall
have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Fixed Purchase Notice, to purchase
a Fixed Purchase Share Amount, not to exceed the applicable Fixed Purchase Maximum Amount (calculated as of the applicable Fixed Purchase
Date), at the applicable Fixed Purchase Price therefor on the applicable Fixed Purchase Date in accordance with this Agreement (each
such purchase a “Fixed Purchase”). The Investor is obligated to accept each Fixed Purchase Notice prepared
and delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained in this Agreement.
If the Company delivers any Fixed Purchase Notice directing the Investor to purchase a Fixed Purchase Share Amount in excess of the applicable
Fixed Purchase Maximum Amount (calculated as of the applicable Fixed Purchase Date), such Fixed Purchase Notice shall be void ab initio
to the extent of the amount by which the Fixed Purchase Share Amount set forth in such Fixed Purchase Notice exceeds such applicable
Fixed Purchase Maximum Amount, and the Investor shall have no obligation to purchase such excess Shares in respect of such Fixed Purchase
Notice; provided, however, that the Investor shall remain obligated to purchase the applicable Fixed Purchase Maximum Amount
in such Fixed Purchase. The Company may deliver a Fixed Purchase Notice to the Investor on a Trading Day, so long as (i) the daily VWAP
for the Common Stock for such Trading Day is not the lowest daily VWAP for the Common Stock during the ten (10) consecutive Trading-Day
period ending on (and including) such Trading Day (each such ten (10) consecutive Trading-Day period, a “Fixed Purchase Valuation
Period”) (appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar
transaction that occurs during such Fixed Purchase Valuation Period), (ii) the Closing Sale Price of the Common Stock on such Trading
Day is greater than each of (A) the Fixed Purchase Threshold Price and (B) the arithmetic average of the ten (10) daily VWAPs for the
Common Stock during such Fixed Purchase Valuation Period (in each case, appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction that occurs during such Fixed Purchase Valuation Period), (iii) at least
three (3) Trading Days has elapsed since the later of (A) the Trading Day on which the most recent prior Fixed Purchase Notice was delivered
by the Company to the Investor and (B) the Trading Day on which most recent prior VWAP Purchase Notice was delivered by the Company to
the Investor, in each case pursuant to and in accordance with this Agreement, and (iv) all Shares subject to all prior Fixed Purchase
Notices and VWAP Purchase Notices (as applicable) delivered by the Company to the Investor pursuant to this Agreement have theretofore
been received by the Investor as DWAC Shares. For the avoidance of doubt, the Company may not deliver a Fixed Purchase Notice and a VWAP
Purchase Notice on the same Trading Day. Notwithstanding the foregoing, the Company shall not deliver any Fixed Purchase Notices to the
Investor during the PEA Period.

 

    	3

    	 

    

 

Section
3.2. VWAP Purchases. Upon the initial satisfaction of all of the conditions set forth in set forth in Section 7.2 on the Commencement
Date and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3 and in this Section
3.2, in addition to purchases of Shares as described in Section 3.1, the Company shall also have the right, but not the obligation, to
direct the Investor, by its delivery to the Investor of a VWAP Purchase Notice on a VWAP Purchase Exercise Date to purchase the applicable
VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum Amount, at the applicable VWAP Purchase Price therefor
(as confirmed in the applicable VWAP Purchase Confirmation) in accordance with this Agreement (each such purchase, a “VWAP
Purchase”). The Company may deliver a VWAP Purchase Notice to the Investor on a VWAP Purchase Exercise Date, so long as
(i) at least three (3) Trading Days has elapsed since the later of (A) the Trading Day on which the most recent prior Fixed Purchase
Notice was delivered by the Company to the Investor and (B) the Trading Day on which most recent prior VWAP Purchase Notice was delivered
by the Company to the Investor, in each case pursuant to and in accordance with this Agreement, (ii) all Shares subject to all prior
Fixed Purchase Notices and VWAP Purchase Notices (as applicable) delivered by the Company to the Investor pursuant to this Agreement
have theretofore been received by the Investor as DWAC Shares, and (iii) the Closing Sale Price of the Common Stock on such VWAP Purchase
Exercise Date is not less than the VWAP Purchase Threshold Price. For the avoidance of doubt, the Company may not deliver a Fixed Purchase
Notice and a VWAP Purchase Notice on the same Trading Day. The Investor is obligated to accept each VWAP Purchase Notice prepared and
delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained in this Agreement.
If the Company delivers any VWAP Purchase Notice directing the Investor to purchase a VWAP Purchase Share Amount in excess of the applicable
VWAP Purchase Maximum Amount that the Company is then permitted to include in such VWAP Purchase Notice, such VWAP Purchase Notice shall
be void ab initio to the extent of the amount by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds
such applicable VWAP Purchase Maximum Amount, and the Investor shall have no obligation to purchase such excess Shares in respect of
such VWAP Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the applicable VWAP
Purchase Maximum Amount in such VWAP Purchase. At or prior to 9:30 a.m., New York City time, on the Trading Day immediately following
the VWAP Purchase Valuation Period for each VWAP Purchase (the “VWAP Purchase Date”), the Investor shall provide
to the Company a written confirmation for such VWAP Purchase setting forth the applicable VWAP Purchase Share Amount and the applicable
VWAP Purchase Price (both on a per Share basis and the total aggregate VWAP Purchase Price to be paid by the Investor for such applicable
VWAP Purchase Share Amount) for such VWAP Purchase (each, a “VWAP Purchase Confirmation”). Notwithstanding
the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the PEA Period.

 

    	4

    	 

    

 

Section
3.3. Settlement. The payment for, against simultaneous delivery of, Shares in respect of each Fixed Purchase shall be settled
on the Trading Day immediately following the applicable Fixed Purchase Date for such Fixed Purchase. The payment for, against simultaneous
delivery of, Shares in respect of each VWAP Purchase shall be settled on the applicable VWAP Purchase Date for such VWAP Purchase. For
each Fixed Purchase and each VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to, (i) in the case of a Fixed
Purchase, the product of (A) the total number of Shares purchased by the Investor in such Fixed Purchase and (B) the applicable Fixed
Purchase Price for such Shares, and (ii) in the case of a VWAP Purchase, the product of (A) the total number of Shares purchased by the
Investor in such VWAP Purchase (as confirmed in the applicable VWAP Purchase Confirmation) and (B) the applicable VWAP Purchase Price
for such Shares (as confirmed in the applicable VWAP Purchase Confirmation), in each case as full payment for such Shares, via wire transfer
of immediately available funds on the same Trading Day that the Investor receives such Shares as DWAC Shares in accordance with this
Agreement, if all of such Shares are so received by the Investor before 1:00 p.m., New York City time, or, if such Shares are received
by the Investor after 1:00 p.m., New York City time, then payment therefor shall be made on the Trading Day immediately following the
Trading Day on which the Investor has received all of such Shares as DWAC Shares. If the Company or the Transfer Agent shall fail for
any reason, other than a failure of the Investor or its Broker-Dealer to set up a DWAC and required instructions, to electronically transfer
any Shares as DWAC Shares in respect of a Fixed Purchase or a VWAP Purchase within two (2) Trading Days following the receipt by the
Company of the applicable purchase price therefor in compliance with this Section 3.3, and if on or after such Trading Day the Investor
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of
such Shares that the Investor anticipated receiving from the Company in respect of such Fixed Purchase or VWAP Purchase (as applicable),
then the Company shall, within two (2) Trading Days after the Investor’s request, either (1) pay cash to the Investor in an amount
equal to the Investor’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
(the “Cover Price”), at which point the Company’s obligation to deliver such Shares as DWAC Shares shall
terminate, or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in
an amount equal to the excess (if any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement
for all of the Shares to be purchased by the Investor in connection with such Fixed Purchase or VWAP Purchase (as applicable). The Company
shall not issue any fraction of a share of Common Stock upon any Fixed Purchase or VWAP Purchase. If the issuance would result in the
issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the
nearest whole share. All payments made under this Agreement shall be made in lawful money of the United States of America or wire transfer
of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with the
provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a
Trading Day, the same shall instead be due on the next succeeding day that is a Trading Day.

 

    	5

    	 

    

 

Section
3.4. Compliance with Rules of Trading Market.

 

(a) Exchange
Cap. Subject to Section 3.4(b), the Company shall not issue or sell any shares of Common Stock pursuant to this Agreement, and
the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect
thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement and the transactions contemplated
hereby would exceed 1,494,404 (representing 19.99% of the shares of Common Stock issued and outstanding immediately prior to the execution
of this Agreement), which number of shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued
or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement
under applicable rules of the Trading Market (such maximum number of shares, the “Exchange Cap”), unless the
Company’s stockholders have approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance
with the applicable rules of the Trading Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request
its stockholders to approve the issuance of Common Stock pursuant to this Agreement; provided, that if such stockholder approval
is not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at
all times during the term of this Agreement (except as set forth in Section 3.4(b)).

 

(b) At-Market
Transaction. Notwithstanding Section 3.4(a) above, the Exchange Cap shall not be applicable for any purposes of this Agreement
and the transactions contemplated hereby, solely to the extent that (and only for so long as) the Average Price shall equal or exceed
the Base Price (it being hereby acknowledged and agreed that the Exchange Cap shall be applicable for all purposes of this Agreement
and the transactions contemplated hereby at all other times during the term of this Agreement, unless the stockholder approval referred
to in Section 3.4(a) is obtained). The parties acknowledge and agree that the Minimum Price used to determine the Base Price hereunder
represents the lower of (i) the official closing price of the Common Stock on the Trading Market (as reflected on Nasdaq.com) on the
date of this Agreement and (ii) the average official closing price of the Common Stock on the Trading Market (as reflected on Nasdaq.com)
for the five (5) consecutive trading days ending on the date of this Agreement.

 

(c) General.
The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement if such issuance or sale would reasonably
be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Trading Market. The provisions of
this Section 3.4 shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 only if necessary
to ensure compliance with the Securities Act and the applicable rules of the Trading Market.

 

Section
3.5. Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated
with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more than 4.99%
of the outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written or oral
request of the Investor, the Company shall promptly (but not later than the next business day on which the Transfer Agent is open for
business) confirm orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the Company
shall each cooperate in good faith in the determinations required under this Section 3.5 and the application of this Section 3.5. The
Investor’s written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting
effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error.
The provisions of this Section 3.5 shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 3.5 to the extent necessary to properly give effect to the limitations contained in this Section 3.5.

 

    	6

    	 

    

 

Article
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

 

The
Investor hereby makes the following representations, warranties and covenants to the Company:

 

Section
4.1. Organization and Standing of the Investor. The Investor is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware.

 

Section
4.2. Authorization and Power. The Investor has the requisite limited liability company power and authority to enter into
and perform its obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Securities in
accordance with the terms hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration
Rights Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all
necessary limited liability company action, and no further consent or authorization of the Investor, its Board of Directors or its
members is required. Each of this Agreement and the Registration Rights Agreement has been duly executed and delivered by the
Investor and constitutes a valid and binding obligation of the Investor enforceable against it in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation,
conservatorship, receivership, or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and
remedies or by other equitable principles of general application (including any limitation of equitable remedies).

 

Section
4.3. No Conflicts. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement
and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation
of such Investor’s certificate of formation, limited liability company agreement or other applicable organizational instruments,
(ii) conflict with, constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or
give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust,
indenture, note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or is bound, (iii) create
or impose any lien, charge or encumbrance on any property of the Investor under any agreement or any commitment to which the Investor
is party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv) result in a violation
of any federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court or governmental agency
applicable to the Investor or by which any of its properties or assets are bound or affected, except, in the case of clauses (ii), (iii)
and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually
or in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform
its obligations under this Agreement and the Registration Rights Agreement. The Investor is not required under any applicable federal,
state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement and
the Registration Rights Agreement or to purchase or acquire the Securities in accordance with the terms hereof; provided, however,
that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant
representations and warranties and the compliance with the relevant covenants and agreements of the Company in the Transaction Documents
to which it is a party.

 

    	7

    	 

    

 

Section
4.4. Investment Purpose. The Investor is acquiring the Securities for its own account, for investment purposes and not with
a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under
or exempt from the registration requirements of the Securities Act; provided, however, that by making the representations
herein, the Investor does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with, or pursuant to, a registration statement filed
pursuant to the Registration Rights Agreement or an applicable exemption under the Securities Act. The Investor does not presently have
any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Securities.

 

Section
4.5. Accredited Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D.

 

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

 

Section
4.7. Information. All materials relating to the business, financial condition, management and operations of the Company
and materials relating to the offer and sale of the Securities which have been requested by the Investor have been furnished or otherwise
made available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that
its investment in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the
Securities and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of a proposed investment in the Securities. The Investor and its advisors have been afforded the opportunity to ask questions of and
receive answers from representatives of the Company concerning the financial condition and business of the Company and other matters
relating to an investment in the Securities. Neither such inquiries nor any other due diligence investigations conducted by the Investor
or its advisors, if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s
representations and warranties contained in this Agreement or in any other Transaction Document to which the Company is a party or the
Investor’s right to rely on any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transaction contemplated hereby (including, without limitation, the opinions of the Company’s counsel delivered
pursuant to Sections 7.1(iv) and 7.2(xvi)). The Investor has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its acquisition of the Securities. The Investor understands that it (and not
the Company) shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions contemplated
by this Agreement.

 

    	8

    	 

    

 

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

 

Section
4.9. No General Solicitation. The Investor is not purchasing or acquiring the Securities as a result of any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

 

Section
4.10. Not an Affiliate. The Investor is not an officer, director or an Affiliate of the Company. As of the date of this Agreement,
the Investor does not beneficially own any shares of Common Stock or securities exercisable for or convertible into shares of Common
Stock, and during the Restricted Period, Investor will not acquire beneficial ownership of any shares of the Company’s capital
stock (including shares of Common Stock or securities exercisable for or convertible into shares of Common Stock) other than pursuant
to this Agreement; provided, however, that nothing in this Agreement shall prohibit or be deemed to prohibit the Investor
from purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to make delivery by the Investor in satisfaction
of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement of a Fixed
Purchase or VWAP Purchase, as applicable, if the Company or its transfer agent shall have failed for any reason (other than a failure
of Investor or its Broker-Dealer to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to
such Fixed Purchase or VWAP Purchase, as applicable, to the Investor on the applicable Settlement Date by crediting the Investor’s
or its designated Broker-Dealer’s account at DTC through its DWAC delivery system in compliance with Section 3.3 of this Agreement.

 

Section
4.11. No Prior Short Sales. At no time prior to the date of this Agreement has any of the Investor, its agents, representatives
or Affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale” (as such term
is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net
short position with respect to the Common Stock.

 

Section
4.12. Statutory Underwriter Status. The Investor acknowledges that it will be disclosed as an “underwriter” and
a “selling stockholder” in each Registration Statement and in any Prospectus contained therein to the extent required by
applicable law and to the extent the Prospectus is related to the resale of Registrable Securities.

 

Section
4.13. Resales of Securities. The Investor represents, warrants and covenants that it will resell such Securities only pursuant
to the Registration Statement in which the resale of such Securities is registered under the Securities Act, in a manner described under
the caption “Plan of Distribution” in such Registration Statement, and in a manner in compliance with all applicable U.S.
federal and state securities laws, rules and regulations, including, without limitation, any applicable prospectus delivery requirements
of the Securities Act.

