Document:

Exhibit 10.1

 

Execution Version

 

SECURITIES PURCHASE AGREEMENT

 

BY AND BETWEEN

 

CRYOPORT, INC.,

 

AND

 

BTO FREEZE PARENT L.P.

 

Dated as of August 24, 2020

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I PURCHASE AND SALE OF PURCHASED SHARES	1
	 	 
	Section 1.1	Purchase and Sale	1
	Section 1.2	Closing	1
	 	 	 
	ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE COMPANY	2
	 	 
	Section 2.1	Organization and Power	2
	Section 2.2	Authorization; No Conflicts.	2
	Section 2.3	Government Approvals	3
	Section 2.4	Authorized and Outstanding Stock	3
	Section 2.5	Subsidiaries	5
	Section 2.6	Private Placement	5
	Section 2.7	SEC Documents; Financial Information	6
	Section 2.8	Internal Control Over Financial Reporting	6
	Section 2.9	Disclosure Controls and Procedures	6
	Section 2.10	Litigation	7
	Section 2.11	Compliance with Laws; Permits	7
	Section 2.12	Taxes	7
	Section 2.13	Employee Matters	8
	Section 2.14	Environmental Matters	8
	Section 2.15	Intellectual Property; Security	8
	Section 2.16	Registration Rights	9
	Section 2.17	Investment Company Act	9
	Section 2.18	Nasdaq	9
	Section 2.19	No Brokers or Finders	9
	Section 2.20	Illegal Payments; FCPA Violations	9
	Section 2.21	Economic Sanctions	10
	Section 2.22	Absence of Certain Changes	10
	Section 2.23	No Rights Agreement; Anti-Takeover Provisions	10
	Section 2.24	No Additional Representations	10
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	11
	 	 
	Section 3.1	Organization and Power	11
	Section 3.2	Authorization, Etc.	11
	Section 3.3	Government Approvals	11
	Section 3.4	Investment Representations	12
	Section 3.5	No Prior Ownership	12
	Section 3.6	No Brokers or Finders	13
	Section 3.7	Financing	13
	Section 3.8	ERISA	13
	Section 3.9	No Additional Representations	14

 

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	ARTICLE IV COVENANTS OF THE PARTIES	14
	 	 
	Section 4.1	Board of Directors	14
	Section 4.2	Restrictions on Transfer	15
	Section 4.3	Restrictive Legends	17
	Section 4.4	Standstill	19
	Section 4.5	Confidentiality	19
	Section 4.6	Financial Statements and Other Information	20
	Section 4.7	Antitakeover Provisions; Other Actions	22
	Section 4.8	Voting Agreement	22
	Section 4.9	Tax Matters.	23
	Section 4.10	Nasdaq Listing	23
	Section 4.11	State Securities Laws	23
	Section 4.12	Section 16b-3 Matters	24
	Section 4.13	Negative Covenants	24
	Section 4.14	Sponsor	25
	Section 4.15	Use of Proceeds	26
	Section 4.16	Corporate Actions	26
	Section 4.17	Chart Acquisition	27
	Section 4.18	Corporate Opportunities	27
	Section 4.19	Financing Cooperation	28
	 	 	 
	ARTICLE V CONDITIONS TO THE PARTIES’ OBLIGATIONS	29
	 	 
	Section 5.1	Conditions of the Purchaser	29
	Section 5.2	Conditions of the Company	29
	 	 	 
	ARTICLE VI MISCELLANEOUS	30
	 	 
	Section 6.1	Survival	30
	Section 6.2	Counterparts	31
	Section 6.3	Governing Law	31
	Section 6.4	Entire Agreement; No Third Party Beneficiary	32
	Section 6.5	Expenses	32
	Section 6.6	Notices	32
	Section 6.7	Successors and Assigns	33
	Section 6.8	Headings	33
	Section 6.9	Amendments and Waivers	33
	Section 6.10	Interpretation; Absence of Presumption	34
	Section 6.11	Severability	34
	Section 6.12	Specific Performance	34
	Section 6.13	Public Announcement	35
	Section 6.14	Purchaser Representative	35
	Section 6.15	Non-Recourse	35
	Section 6.16	Further Assurances	36
	 	 	 
	ARTICLE VII TERMINATION	36
	 	 
	Section 7.1	Termination	36
	Section 7.2	Certain Effects of Termination	36

 

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EXHIBITS

 

	Exhibit A	Definitions
	Exhibit B	Form of Certificate of Designation
	Exhibit C	Form of Registration Rights Agreement
	Exhibit D	Disclosure Letter
	Exhibit E	VCOC Letter Agreement

 

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SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT dated as of August 24, 2020 (this “Agreement”) is by and between Cryoport, Inc., a Nevada corporation
(the “Company”), and BTO Freeze Parent L.P., a Delaware limited partnership (the “Purchaser”).
Capitalized terms used but not defined herein have the meanings assigned to them in Exhibit A.

 

Simultaneously with the
execution and delivery of this Agreement, the Company, is entering into a Purchase Agreement (as it may be amended or supplemented
from time to time, the “Chart Purchase Agreement,” and the transactions contemplated thereby, the “Acquisition”),
by and between the Company and Chart Industries, Inc., a Delaware corporation (“Chart”), pursuant to, and on
the terms and subject to the conditions of which, the Company or its subsidiary designees will acquire certain assets and assume
certain liabilities of Chart’s cryobiological storage business (the “Cryo Business”).

 

Concurrent with the consummation
of the Acquisition, the Purchaser desires to purchase from the Company, and the Company desires to issue and sell to the Purchaser,
250,000 shares of the Company’s Series C Convertible Preferred Stock, par value $.001 per share (the “Series C Preferred
Stock”) and 675,536 shares of the common stock of the Company, par value $.001 per share (“Common Stock”),
on the terms and subject to the conditions hereinafter set forth.

 

In consideration of the
premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

Article
I

PURCHASE AND SALE OF PURCHASED SHARES

 

Section 1.1           
Purchase and Sale. On the terms and subject to the satisfaction or waiver of the conditions set forth in this Agreement,
at the Closing, the Purchaser shall purchase, and the Company shall issue and sell to the Purchaser, (a) 250,000 shares of Series
C Preferred Stock with an original purchase price of $1,000 per share (the “Purchased Preferred Shares”) and
(b) 675,536 shares of Common Stock (the “Purchased Common Shares” and together with the Purchased Preferred
Shares, the “Purchased Shares”) for an aggregate purchase price of the Purchased Shares delivered at Closing
of $275,000,000 (the “Purchase Price”). The Series C Preferred Stock shall have the rights, powers, preferences
and privileges set forth in the Certificate of Designation (the “Certificate of Designation”) attached as Exhibit
B.

 

Section 1.2            Closing.
On the terms and subject to the satisfaction or waiver of the conditions set forth in this Agreement, the closing of the
issuance, sale and purchase of the Purchased Shares (the “Closing”) shall take place remotely via the
exchange of final documents and signature pages, on such date on which all of the conditions set forth in Article V have
been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to
the satisfaction or waiver of those conditions at such time), or such other time and place as the Company and the Purchaser
may agree. The date on which the Closing is to occur is herein referred to as the “Closing Date.” At the
Closing, upon receipt by the Company of payment of the full purchase price to be paid at the Closing therefor by or on behalf
of such Purchaser to the Company by wire transfer of immediately available funds to an account designated in writing by the
Company, the Company will deliver to the Purchaser evidence reasonably satisfactory to the Purchaser of the issuance of the
Purchased Shares in the name of the Purchaser by book-entry on the books and records of the Company.

 

     

     

    

 

Article
II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to the Purchaser as of the date hereof and as of the Closing Date (except to the extent made only as of a specified
date in which case as of such date), that, except (a) as set forth in the SEC Documents filed by the Company with the SEC since
January 1, 2018 and prior to the date hereof (other than disclosures in the “Risk Factors” or “Forward-Looking
Statements” sections or similarly captioned sections of any such filings) and (b) as set forth on Exhibit D (the “Disclosure
Letter”) (all such exceptions disclosed in the Disclosure Letter being numbered to correspond to the applicable Section
of this Article II, provided, however, that any such exception shall be deemed to be disclosed with respect
to each other representation or warranty to which the relevance of such exception is reasonably apparent on the face of such disclosure):

 

Section 2.1           
Organization and Power. The Company and each of its Subsidiaries is a corporation, limited liability company, partnership
or other entity validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation (as
applicable) and has all requisite corporate, limited liability company, partnership or other entity power and authority to own
or lease its properties and to carry on its business as presently conducted and as proposed to be conducted. The Company and each
of its Subsidiaries is duly licensed or qualified to do business as a foreign corporation, limited liability company, partnership
or other entity in each jurisdiction wherein the character of its property or the nature of the activities presently conducted
by it, makes such qualification necessary, except where the failure to so qualify has not had, and would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. True, correct and complete copies of the Company’s
organizational documents are included in the SEC Documents filed with the SEC.

 

Section 2.2           
Authorization; No Conflicts.

 

(a)               The
Company has all necessary corporate power and authority and has taken all necessary corporate action required for the due
authorization, execution, delivery and performance by the Company of this Agreement and the Registration Rights Agreement,
and the consummation by the Company of the transactions contemplated hereby and thereby, the filing of the Certificate of
Designation with the Nevada Secretary of State and for the due authorization, issuance, sale and delivery of the Purchased
Shares and the reservation, issuance and delivery of the Conversion Shares. This Agreement has been, and the Registration
Rights Agreement, at the Closing will be, duly executed and delivered by the Company. Assuming due execution and delivery
thereof by each of the other parties hereto or thereto, this Agreement and the Registration Rights Agreement will each be 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 laws relating to bankruptcy, insolvency, reorganization, moratorium or other
similar legal requirement relating to or affecting creditors’ rights generally and except as such enforceability is
subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at
law).

 

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(b)              
The authorization, execution, delivery and performance by the Company of this Agreement and the Registration Rights Agreement,
and the consummation by the Company of the transactions contemplated hereby and thereby, including the filing of the Certificate
of Designation and the issuance of the Purchased Shares and the Conversion Shares do not and will not: (x) violate or result
in the breach of any provision of the Articles of Incorporation or Bylaws of the Company; or (y) with such exceptions that have
not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) violate
any provision of, constitute a breach of, or default under, any judgment, order, writ, or decree applicable to the Company or any
of its Subsidiaries or any mortgage, loan or credit agreement, indenture, bond, note, deed of trust, lease, sublease, license,
contract or other agreement (each, a “Contract”) to which the Company or any of its Subsidiaries is a party
or accelerate the Company’s or, if applicable, any of its Subsidiaries’ obligations under any such Contract; (ii) violate
any provision of, constitute a breach of, or default under, any applicable state, federal or local law, rule or regulation; or
(iii) result in the creation of any lien upon any assets of the Company or any of its Subsidiaries or the suspension, revocation
or forfeiture of any franchise, permit or license granted by a governmental authority to the Company or any of its Subsidiaries,
other than liens under federal or state securities laws.

 

Section 2.3           
Government Approvals. No consent, approval or authorization of, or filing with, any court or governmental authority
is or will be required on the part of the Company in connection with the execution, delivery and performance by the Company of
this Agreement and the Registration Rights Agreement, or in connection with the issuance of the Purchased Shares or the Conversion
Shares, except for (a) the filing of the Certificate of Designation with the Nevada Secretary of State; (b) those which have already
been made or granted; (c) the filing of a Form D and current report on Form 8-K with the SEC; (d) filings with applicable state
securities commissions; or (e) the listing of the Conversion Shares with the Nasdaq Stock Market.

 

Section 2.4           
Authorized and Outstanding Stock.

 

(a)              
The authorized capital stock of the Company consists of 100,000,000 shares of Common Stock and 2,500,000 shares of preferred
stock, par value $.001 per share (“Preferred Stock”). Of such Preferred Stock, 800,000 shares are designated
as Class A Preferred Stock, 585,000 shares are designated as Class B Preferred Stock and upon the filing of the Certificate of
Designation with the Nevada Secretary of State, 250,000 shares will be designated as the Series C Preferred Stock.

 

(b)               As
of August 21, 2020 (the “Capitalization Date”), (i) 38,781,290 shares of Common Stock were issued and
outstanding, (ii) zero shares of Class A Preferred Stock were issued and outstanding, (iii) zero shares of Class B Preferred
Stock were issued and outstanding, (iv) 7,802,100 shares of Common Stock were reserved for issuance upon the exercise of
outstanding stock options issued pursuant to the Stock Plans, (v) zero shares of Common Stock were reserved for issuance upon
the exercise of rights granted pursuant to the Company’s warrants to purchase Common Stock and (vi) 4,810,002 shares of
Common Stock were reserved for issuance upon conversion of the Convertible Senior Notes. Except as set forth in the foregoing
sentence, there are no outstanding securities of the Company convertible into or exercisable or exchangeable for shares of
capital stock of, or other equity or voting interests of any character in, the Company.

 

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(c)              
All of the issued and outstanding shares of Common Stock of the Company have been duly authorized and are validly issued,
fully paid and non-assessable. The Purchased Shares have been duly authorized and, when issued in accordance with the terms hereof,
the Purchased Shares will be, duly authorized and validly issued and fully paid and non-assessable and will not be subject to any
preemptive right or any restrictions on transfer under applicable law or any contract to which the Company is a party, other than,
in the case of restrictions on transfer, those under applicable state and federal securities laws and Section 4.2 of this
Agreement. The shares of Common Stock issuable upon conversion of the Purchased Preferred Shares (the “Conversion Shares”)
have been duly authorized and reserved for issuance and, when issued upon conversion of the Purchased Shares in accordance with
the terms thereof as set forth in the Certificate of Designation, will be validly issued and fully paid and non-assessable. No
share of Common Stock has been, and none of the Purchased Shares and Conversion Shares will be when issued, issued in violation
of any preemptive right arising by operation of law, under the Articles, the Bylaws or any contract, or otherwise. None of the
Purchased Shares and Conversion Shares will be when issued subject to any restrictions on transfer under applicable law or any
contract to which the Company is a party, other than, in the case of restrictions on transfer, those under applicable state and
federal securities laws, and Section 4.2 of this Agreement. When issued in accordance with the terms hereof and the terms
of the Certificate of Designation (as applicable), the Purchased Shares and Conversion Shares will be free and clear of all liens
(other than liens incurred by Purchaser or its Affiliates, restrictions arising under applicable securities laws, or restrictions
imposed by the this Agreement, the Certificate of Designation or the Registration Rights Agreement).

 

(d)              
Except as otherwise expressly described in this Section 2.4: (i) no subscription, warrant, option, convertible security
or other right, commitment, agreement, arrangement issued by the Company or any other obligation of the Company to purchase or
acquire any shares of capital stock of the Company is authorized or outstanding; (ii) there is not any commitment, agreement, arrangement
or obligation of the Company to issue any subscription, warrant, option, convertible security or other such right or to issue or
distribute capital stock of, or other equity or voting interest (or voting debt) in, the Company; (iii) the Company has no obligation
to purchase, redeem or otherwise acquire any shares of its capital stock or to pay any dividend or make any other distribution
in respect thereof; (iv) there are no obligations of the Company to grant, extend or enter into any subscription, warrant, right,
convertible or exchangeable security or other similar agreement or commitment relating to any capital stock of, or other equity
or voting interests (or voting debt) in, the Company; (v) there are no outstanding shares of capital stock of, or other equity
or voting interests of any character in, the Company as of the date hereof other than shares that have become outstanding after
the Capitalization Date which were reserved for issuance as of the Capitalization Date as set forth in Section 2.4(a) or
pursuant to the exercise, after the Capitalization Date, of outstanding stock options described in Section 2.4(b)(iv) or
stock options issued and subsequently exercised after the Capitalization Date; and (vi) there are no agreements, arrangements or
commitments between the Company and any Person relating to the acquisition, disposition
or voting of the capital stock of, or other equity or voting interest (or voting debt) in, the Company. There exists no preemptive
right, whether arising by operation of law, under the Articles, the Bylaws or any contract, or otherwise, with respect to the issuance
of any capital stock of the Company.

 

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Section 2.5           
Subsidiaries. Other than any Subsidiaries of the Company to be formed following the date hereof in connection with
the transactions contemplated by the Chart Purchase Agreement or acquired in connection with the Company’s acquisition of
CryoPDP, the Company’s Subsidiaries consist solely of all the entities listed on Exhibit 21 to the Company’s Form 10-K
for the year ended December 31, 2019. The Company, directly or indirectly, owns of record and beneficially, free and clear of all
liens, all of the issued and outstanding capital stock or equity interests of each of its Subsidiaries. All of the issued and outstanding
capital stock or equity interests of the Company’s Subsidiaries has been duly authorized and validly issued, were not issued
in violation of an preemptive right, right of first refusal or similar right, and in the case of corporations, is fully paid and
non-assessable. Except as described in the SEC Documents, there are no outstanding rights, options, warrants, preemptive rights,
conversion rights, rights of first refusal or similar rights for the purchase or acquisition from any of the Company’s Subsidiaries
of any securities of such Subsidiaries nor are there any commitments to issue or execute any such rights, options, warrants, preemptive
rights, conversion rights or rights of first refusal.