 

    	9

    	 

    

 

Article
V

REPRESENTATIONS,
WARRANTIES AND COVENANTS OF THE COMPANY

 

Except
as set forth in the disclosure schedule delivered by the Company to the Investor (which is hereby incorporated by reference in, and constitutes
an integral part of, this Agreement) (the “Disclosure Schedule”), the Company hereby makes the following representations,
warranties and covenants to the Investor:

 

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

 

Section
5.2. Authorization, Enforcement. The Company has the requisite corporate power and authority to enter into and perform its
obligations under each of the Transaction Documents to which it is a party and to issue the Securities in accordance with the terms hereof
and thereof. Except for approvals of the Company’s Board of Directors or a committee thereof as may be required in connection with
any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of any Fixed Purchase
Notice and any VWAP Purchase Notice), the execution, delivery and performance by the Company of each of the Transaction Documents to
which it is a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized
by all necessary corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders
is required. Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company and
constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership
or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles
of general application (including any limitation of equitable remedies).

 

    	10

    	 

    

 

Section
5.3. Capitalization. The authorized capital stock of the Company and the shares thereof issued and outstanding were
as set forth in the Commission Documents as of the dates reflected therein. All of the outstanding shares of Common Stock have been duly
authorized and validly issued, and are fully paid and non-assessable. Except as set forth in the Commission Documents, this Agreement
and the Registration Rights Agreement, there are no agreements or arrangements under which the Company is obligated to register the sale
of any securities under the Securities Act. Except as set forth in the Commission Documents, no shares of Common Stock are entitled to
preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings, or arrangements by which
the Company is or may become bound to issue additional shares of the capital stock of the Company or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for, any shares of capital stock of the Company other than those issued or granted in the ordinary course of business pursuant to the
Company’s equity incentive and/or compensatory plans or arrangements. Except for customary transfer restrictions contained in agreements
entered into by the Company to sell restricted securities or as set forth in the Commission Documents, the Company is not a party to,
and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the Company. Except
as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that
will be triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein
or therein. The Company has filed with the Commission true and correct copies of the Company’s Certificate of Incorporation as
in effect on the Closing Date (the “Charter”), and the Company’s Bylaws as in effect on the Closing Date
(the “Bylaws”).

 

Section
5.4. Issuance of Securities. The Commitment Shares have been, and the Shares to be issued under this Agreement have been, or
with respect to Shares to be purchased by the Investor pursuant to a particular Fixed Purchase Notice and VWAP Purchase Notice, will
be, prior to the delivery to the Investor hereunder of such Fixed Purchase Notice and such VWAP Purchase Notice, respectively, duly authorized
by all necessary corporate action on the part of the Company. The Commitment Shares, when issued to the Investor in accordance with this
Agreement, and the Shares, when issued and sold against payment therefor in accordance with this Agreement, shall be validly issued and
outstanding, fully paid and non-assessable and free from all liens, charges, taxes, security interests, encumbrances, rights of first
refusal, preemptive or similar rights and other encumbrances with respect to the issue thereof, and the Investor shall be entitled to
all rights accorded to a holder of Common Stock. An aggregate of 1,494,404 shares of Common Stock have been duly authorized and reserved
by the Company for issuance as Securities under this Agreement.

 

    	11

    	 

    

 

Section
5.5. No Conflicts. The execution, delivery and performance by the Company of each of the Transaction Documents to which it
is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i) result in
a violation of any provision of the Company’s Charter or Bylaws, (ii) result in a breach or violation of any of the terms or provisions
of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give rise to
any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note,
bond, license, lease agreement, instrument or obligation to which the Company or any of its Subsidiaries is a party or is bound, (iii)
create or impose a lien, charge or encumbrance on any property or assets of the Company or any of its Subsidiaries under any agreement
or any commitment to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound
or to which any of their respective properties or assets is subject, or (iv) result in a violation of any federal, state, local or foreign
statute, rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries or by which any property or
asset of the Company or any of its Subsidiaries are bound or affected (including federal and state securities laws and regulations and
the rules and regulations of the Trading Market or applicable Eligible Market), except, in the case of clauses (ii), (iii) and (iv),
for such conflicts, defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would
not, individually or in the aggregate, have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the Registration
Rights Agreement and as required under the Securities Act and any applicable state securities laws, the Company is not required under
any federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency (including, without limitation, the Trading Market) in order for it to execute, deliver
or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the Securities to the Investor
in accordance with the terms hereof and thereof (other than such consents, authorizations, orders, filings or registrations as have been
obtained or made prior to the Closing Date); provided, however, that, for purposes of the representation made in this sentence,
the Company is assuming and relying upon the accuracy of the representations and warranties of the Investor in this Agreement and the
compliance by it with its covenants and agreements contained in this Agreement and the Registration Rights Agreement.

 

Section
5.6. Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants.

 

(a) The
Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all Commission
Documents for the twelve months preceding the date of this Agreement. The Company has delivered or made available to the Investor via
EDGAR or otherwise true and complete copies of the Commission Documents filed with or furnished to the Commission prior to the Closing
Date (including, without limitation, the 2020 Form 10-K). No Subsidiary of the Company is required to file or furnish any report, schedule,
registration, form, statement, information or other document with the Commission. As of its filing date, each Commission Document filed
with or furnished to the Commission prior to the Closing Date (including, without limitation, the 2020 Form 10-K) complied in all material
respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules
and regulations applicable to it, and, as of its filing date (or, if amended or superseded by a filing prior to the Closing Date, on
the date of such amended or superseded filing). Each Registration Statement, on the date it is filed with the Commission, on the date
it is declared effective by the Commission, on each Fixed Purchase Date and on each VWAP Purchase Exercise Date shall comply in all material
respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities Act) and shall not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein not misleading, except that this representation and warranty shall not apply to statements in or omissions
from such Registration Statement made in reliance upon and in conformity with information relating to the Investor furnished to the Company
in writing by or on behalf of the Investor expressly for use therein. The Prospectus and each Prospectus Supplement required to be filed
pursuant to this Agreement or the Registration Rights Agreement after the Closing Date, when taken together, on its date, on each Fixed
Purchase Date and on each VWAP Purchase Exercise Date, shall comply in all material respects with the requirements of the Securities
Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, except that this representation and warranty shall not apply to statements
in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to
the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. Each Commission Document
(other than the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus
Supplement thereto) to be filed with or furnished to the Commission after the Closing Date and incorporated by reference in the Initial
Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement thereto required
to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without limitation, the Current Report), when
such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective, as the case may
be, shall comply in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal,
state and local laws, rules and regulations applicable to it. The Company has delivered or made available to the Investor via EDGAR or
otherwise true and complete copies of all comment letters and substantive correspondence received by the Company from the Commission
relating to the Commission Documents filed with or furnished to the Commission as of the Closing Date, together with all written responses
of the Company thereto in the form such responses were filed via EDGAR. There are no outstanding or unresolved comments or undertakings
in such comment letters received by the Company from the Commission. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act.

 

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(b) The
financial statements of the Company included or incorporated by reference in the Commission Documents, together with the related notes
and schedules, comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly present the
financial condition of the Company and its consolidated subsidiaries as of the dates indicated and the results of operations and changes
in cash flows for the periods therein specified in conformity with generally accepted accounting principles in the United States (“GAAP”)
consistently applied throughout the periods involved; all non-GAAP financial information included or incorporated by reference in the
Commission Documents complies with the requirements of Regulation G and Item 10 of Regulation S-K under the Securities Act, to the extent
applicable; and, except as disclosed in the Commission Documents, there are no material off-balance sheet arrangements (as defined in
Regulation S-K under the Act, Item 303(a)(4)(ii)) or any other relationships with unconsolidated entities or other persons, that may
have a material current or, to the Company’s Knowledge, material future effect on the Company’s financial condition, results
of operations, liquidity, capital expenditures, capital resources or significant components of revenue or expenses. No other financial
statements or schedules are required to be included in the Commission Documents. 

 

(c) The
Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the
Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the
Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the
disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed
periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most
recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in
the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that
have materially adversely affected, or is reasonably likely to materially adversely affect, the internal control over financial reporting
of the Company and its Subsidiaries.

 

(d) To
the Company’s Knowledge, Marcum LLP, which has expressed its opinion with respect to the consolidated financial statements and
schedule as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020, and management’s
assessment of the effectiveness of internal control over financial reporting as of December 31, 2020, to be filed as a part of the Initial
Registration Statement and incorporated by reference in the Initial Registration Statement and the Prospectus included therein, is (x)
an independent public accounting firm within the meaning of the Act and the Rules and Regulations, (y) a registered public accounting
firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”)) and (z)
not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.

 

    	13

    	 

    

 

 

(e) There
is no failure on the part of the Company or, to the Knowledge of the Company, any of the Company’s directors or officers, in their
capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated
in connection therewith that are applicable to the Company or its directors or officers in their capacities as directors or officers
of the Company.

 

Section
5.7. Subsidiaries. The 2020 Form 10-K sets forth each Subsidiary of the Company as of the Closing Date, other than those that
may be omitted pursuant to Item 601 of Regulation S-K, showing its jurisdiction of incorporation or organization, and the Company does
not have any other Subsidiaries as of the Closing Date. No Subsidiary of the Company is currently prohibited, directly or indirectly,
from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock, from repaying
to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property
or assets to the Company or any other Subsidiary of the Company, except as described in or contemplated by the Commission Documents or
as would not reasonably be expected to have a Material Adverse Effect.

 

Section
5.8. No Material Adverse Effect or Material Adverse Change. Except as otherwise disclosed in any Commission Documents, since
the end of the Company’s most recent audited fiscal year: (i) the Company has not experienced or suffered any Material Adverse
Effect, and there exists no current state of facts, condition or event which would have a Material Adverse Effect; (ii) there has not
occurred any material adverse change, or any development that would reasonably be expected to result in a prospective material adverse
change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company from that set forth in the
Commission Documents, including, without limitation, as a result of the recent outbreak of COVID-19, or as a result of any measures intended
to contain the outbreak of COVID-19 imposed by any federal, state, local or foreign government or government agency in any country or
region in which the Company, or any of its agents, consultants, advisors or vendors, has assets or properties or conducts business, including,
without limitation, any limitations, curtailments, suspensions or closures of businesses, business offices or establishments, schools,
properties and other public areas due to quarantines, curfews, travel restrictions, workplace controls, “stay-at-home” orders,
social distancing requirements or guidelines or other public gathering restrictions or limitations; (iii) neither the Company nor any
of its Subsidiaries has incurred any material liability or obligation, direct or contingent, nor entered into any material transaction;
(iv) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution
of any kind on its capital stock other than ordinary and customary dividends; and (v) there has not been any material change in the capital
stock, short-term debt or long-term debt of the Company.

 

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Section
5.9. No Undisclosed Liabilities. Neither the Company nor any of its Subsidiaries has any liabilities, obligations, claims or
losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required
to be disclosed on a balance sheet of the Company or any Subsidiary (including the notes thereto) in conformity with GAAP and are not
disclosed in the Commission Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries respective
businesses since December 31, 2020 and which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

 

Section
5.10. No Undisclosed Events or Circumstances. No event or circumstance has occurred or information exists with respect
to the Company or any of its Subsidiaries or its or their business, properties, liabilities, operations (including results thereof) or
conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure or announcement by the
Company at or before the Closing but which has not been so publicly announced or disclosed, except for events or circumstances which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

Section
5.11. Indebtedness; Solvency. The 2020 Form 10-K sets forth, as of December 31, 2020, all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments through such date. For the
purposes of this Agreement, “Indebtedness” shall mean (a) any liabilities for borrowed money or amounts owed
in excess of $500,000 (other than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements,
indemnities and other contingent obligations in respect of Indebtedness of others in excess of $500,000, whether or not the same are
or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of business; and (c) the present value of any lease payments
in excess of $500,000 due under leases required to be capitalized in accordance with GAAP. There is no existing or continuing default
or event of default in respect of any Indebtedness of the Company or any of its Subsidiaries. The Company has not taken any steps, and
does not currently expect to take any steps, to seek protection pursuant to Title 11 of the United States Code or any similar federal
or state bankruptcy law or law for the relief of debtors, nor does the Company have any Knowledge that its creditors intend to initiate
involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under Title 11 of the United
States Code or any other federal or state bankruptcy law or any law for the relief of debtors. The Company is financially solvent and
is generally able to pay its debts as they become due.

 

Section
5.12. Title To Assets. The Company and each of its Subsidiaries have good and marketable title in fee simple to all real property
and good and marketable title to all personal property owned by them which is material to the business of the Company, in each case free
and clear of all liens, encumbrances and defects except such as are described in the Commission Documents or such as do not materially
affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and
its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are held by it under valid,
subsisting and enforceable leases with such exceptions as are not material and do not interfere in any material respect with the use
made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as described in
the Commission Documents.

 

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Section
5.13. Actions Pending. There are no legal or governmental proceedings pending or, to the Knowledge of the Company, threatened
to which the Company or any of its Subsidiaries are a party or to which any of the properties of the Company or any of its Subsidiaries
is subject (i) other than proceedings accurately described in all material respects in the Commission Documents and proceedings that,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, or on the power or ability of the
Company to perform its obligations under this Agreement and the Registration Rights Agreement or to consummate the transactions contemplated
by the Transaction Documents or (ii) that are required to be described in the Commission Documents and are not so described; and there
are no statutes, regulations, contracts or other documents that are required to be described in the Commission Documents or to be filed
as exhibits to the Commission Documents that are not described or filed as required.

 

Section
5.14. Compliance With Law; Compliance with Continued Listing Standards. The business of the Company and the Subsidiaries has
been and is presently being conducted in compliance with all applicable federal, state, local and foreign governmental laws, rules, regulations
and ordinances, except as set forth in the Commission Documents and except for such non-compliance which, individually or in the aggregate,
would not have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or
order or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for any such violations which
could not, individually or in the aggregate, have a Material Adverse Effect. The Company has not received any notice of any continuing
failure to maintain requirements for continued listing or quotation of its Common Stock on an applicable Trading Market or in violation
of any of the rules, regulations or requirements of any applicable Trading Market, other than as disclosed to the Investor (including
any intended changes with respect to another applicable Trading Market in connection with any failure to maintain such requirements).

 

Section
5.15. Certain Fees. Except as set forth on Section 5.15 of the Disclosure Schedule, no brokerage or finder’s fees or
commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Investor shall have no obligation
with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this
Section 5.15 incurred by the Company or its Subsidiaries that may be due or payable in connection with the transactions contemplated
by the Transaction Documents.

 

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Section
5.16. Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor
or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material,
nonpublic information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by
the Transaction Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting
resales of Securities under the Registration Statement. All disclosure provided to Investor regarding the Company and its Subsidiaries,
their businesses and the transactions contemplated by the Transaction Documents (including, without limitation, the representations and
warranties of the Company contained in the Transaction Documents to which it is a party (as modified by the Disclosure Schedule)) furnished
in writing by or on behalf of the Company or any of its Subsidiaries for purposes of or in connection with the Transaction Documents
(other than forward-looking information and projections and information of a general economic nature and general information about the
Company’s industry), taken together, is true and correct in all material respects on the date on which such information is dated
or certified, and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements made therein, in the light of the circumstances under which they were made, not misleading at such time.

 

Section
5.17. Operation of Business. 

 

(a) The
Company and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign
regulatory authorities necessary to conduct its business, except where the failure to possess such certificates, authorizations or permits
would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its Subsidiaries have
received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material
Adverse Effect, except as described in the Commission Documents. This Section 5.17(a) does not relate to environmental matters, such
items being the subject of Section 5.18.

 

(b) The
Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service
marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary
or required for use in connection with their respective businesses as described in the Commission Documents and which the failure to
so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and
neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has
expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this
Agreement, except where such action would not reasonably be expected to have a Material Adverse Effect. Other than as specifically described
in the Commission Documents, neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements
included within the Commission Documents, a written notice of a claim or otherwise has any Knowledge that the Company’s products
or planned products as described in the Commission Documents violate or infringe upon the rights of any Person, except as could not have
or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights
are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its
Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties,
except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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Section
5.18. Environmental Compliance. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign
laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land
surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i),
(ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section
5.19. Material Agreements Except as set forth in the Commission Documents, neither the Company
nor any Subsidiary of the Company is a party to any written or oral contract, instrument, agreement commitment, obligation, plan or arrangement,
a copy of which would be required to be filed with the Commission as an exhibit to an annual report on Form 10-K (collectively, “Material
Agreements”). Each of the Material Agreements described in the Commission Documents conform
in all material respects to the descriptions thereof contained or incorporated by reference therein. Except as set forth in the Commission
Documents, the Company and each of its Subsidiaries have performed in all material respects all the obligations then required to be performed
by them under the Material Agreements, have received no notice of default or an event of default by the Company or any of its Subsidiaries
thereunder and are not aware of any basis for the assertion thereof, and neither the Company or any of its Subsidiaries nor, to the Knowledge
of the Company, any other contracting party thereto are in default under any Material Agreement now in effect, the result of which would
have a Material Adverse Effect. Except as set forth in the Commission Documents, each of the Material Agreements is in full force and
effect, and constitutes a legal, valid and binding obligation enforceable in accordance with its terms against the Company and/or any
of its Subsidiaries and, to the Knowledge of the Company, each other contracting party thereto, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws
relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general
application.

 

Section
5.20. Transactions With Affiliates. Except as set forth in the Commission Documents, there are no loans, leases, agreements,
contracts, royalty agreements, management contracts, service arrangements or other continuing transactions exceeding $120,000 between
(a) the Company or any Subsidiary, on the one hand, and (b) any person or entity who would be covered by Item 404(a) of Regulation S-K,
on the other hand. Except as disclosed in the Commission Documents, there are no outstanding amounts payable to or receivable from, or
advances by the Company or any of its Subsidiaries to, and neither the Company nor any of its Subsidiaries is otherwise a creditor of
or debtor to, any beneficial owner of more than 5% of the outstanding shares of Common Stock, or any director, employee or affiliate
of the Company or any of its Subsidiaries, other than (i) reimbursement for reasonable expenses incurred on behalf of the Company or
any of its Subsidiaries or (ii) as part of the normal and customary terms of such person’s employment or service as a director
with the Company or any of its Subsidiaries.

 

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Section
5.21. Employees; Labor Laws. No material labor dispute with the employees of the Company exists, except as described in the
Commission Documents, or, to the Knowledge of the Company, is imminent; and the Company is not aware of any existing, threatened or imminent
labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that would reasonably be expected
to have a Material Adverse Effect. Neither the Company nor any Subsidiary is in violation of or has received notice of any violation
with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable
federal or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property is
situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect.

 

Section
5.22. Use of Proceeds. The proceeds from the sale of the Shares by the Company to Investor shall be used by the Company and
its Subsidiaries in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective
amendment thereto) and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement.

 

Section
5.23. Investment Company Act Status. The Company is not, and as a result of the consummation of the transactions
contemplated by the Transaction Documents and the application of the proceeds from the sale of the Shares as will be set forth in
the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement
thereto filed pursuant to the Registration Rights Agreement the Company will not be an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

Section
5.24. ERISA. Except as set forth in the Disclosure Schedule, the Company is not a party to an “employee benefit plan,”
as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which:
(i) is subject to any provision of ERISA and (ii) is or was at any time maintained, administered or contributed to by the Company or
any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as the “Employee Plans.”
An “ERISA Affiliate” of any person or entity means any other person or entity which, together with that person or entity,
could be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the “Code”).
Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee Plan
is subject to Title IV of ERISA. The Commission Documents identify each employment, severance or other similar agreement, arrangement
or policy and each material plan or arrangement required to be disclosed pursuant to the rules and regulations providing for insurance
coverage (including any self-insured arrangements), workers’ compensation, disability benefits, severance benefits, supplemental
unemployment benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock
appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which: (i) is not
an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of its ERISA Affiliates;
and (iii) covers any officer or director or former officer or director of the Company or any of its ERISA Affiliates. These agreements,
arrangements, policies or plans are referred to collectively as “Benefit Arrangements”. Each Benefit Arrangement has been
maintained in material compliance with its terms and with the requirements of applicable law. Except as disclosed in the Commission Documents,
there is no liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA
Affiliates, other than medical benefits required to be continued under applicable law. No “prohibited transaction”(as defined
in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that
is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or by failure
to act, which could cause the loss of such qualification.

 

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Section
5.25. Taxes. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on
such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no
basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Commission
Documents are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of
such consolidated financial statements. The term “taxes” mean all federal, state, local, foreign, and other net income, gross
income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll,
employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments,
or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect
thereto. The term “returns” means all returns, declarations, reports, statements, and other documents required to be filed
in respect to taxes.

 

Section
5.26. Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business without a significant increase in cost.

 

Section
5.27. Exemption from Registration. Subject to, and in reliance on, the representations, warranties and covenants made herein
by the Investor, the offer and sale of the Securities in accordance with the terms and conditions of this Agreement is exempt from the
registration requirements of the Securities Act pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D; provided, however,
that at the request of and with the express agreements of the Investor (including, without limitation, the representations, warranties
and covenants of Investor set forth in Section 4.9 through 4.13), the Securities to be issued from and after Commencement to or for the
benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and will not bear
legends noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities be subject
to stop transfer instructions.

 

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Section
5.28. No General Solicitation or Advertising. Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person
acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Securities.

 

Section
5.29. No Integrated Offering. None of the Company or any of its Affiliates, nor any Person acting on their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require
registration of the issuance of any of the Securities under the Securities Act, whether through integration with prior offerings or otherwise,
or cause this offering of the Securities to require approval of stockholders of the Company under any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of the Trading Market. None of the Company, its Subsidiaries,
their Affiliates nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence that would
require registration of the issuance of any of the Securities under the Securities Act or cause the offering of any of the Securities
to be integrated with other offerings.

 

Section
5.30. Dilutive Effect. The Company is aware and acknowledges that issuance of the Securities could cause dilution to existing
stockholders and could significantly increase the outstanding number of shares of Common Stock. The Company further acknowledges that
its obligation to issue the Commitment Shares and to issue the Shares pursuant to the terms of a Fixed Purchase and a VWAP Purchase in
accordance with this Agreement is, in each case, absolute and unconditional regardless of the dilutive effect that such issuance may
have on the ownership interests of other stockholders of the Company.

 

Section
5.31. Manipulation of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to the Knowledge
of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or
to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which
would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the
Company, in each case to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Securities, except as set forth on Section 5.15 of the Disclosure Schedule, or (iii) paid or
agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. Neither the Company
nor any of its officers, directors or Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person
acting on their behalf will during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.

 

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Section
5.32. Securities Act. Except as set forth in the Disclosure Schedule, the Company has complied and shall comply with all applicable
federal and state securities laws in connection with the offer, issuance and sale of the Securities hereunder, including, without limitation,
the applicable requirements of the Securities Act. Each Registration Statement, upon filing with the Commission and at the time it is
declared effective by the Commission, shall satisfy all of the requirements of the Securities Act to register the resale of the Registrable
Securities included therein by the Investor in accordance with the Registration Rights Agreement on a delayed or continuous basis under
Rule 415 under the Securities Act at then-prevailing market prices, and not fixed prices. The Company is not, and has not previously
been at any time, an issuer identified in, or subject to, Rule 144(i).

 

Section
5.33. Listing and Maintenance Requirements; DTC Eligibility. As of the date of Closing Date, the Common Stock is registered
pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to
have the effect of, terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification
that the Commission is contemplating terminating such registration. As of the Closing Date, the Company has not received notice from
the Trading Market or any Eligible Market on which the Common Stock is or has been listed or quoted to the effect that the Company is
not in compliance with the listing or maintenance requirements of such Trading Market or Eligible Market, as applicable. As of the Closing
Date, the Company is in compliance with all such listing and maintenance requirements. The Common Stock is eligible for participation
in the DTC book entry system and has shares on deposit at DTC for transferred electronically to third parties via DTC through its Deposit/Withdrawal
at Custodian (“DWAC”) delivery system. The Company has not received notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock is being imposed or is contemplated.

 

Section
5.34. Application of Takeover Protections. The Company and its Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a
rights agreement) or other similar anti-takeover provision under the Company’s Charter or the laws of its state of incorporation
that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations
or exercising their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of
the Company’s issuance of the Securities and the Investor’s ownership of the Securities.

 

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Section
5.35. No Unlawful Payments. Neither the Company nor any of its Subsidiaries nor any director or officer, nor, to the Knowledge
of the Company, any employee, agent, representative or Affiliate of the Company, has taken within the past five years any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else
of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any
of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure
an improper advantage (to the extent acting on behalf of or providing services to the Company); and the Company and its Subsidiaries
have conducted their businesses within the past five years in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended
(the “FCPA”), any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign
Public Officials in International Business Transactions, signed December 17, 1997, the U.K. Bribery Act 2010 and other applicable anti-corruption,
anti-money laundering and anti-bribery laws, and have instituted and maintain policies and procedures designed to promote and achieve
compliance with such laws and with the representation and warranty contained herein.

 

Section
5.36. Money Laundering Laws. The operations of the Company are and have been conducted at all times within the past five years
in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, and the applicable anti-money laundering statutes, including but not limited to, applicable
federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including,
without limitation, Title 18 US. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering
principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering,
of which the United States is a member and with which designation the United States representative to the group or organization continues
to concur, all as amended, and any Executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any
orders or licenses issued thereunder, of jurisdictions where the Company conducts business, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the
“Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the best knowledge
of the Company, threatened.

 

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Section
5.37. OFAC. Neither the Company nor any of its Subsidiaries, nor any director, officer, or employee thereof, nor, to the Company’s
Knowledge, any agent, affiliate or representative of the Company, is a Person that is, or is owned or controlled by a Person that is
(i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions
(including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria). Neither the Company nor any of its Subsidiaries will,
directly or indirectly, use the proceeds from the sale of Shares under this Agreement, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other Person (a) to fund or facilitate any activities or business of or with
any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (b) in any
other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether
as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries have knowingly
engaged in, or are now knowingly engaged in, any dealings or transactions with any Person, or in any country or territory, that at the
time of the dealing or transaction is or was the subject of Sanctions.

 

Section
5.38. U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and so
long as any of the Securities are held by the Investor, shall become a U.S. real property holding corporation within the meaning of Section
897 of the Code.

 

Section
5.39. Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the
Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any
entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

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Section
5.40. Information Technology; Compliance With Data Privacy Laws. Except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries’
information technology equipment, computers, systems, networks, hardware, software, websites, and databases (collectively, “IT
Systems”) are adequate for, and operate and perform as reasonably required to operate the business of the Company and its
Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other
malicious code. Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, the Company and its Subsidiaries have implemented and maintained commercially reasonable physical,
technical and administrative controls, policies, procedures, and safeguards designed to protect their material confidential information
and the integrity, continuous operation, and security of all IT Systems and Personal Data used in connection with their businesses. “Personal
Data” means any information about an individual person that would enable the Company, either alone or in combination with
other information, to identify a natural person. Within the past five years, neither the Company nor its Subsidiaries have experienced
a material information security incident except for those that have been remedied without causing a Material Adverse Effect or a legal
obligation to notify any other Person. The Company and its Subsidiaries are in material compliance with all applicable state and federal
data privacy and security laws of jurisdictions where the Company and its Subsidiaries conduct business.

 

Section
5.41. No Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405
under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”)
is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act
(a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under
the Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event.

 

Section
5.42. Accuracy of Certain Summaries and Statements. The statements to be set forth or incorporated by reference, as applicable,
in each Registration Statement (and each post-effective amendment thereto) and the Prospectus included therein under the captions “Description
of Capital Stock,” and in the 2020 Form 10-K under the caption “Certain Relationships and Related Transactions, and Director
Independence”, insofar as they purport to summarize the provisions of the laws and documents referred to therein, are accurate
summaries in all material respects.

 

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Section
5.43. Acknowledgement Regarding Investor’s Acquisition of Securities. The Company acknowledges and agrees that the Investor
is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement and the transactions contemplated
by the Transaction Documents. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of
the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents,
and any advice given by the Investor or any of its representatives or agents in connection therewith is merely incidental to the Investor’s
acquisition of the Securities. The Company further represents to the Investor that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation of the transactions contemplated thereby by the
Company and its representatives. The Company acknowledges and agrees that the Investor has not made and does not make any representations
or warranties with respect to the transactions contemplated by the Transaction Documents other than those specifically set forth in Article
IV.

 

Article
VI

ADDITIONAL COVENANTS

 

The
Company covenants with the Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the
benefit of the other party, during the Investment Period (and with respect to the Company, for the period following the termination of
this Agreement specified in Section 8.3 pursuant to and in accordance with Section 8.3):

 

Section
6.1. Securities Compliance. The Company shall notify the Commission and the Trading Market, if and as applicable, in accordance
with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary
action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid issuance of the
Securities to the Investor in accordance with the terms of the Transaction Documents, as applicable.

 

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Section
6.2. Reservation of Common Stock. The Company has available and the Company shall reserve and keep available at all times,
free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common
Stock to enable the Company to timely effect (i) the issuance and delivery of all Commitment Shares to be issued and delivered to the
Investor under Section 10.1(ii) hereof within the time period specified in Section 10.1(ii) hereof, and (ii) the issuance, sale and delivery
of all Shares to be issued, sold and delivered in respect of each Fixed Purchase and each VWAP Purchase effected under this Agreement,
in the case of this clause (ii), at least prior to the delivery by the Company to the Investor of the applicable Fixed Purchase Notice
and each VWAP Purchase Notice in connection with such Fixed Purchase and VWAP Purchase, respectively. Without limiting the generality
of the foregoing, (a) as of the date of this Agreement, the Company has reserved, out of its authorized and unissued Common Stock, 120,337
shares of Common Stock solely for the purpose of issuing all of the Commitment Shares under this Agreement to be issued and delivered
to the Investor under Section 10.1(ii) hereof within the time period specified in Section 10.1(ii) hereof, and (b) as of the date of
this Agreement the Company has reserved, and as of the Commencement Date shall have continued to reserve, out of its authorized and unissued
Common Stock, 1,374,067 shares of Common Stock solely for the purpose of effecting Fixed Purchases and VWAP Purchases under this Agreement.
The number of shares of Common Stock so reserved for the purpose of effecting Fixed Purchases and VWAP Purchases under this Agreement
may be increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares may be reduced
from and after the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant to any
Fixed Purchase or VWAP Purchase effected from and after the Commencement Date pursuant to this Agreement.

 

Section
6.3. Registration and Listing. During the Investment Period, the Company shall use its commercially reasonable efforts to cause
the Common Stock to continue to be registered as a class of securities under Sections 12(b) or 12(g) of the Exchange Act, and to comply
with its reporting and filing obligations under the Exchange Act, and shall not take any action or file any document (whether or not
permitted by the Securities Act or the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting
and filing obligations under the Exchange Act or Securities Act, except as permitted herein. The Company shall use its commercially reasonable
efforts to continue the listing and trading of its Common Stock and the listing of the Securities purchased by the Investor hereunder
on the Trading Market and to comply with the Company’s reporting, filing and other obligations under the b rules and regulations
of the Trading Market. The Company shall not take any action which could be reasonably expected to result in the delisting or suspension
of the Common Stock on the Trading Market. If the Company receives any final and non-appealable notice that the listing or quotation
of the Common Stock on the Trading Market shall be terminated on a date certain, the Company shall promptly (and in any case within 24
hours) notify the Investor of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be
listed or quoted on another Eligible Market.

 

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Section
6.4. Compliance with Laws.