 

Section 2.6           
Private Placement. Assuming the accuracy of the representations and warranties of the Purchaser set forth in Section
3.4 (Investment Representations), the offer and sale of the Purchased Shares pursuant to this Agreement will be exempt
from the registration requirements of the Securities Act. Without limiting the foregoing, neither the Company nor, to the knowledge
of the Company, any other Person authorized by the Company to act on its behalf, has engaged in a general solicitation or general
advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of Series C
Preferred Stock, and neither the Company nor, to the knowledge of the Company, any Person acting on its behalf has made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance
of Series C Preferred Stock under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities
Act that would result in none of Regulation D or any other applicable exemption from registration under the Securities Act to be
available, nor will the Company take any action or steps that would cause the offering or issuance of Series C Preferred Stock
under this Agreement to be integrated with other offerings by the Company.

 

 

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Section 2.7           
SEC Documents; Financial Information. Since January 1, 2018, the Company has timely filed (a) all annual and quarterly
reports and proxy statements (including all amendments, exhibits and schedules thereto) and (b) all other reports and other documents
(including all amendments, exhibits and schedules thereto), in each case required to be filed by the Company with the SEC pursuant
to the Exchange Act and the Securities Act. As of their respective filing dates, such SEC Documents complied in all material respects
with the requirements of the Securities Act, the Exchange Act and the rules and regulations of the SEC thereunder applicable to
such SEC Documents, and as of their respective dates none of the SEC Documents contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The
financial statements of the Company included in the SEC Documents (the “Financial Statements”) comply as of
their respective dates in all material respects with applicable accounting requirements and the rules and regulations of the SEC
with respect thereto (except as may be indicated in the notes thereto or, in the case of the unaudited statements, as permitted
by Form 10-Q promulgated by the SEC), have been prepared in accordance with GAAP (except, in the case of unaudited quarterly statements,
as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC) applied on a consistent basis during the periods
involved (except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X) and present fairly in all
material respects as of their respective dates the consolidated financial position of the Company and its Subsidiaries as at the
dates thereof and the consolidated results of their operations and their consolidated cash flows for each of the respective periods,
all in conformity with GAAP. Neither the Company nor any of its Subsidiaries has any liabilities of any nature (whether accrued,
absolute, contingent or otherwise) that would be required under GAAP, to be reflected on a consolidated balance sheet of the Company
(including the notes thereto) except liabilities (i) reflected or reserved against in the balance sheet (or the notes thereto)
of the Company and its Subsidiaries as of June 30, 2020 (the “Balance Sheet Date”) included in the SEC Documents,
(ii) incurred after the Balance Sheet Date in the ordinary course of business and that do not arise from any material breach of
a Contract, (iii) as expressly contemplated by this Agreement or otherwise incurred in connection with the Transactions, (iv) that
have been discharged or paid prior to the date of this Agreement or (v) as would not, individually or in the aggregate, have had
or reasonably be expected to have, a Material Adverse Effect. There is no transaction, arrangement or other relationship between
the Company and/or any of its Subsidiaries and an unconsolidated or other off-balance sheet entity that is required by applicable
Law to be disclosed by the Company in its SEC Documents and is not so disclosed.

 

Section 2.8           
Internal Control Over Financial Reporting. The Company has disclosed, based on its most recent evaluation prior to
the date hereof, to the Company’s outside auditors and the Audit Committee of the Board of Directors (a) any significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting (as defined in Rule
13a-15(f) under the Exchange Act) that are reasonably likely to adversely affect the Company’s ability to record, process,
summarize and report financial information and (b) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company’s internal control over financial reporting.

 

Section 2.9            Disclosure
Controls and Procedures. The Company has established and maintains, and at all times since January 1, 2018, has
maintained, disclosure controls and procedures (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act)
that are (x) designed to provide reasonable assurance that material information relating to the Company, including its
Subsidiaries, that is required to be disclosed by the Company in the reports that it furnishes or files under the Exchange
Act is reported within the time periods specified in the rules and forms of the SEC and that such material information is
communicated to the Company’s management to allow timely decisions regarding required disclosure. and (y) sufficient to
provide reasonable assurance that (a) transactions are executed in accordance with Company management’s general or
specific authorization, (b) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP, consistently applied, and to maintain accountability for assets, (c) access to assets is permitted only
in accordance with Company management’s general or specific authorization and (d) the recorded accountability for
assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. There are no “significant deficiencies” or “material weaknesses” (as defined by the
Public Company Accounting Oversight Board) in the design or operation of the Company’s internal controls over, and
procedures relating to, financial reporting which would reasonably be expected to adversely affect in any material respect
the Company’s ability to record, process, summarize and report financial data, in each case which has not been
subsequently remediated. Since January 1, 2018, there has not been any fraud, whether or not material, that involves
management or other employees of the Company or any of its Subsidiaries who have a significant role in the Company’s
internal controls over financial reporting. As of the date of this Agreement, to the knowledge of the Company, there is no
reason that its outside auditors and its chief executive officer and chief financial officer will not be able to give the
certifications and attestations required pursuant to the rules and regulations adopted pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002, without qualification, when next due.

 

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Section 2.10      
Litigation. There is no litigation or governmental proceeding, suit, arbitration or, to the knowledge of the Company,
investigation, pending or, to the knowledge of the Company, threatened in writing, against the Company or any of its Subsidiaries
or affecting any of the business, operations, properties, rights or assets of the Company or any of its Subsidiaries which would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Neither the Company nor any of its
Subsidiaries is subject to or in default with respect to any order, writ, injunction, decree, ruling or decision of any court,
commission, board or other government agency that is expressly applicable to the Company or any of its Subsidiaries or any of their
respective assets which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.11       
Compliance with Laws; Permits. The Company and its Subsidiaries are in compliance with all applicable laws, common
law, statutes, ordinances, codes, rules or regulations or other similar requirement enacted, adopted, promulgated, or applied by
any governmental authority, except as has not had, and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect. The Company and its Subsidiaries possess all permits, franchises, certificates, approvals, authorizations
and licenses of governmental authorities that are required to conduct their business, except as has not had, and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.12       
Taxes. The Company and each of its Subsidiaries has filed all Tax Returns required to be filed within the applicable
periods for such filings (with due regard to any extension) and has paid all Taxes required to be paid, except for any such failures
to file or pay that have not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. Except as would not, in each case, reasonably be expected to have a Material Adverse Effect, the Company (a) has not been
advised that any of its returns, federal, state or other, have been or are being audited as of the date hereof, (b) has not been
advised of any deficiency in assessment or proposed judgment to its federal, state or other taxes, and (c) has no liability for
any tax to be imposed upon its properties or assets as of the date of this Agreement that is not adequately provided for.

 

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Section 2.13        
Employee Matters.

 

(a)              
 Except where the failure to comply has not had, and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, (i) the Company and its Subsidiaries are in compliance with all applicable laws relating to labor, employment,
fair employment practices, terms and conditions of employment, and wages and hours, and with the terms of the ERISA Documents,
and each such ERISA Document is in compliance with all applicable laws (including, without limitation, the applicable requirements
of ERISA and the Code); and (ii) with respect to the ERISA Documents, no actions, liens, lawsuits, claims or complaints (other
than routine claims for benefits, appeals of such claims and domestic relations order proceedings) are pending or, to the knowledge
of the Company, threatened.

 

(b)              
Neither the Company, its Subsidiaries, nor any other entity which, together with the Company or its Subsidiaries, would
be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code, has during the last six (6) years maintained,
sponsored or contributed to or had any liability with respect to any defined benefit pension plan that is subject to Title IV of
ERISA or any “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA).

 

(c)              
Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, none
of the execution of, or the completion of the transactions contemplated by, this Agreement (whether alone or in connection with
any other event(s)), will result in (i) any compensation or benefit becoming due, or any increase in the amount of any compensation
or benefit due, to any current or former employee of the Company or its Subsidiaries, or (ii) acceleration of the time of payment,
vesting or funding of compensation or benefits to any current or former employee of the Company or its Subsidiaries. No ERISA Document
provides for reimbursement or gross-up of any excise tax under Section 409A or Section 4999 of the Code.

 

Section 2.14       
Environmental Matters. The Company and its Subsidiaries are in compliance with all, and have not violated any, applicable
Requirements of Environmental Law and possess and are in compliance with all, and have not violated any, required Environmental
Permits, except, in each case, where the failure to comply or possess has not had, and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. The Company and its Subsidiaries have not received any written notice
or claim from any Person of any violation or alleged violation of, or any liability or alleged liability under or related to, any
Requirements of Environmental Law or Environmental Permit or any presence or release of any Hazardous Substance, and there is no
basis for any such notice or claim, except as has not had, and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has assumed or retained, as a result of any
contract, any liabilities under any Requirements of Environmental Law or concerning any Hazardous Substances, except as has not
had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.15        Intellectual
Property; Security. Except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, (a) the Company and its Subsidiaries own their material proprietary intellectual property, free and clear of
all liens, (b) the conduct of the businesses of the Company and its Subsidiaries does not infringe or violate the
intellectual property of any Person and no Person is infringing or violating their intellectual property and (c) the Company
and its Subsidiaries take commercially reasonable efforts to protect the confidentiality of their trade secrets and the
integrity, continuous operation and security of their software and systems (and the data stored or processed therein) and
there have been no breaches, outages or violations of or unauthorized accesses to same (except for those that were resolved
without material cost, liability or the duty to notify any Person) in the last three (3) years.

 

    8

     

    

 

Section 2.16       
Registration Rights. Except as provided in this Agreement or the Registration Rights Agreement, the Company has not
granted any rights to register under the Securities Act any of its presently outstanding securities or any of its securities that
may be issued subsequently.

 

Section 2.17       
Investment Company Act. The Company is not, and immediately after giving effect to the sale of the Purchased Shares
in accordance with this Agreement and the application of the proceeds thereof will not be required to be registered as, an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act.

 

Section 2.18       
Nasdaq. The Company’s Common Stock is listed on the Nasdaq Stock Market, and no event has occurred, and the
Company is not aware of any event that is reasonably likely to occur, that would result in the Common Stock being delisted from
the Nasdaq Stock Market. The Company is in compliance in all material respects with the listing and listing maintenance requirements
of the Nasdaq Stock Market applicable to it for the continued trading of its Common Stock on the Nasdaq Stock Market.

 

Section 2.19       
No Brokers or Finders. No Person has or will have, as a result of the transactions contemplated by this Agreement,
any right, interest or claim against or upon the Company, any of its Subsidiaries or the Purchaser for any commission, fee or other
compensation as a finder or broker because of any act of the Company or any of its Subsidiaries, other than Morgan Stanley &
Co. LLC whose fees are the sole responsibility of the Company.

 

Section 2.20        Illegal
Payments; FCPA Violations. Except as has not had, and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, since January 1, 2015, none of the Company, any of its Subsidiaries or, to the
knowledge of the Company, any officer, director, employee agent, representative or consultant acting on behalf of the Company
or any of its Subsidiaries (and only in their capacities as such) has, in connection with the business of the Company: (a)
unlawfully offered, paid, promised to pay, or authorized the payment of, directly or indirectly, anything of value, including
money, loans, gifts, travel, or entertainment, to any Government Official with the purpose of (i) influencing any act or
decision of such Government Official in his or her official capacity; (ii) inducing such Government Official to perform or
omit to perform any activity in violation of his or her legal duties; (iii) securing any improper advantage; or (iv) inducing
such Government Official to influence or affect any act or decision of such Governmental Entity, except, with respect to the
foregoing clauses (i) through (iv), as permitted under the U.S. Foreign Corrupt Practices Act and other applicable law; (b)
made any illegal contribution to any political party or candidate; (c) made, offered or promised to pay any unlawful bribe,
payoff, influence payment, kickback, unlawful rebate, or other similar unlawful payment of any nature, directly or
indirectly, in connection with the business of the Company, to any person, including any supplier or customer; (d) knowingly
established or maintained any unrecorded fund or asset or made any false entry on any book or record of the Company or any of
its Subsidiaries for any purpose; or (e) otherwise violated the U.S. Foreign Corrupt Practices Act of 1977, as amended, the
UK Bribery Act 2010, as amended, or any other applicable anti-corruption or anti-bribery law.

 

    9

     

    

 

Section 2.21       
Economic Sanctions. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, the Company is not in contravention of any sanction, and has not engaged in any conduct sanctionable,
under U.S. economic sanctions Laws, including applicable laws administered and enforced by the U.S. Department of the Treasury’s
Office of Foreign Assets Control, 31 C.F.R. Part V, the Iran Sanctions Act, as amended, the Comprehensive Iran Sanctions, Accountability
and Divestment Act, as amended, the Iran Threat Reduction and Syria Human Rights Act, as amended, the Iran Freedom and Counter-Proliferation
Act of 2012, as amended, and any executive order issued pursuant to any of the foregoing. The Company and each of its Subsidiaries
has instituted and maintains a system of internal controls designed to provide reasonable assurance that violations of applicable
anti-corruption Laws and U.S. economic sanctions Laws will be prevented, detected, and deterred.

 

Section 2.22       
Absence of Certain Changes. (a) Since December 31, 2019, except for the execution and performance of this Agreement
and any other agreements contemplated hereby and the discussions, negotiations and transactions related hereto, the business of
the Company and its Subsidiaries has been carried on and conducted in all material respects in the ordinary course of business,
and (b) since December 31, 2019, there has not been any Material Adverse Effect.

 

Section 2.23       
No Rights Agreement; Anti-Takeover Provisions.

 

(a)              Neither the Company
nor any of its Subsidiaries is party to a stockholder rights agreement, “poison pill” or similar anti-takeover agreement
or plan.

 

(b)              Prior to Closing,
the Company and the Board of Directors have taken all necessary actions to (including, if necessary, adoption of a provision in
the Bylaws as contemplated by Nevada Revised Statutes 78.378(1)) to ensure that no restrictions included in any Antitakeover Provision
is, or will be, applicable to this Agreement or the Purchaser’s acquisition, or the Company’s issuance, of the Purchased
Shares and the Conversion Shares in accordance with this Agreement and the Certificate of Designation.

 

Section 2.24        No
Additional Representations. Except for the representations and warranties made by the Company in this Article II
(as modified by the Disclosure Letter) and in any certificate delivered to the Purchaser in connection with this Agreement,
neither the Company nor any other Person makes any express or implied representation or warranty with respect to the Company
or any Subsidiaries or their respective businesses, operations, assets, liabilities, employees, employee benefit plans,
conditions or prospects, and the Company hereby disclaims any such other representations or warranties. In particular,
without limiting the foregoing disclaimer, neither the Company nor any other Person makes or has made any representation or
warranty to the Purchaser, or any of its Affiliates or representatives, with respect to (a) any financial projection,
forecast, estimate, budget or prospect information relating to the Company or any of its Subsidiaries or their respective
business, or (b) any oral or written information presented to the Purchaser or any of its Affiliates or representatives in
the course of their due diligence investigation of the Company, the negotiation of this Agreement or in the course of the
transactions contemplated hereby. Notwithstanding anything to the contrary herein, nothing in this Agreement shall limit the
right of the Purchaser and its Affiliates to rely on the representations, warranties, covenants and agreements expressly set
forth in this Agreement and in any certificate delivered to the Purchaser in connection with this Agreement, nor will
anything in this Agreement operate to limit any claim by any Purchaser or any of its respective Affiliates for fraud.

 

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Article
III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser represents and warrants to the
Company as of the date hereof and as of the Closing Date (except to the extent made only as of a specified date in which case as
of such date) that:

 

Section 3.1         
Organization and Power. The Purchaser is a Delaware limited partnership duly formed, validly existing and in good
standing under the laws of the jurisdiction of its formation and has all necessary power and authority to own its properties and
to carry on its business as presently conducted.