 

(i)
During the Investment Period, the Company (a) shall comply, and cause each Subsidiary (if any) to comply, with all laws, rules,
regulations and orders applicable to the business and operations of the Company and its Subsidiaries, except as would not have a
Material Adverse Effect and (b) with applicable provisions of the Securities Act and the Exchange Act, including Regulation M
thereunder, applicable state securities or “Blue Sky” laws, and applicable listing rules of the Trading Market or
Eligible Market, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the
Company to enter into and perform its obligations under this Agreement in any material respect or for Investor to conduct resales of
Securities under the Registration Statement in any material respect. Without limiting the foregoing, neither the Company, nor to the
Knowledge of the Company, any of their respective directors, officers, agents, employees or any other Persons acting on their behalf
shall, in connection with the operation of the Company’s businesses, (1) use any corporate funds for unlawful contributions,
payments, gifts or entertainment or to make any unlawful expenditures relating to political activity to government officials,
candidates or members of political parties or organizations, (2) pay, accept or receive any unlawful contributions, payments,
expenditures or gifts, or (3) violate or operate in noncompliance with any export restrictions, anti-boycott regulations, embargo
regulations or other applicable domestic or foreign laws and regulations, including, without limitation, the FCPA and the Money
Laundering Laws.

 

(ii) The
Investor shall comply with all laws, rules, regulations and orders applicable to the performance by it of its obligations under this
Agreement and its investment in the Securities, except as would not, individually or in the aggregate, prohibit or otherwise interfere
with the ability of the Investor to enter into and perform its obligations under this Agreement in any material respect. Without limiting
the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation
M thereunder, and all applicable state securities or “Blue Sky” laws.

 

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Section
6.5. Keeping of Records and Books of Account; Due Diligence.

 

(i) During
the Investment Period, (a) the Company shall keep and cause each Subsidiary to keep adequate records and books of account, in which complete
entries shall be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company and its Subsidiaries,
and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and
other purposes in connection with its business shall be made; and (b) the Company shall maintain a system of internal accounting controls
that (x) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions
of the assets of the Company; (y) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made
only in accordance with authorizations of management and directors of the Company; and (z) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on
the Company’s financial statements (it being acknowledged and agreed that the identification by the Company and/or its independent
registered public accounting firm of any “significant deficiencies” or “material weaknesses” (each as defined
by the Public Company Accounting Oversight Board) in the Company’s internal controls over its financial reporting shall not, in
and of itself, constitute a breach of this Section 6.5(i)).

 

(ii) Subject
to the requirements of Section 6.12, from time to time from and after the Closing Date, the Company shall make available for inspection
and review by the Investor during normal business hours and after reasonable notice, customary documentation reasonably requested by
the Investor and/or its appointed counsel or advisors to conduct due diligence; provided, however, that after the Closing
Date, the Investor’s continued due diligence shall not be a condition precedent to the Company’s right to deliver to the
Investor any Fixed Purchase Notice or any VWAP Purchase Notice or the settlement thereof.

 

Section
6.6. No Frustration; No Variable Rate Transactions.

 

(i) No
Frustration. The Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or
transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company
to perform its obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation of the
Company to deliver (i) the Commitment Shares to the Investor not later than 4:00 p.m. (New York time) on the Trading Day immediately
following the Closing Date, (ii) the Shares to the Investor in respect of a Fixed Purchase on the Trading Day immediately following the
applicable Fixed Purchase Date, and (iii) the Shares to the Investor in respect of a VWAP Purchase not later than the applicable VWAP
Purchase Date. For the avoidance of doubt, nothing in this Section 6.6(i) shall in any way limit the Company’s right to terminate
this Agreement in accordance with Section 8.2 (subject in all cases to Section 8.3).

 

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(ii) No
Variable Rate Transactions. The Company shall not effect or enter into an agreement to effect any issuance by the Company or
any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction,
other than in connection with an Exempt Issuance. The Investor shall be entitled to seek injunctive relief against the Company and its
Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages, without the necessity
of showing economic loss and without any bond or other security being required.

 

Section
6.7. Corporate Existence. The Company shall take all steps necessary to preserve and continue the corporate existence of the
Company; provided, however, that, except as provided in Section 6.8, nothing in this Agreement shall be deemed to prohibit
the Company from engaging in any Fundamental Transaction with another Person. For the avoidance of doubt, nothing in this Section 6.7
shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases to
Section 8.3).

 

Section
6.8. Fundamental Transaction. If a Fixed Purchase Notice or a VWAP Purchase Notice has been delivered to the Investor and the
transactions contemplated therein have not yet been fully settled in accordance with the terms and conditions of this Agreement, the
Company shall not effect any Fundamental Transaction until the expiration of five (5) Trading Days following the date of full settlement
thereof and the issuance to the Investor of all of the Shares issuable pursuant to the Fixed Purchase or VWAP Purchase to which such
Fixed Purchase Notice or VWAP Purchase Notice, respectively, relates.

 

Section
6.9. Selling Restrictions.

 

(i) Except
as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading Day next
following the expiration or termination of this Agreement (the “Restricted Period”), neither the Investor nor
any of its Affiliates nor any entity managed or controlled by the Investor (collectively, the “Restricted Persons”
and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (x)
engage in any Short Sales involving the Company’s securities or (y) grant any option to purchase, or acquire any right to dispose
of or otherwise dispose for value of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for
any shares of Common Stock, or enter into any swap, hedge or other similar agreement that transfers, in whole or in part, the economic
risk of ownership of the Common Stock. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein
shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from:
(1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Securities; or (2) selling a number of
shares of Common Stock equal to the number of Shares that such Restricted Person is or may be obligated to purchase under a pending Fixed
Purchase Notice or a pending VWAP Purchase Notice but has not yet taken possession of so long as such Restricted Person (or the Broker-Dealer,
as applicable) delivers the Shares purchased pursuant to such Fixed Purchase Notice or such VWAP Purchase Notice (as applicable) to the
purchaser thereof or the applicable Broker-Dealer.

 

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(ii) In
addition to the foregoing, in connection with any sale of Securities (including any sale permitted by paragraph (i) above), the Investor
shall comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the requirements
of the Securities Act and the Exchange Act.

 

Section
6.10. Effective Registration Statement. During the Investment Period, the Company shall use its commercially reasonable efforts
to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement filed with the Commission
under the Securities Act for the applicable Registration Period pursuant to and in accordance with the Registration Rights Agreement.

 

Section
6.11. Blue Sky. The Company shall take such action, if any, as is necessary by the Company in order to obtain an exemption
for or to qualify the Securities for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request of
the Investor, the subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or “Blue
Sky” laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify
to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.11, (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

Section
6.12. Non-Public Information. Neither the Company or any of its Subsidiaries, nor any of their respective directors, officers,
employees or agents shall disclose any material non-public information about the Company to the Investor, unless a simultaneous public
announcement thereof is made by the Company in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant
by the Company or any of its Subsidiaries, or any of their respective directors, officers, employees and agents (as determined in the
reasonable good faith judgment of the Investor), (i) the Investor shall promptly provide written notice of such breach to the Company
and (ii) after such notice has been provided to the Company and, provided that the Company shall have failed to publicly disclose such
material, non-public information within 24 hours following demand therefor by the Investor, in addition to any other remedy provided
herein or in the other Transaction Documents, the Investor shall have the right to make a public disclosure, in the form of a press release,
public advertisement or otherwise, of such material, non-public information without the prior approval by the Company, any of its Subsidiaries,
or any of their respective directors, officers, employees or agents. The Investor shall not have any liability to the Company, any of
its Subsidiaries, or any of their respective directors, officers, employees, stockholders or agents, for any such disclosure.

 

    	31

    	 

    

 

Section
6.13. Broker/Dealer. The Investor shall use one or more broker-dealers to effectuate all sales, if any, of the Shares that
it may purchase or otherwise acquire from the Company pursuant to the Transaction Documents, as applicable, which (or whom) shall be
unaffiliated with the Investor and not then currently engaged or used by the Company, and a DTC participant (collectively, the “Broker-Dealer”).
The Investor shall, from time to time, provide the Company and its transfer agent with all information regarding the Broker-Dealer reasonably
requested by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer, which shall not
exceed customary brokerage fees and commissions and shall be responsible for designating only a DTC participant eligible to receive DWAC
Shares.

 

Section
6.14. Disclosure Schedule.

 

(i) The
Company may, from time to time, update the Disclosure Schedule as may be required to satisfy the conditions set forth in Section 7.2(i)
and Section 7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i) as of a specific
Fixed Purchase Date and VWAP Exercise Purchase Date). For purposes of this Section 6.14, any disclosure made in a schedule to the Compliance
Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no
update to the Disclosure Schedule pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company
contained in this Agreement and made prior to the update and shall not affect any of the Investor’s rights or remedies with respect
thereto.

 

(ii) Notwithstanding
anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosure contained in any Schedule
of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule
as though fully set forth in such Schedule for which applicability of such information and disclosure is readily apparent on its face.
The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that such information is
required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether
based on quantity, qualitative characterization, dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting
the terms “material” or “Material Adverse Effect” or other similar terms in this Agreement.

 

Section
6.15. Delivery of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events. Within three (3) Trading
Days immediately following (i) the end of each PEA Period, if the Company is required under the Securities Act to file with the Commission
(A) a post-effective amendment to the Initial Registration Statement required to be filed by the Company with the Commission pursuant
to Section 2(a) of the Registration Rights Agreement, (B) a New Registration Statement required to be filed by the Company with the Commission
pursuant to Section 2(c) of the Registration Rights Agreement, or (C) a post-effective amendment to a New Registration Statement required
to be filed by the Company with the Commission pursuant to Section 2(c) of the Registration Rights Agreement, in each case with respect
to a fiscal year ending after the Commencement Date, to register the resale of Securities by the Investor under the Securities Act pursuant
to this Agreement and the Registration Rights Agreement, and (ii) the date the Company files with the Commission (A) a Prospectus Supplement
to the Prospectus contained in the Initial Registration Statement or any New Registration Statement under the Securities Act, (B) an
annual report on Form 10-K under the Exchange Act with respect to a fiscal year ending after the Commencement Date, (C) an amendment
on Form 10-K/A to an annual report on Form 10-K under the Exchange Act with respect to a fiscal year ending after the Commencement Date,
which contains amended material financial information (or a restatement of material financial information) or an amendment to other material
information contained in a previously filed Form 10-K, and (D) a Commission Document under the Exchange Act (other than those referred
to in clauses (ii)(A) and (ii)(B) of this Section 6.15), which contains amended material financial information (or a restatement of material
financial information) or an amendment to other material information contained or incorporated by reference in the Initial Registration
Statement, any New Registration Statement, or the Prospectus or any Prospectus Supplement contained in the Initial Registration Statement
or any New Registration Statement (it being hereby acknowledged and agreed that the filing by the Company with the Commission of a quarterly
report on Form 10-Q that includes only updated financial information as of the end of the Company’s most recent fiscal quarter
shall not, in and of itself, constitute an “amendment” or “restatement” for purposes of clause (ii) of this Section
6.15), in each case of this clause (ii) if the Company is not also then required under the Securities Act to file a post-effective amendment
to the Initial Registration Statement, any New Registration Statement or a post-effective amendment to any New Registration Statement,
in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of Securities by the Investor under
the Securities Act pursuant to this Agreement and the Registration Rights Agreement, and in any case of this clause (ii), not more than
once per calendar quarter, the Company shall (I) deliver to the Investor a Compliance Certificate, dated such date, and (II) cause to
be furnished to the Investor an opinion “bring down” from outside counsel to the Company substantially in the form mutually
agreed to by the Company and the Investor prior to the date of this Agreement, modified, as necessary, to relate to such Registration
Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented by such Prospectus Supplement,
as applicable (each such opinion, a “Bring Down Opinion”).

 

Article
VII

CONDITIONS
TO CLOSING AND CONDITIONS TO THE SALE AND

PURCHASE OF THE SHARES

 

Section
7.1. Conditions Precedent to Closing. The Closing is subject to the satisfaction of each of the conditions set forth in this
Section 7.1 on the Closing Date.

 

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(i)
Accuracy of the Investor’s Representations and Warranties. The representations and warranties of the Investor
contained in this Agreement (a) that are not qualified by “materiality” shall be true and correct in all material
respects as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case,
such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are
qualified by “materiality” shall be true and correct as of the Closing Date, except to the extent such representations
and warranties are as of another date, in which case, such representations and warranties shall be true and correct as of such
other date.

 

(ii)
Accuracy of the Company’s Representations and Warranties. The representations and warranties of the Company
contained in this Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall
be true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties
are as of another date, in which case, such representations and warranties shall be true and correct in all material respects
as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect” shall be
true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which
case, such representations and warranties shall be true and correct as of such other date.

 

(iii)
Payment of Investor Expense Reimbursement and Issuance of Commitment Shares. On or prior to the Closing Date, the
Company shall have paid by wire transfer of immediately available funds to an account designated by the Investor on or prior to
the date hereof, the Investor Expense Reimbursement in accordance with Section 10.1(i), all of which Investor Expense Reimbursement
shall be fully earned and non-refundable as of the Closing Date, regardless of whether any Fixed Purchases or VWAP Purchases are
made or settled hereunder or any subsequent termination of this Agreement. On the Closing Date, the Company shall deliver irrevocable
instructions to its transfer agent to issue to the Investor, not later than 4:00 p.m. (New York City time) on the Trading Day
immediately following the Closing Date, a certificate or book-entry statement representing the Commitment Shares in the name of
the Investor or its designee (in which case such designee name shall have been provided to the Company prior to the Closing Date),
in consideration for the Investor’s execution and delivery of this Agreement. Such certificate or book-entry statement shall
be delivered to the Investor by overnight courier at its address set forth in Section 10.4 hereof. For the avoidance of doubt,
all of the Commitment Shares shall be fully earned as of the Closing Date regardless of whether any Fixed Purchases or VWAP Purchases
are made hereunder or any subsequent termination of this Agreement.

 

(iv)
Closing Deliverables. At the Closing, counterpart signature pages of this Agreement and the Registration Rights
Agreement executed by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution
and delivery of this Agreement and the Registration Rights Agreement, the Investor’s counsel shall have received (a) the
opinions of outside counsel to the Company, dated the Closing Date, in the forms mutually agreed to by the Company and the Investor
prior to the date of this Agreement, (b) a copy of the irrevocable instructions to the Company’s transfer agent regarding
the issuance to the Investor or its designee of the certificate(s) or book-entry statement(s) representing the Commitment Shares
pursuant to and in accordance with Section 10.1(ii) hereof, and (c) the closing certificate from the Company, dated the Closing
Date, in the form of Exhibit B hereto.

 

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Section
7.2. Conditions Precedent to Commencement. The right of the Company to commence delivering Fixed Purchase
Notices and VWAP Purchase Notices under this Agreement, and the obligation of the Investor to accept Fixed Purchase Notices and
VWAP Purchase Notices delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction,
at Commencement, of each of the conditions set forth in this Section 7.2.

 

(i)
Accuracy of the Company’s Representations and Warranties. The representations and warranties of the Company
contained in this Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall
have been true and correct in all material respects when made and shall be true and correct in all material respects as of the
Commencement Date with the same force and effect as if made on such date, except to the extent such representations and warranties
are as of another date, in which case, such representations and warranties shall be true and correct in all material respects
as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect” shall have
been true and correct when made and shall be true and correct as of the Commencement Date with the same force and effect as if
made on such date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct as of such other date.

 

(ii)
Performance of the Company. The Company shall have performed, satisfied and complied in all material respects with
all covenants, agreements and conditions required by this Agreement and the Registration Rights Agreement to be performed, satisfied
or complied with by the Company at or prior to the Commencement. The Company shall deliver to the Investor on the Commencement
Date the compliance certificate substantially in the form attached hereto as Exhibit C (the “Compliance Certificate”).

 

(iii)
Initial Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein required to be filed by the Company with the Commission pursuant to Section 2(a)
of the Registration Rights Agreement shall have been declared effective under the Securities Act by the Commission, and the Investor
shall be permitted to utilize the Prospectus therein to resell (a) all of the Commitment Shares and (b) all of the Shares included
in such Prospectus.

 

(iv)
No Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request
by the Commission or any other federal or state governmental authority for any additional information relating to the Initial
Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto, or for any amendment of or supplement
to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b) the issuance
by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Initial
Registration Statement or prohibiting or suspending the use of the Prospectus contained therein or any Prospectus Supplement thereto,
or of the suspension of qualification or exemption from qualification of the Securities for offering or sale in any jurisdiction,
or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence of any event or the existence
of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement, the
Prospectus contained therein or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes
to the statements then made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement
thereto in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the
statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under
which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or a supplement to
the Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act or any other law. The
Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of
the effectiveness of the Initial Registration Statement or the prohibition or suspension of the use of the Prospectus contained
therein or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor.

 

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(v)
Other Commission Filings. The Current Report and the Form D shall have been filed with the Commission as required
pursuant to Section 2.3. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission
prior to Commencement in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations,
forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant to
the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or
15(d) of the Exchange Act, prior to Commencement shall have been filed with the Commission.

 

(vi)
No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been
suspended by the Commission, the Trading Market or the FINRA (except for any suspension of trading of limited duration agreed
to by the Company, which suspension shall be terminated prior to the Commencement Date), the Company shall not have received any
final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on
a date certain (unless, prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall
there have been imposed any suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading
or book-entry services by DTC with respect to the Common Stock that is continuing, the Company shall not have received any notice
from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic
trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated (unless, prior to such
suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose any such suspension
or restriction).

 

(vii)
Compliance with Laws. The Company shall have complied with all applicable federal, state and local governmental
laws, rules, regulations and ordinances in connection with the execution, delivery and performance of this Agreement and the other
Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, including,
without limitation, the Company shall have obtained all permits and qualifications required by any applicable state securities
or “Blue Sky” laws for the offer and sale of the Securities by the Company to the Investor and the subsequent resale
of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom).

 

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(viii)
No Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered,
promulgated, threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents.

 

(ix)
No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority
shall have been commenced, and no inquiry or investigation by any governmental authority shall have been commenced, against the
Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary, seeking to restrain,
prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such
transactions.

 

(x)
Listing of Securities. All of the Securities that have been and may be issued pursuant to this Agreement shall have
been approved for listing or quotation on the Trading Market as of the Commencement Date, subject only to notice of issuance.

 

(xi)
No Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect
shall have occurred and be continuing.

 

(xii)
No Bankruptcy Proceedings. No Person shall have commenced a proceeding against the Company pursuant to or within
the meaning of any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced
a voluntary case, (b) consented to the entry of an order for relief against it in an involuntary case, (c) consented to the appointment
of a Custodian of the Company or for all or substantially all of its property, or (d) made a general assignment for the benefit
of its creditors. A court of competent jurisdiction shall not have entered an order or decree under any Bankruptcy Law that (I)
is for relief against the Company in an involuntary case, (II) appoints a Custodian of the Company or for all or substantially
all of its property, or (III) orders the liquidation of the Company or any of its Subsidiaries.

 

(xiii)
Commitment Shares Issued as DWAC Shares. The Company shall have caused the Company’s transfer agent to credit
the Investor’s or its designee’s account at DTC as DWAC Shares such number of shares of Common Stock equal to the
number of Commitment Shares issued to the Investor pursuant to Section 10.1(ii) hereof, in accordance with Section 10.1(iv) hereof.

 

(xiv)
Delivery of Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness. The Commencement Irrevocable
Transfer Agent Instructions shall have been executed by the Company and delivered to acknowledged in writing by the Company’s
transfer agent, and the Notice of Effectiveness relating to the Initial Registration Statement shall have been executed by the
Company’s outside counsel and delivered to the Company’s transfer agent, in each case directing the Company’s
transfer agent to issue to the Investor or its designated Broker-Dealer all of the Commitment Shares and Shares included in the
Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.

 

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(xv)
Reservation of Shares. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued
Common Stock, 1,374,067 shares of Common Stock solely for the purpose of effecting Fixed Purchases and VWAP Purchases under this
Agreement.

 

(xvi)
Opinions and Bring-Down Opinions of Company Counsel. On the Commencement Date, the Investor shall have received
the opinions, bring-down opinions and negative assurances from outside counsel to the Company, dated the Commencement Date, in
the forms mutually agreed to by the Company and the Investor prior to the date of this Agreement.

 

Section
7.3. Conditions Precedent to Fixed Purchases and VWAP Purchases after Commencement Date. The right of the Company to
deliver Fixed Purchase Notices and VWAP Purchase Notices under this Agreement after the Commencement Date, and the obligation
of the Investor to accept Fixed Purchase Notices and VWAP Purchase Notices under this Agreement after the Commencement Date, are
subject to the satisfaction of each of the conditions set forth in this Section 7.3 at each Fixed Purchase Date and each VWAP
Purchase Exercise Date after the Commencement Date.

 

(i)
Satisfaction of Certain Prior Conditions. Each of the conditions set forth in subsections (i), (ii), and (vii) through
(xiii) set forth in Section 7.2 shall be satisfied on each Fixed Purchase Date and each VWAP Purchase Exercise Date after the
Commencement Date (with the terms “Commencement” and “Commencement Date” in the conditions set forth in
subsections (i) and (ii) of Section 7.2 replaced with “applicable Fixed Purchase Date and applicable VWAP Purchase Exercise
Date (as applicable)”); provided, however, that the Company shall not be required to deliver the Compliance
Certificate after the Commencement Date, except as provided in Section 6.15 and Section 7.3(v).

 

(ii)
Initial Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration
Rights Agreement, and any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement
Date and prior to the applicable Fixed Purchase Date and the applicable VWAP Purchase Exercise Date (as applicable) pursuant to
the Registration Rights Agreement, in each case shall have been declared effective under the Securities Act by the Commission
and shall remain effective for the applicable Registration Period (as defined in the Registration Rights Agreement), and the Investor
shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the Commitment
Shares, (b) all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto, that have
been issued and sold to the Investor hereunder pursuant to all Fixed Purchase Notices and all VWAP Purchase Notices (as applicable)
delivered by the Company to the Investor prior to such applicable Fixed Purchase Date and such applicable VWAP Purchase Exericse
Date (as applicable), respectively, and (c) all of the Shares included in the Initial Registration Statement, and any post-effective
amendment thereto, that are issuable pursuant to the applicable Fixed Purchase Notice and the applicable VWAP Purchase Notice
(as applicable) delivered by the Company to the Investor with respect to a Fixed Purchase and a VWAP Purchase (as applicable),
respectively, to be effected hereunder on such applicable Fixed Purchase Date and such applicable VWAP Purchase Exercise Date
(as applicable), respectively.

 

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(iii)
Any Required New Registration Statement Effective. Any New Registration Statement covering the resale by the Investor
of the Registrable Securities included therein, and any post-effective amendment thereto, required to be filed by the Company
with the Commission pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable Fixed
Purchase Date and the applicable VWAP Purchase Exercise Date (as applicable), in each case shall have been declared effective
under the Securities Act by the Commission and shall remain effective for the applicable Registration Period, and the Investor
shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the Commitment
Shares (if any) included in such New Registration Statement, and any post-effective amendment thereto, (b) all of the Shares included
in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder
pursuant to all Fixed Purchase Notices and all VWAP Purchase Notices (as applicable) delivered by the Company to the Investor
prior to such applicable Fixed Purchase Date and such applicable VWAP Purchase Exercise Date (as applicable), respectively, and
(c) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable
pursuant to the applicable Fixed Purchase Notice and the applicable VWAP Purchase Notice (as applicable) delivered by the Company
to the Investor with respect to a Fixed Purchase and a VWAP Purchase (as applicable), respectively, to be effected hereunder on
such applicable Fixed Purchase Date and such applicable VWAP Purchase Exercise Date (as applicable), respectively.

 

(iv)
Delivery of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness. With respect to any
post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment
to any New Registration Statement, in each case declared effective by the Commission after the Commencement Date, the Company
shall have delivered or caused to be delivered to its transfer agent (a) irrevocable instructions in the form substantially similar
to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in writing by the Company’s
transfer agent and (b) the Notice of Effectiveness, in each case modified as necessary to refer to such Registration Statement
or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein
as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement.

 

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(v)
No Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request
by the Commission or any other federal or state governmental authority for any additional information relating to the Initial
Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment
thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or
supplement to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any
post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto; (b)
the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness
of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective
amendment thereto, or prohibiting or suspending the use of the Prospectus contained in any of the foregoing or any Prospectus
Supplement thereto, or of the suspension of qualification or exemption from qualification of the Securities for offering or sale
in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence of
any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial
Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment
thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto untrue or which requires the
making of any additions to or changes to the statements then made in the Initial Registration Statement or any post-effective
amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any
of the foregoing or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated
therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement,
in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration
Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or
the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto to comply with the Securities Act or any
other law (other than the transactions contemplated by the applicable Fixed Purchase Notice or VWAP Purchase Notice, as applicable,
delivered by the Company to the Investor with respect to a Fixed Purchase or VWAP Purchase, as applicable, to be effected hereunder
on such applicable Fixed Purchase Date or VWAP Purchase Exercise Date, as applicable, and the settlement thereof). The Company
shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of the effectiveness
of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective
amendment thereto, or the prohibition or suspension of the use of the Prospectus contained in any of the foregoing or any Prospectus
Supplement thereto in connection with the resale of the Registrable Securities by the Investor.

 

(vi)
Other Commission Filings. The final Prospectus included in any post-effective amendment to the Initial Registration
Statement, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section
2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable Fixed Purchase Date and the
applicable VWAP Purchase Exercise Date (as applicable), shall have been filed with the Commission in accordance with Section 2.3
and the Registration Rights Agreement. The final Prospectus included in any New Registration Statement and in any post-effective
amendment thereto, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to
Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior to the applicable Fixed Purchase Date
and the applicable VWAP Purchase Exercise Date (as applicable), shall have been filed with the Commission in accordance with Section
2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including
all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, after the Commencement Date and
prior to the applicable Fixed Purchase Date and the applicable VWAP Purchase Exercise Date (as applicable), shall have been filed
with the Commission and, if any Registrable Securities are covered by a Registration Statement on Form S-3, such filings shall
have been made within the applicable time period prescribed for such filing under the Exchange Act.

 

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(vii)
No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been
suspended by the Commission, the Trading Market or the FINRA (except for any suspension of trading of limited duration agreed
to by the Company, which suspension shall be terminated prior to the applicable Fixed Purchase Date and the applicable VWAP Purchase
Exercise Date, as applicable), the Company shall not have received any final and non-appealable notice that the listing or quotation
of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to such date certain, the Common
Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension of, or restriction on,
accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common
Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction
on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common
Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company
in writing that DTC has determined not to impose any such suspension or restriction).

 

(viii)
Certain Limitations. The issuance and sale of the Shares issuable pursuant to the applicable Fixed Purchase Notice
and the applicable VWAP Purchase Notice (as applicable) shall not (a) exceed the Fixed Purchase Maximum Amount and the VWAP Purchase
Maximum Amount, respectively, (b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded, or (c) cause
the Exchange Cap (to the extent applicable under Section 3.4) to be exceeded, unless in the case of this clause (c), unless the
Company’s stockholders have theretofore approved the issuance of Common Stock under this Agreement in excess of the Exchange
Cap in accordance with the applicable rules of the Trading Market.

 

(ix)
Shares Authorized and Delivered. All of the Shares issuable pursuant to the applicable Fixed Purchase Notice and
the applicable VWAP Purchase Notice (as applicable) shall have been duly authorized by all necessary corporate action of the Company.
The Company shall have delivered all Shares relating to all prior Fixed Purchase Notices and all prior VWAP Purchase Notices (as
applicable) as DWAC Shares.

 

(x)
Opinions and Bring-Down Opinions of Company Counsel. The Investor shall have received (a) all Bring Down Opinions
from the Company’s outside counsel for which the Company was obligated to instruct its outside counsel to deliver to the
Investor prior to the applicable Fixed Purchase Date and the applicable VWAP Purchase Exercise Date (as applicable) and (b) all
Compliance Certificates from the Company that the Company was obligated to deliver to the Investor prior to the applicable Fixed
Purchase Date and the applicable VWAP Purchase Exercise Date (as applicable), in each case in accordance with Section 6.15.

 

Article
VIII

TERMINATION

 

Section
8.1. Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the Effective Date of the
Initial Registration Statement (it being hereby acknowledged and agreed that such term may not be extended by the parties hereto),
(ii) the date on which the Investor shall have purchased the Total Commitment worth of Shares pursuant to this Agreement, (iii)
the date on which the Common Stock shall have failed to be listed or quoted on the Trading Market or any other Eligible Market,
and (iv) the date on which, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or
any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all
of its property, or the Company makes a general assignment for the benefit of its creditors.

 

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Section
8.2. Other Termination. Subject to Section 8.3, the Company may terminate this Agreement after the Commencement Date
effective upon ten (10) Trading Days’ prior written notice to the Investor in accordance with Section 10.4; provided,
however, that (i) the Company shall have issued all Commitment Shares to the Investor and paid all fees and amounts to
the Investor’s counsel required to be paid pursuant to Section 10.1 of this Agreement prior to such termination, and (ii)
prior to issuing any press release, or making any public statement or announcement, with respect to such termination, the Company
shall consult with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to
Section 8.3, this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date
of such mutual written consent unless otherwise provided in such written consent. Subject to Section 8.3, the Investor shall have
the right to terminate this Agreement effective upon ten (10) Trading Days’ prior written notice to the Company in accordance
with Section 10.4, if: (a) any condition, occurrence, state of facts or event constituting a Material Adverse Effect has occurred
and is continuing; (b) a Fundamental Transaction shall have occurred; (c) the Initial Registration Statement and any New Registration
Statement is not filed by the applicable Filing Deadline therefor or declared effective by the Commission by the applicable Effectiveness
Deadline (as defined in the Registration Rights Agreement) therefor, or the Company is otherwise in breach or default in any material
respect under any of the other provisions of the Registration Rights Agreement, and, if such failure, breach or default is capable
of being cured, such failure, breach or default is not cured within 10 Trading Days after notice of such failure, breach or default
is delivered to the Company pursuant to Section 10.4; (d) while a Registration Statement, or any post-effective amendment thereto,
is required to be maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor holds any Registrable
Securities, the effectiveness of such Registration Statement, or any post-effective amendment thereto, lapses for any reason (including,
without limitation, the issuance of a stop order by the Commission) or such Registration Statement or any post-effective amendment
thereto, the Prospectus contained therein or any Prospectus Supplement thereto otherwise becomes unavailable to the Investor for
the resale of all of the Registrable Securities included therein in accordance with the terms of the Registration Rights Agreement,
and such lapse or unavailability continues for a period of 20 consecutive Trading Days or for more than an aggregate of 60 Trading
Days in any 365-day period, other than due to acts of the Investor; (e) trading in the Common Stock on the Trading Market (or
if the Common Stock is then listed on an Eligible Market, trading in the Common Stock on such Eligible Market) shall have been
suspended and such suspension continues for a period of three (3) consecutive Trading Days; or (f) the Company is in material
breach or default of this Agreement, and, if such breach or default is capable of being cured, such breach or default is not cured
within 10 Trading Days after notice of such breach or default is delivered to the Company pursuant to Section 10.4. Unless notification
thereof is required elsewhere in this Agreement (in which case such notification shall be provided in accordance with such other
provision), the Company shall promptly (but in no event later than 24 hours) notify the Investor (and, if required under applicable
law, including, without limitation, Regulation FD promulgated by the Commission, or under the applicable rules and regulations
of the Trading Market, the Company shall publicly disclose such information in accordance with Regulation FD and the applicable
rules and regulations of the Trading Market) upon becoming aware of any of the events set forth in the immediately preceding sentence.