 

Section 3.2         
Authorization, Etc. The Purchaser has all necessary power and authority and has taken all necessary entity action
required for the due authorization, execution, delivery and performance by the Purchaser of this Agreement and the Registration
Rights Agreement and the consummation by the Purchaser of the transactions contemplated hereby and thereby. The authorization,
execution, delivery and performance by the Purchaser of this Agreement and the Registration Rights Agreement, and the consummation
by the Purchaser of the transactions contemplated hereby and thereby do not and will not: (a) violate or result in the breach of
any provision of the organizational documents of the Purchaser; or (b) with the exceptions that are not reasonably likely to have,
individually or in the aggregate, a material adverse effect on its ability to perform its obligations under this Agreement and
the Registration Rights Agreement: (i) violate any provision of, constitute a breach of, or default under, any judgment, order,
writ, or decree applicable to the Purchaser or any material contract to which the Purchaser is a party; or (ii) violate any provision
of, constitute a breach of, or default under, any applicable state, federal or local law, rule or regulation. This Agreement has
been, and the Registration Rights Agreement will, at the Closing be party will be, duly executed and delivered by the Purchaser.
Assuming due execution and delivery thereof by the other parties hereto or thereto, this Agreement and the Registration Rights
Agreement will each be a valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its
terms, except as the enforceability may be limited by applicable laws relating to bankruptcy, insolvency, reorganization, moratorium
or other similar legal requirement relating to or affecting creditors’ rights generally and except as the enforceability
is subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at
law).

 

Section 3.3          Government
Approvals. No consent, approval, license or authorization of, or filing with, any court or governmental authority is or
will be required on the part of the Purchaser in connection with the execution, delivery and performance by the Purchaser of
this Agreement and the Registration Rights Agreement, except for: (a) those which have already been made or granted; (b) the
filing with the SEC of a Schedule 13D or Schedule 13G and a Form 3 to report the Purchaser’s ownership of the Purchased
Shares; or (c) those where the failure to obtain such consent, approval or license would not have a material adverse effect
on the ability of the Purchaser to perform its obligations hereunder.

 

    11

     

    

 

Section 3.4          
Investment Representations.

 

(a)              
The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated
under the Securities Act.

 

(b)             
The Purchaser has been advised by the Company that the Purchased Shares have not been registered under the Securities Act,
that the Purchased Shares will be issued on the basis of the statutory exemption provided by Section 4(a)(2) under the Securities
Act or Regulation D promulgated thereunder, or both, relating to transactions by an issuer not involving any public offering
and under similar exemptions under certain state securities laws, that this transaction has not been reviewed by, passed on or
submitted to any federal or state agency or self-regulatory organization where an exemption is being relied upon, and that the
Company’s reliance thereon is based in part upon the representations made by the Purchaser in this Agreement and the Registration
Rights Agreement. The Purchaser acknowledges that it has been informed by the Company of, or is otherwise familiar with, the nature
of the limitations imposed by the Securities Act and the rules and regulations thereunder on the transfer of securities.

 

(c)              
The Purchaser is purchasing the Purchased Shares for its own account and not with a view to, or for sale in connection with,
any distribution thereof in violation of federal or state securities laws.

 

(d)              
By reason of its business or financial experience, the Purchaser has the capacity to protect its own interest in connection
with the transactions contemplated hereunder.

 

(e)              
The Company has provided to the Purchaser documents and information that the Purchaser has requested relating to an investment
in the Company. The Purchaser recognizes that investing in the Company involves substantial risks, and has taken full cognizance
of and understands all of the risk factors related to the acquisition of the Purchased Shares. The Purchaser has carefully considered
and has, discussed with the Purchaser’s professional legal, tax and financial advisers the suitability of an investment in
the Company, and the Purchaser has determined that the acquisition of the Purchased Shares is a suitable investment for the Purchaser.
The Purchaser has not relied on the Company for any tax or legal advice in connection with the purchase of the Purchased Shares.
In evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representations or other information
(other than the representations and warranties of the Company set forth in Article II).

 

Section 3.5           No
Prior Ownership. As of the date hereof and as of immediately prior to the Closing, the Purchaser does not have record or
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of any shares of the Company’s Common
Stock. Since August 24, 2018, neither Purchaser nor any affiliate or associate (within the meaning of Nevada Revised Statutes
78.412 and 78.413, respectively) of the Purchaser was the beneficial owner, directly or indirectly, of 10 percent or more of
the voting power of the then outstanding shares of the Company.

 

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Section 3.6          
No Brokers or Finders. No Person has or will have, as a result of the transactions contemplated by this Agreement,
any right, interest or claim against or upon the Company, any of its Subsidiaries or any Purchaser for any commission, fee or other
compensation as a finder or broker because of any act by the Purchaser and for which the Company will be liable.

 

Section 3.7          
Financing. The Purchaser has delivered to the Company true, correct, and complete copies of an executed commitment
letter among Blackstone Tactical Opportunities Fund III L.P. and the Purchaser, dated as of the date hereof (together with all
annexes, schedules and exhibits (in each case, if any) thereto, the “Equity Commitment Letter”, and the commitment
thereunder, the “Equity Financing Commitment”) to provide, subject to the terms and conditions therein, cash
in the aggregate amount set forth therein (the “Equity Financing”). The Equity Financing is in amounts sufficient
to enable the Purchaser to perform their obligations under this Agreement and to consummate the transactions contemplated hereby.
The Equity Commitment Letter is in full force and effect and constitutes the enforceable, legal, valid and binding obligations
of each of the parties thereto. The Equity Commitment Letter, including the Equity Financing Commitment thereunder, have not been
withdrawn, terminated, amended, restated, replaced, supplemented or otherwise modified or waived and no such withdrawal, termination,
amendment, restatement, replacement, supplement, modification or waiver is contemplated. There are no side letters or other agreements,
arrangements, contracts or understandings relating to the Equity Commitment Letter that could affect the availability of the Equity
Financing, and the Purchaser does not know of any facts or circumstances that may be expected to result in any of the conditions
set forth in any Equity Commitment Letter not being satisfied, or the Equity Financing not being available to the Purchaser, at
the Closing. No event has occurred that, with or without notice, lapse of time or both, would, or would reasonably be expected
to, constitute a default or breach on the part of the Purchaser, or by any other party thereto, under any term or condition of
the Equity Commitment Letter, and the Purchaser has no reason to believe that it will be unable to satisfy on a timely basis any
term or condition of closing to be satisfied by it contained in the Equity Commitment Letter. Except as expressly set forth in
the Equity Commitment Letter, there are no conditions precedent related to the funding of the full amount of the Equity Financing
Commitment. As of the date of this Agreement, the Purchaser is not aware of any fact, circumstance or occurrence that makes any
representation or warranty of the Purchaser included in this Agreement or the Equity Commitment Letter inaccurate. Assuming (i)
the satisfaction of the conditions in Article V hereof and (ii) the Equity Financing is funded in accordance with their respective
conditions, upon funding of the Equity Financing Commitment, the Purchaser will have at the Closing, immediately available cash
funds sufficient to fund all of the amounts required to be provided by the Purchaser for the consummation of the transactions contemplated
hereby, including the payment of the Purchase Price and any other amounts required to be paid in connection with the consummation
of the transactions contemplated hereby, including all related fees and expenses, and are sufficient for the satisfaction of all
of the Purchaser’s obligations under this Agreement, as applicable.

 

Section 3.8        
ERISA. The Purchaser does not hold, and no part of the funds used by the Purchaser to acquire any Purchased Shares
constitutes, “plan assets” (within the meaning of Section 3(42) of ERISA).

 

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Section 3.9         
No Additional Representations. The Purchaser acknowledges and agrees, on behalf of itself and its Affiliates, that,
except for the representations and warranties contained in Article II (as modified by the Disclosure Letter) and in any
certificate delivered by the Company in connection with this Agreement, neither the Company nor any other Person, makes any express
or implied representation or warranty with respect to the Company, its Subsidiaries or their respective businesses, operations,
assets, liabilities, employees, employee benefit plans, conditions or prospects, and the Purchaser, on behalf of itself and its
Affiliates, hereby disclaims reliance upon any such other representations or warranties. In particular, without limiting the foregoing
disclaimer, the Purchaser acknowledges and agrees, on behalf of itself and its Affiliates, that neither the Company nor any other
Person, makes or has made any representation or warranty with respect to, and the Purchaser, on behalf of itself and its Affiliates,
hereby disclaims reliance upon (a) any financial projection, forecast, estimate, budget or prospect information relating to the
Company, its Subsidiaries or their respective business, or (b) without limiting the representations and warranties made by the
Company in Article II, any information presented to the Purchaser or any of its Affiliates or representatives in the course of
their due diligence investigation of the Company, the negotiation of this Agreement or in the course of the transactions contemplated
hereby. To the fullest extent permitted by applicable law, without limiting the representations and warranties contained in Article
II, other than in the case of fraud, neither the Company nor any of its Subsidiaries shall have any liability to any Purchaser
or its Affiliates or representatives on any basis (including in contract or tort, under federal or state securities laws or otherwise)
based upon any other representation or warranty, either express or implied, included in any information or statements (or any omissions
therefrom) provided or made available by the Company or its Subsidiaries to the Purchaser or its Affiliates or representatives
in the course of their due diligence investigation of the Company, the negotiation of this Agreement or in the course of the transactions
contemplated by this Agreement.

 

Article
IV

COVENANTS OF THE PARTIES

 

Section 4.1          
Board of Directors.

 

(a)              
Upon the Closing, the Purchaser Representative shall have the right to nominate for election or appointment, one director
to the Board of Directors (the “Series C Director”). Effective as of the Closing, the Board of Directors shall
increase the size of the Board of Directors in order to elect or appoint Ram Jagannath as the initial Series C Director and take
all actions necessary or appropriate to appoint the Series C Director as a director of the Board of Directors effective as of the
Closing Date.

 

(b)               Thereafter,
for so long as the Purchaser Parties (as defined below) hold at least 66.67% of the Series C Preferred Stock issued at the
Closing, the Purchaser Representative (as defined below) on behalf of the Purchaser Parties shall have the right to nominate
one person for election to the Board of Directors (a “Purchaser Nominee”) each year. If the Purchaser
Representative has the right to so nominate a Purchaser Nominee in a given year, the Company shall, at the annual meeting of
the stockholders of the Company during such year, nominate the Purchaser Nominee for election to the Board of Directors,
recommend that the holders of the Company’s voting stock vote in favor of such Purchaser Nominee and use reasonable
best efforts to cause the Purchaser Nominee to be elected to the Board of Directors; provided, however, that
the Purchaser Nominee shall comply with the corporate governance principles and practices of the Company as in effect from
time to time and applicable to directors generally (the “Governance Principles”). Without the prior
written consent of the Purchaser Representative, so long as the Purchaser Representative is entitled to designate any
Purchaser Nominee for election to the Board of Directors in accordance with this Section 4.1, the Board of Directors
shall not cause the removal of any Series C Director from his or her directorship (except as required by law or the
Company’s organizational documents), unless (x) the Purchaser Parties cease to hold the minimum percentage of the
Series C Preferred Stock that entitles it to nominate the Purchaser Nominee as provided above or (y) the Purchaser Parties
request in writing the removal of the Series C Director. If, following election to the Board of Directors, the Purchaser
Nominee resigns, is removed, or is otherwise unable to serve for any reason (including as a result of death or disability)
and the Purchaser Parties then have the right to nominate a Purchaser Nominee, then, subject to compliance with the
Governance Principles, the Purchaser shall be entitled to designate a replacement Purchaser Nominee, and the Board of
Directors shall cause such replacement Purchaser Nominee to fill such vacancy and to be appointed to the Board of Directors.
If Purchaser Nominee is not re-elected and the Purchaser still has the right to nominate such Purchaser Nominee, then,
subject to compliance with the Governance Principles, the Purchaser Parties shall be entitled to designate a replacement
Purchaser Nominee, and the Board of Directors shall use its reasonable best efforts to elect such replacement Purchaser
Nominee to the Board of Directors. In the event that the Purchaser Parties cease to hold the minimum percentage of the Series
C Preferred Stock that entitles it to nominate the Purchaser Nominee as provided above, if requested by the Board of
Directors, the Purchaser Parties shall use reasonable best efforts to have such Purchaser Nominee resign as a director.

 

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(c)             
The Series C Director or Purchaser Nominee, as applicable, shall be entitled to (i) reimbursement of expenses and indemnification
in the same manner and to the same extent as the other members of the Board of Directors, in accordance with the Company’s
organizational documents and applicable Nevada law and including on the basis of the Company’s director indemnification agreement,
and (ii) unless waived by the Series C Director, cash and equity compensation in the same manner and to the same extent as other
non-executive members of the Board of Directors, which shall be payable to the Series C Director or such Person as designated by
the Series C Director. Any director minimum ownership requirements shall be deemed satisfied in respect of the Series C Director
or Purchaser Nominee, as applicable, by the Purchased Shares, or any Conversion Shares, as applicable, held by the Purchaser Parties
or one or more of their respective Affiliates. The Company acknowledges and agrees that it is the indemnitor of first resort (i.e.,
its obligations to the Series C Directors are primary and any obligation of the Purchaser Parties or their Affiliates to advance
expenses or to provide indemnification for the same expenses or liabilities incurred by the Series C Director are secondary).

 

Section 4.2          
Restrictions on Transfer.

 

(a)               For
a period of one (1) year after the Closing, the Purchaser shall not Transfer (including, for the avoidance of doubt, in
connection with obtaining any Permitted Loan) any of the Purchased Preferred Shares to any Person without the consent of the
Company; provided, however, that, without the consent of the Company, a Purchaser may Transfer Purchased
Preferred Shares (i) to a Permitted Transferee of the Purchaser that agrees to be bound by the terms of this Agreement
pursuant to a written agreement in form and substance reasonably satisfactory to the Company (and upon such Transfer the
Permitted Transferee shall become a “Purchaser” for purposes of this Agreement (including this Section
4.2)); (ii) pursuant to a tender or exchange offer, merger, consolidation, division, acquisition, reorganization or
recapitalization involving the Company; or (iii) following the date the Company commences a voluntary case under Title 11 of
the United States Bankruptcy Code or any other similar insolvency laws.

 

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(b)             
At no time shall a Purchaser knowingly Transfer any Purchased Preferred Shares or Conversion Shares to (i) any Company Competitor,
or (ii) any Person who is reasonably known to have engaged in activist campaigns in the three years prior to the date of any such
proposed Transfer by stating an intention to or actually attempting to (pursuant to proxy solicitation, tender or exchange offer
or other means) obtain a seat on the board of directors of a company or effecting a significant change within such company, in
each case, that was publicly opposed by the board of directors of such company; provided, that the restrictions set forth
in this Section 4.2(b) shall not apply to Transfers into the public market pursuant to a bona fide, broadly distributed
public offering, in each case made pursuant to the Registration Rights Agreement or through a bona fide sale to the public without
registration effectuated pursuant to Rule 144 under the Securities Act or in connection with a merger, tender offer or exchange
offer or other business combination, acquisition of assets or similar transaction or any change of control transaction involving
the Company or any Subsidiary thereof.

 

(c)               “Permitted
Loan” means any total return swap or bona fide loan or other financing arrangement, in each case entered into with
a nationally recognized financial institution, including a pledge to such a financial institution to secure a bona fide debt
financing and any foreclosure by such financial institution or transfer to such financial institution in lieu of foreclosure
and subsequent sale of the securities, as long as such financial institution agrees with the relevant Purchaser Party and the
Company that following such foreclosure or in connection with such Transfer it shall not knowingly directly or indirectly
Transfer (other than pursuant to Transfers into the public market pursuant to a bona fide, broadly distributed public
offering, in each case made pursuant to a registration statement or through a bona fide sale to the public without
registration effectuated pursuant to Rule 144 under the Securities Act or in connection with a merger, tender offer or
exchange offer or other business combination, acquisition of assets or similar transaction or any change of control
transaction involving the Company or any Subsidiary thereof) such foreclosed or Transferred, as the case may be, Common Stock
or Series C Preferred Stock to a Company Competitor without the Company’s consent (such agreement by the relevant
financial institution, the “Foreclosure Limitations”). Any Permitted Loan entered into by a Purchaser
Party or its Affiliates shall be with one or more financial institutions reasonably acceptable to the Company and, except as
specified above, nothing contained in this Agreement or the Registration Rights Agreement shall prohibit or otherwise
restrict the ability of any lender (or its securities’ affiliate) or collateral agent to foreclose upon, or accept a
Transfer in lieu of foreclosure, and sell, dispose of or otherwise Transfer the Common Stock, the Series C Preferred Stock
and/or shares of Common Stock issued upon conversion of Series C Preferred Stock (including shares of Common Stock received
upon conversion or redemption of the Series C Preferred Stock following foreclosure or Transfer in lieu of foreclosure on a
Permitted Loan) mortgaged, hypothecated and/or pledged to secure the obligations of the borrower following an event of
default under a Permitted Loan. Subject to the preceding provisions of this clause (c), in the event that any lender or other
creditor under a Permitted Loan transaction (including any agent or trustee on their behalf) or any Affiliate of the
foregoing exercises any rights or remedies in respect of the Series C Preferred Stock or the shares of Common Stock issuable
or issued upon conversion of the Series C Preferred Stock or any other collateral for any Permitted Loan, no lender,
creditor, agent or trustee on their behalf or affiliate of any of the foregoing (other than, for the avoidance of doubt, a
Purchaser Party or its Affiliates) shall be entitled to any rights or have any obligations or be subject to any transfer
restrictions or limitations hereunder.

 

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(d)              
In any event, Restricted Securities shall not be Transferred except upon the conditions specified in Section 4.3,
which conditions are intended to ensure compliance with the provisions of the Securities Act. Any attempted Transfer in violation
of this Section 4.2 shall be void ab initio.

 

(e)              
At the Closing, the Purchaser shall deliver to the Company a duly executed, valid, accurate and properly completed Internal
Revenue Service (“IRS”) Form W-9 certifying that the Purchaser is a U.S. person and with the effect that the
Company can make dividend payments to the Purchaser (or its nominee) without deduction or withholding for any U.S. federal withholding
taxes (the “Tax Form Requirements”). The Purchaser agrees that if the information provided on any IRS Form W-9
previously delivered by the Purchaser changes, or if a lapse in time or change in circumstances renders the information on such
IRS Form W-9 obsolete, expired or inaccurate in any material respect, the Purchaser shall promptly inform the Company and deliver
promptly an updated IRS Form W-9.

 

Section 4.3          
Restrictive Legends.

 

(a)              
Each certificate representing the Purchased Shares or Conversion Shares (unless otherwise permitted by the provisions of
Section 4.2(b) or Section 4.3(d)) shall be stamped or otherwise imprinted with a legend in substantially the following
form (in addition to any legend required under applicable state securities laws):

 

“THE OFFER AND SALE OF THIS SECURITY
AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.”

 

(b)              
In addition, for so long as the Purchased Preferred Shares or Conversion Shares are subject to the restrictions set forth
in Section 4.2, each certificate representing the Purchased Preferred Shares or Conversion Shares shall be stamped or otherwise
imprinted with a legend in substantially the following form:

 

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“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A SECURITIES PURCHASE AGREEMENT. THE COMPANY WILL MAIL TO
THE HOLDER OF THIS CERTIFICATE A COPY OF SUCH SECURITIES PURCHASE AGREEMENT, AS IN EFFECT ON THE DATE OF MAILING, WITHOUT CHARGE,
PROMPTLY AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR.”

 

(c)              
The Purchaser consents to the Company making a notation on its records and giving instructions to any transfer agent of
the Purchased Shares or the Conversion Shares in order to implement the restrictions on transfer set forth in this Section 4.3.

 

(d)               Prior
to any proposed Transfer of any Restricted Securities, unless there is in effect a registration statement under the
Securities Act covering the proposed Transfer, a Purchaser shall give written notice to the Company of such Purchaser’s
intention to effect such Transfer. Each such notice shall describe the manner and circumstances of the proposed Transfer in
sufficient detail, and shall be accompanied by either (i) an opinion of legal counsel reasonably satisfactory to the Company
to the effect that the proposed Transfer of the Restricted Securities may be effected without registration under the
Securities Act, or (ii) any other evidence reasonably satisfactory to counsel to the Company, whereupon such Purchaser shall
be entitled to Transfer such Restricted Securities in accordance with the terms of the notice delivered by such Purchaser to
the Company. Notwithstanding the foregoing (i) in the event a Purchaser shall give the Company a representation letter
containing such representations as the Company shall reasonably request, the Company will not require such legal opinion or
such other evidence (A) in a routine sales transaction in compliance with Rule 144 under the Securities Act, (B) in any
transaction in which a Purchaser that is a corporation distributes Restricted Securities solely to its majority owned
subsidiaries or Affiliates for no consideration or (C) in any transaction in which a Purchaser that is a partnership or
limited liability company distributes Restricted Securities solely to its Affiliates (including affiliated fund
partnerships), or partners or members of the Purchaser or its Affiliates for no consideration and (ii) the requirements of
the preceding sentence shall not apply to (x) any pledge of Preferred Stock, Conversion Shares or Common Stock pursuant to a
Permitted Loan, or (y) any foreclosure upon, or acceptance of a Transfer in lieu of foreclosure, or any sale, disposition of
or other Transfer of Common Stock, the Series C Preferred Stock and/or shares of Common Stock issued upon conversion of
Series C Preferred Stock (including shares of Common Stock received upon conversion or redemption of the Series C Preferred
Stock following foreclosure or Transfer in lieu of foreclosure on a Permitted Loan) by any lender (or its securities’
affiliate) or collateral agent under a Permitted Loan (which shall instead be governed by the terms of any applicable Issuer
Agreements). Each certificate evidencing the Restricted Securities transferred shall bear the appropriate restrictive legend
set forth in Section 4.3 above, except that such certificate shall not bear the first such restrictive legend if such legend
is not required in order to establish compliance with any provisions of the Securities Act. Each certificate evidencing the
Restricted Securities transferred shall bear the appropriate restrictive legend set forth in Section 4.3 above, except
that such certificate shall not bear the first such restrictive legend if such legend is not required in order to establish
compliance with any provisions of the Securities Act. Upon the request of a Purchaser of a certificate bearing the first such
restrictive legend and, if necessary, the appropriate evidence as required by clause (i) or (ii) above, the Company shall
promptly remove the first such restrictive legend from such certificate and from the certificate to be issued to the
applicable transferee if such legend is not required in order to establish compliance with any provisions of the Securities
Act and a Purchaser promptly Transfers the Purchased Shares or Conversion Shares. If a Purchaser holds a certificate bearing
the second restrictive legend, the Company shall promptly remove such restrictive legend from such certificate when the
provisions of Section 4.2 are no longer applicable to the applicable Purchased Shares or Conversion Shares.

 

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Section 4.4        
Standstill. Except as otherwise provided in this Agreement or the Certificate of Designation, so long as the Purchaser
Representative has the right to designate or nominate a director to the Board of Directors pursuant to Section 4.1, without
the prior written consent of the Company, it will not at any time, nor will it cause or permit any of its Affiliates to: (a) effect
or seek, offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate
in or in any way assist, facilitate or encourage any other person to effect or seek, offer or propose (whether publicly or otherwise)
to effect or participate in, (i) any acquisition of any equity securities (or beneficial ownership thereof), rights or options
to acquire any equity securities (or beneficial ownership thereof), or any securities convertible into or exchangeable for any
such equity securities (or beneficial ownership thereof), of the Company, (ii) any tender or exchange offer, merger or other business
combination involving the Company or its Subsidiaries or assets of the Company or its Subsidiaries constituting a significant portion
of the consolidated assets of the Company and its Subsidiaries, or (iii) any “solicitation” of “proxies”
(as such terms are used in the proxy rules of the SEC) or consents to vote any voting securities of the Company or any of its Affiliates;
(b) otherwise act to seek representation on or to control or influence the management or policies of the Company or to obtain representation
on the Board of Directors of the Company (beyond their right to do so based on their representation on the Board pursuant to Section
4.1); (c) submit any shareholder proposal to the Company, (d) publicly propose any change of control or other material transaction
involving the Company or (e) support or encourage any third party in doing any of the foregoing; it being understood that nothing
in this Section 4.4 shall (w) restrict or prohibit the Series C Director or Purchaser Nominee, as applicable, from taking
any action, or refraining from taking any action, which he or she determines, in his or her reasonable discretion, is necessary
or appropriate in light of his or her fiduciary duties as a member of the Board of Directors, (x) restrict or prohibit the making
or submission to the Company and/or the Board of Directors any proposal by the Purchaser Parties that would not reasonably be expected
to result in the Company being obligated to publicly disclose such proposal, (y) restrict or prohibit the Purchaser’s acquisition,
disposition, sale or Transfer of the Purchased Shares (including the accretion of dividends thereon and any dividends payable in
any other security) or Conversion Shares issuable upon conversion of the Purchased Shares, in each case, in accordance with the
terms of this Agreement and the Certificate of Designation or (z) limit or restrict any Transfer pursuant to a Permitted Loan or
any foreclosure thereunder or Transfer in lieu of a foreclosure thereunder.

 

Section 4.5          
Confidentiality.

 

(a)               The
Purchaser shall keep all Confidential Information confidential and shall not, without the Company’s prior written
consent, disclose any Confidential Information in any manner whatsoever, in whole or in part and the Purchaser shall not use
any Confidential Information, other than in connection with the performance of its obligations hereunder or for purposes of
monitoring, administering or managing the Purchaser Parties’ investment in the Company. The Purchaser may disclose the
Confidential Information (i) to such of its Representatives who need to know the Confidential Information for such purpose,
who are informed by the Purchaser of the confidential nature of the Confidential Information and directed to keep such
Confidential Information confidential, (ii) to any prospective purchaser of Purchased Shares (and Conversion Shares) from
such Purchaser Party or prospective financing sources in connection with the syndication and marketing of any Permitted Loan,
as long as such prospective purchaser or lender agrees to be bound by substantially similar confidentiality or non-disclosure
terms as are contained in this Agreement (with the Company as an express third party beneficiary of such agreement) or (iii)
as may be reasonably necessary in connection with such Purchaser Party’s enforcement of its rights in connection with
this Agreement or its investment in the Company. The Purchaser shall be responsible for any non-compliance with this Section
4.5 by its Representatives or any such prospective purchaser.

 

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(b)              
In the event that the Purchaser or any of its Representatives is required or requested by applicable law (including oral
questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other process) to disclose
any of the Confidential Information, the Purchaser will provide the Company with prompt notice (unless such notification is prohibited
by applicable law and other than in connection with a routine audit or examination by, or a blanket document request from, a regulatory
or governmental entity that does not reference the Company or this Agreement) so that the Company may seek a protective order or
other appropriate remedy and/or waive compliance with the provisions of this Section 4.5. In the event that such a protective
order or other remedy is not obtained, that no such notice is required to be provided to the Company or that the Company waives
compliance with the provisions of this Section 4.5, the Purchaser may disclose such Confidential Information without liability
hereunder. The confidentiality letter agreement, dated June 6, 2020, by and between Blackstone Tactical Opportunities Advisors
L.L.C. and the Company (the “Confidentiality Agreement”) shall terminate simultaneously with the Closing.

 

Section 4.6          
Financial Statements and Other Information.

 

(a)              
For so long as the Purchaser Parties collectively hold record and beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act) of more than five percent (5%) of the outstanding shares of the Company’s Common Stock (which shall
be determined assuming the conversion of all of the shares of Series C Preferred Stock), the Company shall deliver to the Purchaser
Parties:

 

(i)               
within 90 days after the end of each fiscal year of the Company, (A) an audited, consolidated balance sheet of the Company
and its Subsidiaries as of the end of such fiscal year, (B) an audited, consolidated income statement of the Company and its Subsidiaries
for such fiscal year and (C) an audited, consolidated statement of cash flows of the Company and its Subsidiaries for such fiscal
year;

 

(ii)             
within 45 days after the end of each of the first three quarters of each fiscal year of the Company, (A) an unaudited, consolidated
balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter, (B) an unaudited, consolidated income statement
of the Company and its Subsidiaries for such fiscal quarter and (C) an unaudited, consolidated statement of cash flows of the Company
and its Subsidiaries for such fiscal quarter; and

 

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(iii)             
 reasonable access, to the extent reasonably requested by the Purchaser Parties, to discuss the Company and its Subsidiaries
and their affairs, finances and matters related to capital structure and financing with its and their officers, all upon reasonable
notice and at reasonable times at the Company’s principal place of business; provided that any access pursuant to
this Section 4.6 shall be conducted in a manner as not to interfere unreasonably with the conduct of the business of the
Company and its Subsidiaries.

 

(b)              
Notwithstanding the foregoing, financial statements and other reports required to be delivered pursuant to this Section
4.6 filed by the Company with the SEC and available on EDGAR (or such other free, publicly-accessible internet database that
may be established and maintained by the SEC as a substitute for or successor to EDGAR) shall be deemed to have been delivered
to the Purchaser Parties on the date on which the Company posts such documents to EDGAR (or such other free, publicly-accessible
internet database that may be established and maintained by the SEC as a substitute for or successor to EDGAR).

 

(c)              
Notwithstanding anything to the contrary contained in this Section 4.6, the Company shall not be required to furnish
information or reports or provide access to their books and records pursuant to this Section 4.6 if the Company determines
in good faith that declining to furnish such information or reports or provide such access is reasonably necessary to preserve
the attorney-client privilege or to protect highly confidential or proprietary information.

 

(d)              
During the period from the date hereof through the Closing, subject to Purchaser’s obligations under the Confidentiality
Agreement, the Company shall, and shall cause its Subsidiaries to, afford to the officers, employees and authorized Representatives
of the Purchaser (including independent public accountants and attorneys) reasonable access during normal business hours, upon
reasonable advance notice, to the offices, properties, assets and business, regulatory and financial records of the Company and
its Subsidiaries and shall furnish to Buyer or such authorized representatives such additional information concerning the Company
and its Subsidiaries (including any businesses to be acquired by the Company or its Subsidiaries) as shall be reasonably requested;
provided, however, that the Company shall not be required to violate any obligation of confidentiality, order or applicable law
to which it or its Subsidiaries is subject or to waive any privilege which any of them may possess in discharging its obligations
pursuant to this Section 4.6(d) (but in such event the Company shall use commercially reasonable efforts to cooperate with
the Purchaser to seek an appropriate remedy to permit the access contemplated hereby). Purchaser hereby acknowledges and agrees
that any investigation pursuant to this Section 4.6(d) shall be conducted in such a manner as not to interfere unreasonably
with the operations of the Company.

 

(e)              
For so long as the Purchaser Parties have the right, pursuant to Section 4.1(b), to nominate the Purchaser Nominee
for election to the Board of Directors, the Company shall deliver to the Purchaser Parties through the Series C Director copies
of all material, substantive materials provided to the Board at substantially the same time as provided to the directors of the
Company.

 

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Section 4.7          
Antitakeover Provisions; Other Actions.

 

(a)               Antitakeover Provisions. The Company and the Board of Directors shall (i) take all actions necessary so that no
Antitakeover Provision becomes applicable to this Agreement or the Purchaser’s acquisition, or the Company’s issuance,
of the Purchased Shares and the Conversion Shares in accordance with this Agreement and the Certificate of Designation, and (ii)
if any such Antitakeover Provision becomes applicable thereto to any extent or in any regard, to take all actions necessary so
that such transactions may be consummated as promptly as practicable on the terms required by, or provided for, in this Agreement,
the Registration Rights Agreement and the Certificate of Designation, and otherwise to take all such other actions as are reasonably
necessary to eliminate or minimize to the greatest extent possible the effects of any such Antitakeover Provision thereupon or
upon the transactions contemplated thereby.

 

(b)             
Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall require or obligate the Sponsor
and its respective Affiliates and any investment funds or investment vehicles affiliated with, or managed or advised by, the Sponsor
or any portfolio company (as such term is commonly understood in the private equity industry) or investment of the Sponsor or of
any such investment fund or investment vehicle to propose, negotiation, commit to, and/or effect, by consent decree, holder separate
order, or otherwise, the sale, divestiture, transfer, license, disposition, or hold separate (through the establishment of a trust
or otherwise) of such assets, properties, or businesses of the Sponsor or any of its respective Affiliates, Subsidiaries, investment
funds, or portfolio companies, in order to avoid the entry of any decree, judgment, injunction (permanent or preliminary), or any
other order that would make the transactions contemplated by this Agreement unlawful or would otherwise materially delay or prevent
the consummation of the Contemplated Transactions.

 

Section 4.8                Voting
Agreement. For so long as the Purchaser has the right to designate or nominate a director to the Board of Directors pursuant
to Section 4.1, at each meeting of the stockholders of the Company and at every postponement or adjournment thereof, each
Purchaser shall take such action as may be required so that all of the Purchased Shares, Conversion Shares or other shares of
Common Stock owned, directly or indirectly, of record or beneficially by the Purchaser and entitled to vote at such meeting of
stockholders are voted (a) in favor of each director nominated and recommended by the Board of Directors for election at any such
meeting, (b) against any stockholder nomination for director that is not approved and recommended by the Board of Directors for
election at any such meeting, (c) in favor of the Company’s “say-on-pay” proposal and any proposal by the Company
relating to equity compensation that has been approved by the Board of Directors or the Compensation Committee of the Board of
Directors (or any successor committee, however denominated), (d) in favor of the Company’s proposal for ratification of
the appointment of the Company’s independent registered public accounting firm and (e) in favor of the Company’s proposal
for amendment of its organizational documents in a manner that does not have an adverse effect on the holders of Series C Preferred
Stock to increase number of authorized shares of capital stock of the Company, but no Purchaser shall be under any obligation
to vote in the same manner as recommended by the Board of Directors or in any other manner, other than in its sole discretion,
with respect to any other matter. In furtherance of the foregoing, for so long as the Purchaser has the right to designate or
nominate a director to the Board of Directors pursuant to Section 4.1, the Purchaser shall take such action as may be required
so that the Purchaser is present, in person or by proxy, at each meeting of the stockholders of the Company and at every postponement
or adjournment thereof so that all of the Purchased Shares, Conversion Shares or other shares of Common Stock owned, directly
or indirectly, of record or beneficially by the Purchaser may be counted for the purposes of determining the presence of a quorum
and voted in accordance with the terms and conditions of this Section 4.8.