 

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Section
8.3. Effect of Termination. In the event of termination by the Company or the Investor (other than by mutual termination)
pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the
transactions contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated
as provided in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i)
the provisions of Article V (Representations, Warranties and Covenants of the Company), Article IX (Indemnification), Article
X (Miscellaneous) and this Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such
termination, and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company contained in Article
VI (Additional Covenants) shall remain in full force and notwithstanding such termination for a period of six (6) months following
such termination. Notwithstanding anything in this Agreement to the contrary, no termination of this Agreement by any party shall
(i) become effective prior to the first Trading Day immediately following the settlement date related to any pending Fixed Purchase
Notice or any pending VWAP Purchase Notice (as applicable) that has not been fully settled in accordance with the terms and conditions
of this Agreement (it being hereby acknowledged and agreed that no termination of this Agreement shall limit, alter, modify, change
or otherwise affect any of the Company’s or the Investor’s rights or obligations under the Transaction Documents with
respect to any pending Fixed Purchase or pending VWAP Purchase (as applicable), and that the parties shall fully perform their
respective obligations with respect to any such pending Fixed Purchase and any such pending VWAP Purchase (as applicable) under
the Transaction Documents, provided all of the conditions to the settlement thereof set forth in Article VII are timely
satisfied), (ii) limit, alter, modify, change or otherwise affect the Company’s or the Investor’s rights or obligations
under the Registration Rights Agreement, all of which shall survive any such termination, (iii) affect the Investor Expenses Reimbursement
payable to the Investor, all of which fees and expenses shall be non-refundable when paid on the Closing Date pursuant to Section
10.1(i), regardless of whether any Fixed Purchases or VWAP Purchases are made or settled hereunder or any subsequent termination
of this Agreement, or (iv) ) affect any Commitment Shares previously issued or delivered, or any rights of any holder thereof,
it being hereby acknowledged and agreed that all of the Commitment Shares shall be fully earned as of the Closing Date, regardless
of whether any Fixed Purchases or VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.
Nothing in this Section 8.3 shall be deemed to release the Company or the Investor from any liability for any breach or default
under this Agreement or any of the other Transaction Documents to which it is a party, or to impair the rights of the Company
and the Investor to compel specific performance by the other party of its obligations under the Transaction Documents to which
it is a party.

 

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Article
IX

INDEMNIFICATION

 

Section
9.1. Indemnification of Investor. In consideration of the Investor’s execution and delivery of this Agreement
and acquiring the Securities hereunder and in addition to all of the Company’s other obligations under the Transaction Documents
to which it is a party, subject to the provisions of this Section 9.1, the Company shall indemnify and hold harmless the Investor,
each of its directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title), each Person, if any, who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a)
of the Exchange Act), and the respective directors, officers, shareholders, members, partners, employees, representatives, agents
and advisors (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack
of such title or any other title) of such controlling Persons (each, an “Investor Party”), from and
against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts
paid in settlement, court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively, “Damages”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by the Company in this Agreement or in the other Transaction Documents to which it is a party or
(b) any action, suit, claim or proceeding (including for these purposes a derivative action brought on behalf of the Company)
instituted against such Investor Party arising out of or resulting from the execution, delivery, performance or enforcement of
the Transaction Documents, other than claims for indemnification within the scope of Section 6 of the Registration Rights Agreement;
provided, however, that (x) the foregoing indemnity shall not apply to any Damages to the extent, but only to the
extent, that such Damages resulted directly and primarily from a breach of any of the Investor’s representations, warranties,
covenants or agreements contained in this Agreement or the Registration Rights Agreement, and (y) the Company shall not be liable
under subsection (b) of this Section 9.1 to the extent, but only to the extent, that a court of competent jurisdiction shall have
determined by a final judgment (from which no further appeals are available) that such Damages resulted directly and primarily
from any acts or failures to act, undertaken or omitted to be taken by such Investor Party through its fraud, bad faith, gross
negligence, or willful or reckless misconduct.

 

The
Company shall reimburse any Investor Party promptly upon demand (with accompanying presentation of documentary evidence) for all
legal and other costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit, claim or
proceeding, whether at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents
or (ii) any other any action, suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to
indemnification under this Section 9.1; provided that the Investor shall promptly reimburse the Company for all such legal
and other costs and expenses to the extent a court of competent jurisdiction determines that any Investor Party was not entitled
to such reimbursement.

 

An
Investor Party’s right to indemnification or other remedies based upon the representations, warranties, covenants and agreements
of the Company set forth in the Transaction Documents shall not in any way be affected by any investigation or knowledge of such
Investor Party. Such representations, warranties, covenants and agreements shall not be affected or deemed waived by reason of
the fact that an Investor Party knew or should have known that any representation or warranty might be inaccurate or that the
Company failed to comply with any agreement or covenant. Any investigation by such Investor Party shall be for its own protection
only and shall not affect or impair any right or remedy hereunder.

 

To
the extent that the foregoing undertakings by the Company set forth in this Section 9.1 may be unenforceable for any reason, the
Company shall make the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under
applicable law.

 

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Section
9.2. Indemnification Procedures. Promptly after an Investor Party receives notice of a claim or the commencement of
an action for which the Investor Party intends to seek indemnification under Section 9.1, the Investor Party will notify the Company
in writing of the claim or commencement of the action, suit or proceeding; provided, however, that failure to notify
the Company will not relieve the Company from liability under Section 9.1, except to the extent it has been materially prejudiced
by the failure to give notice. The Company will be entitled to participate in the defense of any claim, action, suit or proceeding
as to which indemnification is being sought, and if the Company acknowledges in writing the obligation to indemnify the Investor
Party against whom the claim or action is brought, the Company may (but will not be required to) assume the defense against the
claim, action, suit or proceeding with counsel satisfactory to it. After the Company notifies the Investor Party that the Company
wishes to assume the defense of a claim, action, suit or proceeding, the Company will not be liable for any further legal or other
expenses incurred by the Investor Party in connection with the defense against the claim, action, suit or proceeding except that
if, in the opinion of counsel to the Investor Party, it would be inappropriate under the applicable rules of professional responsibility
for the same counsel to represent both the Company and such Investor Party. In such event, the Company will pay the reasonable
fees and expenses of no more than one separate counsel for all such Investor Parties promptly as such fees and expenses are incurred.
Each Investor Party, as a condition to receiving indemnification as provided in Section 9.1, will cooperate in all reasonable
respects with the Company in the defense of any action or claim as to which indemnification is sought. The Company will not be
liable for any settlement of any action effected without its prior written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. The Company will not, without the prior written consent of the Investor Party, effect any settlement of
a pending or threatened action with respect to which an Investor Party is, or is informed that it may be, made a party and for
which it would be entitled to indemnification, unless the settlement includes an unconditional release of the Investor Party from
all liability and claims which are the subject matter of the pending or threatened action.

 

The
remedies provided for in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Investor Party at law or in equity.

 

Article
X

MISCELLANEOUS

 

Section
10.1. Certain Fees and Expenses; Commitment Shares; Commencement Irrevocable Transfer Agent Instructions.

 

(i)
Certain Fees and Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated
by this Agreement; provided, however, that the Company shall pay, on or prior to the Closing Date, by wire transfer
of immediately available funds to an account designated by the Investor on or prior to the date of this Agreement, an aggregate
amount up to $35,000 (which includes $15,000 previously paid to the Investor as an initial deposit) as reimbursement for the Investor’s
reasonable out-of-pocket expenses (including the Investor’s legal fees and expenses), in connection with the transaction
contemplated by the Transaction Documents (the “Investor Expense Reimbursement”). For the avoidance
of doubt, the Investor Expense Reimbursement shall be non-refundable when paid on the Closing Date, regardless of whether any
Fixed Purchases or VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. The Company shall
pay all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with issuance
of the Securities pursuant hereto.

 

    	44

    	 

    

 

(ii)
Commitment Shares. In consideration for the Investor’s execution and delivery of this Agreement, concurrently
with the execution and delivery of this Agreement on the Closing Date, the Company shall deliver irrevocable instructions to its
transfer agent to issue to the Investor, not later than 4:00 p.m. (New York City time) on the Trading Day immediately following
the Closing Date, one or more certificate(s) or book-entry statement(s) representing the Commitment Shares in the name of the
Investor or its designee (in which case such designee name shall have been provided to the Company prior to the Closing Date).
Such certificate or book-entry statement shall be delivered to the Investor by overnight courier at its address set forth in Section
10.4. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the Closing Date regardless of whether
any Fixed Purchases or VWAP Purchases are issued by the Company or settled hereunder or any termination of this Agreement. Upon
issuance, the Commitment Shares shall constitute “restricted securities” as such term is defined in Rule 144(a)(3)
under the Securities Act and, subject to the provisions of subsection (iv) of this Section 10.1, the certificate or book-entry
statement representing the Commitment Shares shall bear the restrictive legend set forth below in subsection (iii) of this Section
10.1. The Commitment Shares shall constitute Registrable Securities and shall be included in the Initial Registration Statement
and any post-effective amendment thereto, and the Prospectus included therein and, if necessary to register the resale thereof
by the Investor under the Securities Act, in any New Registration Statement and any post-effective amendment thereto, in each
case in accordance with this Agreement and the Registration Rights Agreement.

 

(iii)
Legends. The certificate(s) or book-entry statement(s) representing the Commitment Shares issued prior to the Effective
Date of the Initial Registration Statement, except as set forth below, shall bear a restrictive legend in substantially the following
form (and stop transfer instructions may be placed against transfer of the Commitment Shares):

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF COUNSEL, IN A CUSTOMARY
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

    	45

    	 

    

 

Notwithstanding
the foregoing and for the avoidance of doubt, all Shares to be issued in respect of any Fixed Purchase Notice and any VWAP Purchase
Notice delivered to the Investor pursuant to this Agreement shall be issued to the Investor in accordance with Section 3.2 by
crediting the Investor’s or its designees’ account at DTC as DWAC Shares, and the Company shall not take any action
or give instructions to any transfer agent of the Company otherwise.

 

(iv)
Irrevocable Transfer Agent Instructions; Notice of Effectiveness. On the earlier of (a) the Commencement Date and
(b) such time that the Investor shall request, provided all conditions of Rule 144 are met, the Company shall, no later than one
(1) Trading Day following the delivery by the Investor to the Company or its transfer agent of one or more legended certificates
or book-entry statements representing the Commitment Shares issued to the Investor pursuant to Section 10.1(ii) (which certificates
or book-entry statements the Investor shall promptly deliver on or prior to the first to occur of the events described in clauses
(a) and (b) of this sentence), cause the Company’s transfer agent to credit the Investor’s or its designee’s
account at DTC as DWAC Shares such number of shares of Common Stock equal to the number of Commitment Shares issued to the Investor
pursuant to Section 10.1(ii). The Company shall take all actions to carry out the intent and accomplish the purposes of the immediately
preceding sentence, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and
instructions to its transfer agent, and any successor transfer agent of the Company, as may be requested from time to time by
the Investor or necessary or desirable to carry out the intent and accomplish the purposes of the immediately preceding sentence.
On the Effective Date of the Initial Registration Statement and prior to Commencement, the Company shall deliver or cause to be
delivered to its transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the
Company), (i) irrevocable instructions executed by the Company and acknowledged in writing by the Company’s transfer agent
(the “Commencement Irrevocable Transfer Agent Instructions”) and (ii) the notice of effectiveness in
the form attached as an exhibit to the Registration Rights Agreement (the “Notice of Effectiveness”)
relating to the Initial Registration Statement executed by the Company’s outside counsel, in each case directing the Company’s
transfer agent to issue to the Investor or its designee all of the Commitment Shares and the Shares included in the Initial Registration
Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement. With respect to any post-effective
amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration
Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall deliver or cause to
be delivered to its transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of
the Company) (i) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions
executed by the Company and acknowledged in writing by the Company’s transfer agent and (ii) the Notice of Effectiveness,
in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities
included therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement
and the Registration Rights Agreement. For the avoidance of doubt, all Shares and Commitment Shares to be issued from and after
Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee
only as DWAC Shares. The Company represents and warrants to the Investor that, while this Agreement is effective, no instruction
other than those referred to in this Section 10.1(iv) will be given by the Company to its transfer agent, or any successor transfer
agent of the Company, with respect to the Shares and the Commitment Shares from and after Commencement, and the Shares and the
Commitment Shares (as applicable) covered by the Initial Registration Statement or any post-effective amendment thereof, or any
New Registration Statement or post-effective amendment thereof, as applicable, shall otherwise be freely transferable on the books
and records of the Company and no stop transfer instructions shall be maintained against the transfer thereof. The Company agrees
that if the Company fails to fully comply with the provisions of this Section 10.1(iv) within three (3) Trading Days after the
date on which the Investor has provided the deliverables referred to above that the Investor is required to provide to the Company
or its transfer agent, the Company shall, at the Investor’s written instruction, purchase from the Investor all shares of
Common Stock purchased or acquired by the Investor pursuant to this Agreement that contain the restrictive legend referred to
in Section 10.1(iii) hereof (or any similar restrictive legend) at the greater of (i) the purchase price paid for such shares
of Common Stock (as applicable) and (ii) the Closing Sale Price of the Common Stock on the date of the Investor’s written
instruction.

 

    	46

    	 

    

 

Section
10.2. Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.

 

(i)
The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement
by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss
and without any bond or other security being required), this being in addition to any other remedy to which either party may be
entitled by law or equity.

 

(ii)
Each of the Company and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts
of the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out of or relating
to this Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum
or that the venue of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to
it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing in this Section 10.2 shall affect or limit any right to serve process in any other manner permitted by law.

 

(iii)
EACH OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.

 

    	47

    	 

    

 

Section
10.3. Entire Agreement. The Transaction Documents set forth the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings
between the parties, both oral and written, with respect to such matters. There are no promises, undertakings, representations
or warranties by either party relative to subject matter hereof not expressly set forth in the Transaction Documents. The Disclosure
Schedule and all exhibits to this Agreement are hereby incorporated by reference in, and made a part of, this Agreement as if
set forth in full herein.

 

Section
10.4. Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder
shall be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated
below (if delivered on a business day during normal business hours where such notice is to be received), or the first business
day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be
received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The address for such communications shall
be:

 

If
to the Company:

 

Gaucho
Group Holdings, Inc.

1445
16th Street, Suite 403

Miami Beach, FL 33139

Telephone
Number:

Email:

Attention:
Scott Mathis, President & CEO

 

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

 

Burns,
Figa & Will, P.C.

6400
S. Fiddler’s Green Circle, Suite 1000

Greenwood
Village, Colorado 80111

Telephone Number:

Email:

Attention: Victoria Bantz, Esq.

 

If
to the Investor:

 

Tumim
Stone Capital LLC

140
Broadway, 38th Floor

New
York, NY 10005

Telephone Number: (

Email:

Attention:
Maier Joshua Tarlow

 

    	48

    	 

    

 

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

 

Dorsey
& Whitney LLP

51
West 52nd Street

New
York, NY 10019

Telephone
Number:

Email:

Attention:
Anthony J. Marsico, Esq.

 

Either
party hereto may from time to time change its address for notices by giving at least five (5) days’ advance written notice
of such changed address to the other party hereto.