 

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Section 4.9           
Tax Matters.

 

(a)              
USRPHC Status. At the Purchaser’s request from time to time while the Purchaser owns an equity interest in
the Company, the Company shall use commercially reasonable efforts to determine as promptly as practicable whether it is a United
States real property holding corporation within the meaning of Section 897(c)(2) of the Code (a “USRPHC”) and shall
promptly notify the Purchaser in writing of its determination of its status as a USRPHC (and if in connection with a sale, shall
promptly provide to the Purchaser a statement in accordance with Treasury Regulations Section 1.897-2(h)(1) where it determines
the interest being sold is not a United States real property interest within the meaning of Section 897 of the Code).

 

(b)              
Purchase Price Allocation and Tax Treatment. The Company and Purchaser hereby agree that the Purchase Price payable
hereunder shall be allocated among the Purchased Shares as follows: $250,000,000 shall be allocated to the Series C Preferred Stock
and $25,000,000 shall be allocated to the Common Stock. The Company acknowledges and agrees that none of the Purchased Shares are
“preferred stock” for purposes of Section 305 of the Code, and shall not take an inconsistent position with respect
to the Purchased Shares for U.S. federal income tax purposes.

 

Section 4.10       
Nasdaq Listing. Promptly following the execution of this Agreement, the Company shall apply to cause the Purchased
Common Stock and Conversion Shares to be approved for listing on the Nasdaq Stock Market, subject to official notice of issuance.
The Company shall use its reasonable best efforts to maintain the listing of all of the Conversion Shares upon each national securities
exchange and automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice
of issuance) and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing of the Conversion
Shares. In accordance with the Certificate of Designation, the Company shall cause a number of shares of Common Stock equal to
the total number of Conversion Shares to be authorized, reserved, and kept available at all times, free and clear of preemptive
rights and all liens, to allow for full conversion of the Series C Preferred Stock in accordance with the terms thereof. From time
to time following the Closing Date, the Company shall cause the number of shares of Common Stock issuable upon conversion or redemption
of the then outstanding shares of Series C Preferred Stock to be approved for listing on the Nasdaq Stock Market. The Company shall
pay all fees and expenses in connection with satisfying the obligations under this Section 4.10.

 

Section 4.11        State
Securities Laws. The Company shall use its reasonable best efforts to (a) obtain all necessary permits and qualifications,
if any, or secure an exemption therefrom, required by any state or country prior to the offer and sale of Common Stock and/or
Series C Preferred Stock and (b) cause such authorization, approval, permit or qualification to be effective as of the Closing
and as of any conversion of Series C Preferred Stock.

 

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Section 4.12        Section
16b-3 Matters. If the Company becomes a party to a consolidation, merger or other similar transaction or otherwise or if
there is any event or circumstance that may result in the Purchaser and each Permitted Transferee of the Purchaser to whom
shares of Preferred Stock or Common Stock issued upon conversion of shares of Preferred Stock are transferred pursuant to Section
4.2 or Common Stock issued under this Agreement (the “Purchaser Parties”), their respective Affiliates
and/or the Series C Director being deemed to have made a disposition or acquisition of the Preferred Stock or Common Stock
issued or issuable upon conversion of shares of Common Stock or the Common Stock issued under this Agreement for purposes of
Section 16 of the Exchange Act, and if the Series C Director is serving on the Board at such time or has served on the Board
during the preceding six (6) months (i) the Board or a committee thereof composed solely of two or more “non-employee
directors” as defined in Rule 16b-3 of the Exchange Act will pre-approve such acquisition or disposition of the
Preferred Stock or Common Stock issued or issuable upon conversion of shares of Common Stock or the Common Stock issued under
this Agreement for the express purpose of exempting the Purchaser Parties’, their respective Affiliates’ and the
Series C Director’s interests (for the Purchaser Parties and/or their respective Affiliates, to the extent such persons
may be deemed to be “directors by deputization”) in such transaction from Section 16(b) of the Exchange Act
pursuant to Rule 16b-3 thereunder and (ii) if the transaction involves (A) a merger or consolidation to which the Company is
a party and the Common Stock is, in whole or in part, converted into or exchanged for equity securities of a different
issuer, (B) a potential acquisition or deemed acquisition, or disposition or deemed disposition, by the Purchaser Parties,
their respective Affiliates, and/or the Series C Director of equity securities of such other issuer or derivatives thereof
and (C) an Affiliate or other designee of the Purchaser Parties or their respective Affiliates will serve on the board of
directors (or its equivalent) of such other issuer pursuant to the terms of an agreement to which the Company is a party (or
if the Purchaser Parties notify the Company of such service a reasonable time in advance of the closing of such
transactions), then if the Company requires that the other issuer pre-approve any acquisition of equity securities or
derivatives thereof for the express purpose of exempting the interests of any director or officer of the Company or any of
its subsidiaries in such transactions from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder, the Company
shall require that such other issuer pre-approve any such acquisitions of equity securities or derivatives thereof for the
express purpose of exempting the interests of the Purchaser Parties’, their respective Affiliates’ and the Series
C Director (for the Purchaser Parties and/or their respective Affiliates, to the extent such persons may be deemed to be
“directors by deputization” of such other issuer) in such transactions from Section 16(b) of the Exchange Act
pursuant to Rule 16b-3 thereunder.

 

Section 4.13       
Negative Covenants. Except as set forth on Section 4.13 of the Disclosure Letter or as contemplated by the
Chart Purchase Agreement, from the date of this Agreement through the Closing, the Company and its Subsidiaries shall use their
reasonable best efforts to operate their businesses in the ordinary course, and, without the prior written consent of the Purchaser
Parties (which consent shall not be unreasonably withheld, conditioned or delayed), the Company shall not and shall cause its Subsidiaries
not to:

 

(a)              
take any action that would require the consent of the Holders (as defined in the Certificate of Designation) pursuant to
Section 9(a)(ii) of the Certificate of Designation;

 

(b)             
redeem, purchase, repurchase or otherwise acquire any of its outstanding shares of capital stock or other equity or voting
interests, or any rights, warrants or options to acquire any shares of its capital stock or other equity or voting interests, except
in the ordinary course of business pursuant to the terms of the Stock Plans or Company benefit plans;

 

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(c)              
 establish a record date for, declare, set aside for payment or pay any dividend on, or make any other distribution in respect
of, any shares of its capital stock or other equity or voting interests;

 

(d)              
split, combine, subdivide, recapitalize, reclassify or like change to any shares of its capital stock or other equity or
voting interests;

 

(e)              
amend, supplement or otherwise change, or waive any provision of, the Company’s Articles of Incorporation, Bylaws
(except as and to the extent contemplated by Section 2.23(b) or Section 4.7(a)) or other organizational documents
or make any material amendments or changes to the organizational documents of any of the Company’s Subsidiaries or take or
authorize any action to wind up its affairs or dissolve;

 

(f)               
make any material change in the Company’s or its Subsidiaries’ financial accounting principles, except as required
by changes in GAAP (or any interpretation thereof) or in applicable Law; or

 

(g)              
agree, authorize or commit to do any of the foregoing.

 

Section 4.14       
Sponsor.

 

(a)              
Notwithstanding anything to the contrary set forth in this Agreement, none of the terms or provisions of this Agreement
(including, for the avoidance of doubt, Section 4.2 and Section 4.4) shall in any way limit the activities of The
Blackstone Group Inc. (the “Sponsor”) or any of its Affiliates (collectively, the “Sponsor Group”),
other than the Purchaser Parties, in their businesses distinct from the corporate private equity business of Sponsor (the “Excluded
Sponsor Parties”), so long as (i) no such Excluded Sponsor Party or any of its Representatives is acting on behalf of
or at the direction of any Purchaser Party with respect to any matter that otherwise would violate any term or provision of this
Agreement and (ii) no Confidential Information is made directly available to any Excluded Sponsor Party or any of its Representatives
who are not involved in the corporate private equity business of Sponsor by or on behalf of any Purchaser Party or any of their
Representatives, except with respect to any such Representative who is (x) compliance personnel for compliance purposes and (y)
non-compliance personnel of Sponsor who are directors or officers of, or function in a similar oversight role at, such Affiliate
as long as Confidential Information is not otherwise disclosed to such Affiliate.

 

(b)              
The Purchaser Parties and the Company hereby agree, notwithstanding anything to the contrary in any other agreement or at
law or in equity, that, to the maximum extent permitted by law, when the Purchaser Parties take any action under this Agreement
to give or withhold their consent, the Purchaser Parties shall have no duty (fiduciary or other) to consider the interests of the
Company or the other stockholders of the Company and may act exclusively in their own interest; provided, however, that
the foregoing shall in no way affect the obligations of the parties hereto to comply with the provisions of this Agreement. For
the avoidance of doubt, the foregoing sentence shall not limit or otherwise affect the fiduciary duties of the Series C Director.

 

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(c)              
 The Purchaser Parties and the Company hereby agree and acknowledge that, subject to applicable law, the Series C Director
may share Confidential Information with the Purchaser Parties.

 

Section 4.15       
Use of Proceeds The Company shall use the proceeds from the issuance and sale of the Purchased Shares for working
capital, inventory development, global infrastructure buildout and facilities expansion, sales and marketing and, potentially,
acquisitions with strategic impact, including in connection with the acquisition contemplated by the Chart Purchase Agreement.

 

Section 4.16       
Corporate Actions.

 

(a)              
If any occurrence since the date of this Agreement until the Closing would have resulted in an adjustment to the Conversion
Price pursuant to the Certificate of Designation if the Series C Preferred Stock had been issued and outstanding since the date
of this Agreement, the Company shall adjust the Conversion Price, effective as of the Closing, in the same manner as would have
been required by the Certificate of Designation if the Series C Preferred Stock had been issued and outstanding since the date
of this Agreement.

 

(b)              
The Company shall not adopt any stockholder rights agreement, “poison pill” or similar anti-takeover agreement
or plan that prohibits the Purchaser Parties from taking any of the actions permitted by this Agreement under Section 4.2
or the Certificate of Designation.

 

(c)              
The Company shall, upon the Purchaser’s reasonable request, reasonably consult with the Purchaser in connection with
the matters set forth on Section 4.16(c) of the Disclosure Letter.

 

(d)              
Prior to the Closing. the Company shall not, and shall not permit any of its Subsidiaries to, without the prior written
consent of the Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed), terminate or make any amendment,
supplement, waiver or other modification to the purchase agreement entered into by the Company in connection with the acquisition
of CryoPDP (such agreement, the “CryoPDP Purchase Agreement” and the transactions contemplated thereby, the
“CryoPDP Acquisition”) in a manner that would be materially adverse to the Purchaser; provided that the
parties hereto agree that (x) any termination of the CryoPDP Purchase Agreement by mutual consent of the parties thereto shall
be deemed materially adverse to the Purchaser and (y) any termination of the CryoPDP Purchase Agreement by the Company for failure
of the CryoPDP Acquisition to close by the outside date of the CryoPDP Purchase Agreement or for material breach shall not be deemed
to be materially adverse to the Purchaser.

 

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Section 4.17        Chart
Acquisition. At and prior to Closing, the Company shall not, and shall not permit any of its Subsidiaries to, without the
prior written consent of the Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed), make any
amendment, supplement, waiver or other modification to the Chart Purchase Agreement in a manner that would be materially
adverse to the Purchaser. Without limiting the foregoing, the parties agree that it shall be materially adverse to Purchaser
to make any amendment, supplement, waiver or other modification to the Chart Purchase Agreement to (a) increase the Purchase
Price (as defined in the Chart Purchase Agreement), (b) modify or waive the conditions to the Closing (as defined in the
Chart Purchase Agreement) set forth in Article IX of the Chart Purchase Agreement or (c) change in a manner adverse to the
Company the scope or nature of the Assets or Liabilities to be transferred, assumed or retained in connection with the
Acquisition. Upon the Purchaser’s request to the Company in writing, the Company shall reasonably inform the Purchaser
regarding the transactions contemplated by the Chart Acquisition Agreement, including the status thereof, the expected timing
of the Closing, the anticipated date of the Closing and any developments that would reasonably be expected, individually or
in the aggregate, to materially delay the Closing or make the Closing unlikely to occur. The Company shall provide the
Purchaser with no less than ten (10) Business Days’ written notice of the anticipated Closing Date. The Company will
deliver or otherwise make available to the Purchaser (A) copies of the executed Chart Purchase Agreement (including any
amendments, modifications, waivers or other changes thereto), (B) financial statements for the business being acquired and
(C) any other information or diligence documents that the Purchaser reasonably requests. The Company shall make its and its
Subsidiaries’ relevant personnel and Representatives involved in the Acquisition available to the Purchaser and their
Representatives upon reasonable request and during normal business hours to discuss the Acquisition.

 

Section 4.18        Corporate
Opportunities. In recognition and anticipation that (1) certain directors, principals, officers, employees and/or other
representatives of the Purchaser Parties and their Affiliates may serve as directors, officers or agents of the Company, (2)
the Purchaser Parties and their Affiliates may now engage and may continue to engage in the same or similar activities or
related lines of business as those in which the Company, directly or indirectly, may engage and/or other business activities
that overlap with or compete with those in which the Company, directly or indirectly, may engage or proposes to engage, and
(3) members of the Board who are not employees of the Company or its subsidiaries (the “Non-Employee
Directors”) and their respective Affiliates may now engage and may continue to engage in the same or similar
activities or related lines of business as those in which the Company, directly or indirectly, may engage and/or other
business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage or
proposes to engage, the provisions of this Section 4.18 are set forth to regulate and define the conduct of certain
affairs of the Company with respect to certain classes or categories of business opportunities as they may involve the
Purchaser Parties, the Non-Employee Directors or their respective Affiliates, as applicable, and the powers, rights, duties
and liabilities of the Company and its directors, officers and stockholders in connection therewith. None of (1) the
Purchaser Parties or any of their Affiliates, or (2) any Non-Employee Director (including any Non-Employee Director who
serves as an officer of the Company in both his or her director and officer capacities) or his or her Affiliates (the Persons
identified in (1) and (2) above being referred to, collectively, as “Identified Persons” and,
individually, as an “Identified Person”) shall, to the fullest extent permitted by law, have any duty to
refrain from, directly or indirectly, (A) engaging in the same or similar business activities or lines of business in which
the Company or any of its Affiliates now engages or proposes to engage or (B) otherwise competing with the Company or any of
its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Company or its
stockholders or to any Affiliate of the Company for breach of any fiduciary duty solely by reason of the fact that such
Identified Person engages in any such activities. To the fullest extent permitted by law, the Company hereby renounces any
interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity that may be a
corporate opportunity for an Identified Person and the Company or any of its Affiliates. Subject to the following sentence,
in the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity that may
be a corporate opportunity for itself, herself or himself and the Company or any of its Affiliates, such Identified Person
shall, to the fullest extent permitted by law, have no duty to communicate or offer such transaction or other business
opportunity to the Company or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the
Company or its stockholders or to any Affiliate of the Company for breach of any fiduciary duty as a stockholder, director or
officer of the Company solely by reason of the fact that such Identified Person pursues or acquires such corporate
opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person or does not
communicate information regarding such corporate opportunity to the Company. Notwithstanding the foregoing, the Company does
not renounce its interest in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee
Director who serves as an officer of this Company) if such opportunity is offered to such person solely in his or her
capacity as a director or officer of the Company, and the prior sentence shall not apply to any such corporate opportunity.
In addition to and notwithstanding the foregoing provisions of this Agreement or anything to the contrary in the Certificate
of Designation, to the fullest extent permitted by law, a potential corporate opportunity shall not be deemed to be a
corporate opportunity for the Company if it is a business opportunity that (1) the Company is neither financially or legally
able, nor contractually permitted to undertake, (2) from its nature, is not in the line of the Company’s business or is
of no practical advantage to the Company, or (3) is one in which the Company has no interest or reasonable expectancy.

 

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Section 4.19        Financing
Cooperation. If requested by the Purchaser Parties, the Company will provide the following cooperation in connection with
the Purchaser Parties obtaining any Permitted Loan following the Closing: (i) using good faith and commercially reasonable
efforts to negotiate entering into an issuer agreement (an “Issuer Agreement”) with each lender in
customary form in connection with such transactions (which agreement may include, without limitation, agreements and
obligations of the Company relating to procedures and specified time periods for effecting Transfers and/or conversions upon
foreclosure, agreements to not intentionally hinder or delay exercises of remedies on foreclosure, acknowledgments regarding
corporate policy, if applicable, certain acknowledgments regarding securities law status of the pledge arrangements and a
specified list of Company Competitors) and subject to the consent of the Company (which will not be unreasonably withheld or
delayed), with such changes thereto as are requested by such lender and customary for similar financings, (ii) using
commercially reasonable efforts to (A) remove any restrictive legends on certificates representing pledged Series C Preferred
Stock, Conversion Shares or Common Stock and depositing such pledged Series C Preferred Stock, Conversion Shares or Common
Stock in book entry form on the books of The Depository Trust Company, when eligible to do so (for the avoidance of doubt,
shares of Common Stock will not be considered so eligible prior to the date the lender has a valid one year “holding
period” (as defined in Rule 144) in such shares of Common Stock) or (B) without limiting the generality of clause (A),
if such Series C Preferred Stock or Common Stock is eligible for resale under Rule 144A, depositing such pledged Series C
Preferred Stock or Common Stock in book entry form on the books of The Depository Trust Company or other depository with
customary Rule 144A restrictive legends in lieu of the legends specified in Section 4.3 above, (iii) if so requested by such
lender or counterparty, as applicable, (x) re-issuing the pledged Series C Preferred Stock, Conversion Shares or Common Stock
in certificated form in the name of a Purchaser Party or its Affiliates and/or (y) re-registering the pledged Series C
Preferred Stock, Conversion Shares or Common Stock in certificated form or in book-entry form, as so requested, in the name
of the relevant lender, counterparty, custodian or similar party to a Permitted Loan, with respect to Permitted Loans solely
as securities intermediary and only to the extent a Purchaser Party or its Affiliates continues to beneficially own such
pledged Series C Preferred Stock, Conversion Shares or Common Stock, and (iv) such other cooperation and assistance as the
Purchaser Parties may reasonably request (which cooperation and assistance, for the avoidance of doubt, shall not include any
requirements that the Company deliver information, compliance certificates or any other materials typically provided by
borrowers to lenders) that will not unreasonably disrupt the operation of the Company’s business, in the cases of
clauses (ii) and (iii), subject to receipt of customary legal opinions and certificates and the satisfaction of any relevant
requirements of the Company’s transfer agent. Notwithstanding anything to the contrary in the preceding sentence, the
Company’s obligation to deliver an Issuer Agreement is conditioned on (i) the relevant Purchaser Party certifying to
the Company in writing that (A) the loan agreement with respect to which the Issuer Agreement is being delivered constitutes
a Permitted Loan being entered into in accordance with this Agreement, such Purchaser Party has pledged Common Stock or the
Series C Preferred Stock and/or the underlying shares of Common Stock as collateral to the lenders under such Permitted Loan
and that the execution of such Permitted Loan and the terms thereof do not violate the terms of this Agreement, (B) to the
extent applicable, whether the registration rights under the Registration Rights Agreement are being assigned to the lenders
under that Permitted Loan and (C) such Purchaser Party acknowledges and agrees that the Company will be relying on such
certificate when entering into the Issuer Agreement and any inaccuracy in such certificate will be deemed a breach of this
Agreement and (ii) the Issuer Agreement containing customary representations, warranties and covenants for the benefit of the
Company from the relevant Purchaser Party and the lender reasonably satisfactory to the Company (including, for the avoidance
of doubt, an undertaking of the lender to sell any pledged Series C Preferred Stock and/or common stock in compliance with
the Foreclosure Limitations). The Purchaser Parties acknowledge and agree that the statements and agreements of the Company
in an Issuer Agreement are solely for the benefit of the applicable lenders party thereto and that in any dispute between the
Company and the Purchaser Parties under this Agreement the Purchaser Parties shall not be entitled to use the statements and
agreements of the Company in an Issuer Agreement against the Company.

 

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Article
V

CONDITIONS TO THE PARTIES’ OBLIGATIONS

 

Section 5.1           
Conditions of the Purchaser. The obligations of the Purchaser to consummate the transactions contemplated hereby
to be consummated at the Closing are subject to the satisfaction or written waiver (to the extent any such waiver is permitted
by applicable Law) by the Purchaser, on or prior to the Closing Date, of each of the following conditions precedent:

 

(a)               Representations
and Warranties. (i) Each of the representations and warranties of the Company contained in Article II of this
Agreement (other than Sections 2.1 (Organization and Power), 2.2(a) (Authorization), 2.4(a)
and (b) (Authorized and Outstanding Stock) and 2.22(b) (Absence of Certain Changes) of this
Agreement) shall be true and correct on and as of the date hereof and on and as of the Closing Date with the same effect as
though such representations and warranties had been made on and as of the Closing Date, except for representations and
warranties that speak as of a specific date or time other than the Closing Date (which need only be true and correct as of
such date or time), except where the failure of such representations and warranties to be so true and correct, without giving
effect to any qualification or limitation as to “materiality,” “Material Adverse Effect” or similar
qualifier set forth therein, has not had, and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, (ii) each of the representations and warranties of the Company contained in Sections 2.1
(Organization and Power), 2.2(a) (Authorization) and 2.4(a) and (b) (Authorized and
Outstanding Stock) of this Agreement shall be true and correct in all material respects on and as of the date hereof and
on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of
the Closing Date, except for representations and warranties that speak as of a specific date or time other than the Closing
Date (which need only be true and correct in all material respects as of such date or time) and (iii) the representations and
warranties of the Company contained in Section 2.22(b) (Absence of Certain Changes) of this Agreement shall be
true and correct on and as of the date hereof and on and as of the Closing Date with the same effect as though such
representations and warranties had been made on and as of the Closing Date.

 

(b)              
Covenants. The Company shall have performed and complied in all material respects with all covenants and agreements
required by this Agreement to be performed or complied with by it at or prior to the Closing.

 

(c)              
Certificate of Designation. The Certificate of Designation shall have been duly filed with the Nevada Secretary of
State and a certified copy shall have been delivered to the Purchaser.

 

(d)              
Chart Purchase Agreement. The Acquisition shall have been consummated or shall be consummated substantially simultaneously
with the Closing on the terms and conditions contemplated by the Chart Purchase Agreement (subject to any amendments, supplements,
waivers or other modifications but only to the extent permitted by Section 4.17 or otherwise consented to in writing by
the Purchaser).

 

(e)              
VCOC Letter Agreement. The Purchaser shall have received a duly executed VCOC Letter Agreement, in the form of Exhibit
E hereto,

 

(f)               
Officer’s Certificate. The Purchaser shall have received a certificate signed on behalf of the Company by a
duly authorized officer certifying to the effect that the conditions set forth in Section 5.1(a), (b) and (d)
have been satisfied.

 

Section 5.2           
Conditions of the Company. The obligations of the Company to consummate the transactions contemplated hereby are
subject to the satisfaction or written waiver (to the extent any such waiver is permitted by applicable Law) by the Purchaser,
on or prior to the Closing Date, of each of the following conditions precedent:

 

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(a)               Representations
and Warranties; Performance. (i) Each of the representations and warranties of the Purchaser contained in Article
III of this Agreement (other than Sections 3.1 (Organization and Power) and 3.2 (Authorization,
Etc.)) shall be true and correct on and as of the Closing Date with the same effect as though such representations and
warranties had been made on and as of the Closing Date, except for representations and warranties that speak as of a specific
date or time other than the Closing Date (which need only be true and correct as of such date or time), except where the
failure of such representations and warranties to be so true and correct, without giving effect to any qualification or
limitation as to “materiality,” “material adverse effect” or similar qualifier set forth therein, has
not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the
Purchaser’s ability to consummate the transactions under this Agreement and the Registration Rights Agreement and (ii)
each of the representations and warranties of the Purchaser contained in Sections 3.1 (Organization and Power)
and 3.2 (Authorization, Etc.)) of this Agreement shall be true and correct in all material respects on and as
of the date hereof and on and as of the Closing Date with the same effect as though such representations and warranties had
been made on and as of the Closing Date, except for representations and warranties that speak as of a specific date or time
other than the Closing Date (which need only be true and correct as of such date or time).

 

(b)              
Covenants. The Purchaser shall have performed and complied in all material respects with all covenants and agreements
required by this Agreement to be performed or complied with by the Purchaser at or prior to the Closing.

 

(c)              
Consideration for the Securities. The Purchaser shall have paid the purchase price of the Purchased Shares to be
purchased by such Purchaser in full at the Closing by wire transfer of immediately available funds to an account designated in
writing by the Company.

 

(d)              
Certificate of Designation. The Certificate of Designation shall have been duly filed with the Nevada Secretary of
State.

 

(e)              
Chart Purchase Agreement. The Acquisition shall have been consummated or shall be consummated substantially simultaneously
with the Closing on the terms and conditions contemplated by the Chart Purchase Agreement (subject to any amendments, supplements,
waivers or other modifications but only to the extent permitted by Section 4.17 or otherwise consented to in writing by
the Purchaser).

 

(f)               
Officer’s Certificate. The Company shall have received a certificate signed on behalf of the Purchaser by a
duly authorized officer certifying to the effect that the conditions set forth in Sections 5.2(a) and (b) have been
satisfied.

 

 

Article
VI

MISCELLANEOUS

 

Section 6.1            Survival.
Except in the case of fraud, the representations and warranties of the parties contained in Article II and Article
III hereof shall not survive and shall terminate automatically as of the Closing, and there shall be no liability in
respect thereof, whether such liability has accrued prior to or after the Closing, on the part of any party or any of their
respective Representatives. All other covenants and agreements of the parties contained herein shall survive the Closing in
accordance with their terms.

 

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Section 6.2           
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other
parties. Copies of executed counterparts of signature pages to this Agreement may be transmitted by PDF (portable document format)
or facsimile and such PDFs or facsimiles will be deemed as sufficient as if actual signature pages had been delivered.

 

Section 6.3           
Governing Law.

 

(a)              
This Agreement shall be governed by, and construed in accordance with, the laws of the state of New York (except to the
extent that mandatory provisions of the laws of the State of Nevada are applicable), without giving effect to any choice of law
or conflict of law rules or provisions (whether of the state of New York or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the state of New York.

 

(b)              
Any dispute relating hereto shall be heard in the U.S. District Court for the Southern District of New York (and any federal
appellate courts therefrom) (and to the extent such court declines jurisdiction, state court located in the Borough of Manhattan)
(each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties hereto agree
to the exclusive jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated
hereby or by any matters related to the foregoing (the “Applicable Matters”) shall be brought exclusively in
a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen
from a transaction of business in the State of New York, and each of the foregoing Persons hereby irrevocably consents to the jurisdiction
of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any
such Chosen Court or that any such proceeding brought in any such Chosen Court has been brought in an inconvenient forum.

 

(c)              
Such Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any
Applicable Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen
Court.

 

(d)              
Process in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world,
whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that
service of process on such party as provided in Section 6.6 shall be deemed effective service of process on such Person.

 

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(e)               Waiver
of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE
AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

Section 6.4           
Entire Agreement; No Third Party Beneficiary. This Agreement and the Registration Rights Agreement contain the entire
agreement by and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings
relating to the subject matter of this Agreement. This Agreement is not intended to confer upon any Person not a party hereto (or
their successors and permitted assigns) any rights or remedies hereunder.

 

Section 6.5           
Expenses. All fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby, including accounting and legal fees shall be paid by the party incurring such expenses, except that, upon consummation
of the Closing, the Company shall reimburse the Purchaser for all reasonable and documented costs and expenses, including legal
fees, expenses, financial advisor fees and expenses, other professional fees and expenses, and all reasonable out-of-pocket due
diligence expenses, in an aggregate amount not to exceed one million dollars ($1,000,000), incurred by the Purchaser in connection
with the transactions contemplated by this Agreement.

 

Section 6.6           
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt
requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) Business Day after mailing; (c) if
sent by e-mail transmission, with a copy sent on the same day in the manner provided in the foregoing clause (a) or (b), when transmitted
and receipt is confirmed; and (d) if otherwise actually personally delivered, when delivered, provided, that such notices,
requests, demands and other communications are delivered to the address set forth below, or to such other address as any party
shall provide by like notice to the other parties to this Agreement:

 

If to the Company, to:

 

Cryoport, Inc.

112 Westwood Place, Suite 350

Brentwood, TN 37027

Attention:    (i) Jerrell Shelton, President, Chief
Executive Officer, and 

Chairman of the Board, (ii) Robert Stefanovich, Chief Financial Officer, 

Treasurer and Corporate Secretary,
and (iii) Tony Ippolito, Vice President 

and General Counsel.

Email: JShelton@cryoport.com; RStefanovich@cryoport.com; and 

TIppolito@cryoport.com

 

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

 

Latham & Watkins LLP

650 Town Center Drive, 20th Floor

Costa Mesa, CA 92626

Attention: Daniel Rees

Email: Daniel.Rees@lw.com

 

If to a Purchaser or to the Purchaser Representative,
to:

 

BTO Freeze Parent L.P.

c/o The Blackstone Group Inc.

345 Park Avenue

New York, NY 10154

Attention: Ram Jagannath

Aaron Weiner

E-mail: Ram.Jagannath@Blackstone.com

 Aaron.Weiner@blackstone.com

 

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

 

Simpson Thacher & Bartlett LLP

425 Lexington Ave

New York, New York 10017

E-mail: avernace@stblaw.com

Attention: Anthony F. Vernace

 

Section 6.7           
Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. This Agreement may be assigned (a) in connection with a Transfer to a Permitted Transferee
permitted by Section 4.2(a)(i) and (b) as collateral security to any lender to the Purchaser; provided that the rights and
obligations of the Purchaser Parties under Sections 4.1, 4.6 and 4.12 shall not be assignable other than to
a member of the Sponsor Group that becomes a Purchaser Party pursuant to the terms of this Agreement. No other assignment of this
Agreement or of any rights or obligations hereunder may be made by any party hereto without the prior written consent of the other
parties hereto. Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio.

 

Section 6.8           
Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of reference
only and will not affect the meaning or interpretation of this Agreement.

 

Section 6.9            Amendments
and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing signed by
each party hereto. Any party hereto may, only by an instrument in writing, waive compliance by any other party or parties
hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with.
No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any
single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party
hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights
and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have hereunder.

 

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Section 6.10       
Interpretation; Absence of Presumption.

 

(a)              
For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender
shall be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and
“herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole (including all of the Schedules and Exhibits) and not to any particular provision of this Agreement, and Article, Section,
paragraph, Exhibit and Schedule references are to the Articles, Sections, paragraphs, Exhibits, and Schedules to this Agreement
unless otherwise specified; (iii) the word “including” and words of similar import when used in this Agreement
shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; and
(iv) the word “or”, “any” or “either” shall not be exclusive. References to a Person are also
to its permitted assigns and successors. When calculating the period of time between which, within which or following which any
act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall
be excluded (and unless, otherwise required by Law, if the last day of such period is not a Business Day, the period in question
shall end on the next succeeding Business Day).

 

(b)              
With regard to each and every term and condition of this Agreement and any and all agreements and instruments subject to
the terms hereof, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted,
and if at any time the parties hereto desire or are required to interpret or construe any such term or condition or any agreement
or instrument subject hereto, no consideration will be given to the issue of which party hereto actually prepared, drafted or requested
any term or condition of this Agreement or any agreement or instrument subject hereto.

 

Section 6.11       
Severability. Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court
of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without
affecting in any way the remaining provisions hereof, provided, however, that the parties will attempt in good faith
to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out
such intent.

 

Section 6.12       
Specific Performance. The parties hereto agree that irreparable damage could occur and that the a party may not have
any adequate remedy at law in the event that any of the provisions of this Agreement are not performed in accordance with their
terms or were otherwise breached. Accordingly, each party shall without the necessity of proving the inadequacy of money damages
or posting a bond be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms, provisions and covenants contained therein (including, for the avoidance of doubt, the right of the Company to specifically
enforce the obligation of the Purchaser to cause the Equity Commitment to be funded and the purchase of the Purchased Shares to
be consummated on the terms and subject to the conditions set forth in this Agreement), this being in addition to any other remedy
to which they are entitled at law or in equity.