 

Section
10.5. Waivers. No provision of this Agreement may be waived by the parties from and after the date that is one (1)
Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately
preceding sentence, no provision of this Agreement may be waived other than in a written instrument signed by the party against
whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or
further exercises thereof or of any other right, power or privilege.

 

Section
10.6. Amendments. No provision of this Agreement may be amended by the parties from and after the date that is one
(1) Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately
preceding sentence, no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.

 

Section
10.7. Headings. The article, section and subsection headings in this Agreement are for convenience only and shall not
constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.
Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter,
singular and plural forms thereof. The terms “including,” “includes,” “include” and words
of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

Section
10.8. Construction. The parties agree that each of them and their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition,
each and every reference to share prices (including the Fixed Purchase Threshold Price and the VWAP Purchase Threshold Price)
and number of shares of Common Stock in any Transaction Document shall, in all cases, be subject to adjustment for any stock splits,
stock combinations, stock dividends, recapitalizations, reorganizations and other similar transactions that occur on or after
the date of this Agreement. Any reference in this Agreement to “Dollars” or “$” shall mean the lawful
currency of the United States of America. Any references to “Section” or “Article” in this Agreement shall,
unless otherwise expressly stated herein, refer to the applicable Section or Article of this Agreement.

 

    	49

    	 

    

 

Section
10.9. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors. Neither the Company nor the Investor may assign this Agreement or any of their respective rights or obligations
hereunder to any Person.

 

Section
10.10. No Third Party Beneficiaries. Except as expressly provided in the immediately preceding sentence and in Article
IX, this Agreement is intended only for the benefit of the parties hereto and their respective successors, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section
10.11. Governing Law. This Agreement shall be governed by and construed in accordance with the internal procedural
and substantive laws of the State of New York, without giving effect to the choice of law provisions of such state that would
cause the application of the laws of any other jurisdiction.

 

Section
10.12. Survival. The representations, warranties, covenants and agreements of the Company and the Investor contained
in this Agreement shall survive the execution and delivery hereof until the termination of this Agreement; provided, however,
that (i) the provisions of Article V (Representations, Warranties and Covenants of the Company), Article VIII (Termination), Article
IX (Indemnification) and this Article X (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding such
termination, and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company and the Investor
contained in Article VI (Additional Covenants), shall remain in full force and effect notwithstanding such termination for a period
of six months following such termination.

 

Section
10.13. Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file, including
any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc.,
shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature
were an original signature.

 

Section
10.14. Publicity. The Company shall afford the Investor and its counsel with a reasonable opportunity to review and
comment upon, shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to
all such comments from the Investor or its counsel on, any press release, Commission filing or any other public disclosure made
by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or
the transactions contemplated thereby, prior to the issuance, filing or public disclosure thereof. For the avoidance of doubt,
the Company shall not be required to submit for review any such disclosure (i) contained in periodic reports filed with the Commission
under the Exchange Act if it shall have previously provided the same disclosure to the Investor or its counsel for review in connection
with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference the Investor, its purchases
hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby. The Company agrees and acknowledges
that its failure to comply with this provision in all material respects constitutes a Material Adverse Effect for purposes of
Section 7.2(xi).

 

Section
10.15. Severability. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction
shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid
or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would
be valid, legal and enforceable to the maximum extent possible.

 

Section
10.16. Further Assurances. From and after the Closing Date, upon the request of the Investor or the Company, each of
the Company and the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary
or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

[Signature
Pages Follow]

 

    	50

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officer
as of the date first above written.

 

	 	GAUCHO GROUP HOLDINGS, INC.:
	 	 	 
	 	By:	/s/Scott
    L. Mathis
	 	Name:	Scott
    L. Mathis
	 	Title:	President
    & CEO
	 	 	 
	 	TUMIM STONE CAPITAL LLC:
	 	 	 
	 	By:	/s/Maier
    J. Tarlow
	 	Name:	Maier
    J. Tarlow
	 	Title:	Manager
    on Behalf of the GP

 

    	 

    	 

    

 

ANNEX
I TO THE

COMMON STOCK PURCHASE AGREEMENT

DEFINITIONS

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144. With respect to the Investor, without limitation,
any Person owning, owned by, or under common ownership with the Investor, and any investment fund or managed account that is managed
on a discretionary basis by the same investment manager as the Investor will be deemed to be an Affiliate.

 

“Aggregate
Limit” shall have the meaning assigned to such term in Section 2.1.

 

“Agreement”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Average
Price” means a price per Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing
(i) the aggregate gross purchase price paid by the Investor for all Shares purchased pursuant to this Agreement, by (ii) the aggregate
number of Shares issued pursuant to this Agreement.

 

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

 

“Base
Price” means a price per Share equal to the sum of (i) the Minimum Price and (ii) $0.322 (subject to adjustment
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction that
occurs on or after the date of this Agreement).

 

“Beneficial
Ownership Limitation” shall have the meaning assigned to such term in Section 3.5.

 

“BHCA”
shall have the meaning assigned to such term in Section 5.39.

 

“Bloomberg”
means Bloomberg, L.P.

 

“Bring
Down Opinion” shall have the meaning assigned to such term in Section 6.15.

 

“Broker-Dealer”
shall have the meaning assigned to such term in Section 6.13.

 

“Bylaws”
shall have the meaning assigned to such term in Section 5.3.

 

“Charter”
shall have the meaning assigned to such term in Section 5.3.

 

“Closing”
shall have the meaning assigned to such term in Section 2.2.

 

“Closing
Date” means the date of this Agreement.

 

    	I-1

    	 

    

 

“Closing
Sale Price” means, for the Common Stock as of any date, the last closing trade price for the Common Stock on the
Trading Market, as reported by Bloomberg, or, if the Trading Market begins to operate on an extended hours basis and does not
designate the closing trade price for the Common Stock, then the last trade price for the Common Stock prior to 4:00 p.m., New
York City time, as reported by Bloomberg, or, if the foregoing do not apply, the last trade price for the Common Stock in the
over-the-counter market on the electronic bulletin board for the Common Stock as reported by Bloomberg, or, if no last trade price
is reported for the Common Stock by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for such security as reported by OTC Markets Group Inc. All such determinations shall be appropriately adjusted for any stock
splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

“Code”
shall have the meaning assigned to such term in Section 5.24 hereof.

 

“Commencement”
shall have the meaning assigned to such term in Section 3.1.

 

“Commencement
Date” shall have the meaning assigned to such term in Section 3.1.

 

“Commencement
Irrevocable Transfer Agent Instructions” shall have the meaning assigned to such term in Section 10.1(iii).

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor entity.

 

“Commission
Documents” shall mean (1) all reports, schedules, registrations, forms, statements, information and other documents
filed with or furnished to the Commission by the Company pursuant to the reporting requirements of the Exchange Act, including
all material filed with or furnished to the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, since
December 31, 2020, including, without limitation, the Annual Report on Form 10-K filed by the Company for its fiscal year ended
December 31, 2020 (the “2020 Form 10-K”), and which hereafter shall be filed with or furnished to the
Commission by the Company, including, without limitation, the Current Report, (2) each Registration Statement, as the same may
be amended from time to time, the Prospectus contained therein and each Prospectus Supplement thereto and (3) all information
contained in such filings and all documents and disclosures that have been and heretofore shall be incorporated by reference therein.

 

“Commitment
Shares” means 120,337 shares of duly authorized, validly issued, fully paid and non-assessable shares of Common
Stock which, concurrently with the execution and delivery of this Agreement on the Closing Date, the Company has caused its transfer
agent to issue and deliver to the Investor not later than 4:00 p.m. (New York City time) on the Trading Day immediately following
the Closing Date.

 

“Common
Stock” shall have the meaning assigned to such term in the recitals of this Agreement.

 

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

 

    	I-2

    	 

    

 

“Company”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Compliance
Certificate” shall have the meaning assigned to such term in Section 7.2(ii).

 

“Current
Report” shall have the meaning assigned to such term in Section 2.3.

 

“Cover
Price” shall have the meaning assigned to such term in Section 3.3.

 

“Custodian”
shall mean any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Damages”
shall have the meaning assigned to such term in Section 9.1.

 

“Disclosure
Schedule” shall have the meaning assigned to such term in the preamble to Article V.

 

“Disqualification
Event” shall have the meaning assigned to such term in Section 5.41.

 

“DTC”
means The Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.

 

“DWAC”
shall have the meaning assigned to such term in Section 5.33.

 

“DWAC
Shares” means shares of Common Stock issued pursuant to this Agreement that are (i) issued in electronic form, (ii)
freely tradable and transferable and without restriction on resale and without stop transfer instructions maintained against the
transfer thereof and (iii) timely credited by the Company to the Investor’s or its designated Broker-Dealer at which the
account or accounts to be credited with the Securities being purchased by Investor are maintained specified DWAC account with
DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program hereafter adopted by DTC performing substantially
the same function.

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

“Effective
Date” means, with respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration
Rights Agreement (or any post-effective amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of
the Registration Rights Agreement (or any post-effective amendment thereto), as applicable, the date on which the Initial Registration
Statement (or any post-effective amendment thereto) or any New Registration Statement (or any post-effective amendment thereto)
is declared effective by the Commission.

 

“Effectiveness
Deadline” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

    	I-3

    	 

    

 

“Eligible
Market” means the New York Stock Exchange, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE American,
the NYSE Arca, or the OTCQX Best Market or OTCQB Venture Market operated by OTC Markets Group Inc. (or any nationally recognized
successor to any of the foregoing).

 

“Environmental
Laws” shall have the meaning assigned to such term in Section 5.18 hereof.

 

“ERISA”
shall have the meaning assigned to such term in Section 5.24 hereof.

 

“Evaluation
Date” shall have the meaning assigned to such term in Section 5.6(iii).

 

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

 

“Exchange
Cap” shall have the meaning assigned to such term in Section 3.4(a)(i) hereof.

 

“Exempt
Issuance” means the issuance of (a) Common Stock, options or other equity incentive awards to employees, officers,
directors or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Company’s
Board of Directors or a majority of the members of a committee of the Board of Directors established for such purpose, (b) (1)
any Shares issued to the Investor pursuant to this Agreement, (2) any securities issued upon the exercise or exchange of or conversion
of any shares of Common Stock or Common Stock Equivalents held by the Investor at any time, or (3) any securities issued upon
the exercise or exchange of or conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement,
provided that such securities referred to in this clause (3) have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, or (c)
securities issued pursuant to acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions approved
by the Company’s Board of Directors or a majority of the members of a committee of directors established for such purpose,
which acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions can have a Variable Rate Transaction
component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or
through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall
provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.

 

“FCPA”
shall have the meaning assigned to such term in Section 5.35.

 

“Federal
Reserve” shall have the meaning assigned to such term in Section 5.39.

 

“Filing
Deadline” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

    	I-4

    	 

    

 

“Fixed
Purchase” shall have the meaning assigned to such term in Section 3.1.

 

“Fixed
Purchase Date” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the Trading Day on which the
Investor receives, after 4:00 p.m., New York City time, but prior to 5:00 p.m., New York City time, on such Trading Day, a valid
Fixed Purchase Notice for such Fixed Purchase in accordance with this Agreement.

 

“Fixed
Purchase Maximum Amount” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the lesser of (i)
100,000 and (ii) 100% of the lowest daily trading volume in the Common Stock on the Trading Market for the ten (10) Trading Day
period ending on (and including) the applicable Fixed Purchase Date for such Fixed Purchase (or, in the event the Common Stock
is then listed on an Eligible Market, the lowest daily trading volume in the common stock on such Eligible Market during such
period).

 

“Fixed
Purchase Notice” means, with respect to a Fixed Purchase pursuant to Section 3.1, an irrevocable written notice
delivered by the Company to the Investor directing the Investor to purchase a Fixed Purchase Share Amount (such specified Fixed
Purchase Share Amount subject to adjustment as set forth in Section 3.1 as necessary to give effect to the Fixed Purchase Maximum
Amount), at the applicable Fixed Purchase Price therefor on the applicable Fixed Purchase Date for such Fixed Purchase in accordance
with this Agreement.

 

“Fixed
Purchase Price” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the purchase price per Share
to be purchased by the Investor in such Fixed Purchase equal to ninety-three percent (93%) of the lower of: (i) the lowest Sale
Price on the applicable Fixed Purchase Date for such Fixed Purchase and (ii) the arithmetic average of the three (3) lowest Closing
Sale Prices for the Common Stock during the ten (10) consecutive Trading-Day period ending on the applicable Fixed Purchase Date
for such Fixed Purchase (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split or other similar transaction that occurs on or after the date of this Agreement).

 

“Fixed
Purchase Share Amount” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the number of Shares
to be purchased by the Investor in such Fixed Purchase as specified by the Company in the applicable Fixed Purchase Notice, which
number of Shares shall not exceed the applicable Fixed Purchase Maximum Amount (calculated as of the applicable Fixed Purchase
Date).

 

“Fixed
Purchase Valuation Period” shall have the meaning assigned to such term in Section 3.1.

 

“Fixed
Purchase Threshold Price” means, with respect to a Fixed Purchase made pursuant to Section 3.1, $1.00, which shall
be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction
and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend, stock split or other similar
transaction, the “Fixed Purchase Threshold Price” shall mean the lower of (i) the adjusted price and (ii) $1.00.

 

    	I-5

    	 

    

 

“Fundamental
Transaction” means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1)
consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result that
the holders of the Company’s capital stock immediately prior to such consolidation or merger together beneficially own less
than 50% of the outstanding voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (3) take
action to facilitate a purchase, tender or exchange offer by another Person that is accepted by the holders of more than 50% of
the outstanding shares of Common Stock (excluding any shares of Common Stock held by the Person or Persons making or party to,
or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares
of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (5) reorganize, recapitalize or reclassify its Common Stock, or (ii) any “person” or “group” (as these
terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented
by issued and outstanding Common Stock.

 

“GAAP”
shall have the meaning assigned to such term in Section 5.6(b).

 

“Hazardous
Materials” shall have the meaning assigned to such term in Section 5.18.

 

“Indebtedness”
shall have the meaning assigned to such term in Section 5.11.

 

“Initial
Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Intellectual
Property Rights” shall have the meaning assigned to such term in Section 5.17(b).

 

“Investment
Period” means the period commencing on the Effective Date of the Initial Registration Statement and expiring on
the date this Agreement is terminated pursuant to Article VIII.

 

“Investor”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Investor
Expense Reimbursement” shall have the meaning assigned to such term in Section 10.1(i) hereof.

 

“Investor
Party” shall have the meaning assigned to such term in Section 9.1.

 

“Issuer
Covered Person” shall have the meaning assigned to such term in Section 5.41.

 

“IT
Systems” shall have the meaning assigned to such term in Section 5.40.

 

    	I-6

    	 

    

 

“Knowledge”
means the actual knowledge of the Company’s Chief Executive Officer and Chief Financial Officer, after reasonable inquiry
of all officers, directors and employees of the Company and its Subsidiaries under their direct supervision who would reasonably
be expected to have knowledge or information with respect to the matter in question.