 

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Section 6.13       
Public Announcement. Subject to each party’s disclosure obligations imposed by applicable law or the rules
of any stock exchange upon which its securities are listed, each of the parties hereto will cooperate with each other in the development
and distribution of all news releases and other public information disclosures with respect to this Agreement and any of the transactions
contemplated by this Agreement, and neither the Company nor any Purchaser will make any such news release or public disclosure
without first consulting with the other, and, in each case, also receiving the other’s consent (which shall not be unreasonably
withheld or delayed) and each party shall coordinate with the party whose consent is required with respect to any such news release
or public disclosure. Notwithstanding the foregoing, this Section 6.13 shall not apply to any press release or other public
statement made by the Company or a Purchaser (a) that is consistent with prior disclosure and does not contain any information
relating to the transactions that has not been previously announced or made public in accordance with the terms of this Agreement
or (b) is made to its auditors, attorneys, accountants, financial advisors, limited partners or other Permitted Transferees. Notwithstanding
anything to the contrary in this Agreement or the Confidentiality Agreement, in no event shall either this Section 6.13 or any
provision of the Confidentiality Agreement limit disclosure by any Purchaser Party and their respective Affiliates of ordinary
course communications regarding this Agreement and the transactions contemplated by this Agreement to its existing or prospective
general and limited partners, equityholders, members, managers and investors of any Affiliates of such Person, including disclosing
information about the transactions contemplated by this Agreement on their websites in the ordinary course of business consistent
with past practice.

 

Section 6.14       
Purchaser Representative. Each Purchaser Party hereby consents to and authorizes (a) the appointment of BTO Freeze
Parent L.P. as the Purchaser Representative hereunder (the “Purchaser Representative”) and as the attorney-in-fact
for and on behalf of the Purchaser Party, and (b) the taking by the Purchaser Representative of any and all actions and the making
of any decisions required or permitted by, or with respect to, this Agreement and the transactions contemplated hereby, including
(i) the exercise of the power to agree to execute any consents under this Agreement and (ii) to take all actions necessary in the
judgment of the Purchaser Representative for the accomplishment of the foregoing and all of the other terms, conditions and limitations
of this Agreement and the transactions contemplated hereby. Each Purchaser Party shall be bound by the actions taken by the Purchaser
Representative exercising the rights granted to it by this Agreement, and the Company shall be entitled to rely on any such action
or decision of the Purchaser Representative. If the Purchaser Representative shall resign or otherwise be unable to fulfill its
responsibilities hereunder, the Purchaser Parties shall appoint a new Purchaser Representative as soon as reasonably practicable
by written consent of holders of a majority of the then outstanding Series C Preferred Stock and/or shares of Common Stock that
were issued upon conversion of shares of Series C Preferred Stock beneficially owned by the Purchaser or Purchaser Parties that
are successors or assigns of the Purchaser by sending notice and a copy of the duly executed written consent appointing such new
Purchaser Representative to the Company.

 

Section 6.15        Non-Recourse.
Any claim or cause of action based upon, arising out of, or related to this Agreement or the Equity Commitment Letter may
only be brought against the entities that are expressly named as parties hereto or thereto (the “Contract
Parties”) and then only with respect to the specific obligations of such party and subject to the terms, conditions
and limitations set forth herein or therein. No Person other than the Contract Parties, including no member, partner,
stockholder, unitholder, Affiliate or Representative thereof, nor any member, partner, stockholder, unitholder, Affiliate or
Representative of any of the foregoing, shall have any liability (whether in contract or in tort, in law or in equity, or
granted by statute) for any claims, causes of action, obligations, or liabilities arising under, out of, in connection with,
or related in any manner to this Agreement or the Equity Commitment Letter or based on, in respect of, or by reason of this
Agreement or the Equity Commitment Letter or their respective negotiation, execution, performance, or breach; and, to the
maximum extent permitted by law, each of the Contract Parties hereby waives and releases all such liabilities, claims, causes
of action, and obligations against any such third Person.

 

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Section 6.16       
Further Assurances. From the date hereof until the Closing, without further consideration, the Company and the Purchaser
shall use their respective reasonable best efforts to take, or cause to be taken, all actions necessary, appropriate or advisable
to consummate the transactions contemplated by this Agreement, the Registration Rights Agreement, the Certificate of Designation
and any and all other agreements or instruments executed and delivered to the Purchaser by the Company hereunder or thereunder,
as applicable.

 

Article
VII

TERMINATION

 

Section 7.1           
Termination. This Agreement may be terminated at any time prior to Closing:

 

(a)              
by mutual written consent of the Company and Purchaser;

 

(b)              
by either the Company or Purchaser, if (i) any Governmental Entity with lawful jurisdiction shall have issued a final order,
decree or ruling or taken any other final action restraining, enjoining or otherwise prohibiting the transactions contemplated
by this Agreement and such order, decree, ruling or other action is or shall have become final and nonappealable or (ii) the Chart
Purchase Agreement is terminated for any reason;

 

(c)              
by notice given by the Company to the Purchaser if there have been one or more inaccuracies in or breaches of one or more
representations, warranties, covenants or agreements made by the Purchaser in this Agreement such that the conditions in Section
5.2(a) or Section 5.2(b) would not be satisfied and, if capable of being cured, which have not been cured by the Purchaser
thirty (30) days after receipt by the Purchaser of written notice from the Company requesting such inaccuracies or breaches to
be cured; provided, however, that the Company is not then in breach of any of its obligations hereunder; or

 

(d)              
by notice given by the Purchaser to the Company, if there have been one or more inaccuracies in or breaches of one or more
representations, warranties, covenants or agreements made by the Company in this Agreement such that the conditions in Section
5.1(a) or Section 5.1(b) would not be satisfied and, if capable of being cured, which have not been cured by the Company
within thirty (30) days after receipt by the Company of written notice from the Purchaser requesting such inaccuracies or breaches
to be cured; provided, however, that the Purchaser is not then in breach of any of its obligations hereunder.

 

Section 7.2           
Certain Effects of Termination. In the event that this Agreement is terminated in accordance with Section 7.1,
neither party (nor any of its Affiliates) shall have any liability or obligation to the other (or any of its Affiliates) under
or in respect of this Agreement, except to the extent of (a) any liability arising from any breach by such party of its obligations
pursuant to this Agreement arising prior to such termination, and (b) any actual and intentional fraud or intentional or willful
breach of this Agreement. In the event of any such termination, this Agreement shall become void and have no effect, and the transactions
contemplated hereby shall be abandoned without further action by the parties, in each case, except (x) as set forth in the preceding
sentence and (y) that the provisions of Section 4.6 (Confidentiality), Sections 6.2 to 6.4 (Counterparts,
Governing Law, Entire Agreement) and Sections 6.6 through 6.15 (Notices, Successors and Assigns, Headings,
Amendments and Waivers, Interpretations; Absence of Presumption, Severability, Specific Performance and Public Announcement,
Purchaser Representative, Non-Recourse) shall survive the termination of this Agreement.

 

(Signature page follows)

 

    36

     

    

 

The parties have caused this Securities Purchase
Agreement to be executed as of the date first written above.

 

	 	CRYOPORT, INC.
	 	 
		By:  	/s/
                                         Jerrell Shelton

                                                                                

                                                                                

	 	 	Name: Jerrell Shelton
	 	 	Title: President and
                              CEO

 

[Signature page to Securities Purchase Agreement]

 

     

     

    

 

	 	Purchaser
	 	 
	 	BTO
    FREEZE PARENT L.P.
	 	 
	 	By:
    BTO Freeze Parent GP LLC, its general 

partner
	 	 
	 	By:  	/s/ Aaron Weiner
	 	 	Name: Aaron Weiner
	 	 	Title: Vice President

 

[Signature page to Securities Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

DEFINED TERMS

 

1.       The
following capitalized terms have the meanings indicated:

 

“Affiliate”
of any Person means any Person, directly or indirectly, Controlling, Controlled by or under common Control with such Person; provided,
however, that (i) the Company and its Subsidiaries, on the one hand, and any Purchaser Party or any of its Affiliates, on
the other hand, shall not be deemed to be Affiliates, (ii) “portfolio companies” (as such term is customarily used
among institutional investors) in which any Purchaser Party or any of its Affiliates has an investment (whether as debt or equity)
shall not be deemed an Affiliate of such Purchaser Party and (iii) the Excluded Sponsor Parties shall not be deemed to be Affiliates
of any Purchaser Party, the Company or any of the Company’s Subsidiaries.

 

“Antitakeover
Provisions” means the provisions of any rights plan or agreement, poison pill (including any distribution under a rights
plan or agreement), or any control share acquisition, business combination, interested stockholder, fair price, moratorium or similar
anti-takeover provision under the Articles, the Bylaws, or applicable law (including the “acquisition of controlling interest”
statutes codified in Nevada Revised Statutes 78.378 through 78.3793, inclusive, and the “combinations with interested stockholders”
statutes codified in Nevada Revised Statutes 78.411 through 78.444, inclusive).

 

“Articles of
Incorporation” means the Company’s Amended and Restated Articles of Incorporation, as the same have been and may
be further amended or restated.

 

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

 

“Business Day”
means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required
by law or executive order to close or be closed.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, adopted as of February 8, 2016, as the same may be further amended or restated.

 

“Company Competitor”
means, as of any date of determination, any Person (including such Person’s Affiliates) engaged in the business of temperature-controlled
supply chain solutions for the life sciences industry; provided however, that for the avoidance of doubt, a private equity
fund, financial institution, asset management firm or similar firm shall not be considered a “Company Competitor” but
its portfolio companies, if any, that own material interests in temperature-controlled supply chain solution businesses would be
considered a “Company Competitor”.

 

    A-1

     

    

 

“Confidential
Information” means information regarding the Company or its Subsidiaries and the Cryo Business furnished by or on
behalf of the Company, directly or indirectly, to the Purchaser or its Representatives, together with all analyses,
compilations, forecasts, studies or other documents prepared by the Purchaser or its Representatives which contain or
otherwise reflect such information. “Confidential Information” shall not include such portions of the
Confidential Information that (a) are or become generally available to the public other than as a result of the
Purchaser’s or its Affiliates’ disclosure in violation of this Agreement, (b) become available to the Purchaser
or its Affiliates on a non-confidential basis from a source other than the Company or its Subsidiaries, (c) was already in
the Purchaser’s or its Affiliate’s possession prior to the date of this Agreement and which was not obtained from
the Company or its Subsidiaries or (d) are independently developed by the Purchaser Parties or their respective Affiliates or
Representatives without reference to the Confidential Information.

 

“Control”
(including its correlative meanings “under common Control with” and “Controlled by”) means, with respect
to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through ownership of securities or partnership or other interests, by contract or otherwise.

 

“Convertible
Senior Notes” means the Company’s 3.00% convertible senior notes due in 2025.

 

“Environmental
Permit” means any permit, license, certificate, approval or other authorization under any applicable Requirements of
Environmental Law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Documents”
means all material “employment benefit plans” as defined in Section 3(3) of ERISA that are maintained or sponsored
by the Company or its Subsidiaries for the benefit of their respective current or former employees or with respect to which the
Company or its Subsidiaries have any liability.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States.

 

“Governmental
Entity” means any supranational, national, state, municipal, local or foreign government, any court, tribunal, arbitrator,
administrative agency, commission or other governmental official, authority or instrumentality.

 

“Government
Official” means any officer or employee of a foreign governmental authority or any department, agency, or instrumentality
thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such foreign
governmental authority or department, agency, or instrumentality, or for or on behalf of any such public international organization,
or any political party, party official, or candidate thereof, excluding officials of the governments of the United States, the
several states thereof, any local subdivision of any of them or any agency, department or unit of any of the foregoing.

 

“Hazardous
Substance” means any waste, substance, product or material defined or regulated as “hazardous”
or “toxic” or as a “pollutant” or “contaminant”, or words of similar meaning, by
any applicable Requirements of Environmental Law,“ including petroleum and any fraction thereof, and any biomedical or
radioactive materials and waste.

 

     

     

    

 

“Investment
Company Act” mean the Investment Company Act of 1940, as amended.

 

“Material Adverse
Effect” means any event, change, development, circumstance, condition, state of facts or occurrence that individually
or in the aggregate is, or would reasonably be expected to be, materially adverse to (x) the condition (financial or otherwise),
assets, properties, or liabilities of the Company and its Subsidiaries (taken as a whole) or results of operations of the Company
and its Subsidiaries (taken as a whole), or (y) the ability of the Company to perform its obligations or consummate the transactions
contemplated hereby, but shall exclude any prospects and shall also exclude any event, change, development, circumstance, condition,
state of facts or occurrence to the extent resulting or arising from: (a) any change or prospective change in any applicable law
or GAAP or interpretation thereof; (b) any change in general economic conditions in the industries or markets in which the
Company and its Subsidiaries operate or affecting the United States of America or any foreign economies in general; (c) any
change made by any Governmental Entity that is generally applicable to the industries or markets in which the Company and its Subsidiaries
operate; (d) the announcement of this Agreement and/or the consummation of the transactions contemplated hereby; (e) any action
that is consented to or requested by the Purchaser in writing; (f) any action expressly required by, or the failure to take any
action expressly prohibited by this Agreement; (g) any national or international political or social conditions, including the
engagement by the United States of America or any foreign government in hostilities, whether or not pursuant to the declaration
of a national emergency or war, or the occurrence of any military or terrorist attack upon the United States of America or any
foreign government or any of their respective territories, possessions, or diplomatic or consular offices or upon any military
installation, equipment or personnel of the United States of America or any foreign government; (h) any acts of God, including
any earthquakes, hurricanes, tornados, floods, tsunamis or other natural disasters, or any other damage to or destruction of assets
caused by casualty; (i) any epidemic, pandemic, disease outbreak (including, for the avoidance of doubt, COVID-19) or other health
crisis or public health event; and (j) any failure of the Company and its Subsidiaries to meet internal or published projections,
estimates or forecasts of revenues, earnings or other measures of financial or operating performance for any period; provided,
that the underlying causes of such failure (subject to the other provisions of this definition of “Material Adverse Effect”)
shall not be excluded; provided, however, that in the case of each of clauses (a), (b), (c) and (g) of the foregoing,
any such event, change, circumstance or occurrence shall not be excluded to the extent that it has or would reasonably be expected
to have a disproportionate adverse effect on the condition (financial or otherwise), assets, properties, or liabilities of the
Company and its Subsidiaries (taken as a whole), or results of operations of the Company and its Subsidiaries (taken as a whole)
relative to other companies operating in the same industry in which the Company and its Subsidiaries operates.

 

“Permitted Transferee”
means, with respect to any Person, (i) any Affiliate of such Person, (ii) any successor entity of such Person and (iii) with respect
to any Person that is an investment fund, vehicle or similar entity, any other investment fund, vehicle or similar entity of which
such Person or an Affiliate, advisor or manager of such Person serves as the general partner, managing member, manager or advisor.

 

     

     

    

 

“Person”
means an individual, corporation, partnership, limited liability company, joint venture, trust or unincorporated organization or
a government or agency or political subdivision thereof.

 

“Registration
Rights Agreement” means the Registration Rights Agreement between the Company and the Purchaser in the form attached
to the Agreement as Exhibit C, as it may be amended or modified in accordance with the terms thereof.

 

“Related Party”
means, with respect to any Person, such Person’s Affiliates and such Person’s and its Affiliates’ respective
former, current or future direct or indirect equity holders, controlling Persons, stockholders, directors, officers, employees,
members, managers, agents, general or limited partners, successors, partners or Representatives.

 

“Representatives”
means a Persons’ Affiliates, employees, agents, consultants, accountants, attorneys or financial advisors.

 

“Requirements
of Environmental Law” means all laws (including the Resource Conservation and Recovery Act, the Comprehensive Environmental
Response, Compensation, and Liability Act, the Clean Water Act, the Clean Air Act, and any state analogues of any of the foregoing),
common law, statutes, ordinances, codes, rules, regulations, orders or similar requirements of any Governmental Entity which relate
to (a) pollution, protection or clean-up of the environment, including air, surface water, ground water or land; (b) solid, gaseous
or liquid waste or the generation, recycling, reclamation, release, threatened release, treatment, storage, disposal or transportation
of harmful or deleterious substances; (c) exposure of Persons or property to harmful or deleterious substances; or (d) the
manufacture, presence, processing, distribution in commerce, use, discharge, releases, threatened releases, emissions or storage
of harmful or deleterious substances into the environment.

 

“Restricted
Securities” means Purchased Shares or Conversion Shares required to bear the legend set forth in Section 4.3(a)
under the applicable provisions of the Securities Act.

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC Documents”
means all reports, schedules, registration statements, proxy statements and other documents (including all amendments, exhibits
and schedules thereto) filed by the Company with the SEC.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Stock Plans”
means the Cryoport, Inc. 2018 Omnibus Equity Incentive Plan, the 2015 Omnibus Equity Incentive Plan, the Cryoport, Inc. 2011 Stock
Incentive Plan, as amended and restated, the Cryoport, Inc. 2009 Stock Incentive Plan and the 2002 Stock Incentive Plan.