 

“Material
Adverse Effect” means (i) any condition, occurrence, state of facts or event having, or insofar as reasonably can
be foreseen would likely have, any material adverse effect on the legality, validity or enforceability of the Transaction Documents
or the transactions contemplated thereby, (ii) any condition, occurrence, state of facts or event having, or insofar as reasonably
can be foreseen would likely have, any effect on the business, operations, properties or financial condition of the Company that
is material and adverse to the Company and its Subsidiaries, taken as a whole, and/or (iii) any condition, occurrence, state of
facts or event that would, or insofar as reasonably can be foreseen would likely, prohibit or otherwise materially interfere with
or delay the ability of the Company to perform any of its obligations under any of the Transaction Documents to which it is a
party; provided, however, that no facts, circumstances, changes or effects exclusively and directly resulting from,
relating to or arising out of the following, individually or in the aggregate, shall be taken into account in determining whether
a Material Adverse Effect has occurred or insofar as reasonably can be foreseen would likely occur: (a) changes in conditions
in the U.S. or global capital, credit or financial markets generally, including changes in the availability of capital or currency
exchange rates, provided such changes shall not have affected the Company in a materially disproportionate manner as compared
to other similarly situated companies; (b) changes generally affecting the industries in which the Company and its Subsidiaries
operate, provided such changes shall not have affected the Company and its Subsidiaries, taken as a whole, in a materially disproportionate
manner as compared to other similarly situated companies; (c) any effect of the announcement of, or the consummation of the transactions
contemplated by, this Agreement and the other Transaction Documents on the Company’s relationships, contractual or otherwise,
with customers, suppliers, vendors, bank lenders, strategic venture partners or employees; (d) changes arising in connection with
earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any
such hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof; (e) any action taken
by the Investor, its affiliates or its or their successors and assigns with respect to the transactions contemplated by this Agreement;
and (f) the effect of any changes in applicable laws or accounting rules, provided such changes shall not have affected the Company
in a materially disproportionate manner as compared to other similarly situated companies.

 

“Material
Agreements” shall have the meaning assigned to such term in Section 5.19.

 

“Minimum
Price” means $3.68, representing the official closing price of the Common Stock on the Trading Market (as reflected
on Nasdaq.com) on the date of this Agreement.

 

“Money
Laundering Laws” shall have the meaning assigned to such term in Section 5.36.

 

“New
Registration Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Notice
of Effectiveness” shall have the meaning assigned to such term in Section 10.1(iii).

 

    	I-7

    	 

    

 

“PEA
Period” means the period commencing at 9:30 a.m., New York City time, on the fifth (5th) Trading Day
immediately prior to the filing of any post-effective amendment to the Initial Registration Statement or any New Registration
Statement, and ending at 9:30 a.m., New York City time, on the Trading Day immediately following, the Effective Date of such post-effective
amendment.

 

“Person”
means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability
company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

 

“Personal
Data” shall have the meaning assigned to such term in Section 5.40.

 

“Plan”
shall have the meaning assigned to such term in Section 5.24.

 

“Prospectus”
means the prospectus in the form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement,
including the documents incorporated by reference therein.

 

“Prospectus
Supplement” means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant
to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein.

 

“Registrable
Securities” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Registration
Rights Agreement” shall have the meaning assigned to such term in the recitals hereof.

 

“Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Regulation
D” shall have the meaning assigned to such term in the recitals of this Agreement.

 

“Restricted
Period” shall have the meaning assigned to such term in Section 6.9(i).

 

“Restricted
Person” shall have the meaning assigned to such term in Section 6.9(i).

 

“Restricted
Persons” shall have the meaning assigned to such term in Section 6.9(i).

 

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

 

“Sale
Price” means any trade price for a share of Common Stock on the Trading Market, or if the Common Stock is then traded
on an Eligible Market, on such Eligible Market, as reported by Bloomberg.

 

    	I-8

    	 

    

 

“Sarbanes-Oxley
Act” shall have the meaning assigned to such term in Section 5.6(e).

 

“Section
4(a)(2)” shall have the meaning assigned to such term in the recitals of this Agreement.

 

“Securities”
means, collectively, the Shares and the Commitment Shares.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Shares”
shall mean the shares of Common Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one or
more Fixed Purchase Notices and VWAP Purchase Notices, but not including the Commitment Shares.

 

“Short
Sales” shall mean “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act.

 

“Subsidiary”
shall mean any corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary
voting power for the election of directors or other persons performing similar functions are at the time owned directly or indirectly
by the Company and/or any of its other Subsidiaries.

 

“Total
Commitment” shall have the meaning assigned to such term in Section 2.1.

 

“Trading
Day” shall mean a full trading day (beginning at 9:30:01 a.m., New York City time, and ending at 4:00 p.m., New
York City time) on the Trading Market or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market.

 

“Trading
Market” means The Nasdaq Capital Market (or any nationally recognized successor thereto).

 

“Transaction
Documents” means, collectively, this Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto,
the Registration Rights Agreement and each of the other agreements, documents, certificates and instruments entered into or furnished
by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

“Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any equity or debt securities that
are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common
Stock Equivalents either (A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies
with the trading prices of or quotations for the Common Stock at any time after the initial issuance of such equity or debt securities,
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance
of such equity or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (including, without limitation, any “full ratchet” or “weighted
average” anti-dilution provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction), (ii) issues or sells any equity or debt securities, including without
limitation, Common Stock or Common Stock Equivalents, either (A) at a price that is subject to being reset at some future date
after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or
indirectly related to the business of the Company or the market for the Common Stock (other than standard anti-dilution protection
for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), or (B) that are subject
to or contain any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation,
a “Black-Scholes” put or call right, other than in connection with a “fundamental transaction”) that provides
for the issuance of additional equity securities of the Company or the payment of cash by the Company, or (iii) enters into any
agreement, including, but not limited to, an “equity line of credit” or “at the market offering” or other
continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock
or Common Stock Equivalents at a future determined price.

 

    	I-9

    	 

    

 

“VWAP”
means, for the Common Stock as of any Trading Day, the dollar volume-weighted average price for the Common Stock on the Trading
Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) during the period beginning at
9:30:01 a.m., New York City time, or such other time publicly announced by the Trading Market (or by such Eligible Market, as
applicable) as the official open (or commencement) of trading on the Trading Market (or on such Eligible Market, as applicable)
on such Trading Day, and ending at 4:00 p.m., New York City time, or such other time publicly announced by the Trading Market
(or by such Eligible Market, as applicable) as the official close of trading on the Trading Market (or on such Eligible Market,
as applicable) on such Trading Day, as reported by Bloomberg through its “AQR” function or, if no dollar volume-weighted
average price is reported for the Common Stock by Bloomberg through its “AQR” function for such hours, the average
of the highest closing bid price and the lowest closing ask price of any of the market makers for such security on such Trading
Day as reported by OTC Markets Group Inc. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination, recapitalization or other similar transaction during such period.

 

“VWAP
Purchase” shall have the meaning assigned to such term in Section 3.2.

 

“VWAP
Purchase Confirmation” shall have the meaning assigned to such term in Section 3.2.

 

“VWAP
Purchase Commencement Time” means, with respect to a VWAP Purchase made pursuant to Section 3.2, 9:30:01 a.m., New
York City time, on the Trading Day immediately following the applicable VWAP Purchase Exercise Date, or such other time publicly
announced by the Trading Market as the official open (or commencement) of trading on the Trading Market on such Trading Day.

 

“VWAP
Purchase Date” shall have the meaning assigned to such term in Section 3.2.

 

“VWAP
Purchase Exercise Date” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the Trading Day on
which the Investor receives, after 4:00 p.m., New York City time, but prior to 5:00 p.m., New York City time, on such Trading
Day, a valid VWAP Purchase Notice for such VWAP Purchase in accordance with this Agreement.

 

    	I-10

    	 

    

 

“VWAP
Purchase Maximum Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.2, a number of shares
of Common Stock equal to the lesser of (i) 300% of the then applicable Fixed Purchase Maximum Amount (assuming for purposes of
this definition that the Company had delivered a Fixed Purchase Notice to the Investor at the same time that the applicable VWAP
Purchase Notice was delivered by the Company) and (ii) 100% of the daily trading volume in the Common Stock on the Trading Market
(or Eligible Market, as applicable) on the applicable VWAP Purchase Exercise Date.

 

“VWAP
Purchase Notice” means, with respect to a VWAP Purchase made pursuant to Section 3.2, an irrevocable written notice
delivered by the Company to the Investor on a VWAP Purchase Exercise Date directing the Investor to purchase a VWAP Purchase Share
Amount (such specified VWAP Purchase Share Amount subject to adjustment as set forth in Section 3.2 as necessary to give effect
to the VWAP Purchase Maximum Amount), at the applicable VWAP Purchase Price therefor in accordance with this Agreement.

 

“VWAP
Purchase Price” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the purchase price per Share
to be purchased by the Investor in such VWAP Purchase equal to ninety-five percent (95%) of the lowest daily VWAP during the applicable
VWAP Purchase Valuation Period for such VWAP Purchase (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

“VWAP
Purchase Share Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the number of Shares
to be purchased by the Investor in such VWAP Purchase as specified by the Company in the applicable VWAP Purchase Notice, which
number of Shares shall not exceed the applicable VWAP Purchase Maximum Amount.

 

“VWAP
Purchase Termination Time” means, with respect to a VWAP Purchase made pursuant to Section 3.2, 4:00:00 p.m., New
York City time, on the third (3rd) consecutive Trading Day immediately following the applicable VWAP Purchase Exercise
Date, or such other time publicly announced by the Trading Market as the official close of trading on the Trading Market on such
third (3rd) consecutive Trading Day immediately following the applicable VWAP Purchase Exercise Date.

 

“VWAP
Purchase Threshold Price” means $1.00, which shall be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction, the “VWAP Purchase Threshold Price” shall mean the lower
of (i) such adjusted price and (ii) $1.00.

 

“VWAP
Purchase Valuation Period” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the three (3) consecutive
Trading-Day Period immediately following the applicable VWAP Purchase Exercise Date, beginning at the VWAP Purchase Commencement
Time for such VWAP Purchase and ending at the applicable VWAP Purchase Termination Time for such VWAP Purchase.

 

    	I-11

    	 

    

 

EXHIBIT
A TO THE

COMMON STOCK PURCHASE AGREEMENT

[TO
BE FURNISHED SEPARATELY]

 

    	A-1

    	 

    

 

EXHIBIT
B TO THE

COMMON STOCK PURCHASE AGREEMENT

CERTiFICATE OF THE COMPANY

 

CLOSING
CERTIFICATE

 

[●],
2021

 

The
undersigned, the Chief Financial Officer, Treasurer and Secretary of Gaucho Group Holdings, Inc., a Delaware corporation (the
“Company”), delivers this certificate in connection with the Common Stock Purchase Agreement, dated
as of May 6, 2021 (the “Agreement”), by and between the Company and Tumim Stone Capital LLC, a Delaware
limited liability company (the “Investor”), and hereby certifies on the date hereof that (capitalized
terms used herein without definition have the meanings assigned to them in the Agreement):

 

1.
Attached hereto as Exhibit A is a true, complete and correct copy of the Certificate of Incorporation of the Company, as
amended through the date hereof, as filed with the Secretary of State of the State of Delaware. The Certificate of Incorporation
of the Company has not been further amended or restated, and no document with respect to any amendment to the Certificate of Incorporation
of the Company has been filed in the office of the Secretary of State of the State of Delaware since the date shown on the face
of the state certification relating to the Company’s Certificate of Incorporation, which is in full force and effect on
the date hereof, and no action has been taken by the Company in contemplation of any such amendment or the dissolution, merger
or consolidation of the Company.

 

2.
Attached hereto as Exhibit B is a true and complete copy of the Bylaws of the Company, as amended and restated through,
and as in full force and effect on, the date hereof, and no proposal for any amendment, repeal or other modification to the Bylaws
of the Company has been taken or is currently pending before the Board of Directors or stockholders of the Company.

 

3.
The Board of Directors of the Company has approved the transactions contemplated by the Transaction Documents; said approval has
not been amended, rescinded or modified and remains in full force and effect as of the date hereof. Attached hereto as Exhibit
C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company via unanimous
written consent on [●], 2021.

 

4.
Each person who, as an officer of the Company, or as attorney-in-fact of an officer of the Company, signed the Transaction Documents
to which the Company is a party, was duly elected, qualified and acting as such officer or duly appointed and acting as such attorney-in-fact,
and the signature of each such person appearing on any such document is his genuine signature.

 

IN
WITNESS WHEREOF, I have signed my name as of the date first above written.

 

	 	 
	 	Name:	 
	 	Title:	 

 

    	B-1

    	 

    

 

EXHIBIT
C TO THE

COMMON STOCK PURCHASE AGREEMENT

COMPLIANCE CERTIFICATE

 

The
undersigned, the Chief Financial Officer, Treasurer and Secretary of Gaucho Group Holdings, Inc., a Delaware corporation (the
“Company”), delivers this certificate in connection with the Common Stock Purchase Agreement, dated
as of May 6, 2021 (the “Agreement”), by and between the Company and Tumim Stone Capital LLC, a Delaware
limited liability company (the “Investor”), and hereby certifies on the date hereof that, to the best
of his knowledge after reasonable investigation, on behalf of the Company (capitalized terms used herein without definition have
the meanings assigned to them in the Agreement):

 

1.
The undersigned is the duly appointed [●] of the Company.

 

2.
Except as set forth in the attached Disclosure Schedule, the representations and warranties of the Company set forth in Article
V of the Agreement (i) that are not qualified by “materiality” or “Material Adverse Effect” are true and
correct in all material respects as of [the Commencement Date] [the date hereof] with the same force and effect as if made on
[the Commencement Date] [the date hereof], except to the extent such representations and warranties are as of another date, in
which case, such representations and warranties are true and correct in all material respects as of such other date and (ii) that
are qualified by “materiality” or “Material Adverse Effect” are true and correct as of [the Commencement
Date] [the date hereof] with the same force and effect as if made on [the Commencement Date] [the date hereof], except to the
extent such representations and warranties are as of another date, in which case, such representations and warranties are true
and correct as of such other date.

 

3.
The Company has performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by the Agreement and the Registration Rights Agreement to be performed, satisfied or complied with by the Company [at or prior
to Commencement][on or prior to the date hereof].

 

4.
The Shares issuable in respect of each Fixed Purchase Notice and each VWAP Purchase Notice effected pursuant to the Agreement
shall be delivered to the Investor electronically as DWAC Shares, and shall be freely tradable and transferable and without restriction
on resale and without any stop transfer instructions maintained against such Shares. In accordance with Section 10.1(iv) of the
Agreement, the Commitment Shares have been delivered to the Investor electronically as DWAC Shares, and the Commitment Shares
are freely tradable and transferable and without restriction on resale and without any stop transfer instructions maintained against
the Commitment Shares.

 

5.
As of [the Commencement Date][the date hereof], the Company does not possess any material non-public information.

 

6.
As of [the Commencement Date][the date hereof], the Company has reserved out of its authorized and unissued Common Stock, [●]
shares of Common Stock solely for the purpose of effecting Fixed Purchases and VWAP Purchases under the Agreement.

 

7.
No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus under the Securities Act
has been issued and no proceedings for such purpose or pursuant to Section 8A of the Securities Act are pending before or, to
the knowledge of the Company, threatened by the Commission.

 

The
undersigned has executed this Certificate this [●] day of [●], 20[●].

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	C-1

    	 

    

 

DISCLOSURE
SCHEDULE

RELATING TO THE COMMON STOCK

PURCHASE AGREEMENT, DATED AS OF May 6, 2021

BETWEEN GAUCHO GROUP HOLDINGS, INC. AND TUMIM STONE capital llc

 

This
disclosure schedule is made and given pursuant to Article V of the Common Stock Purchase Agreement, dated as of May 6, 2021 (the
“Agreement”), by and between Gaucho Group Holdings, Inc., a Delaware corporation (the “Company”),
and Tumim Stone Capital LLC, a Delaware limited liability company. Unless the context otherwise requires, all capitalized terms
are used herein as defined in the Agreement. The numbers below correspond to the section numbers of representations and warranties
in the Agreement most directly modified by the below exceptions.

 

Section
5.15: Fee of 8% of Total Commitment actually paid by Investor to Company payable to Kingswood Capital Markets.

 

Section
5.18 ERISA: The Company has a 401(k) plan for its employees.

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