 

“Subsidiary”
means, when used with reference to a party, any corporation or other organization, whether incorporated or unincorporated, of
which such party or any other Subsidiary of such party is a general partner or serves in a similar capacity, or, with respect
to such corporation or other organization, at least a majority of the securities or other interests having by their terms
ordinary voting power to elect a majority of the board of directors or others performing similar functions is directly or
indirectly owned or controlled by such party or by any one or more of its Subsidiaries, or by such party and one or more of
its Subsidiaries.

 

     

     

    

 

“Tax”
and “Taxes” means all federal, state, local and foreign taxes (including, without limitation, income, franchise,
property, sales, withholding, payroll and employment taxes), assessments, fees or other charges imposed by any Governmental Entity,
including any interest, additions to tax or penalties applicable thereto.

 

“Tax Return”
means any return, report or similar filing (including the attached schedules) filed or required to be filed with respect to Taxes
(and any amendments thereto), including any information return, claim for refund or declaration of estimated Taxes.

 

“Transfer”
means any direct or indirect (a) sale, transfer, hypothecation, assignment, gift, bequest or disposition by any other means, whether
for value or no value and whether voluntary or involuntary (including, without limitation, by realization upon any lien or by operation
of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal or equitable proceedings) or (b) grant of any option,
warrant or other right to purchase or the entry into any hedge, swap or any other agreement or any transaction that transfers,
in whole or in part, directly or indirectly, the economic consequence of ownership of Common Stock; provided, however, that, notwithstanding
anything to the contrary in this Agreement, a Transfer shall not include (i) the conversion of one or more shares of Series C Preferred
Stock into shares of Common Stock pursuant to the Certificate of Designation, (ii) the redemption, repurchase or other acquisition
of Common Stock or Series C Preferred Stock by the Company, or (iii) the direct or indirect transfer of any limited partnership
interests or other equity interests in a Purchaser Party (or any direct or indirect parent entity of such Purchaser Party) (provided
that if any transferor or transferee referred to in this clause (iii) ceases to be controlled (directly or indirectly) by the Person
(directly or indirectly) controlling such Person immediately prior to such transfer, such event shall be deemed to constitute a
“Transfer”). The term “Transferred” shall have a correlative meaning.

 

“Treasury
Regulations” means the U.S. Treasury regulations promulgated under the Code, as amended.

 

“VCOC Letter
Agreement” means that certain letter agreement, the form of which is attached as Exhibit E.

 

     

     

    

 

2.       The
following terms are defined in the Sections of the Agreement indicated:

 

INDEX OF TERMS

 

	Term	Section
	Acquisition	Preamble
	Agreement	Preamble
	Applicable Matters	6.3(b)
	Balance Sheet Date	2.7
	Capitalization Date	2.2
	Certificate of Designation	1.1
	Chart Purchase Agreement	Preamble
	Chosen Court	6.3(b)
	Chosen Courts	6.3(b)
	Closing	1.2
	Closing Date	1.2
	Common Stock	2.4(a)
	Company	Preamble
	Confidentiality Agreement	4.6
	Contract	2.2
	CryoPDP Acquisition	4.16(d)
	CryoPDP Purchase Agreement	4.16(d)
	Conversion Shares	2.4(c)
	Disclosure Letter	Article II
	Equity Commitment Letter	3.7
	Equity Financing	3.7
	Equity Financing Commitment	3.7
	Excluded Sponsor Parties	4.14(a)
	Financial Statements	2.7
	Foreclosure Limitation	4.2(c)
	HSR Act	2.3
	Identified Person	4.18
	IRS	4.2(e)
	Issuer Agreements	4.19
	Non-Employee Director	4.18
	Permitted Loan	4.2(c)
	Preferred Stock	2.4(a)
	Purchased Common Shares	Preamble
	Purchased Preferred Shares	Preamble
	Purchased Shares	Preamble
	Purchaser	Preamble
	Purchaser Nominee	4.1(b)
	Securities Act	4.3(a)
	Series C Director	4.1(a)
	Series C Preferred Stock	Preamble
	Sponsor	4.14(a)
	Sponsor Group	4.14(a)
	USRPHC	4.9(a)

 

     

     

    

 

Exhibit B

 

Form of Certificate
of Designation

 

(see attached)

 

     

     

    

 

Form Final

 

Form of 

 

Cryoport, Inc.

 

Certificate of Designation

 

4.0% Series C Convertible Preferred Stock

 

[date]

 

     

     

    

 

Table of Contents

 

Page

 

	Section 1.        Definitions	1
	Section 2.        Rules of Construction	12
	Section 3.        The Convertible Preferred Stock	12
	(a)                Designation; Par Value	12
	(b)                Number of Authorized Shares	13
	(c)                Form, Dating and Denominations	13
	(d)                Execution,
    Counter signature and Delivery	14
	(e)                Method of Payment; Delay When Payment Date is Not a Business Day	14
	(f)                 Transfer Agent, Registrar, Paying Agent and Conversion Agent	15
	(g)                Legends	16
	(h)                Transfers and Exchanges; Transfer Taxes; Certain Transfer Restrictions	17
	(i)                 Exchange and Cancellation of Convertible Preferred Stock to Be Converted or to Be Repurchased Pursuant to
a Repurchase Upon Fundamental Change or a Redemption	19
	(j)                 Status of Retired or Treasury Shares	20
	(k)                Replacement Certificates	20
	(l)                 Registered Holders	20
	(m)               Cancellation	20
	(n)                Shares Held by the Company or its Subsidiaries	21
	(o)                Outstanding Shares	21
	(p)                Repurchases by the Company and its Subsidiaries	22
	(q)                Notations and Exchanges	22
	Section 4.        Ranking	22
	Section 5.        Dividends	22
	(a)                Regular Dividends	22
	(b)                Calculation of Regular Dividends	23
	(c)                Participating Dividends.	23
	(d)                Treatment of Dividends Upon Redemption, Repurchase Upon Fundamental Change or Conversion	24
	Section 6.        Rights Upon Liquidation, Dissolution or Winding Up	24
	(a)                Generally	24
	(b)                Certain Business Combination Transactions Deemed Not to Be a Liquidation	25
	Section 7.        Right of the Company to Redeem the Convertible Preferred Stock	25
	(a)                Right to Redeem Prior to the One Hundred Eighty Day Anniversary	25
	(b)                Right to Redeem On or After the Five Year Anniversary	25
	(c)                Redemption Prohibited in Certain Circumstances	25
	(d)                Redemption Date	25
	(e)                Redemption Price	26
	(f)                 Redemption Notice	26
	(g)                Payment of the Redemption Price	26

 

    - i -

     

    

 

	Section 8.        Right of Holders to Require the Company to Repurchase Convertible Preferred Stock upon a Fundamental
Change	27
	(a)   Fundamental Change Repurchase Right	27
	(b)   Funds Legally Available for Payment of Fundamental Change Repurchase Price; Covenant Not to Take Certain
Actions	27
	(c)   Fundamental Change Repurchase Date	28
	(d)   Fundamental Change Repurchase Price	28
	(e)   Initial Fundamental Change Notice	28
	(f)   Final Fundamental Change Notice	28
	(g)   Procedures to Exercise the Fundamental Change Repurchase Right	29
	(h)   Payment of the Fundamental Change Repurchase Price	30
	(i)   Third Party May Conduct Repurchase Offer In Lieu of the Company	31
	(j)   Fundamental Change Agreements	31
	Section 9.        Voting Rights	31
	(a)   Voting and Consent Rights with Respect to Specified Matters	31
	(b)   Right to Vote with Holders of Common Stock on an As-Converted Basis	32
	(c)   Procedures for Voting and Consents	33
	Section 10.      Conversion	33
	(a)   Generally	33
	(b)   Conversion at the Option of the Holders	33
	(c)   Mandatory Conversion at the Company’s Election	34
	(d)   Conversion Procedures	35
	(e)   Settlement upon Conversion	36
	(f)   Conversion Price Adjustments	37
	(g)   Voluntary Conversion Price Decreases	40
	(h)   Restriction on Conversions	41
	(i)   Effect of Common Stock Change Event	41
	Section 11.      Certain Provisions Relating to the Issuance of Common Stock	43
	(a)   Equitable Adjustments to Prices	43
	(b)   Status of Shares of Common Stock	43
	(c)   Taxes Upon Issuance of Common Stock	44
	Section 12.      No Preemptive Rights	44
	Section 13.      Taxes	44
	Section 14.      Term	44
	Section 15.      Calculations	44
	(a)   Responsibility; Schedule of Calculations	44
	(b)   Calculations Aggregated for Each Holder	44
	Section 16.      Notices	45
	Section 17.      Facts Ascertainable	45
	Section 18.      Waiver	45
	Section 19.      Severability	45
	Section 20.      No Other Rights	45

 

	Exhibits	 
	 	 
	Exhibit A: Form of Preferred Stock Certificate	A-1
	Exhibit B: Form of Restricted Stock Legend	B-1

 

    - ii -

     

    

 

Certificate of Designation

 

4.0% Series C Convertible Preferred Stock

 

On [date], the
Board of Directors of Cryoport, Inc., a Nevada corporation (the “Company”), adopted the following resolution
designating and creating, out of the authorized and unissued shares of preferred stock of the Company, 250,000 authorized shares
of a series of preferred stock of the Company titled the “4.0% Series C Convertible Preferred Stock”:

 

RESOLVED that,
pursuant to the authority of the Board of Directors pursuant to the Articles of Incorporation and applicable law, a series of preferred
stock of the Company titled the “4.0% Series C Convertible Preferred Stock,” and having a par value of $0.001 per share
and an initial number of authorized shares equal to two hundred fifty thousand (250,000), is hereby designated and created out
of the authorized and unissued shares of preferred stock of the Company, which series has the rights, designations, preferences,
voting powers and other provisions set forth below:

 

Section
1.               
Definitions.

 

“Affiliate”
of any Person means any Person, directly or indirectly, Controlling, Controlled by or under common Control with such Person; provided,
however, that (i) the Company and its Subsidiaries, on the one hand, and any Purchaser Party or any of its Affiliates, on the other
hand, shall not be deemed to be Affiliates, (ii) “portfolio companies” (as such term is customarily used among institutional
investors) in which any Purchaser Party or any of its Affiliates has an investment (whether as debt or equity) shall not be deemed
an Affiliate of such Purchaser Party and (iii) the Excluded Sponsor Parties (as defined in the Purchase Agreement) shall not be
deemed to be Affiliates of any Purchaser Party, the Company or any of the Company’s Subsidiaries.

 

“Articles
of Incorporation” means the Company’s amended and restated Articles of Incorporation, as the same have been and
may be further amended or restated.

 

“Board of
Directors” means the Company’s board of directors or a committee of such board duly authorized to act with the
authority of such board.

 

“Business
Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, adopted as of February 8, 2016, as the same may be further amended or restated.

 

“Capital Stock”
of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other
equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into
such equity.

 

     - 1 -

     

    

 

“Certificate”
means a Physical Certificate or an Electronic Certificate.

 

“Certificate
of Designation” means this Certificate of Designation, as amended from time to time.

 

“Close of
Business” means 5:00 p.m., New York City time.

 

“Common Stock”
means the common stock, $0.001 par value per share, of the Company, subject to Section 10(i).

 

“Common Stock
Change Event” has the meaning set forth in Section 10(i)(i).

 

“Common Stock
Liquidity Conditions” will be satisfied with respect to a Mandatory Conversion or Redemption if:

 

(a)       the
offer and sale of such share of Common Stock by such Holder are registered pursuant to an effective registration statement under
the Securities Act and such registration statement is reasonably expected by the Company to remain effective and usable, by the
Holder to sell such share of Common Stock, continuously during the period from, and including, the date the related Mandatory Conversion
Notice or Redemption Notice Date, as applicable, is sent to, and including, the one (1) year anniversary after the date such share
of Common Stock is issued;

 

(b)       each
share of Common Stock referred to in clause (a) above (i) will, when issued and when sold or otherwise transferred pursuant
to the registration statement referred to in such clause) (1) be admitted for book-entry settlement through The Depository
Trust Company with an “unrestricted” CUSIP number; and (2) not be evidenced by any Certificate that bears a legend
referring to transfer restrictions under the Securities Act or other securities laws; and (ii) will, when issued, be listed and
admitted for trading, without suspension or material limitation on trading, on any of The New York Stock Exchange, The NYSE American,
The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors);

 

(c)       (i)
the Company has not received any written threat or notice of delisting or suspension by the applicable exchange referred to in
clause (b)(ii) above with a reasonable prospect of delisting, after giving effect to all applicable notice and appeal periods;
and (ii) no such delisting or suspension is reasonably likely to occur or is pending based on the Company falling below the minimum
listing maintenance requirements of such exchange; and

 

(d)       the
conversion of all shares of Convertible Preferred Stock pursuant to such Mandatory Conversion or that are subject to such Redemption,
as applicable, would not be limited or otherwise restricted by Section 10(h).

 

“Common Stock
Participating Dividend” has the meaning set forth in Section 5(c)(i).

 

“Company”
means Cryoport, Inc., a Nevada corporation.

 

     - 2 -

     

    

 

“Continuing
Share Reserve Requirement” means, as of any time, a number of shares of Common Stock equal to the product of (a) two
(2); and (b) the number of shares of Common Stock that would be issuable (without regard to Section 10(h)) upon conversion
of all Convertible Preferred Stock outstanding as of such time (assuming such conversion occurred as of such time).

 

“Control”
(including its correlative meanings “under common Control with” and “Controlled by”) means, with respect
to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through ownership of securities or partnership or other interests, by contract or otherwise.

 

“Conversion
Agent” has the meaning set forth in Section 3(f)(i).

 

“Conversion
Share” means any share of Common Stock issued or issuable upon conversion of any Convertible Preferred Stock.

 

“Conversion
Consideration” means, with respect to the conversion of any Convertible Preferred Stock, the type and amount of consideration
payable to settle such conversion, determined in accordance with Section 10.

 

“Conversion
Date” means an Optional Conversion Date or a Mandatory Conversion Date.

 

“Conversion
Price” initially means $38.6152 per share of Common Stock; provided, however, that the Conversion Price
is subject to adjustment pursuant to Sections 10(f) and 10(g). Each reference in this Certificate of Designation
to the Conversion Price as of a particular date without setting forth a particular time on such date will be deemed to be a reference
to the Conversion Price immediately before the Close of Business on such date.

 

“Convertible
Preferred Stock” has the meaning set forth in Section 3(a).

 

“Daily VWAP”
means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “CYRX <EQUITY> AQR” (or, if such page is not available, its equivalent
successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary
trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one (1)
share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized
independent investment banking firm the Company selects). The Daily VWAP will be determined without regard to after-hours trading
or any other trading outside of the regular trading session.

 

“Deficit Shares”
has the meaning set forth in Section 10(h)(i)(1).

 

“Dividend”
means any Regular Dividend or Participating Dividend.

 

     - 3 -

     

    

 

“Dividend
Junior Stock” means any class or series of the Company’s stock, the terms of which would result in such class
or series ranking junior to the Convertible Preferred Stock with respect to the payment of dividends (without regard to
whether or not dividends accumulate cumulatively). Dividend Junior Stock includes the Common Stock. For the avoidance of
doubt, Dividend Junior Stock will not include any securities of the Company’s Subsidiaries.

 

“Dividend
Parity Stock” means any class or series of the Company’s stock (other than the Convertible Preferred Stock), the
terms of which would result in such class or series ranking equally with the Convertible Preferred Stock with respect to the payment
of dividends (without regard to whether or not dividends accumulate cumulatively). For the avoidance of doubt, Dividend Parity
Stock includes the Series A Preferred Stock and the Series B Preferred Stock, but does not include any securities of the Company’s
Subsidiaries.

 

“Dividend
Payment Date” means each Regular Dividend Payment Date with respect to a Regular Dividend and each date on which any
declared Participating Dividend is scheduled to be paid on the Convertible Preferred Stock with respect to a Participating Dividend.

 

“Dividend
Senior Stock” means any class or series of the Company’s stock, the terms of which would result in such class or
series ranking senior to the Convertible Preferred Stock with respect to the payment of dividends (without regard to whether or
not dividends accumulate cumulatively). For the avoidance of doubt, Dividend Senior Stock will not include any securities of the
Company’s Subsidiaries.

 

“Electronic
Certificate” means any electronic book entry maintained by the Transfer Agent that evidences any share(s) of Convertible
Preferred Stock.

 

“Equity Treatment
Limitation” has the meaning set forth in Section 10(h)(i)(1).

 

“Ex-Dividend
Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance,
dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For
the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock
under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Expiration
Date” has the meaning set forth in Section 10(f)(i)(2).

 

“Expiration
Time” has the meaning set forth in Section 10(f)(i)(2).

 

“Final Fundamental
Change Notice” has the meaning set forth in Section 8(f).

 

“Fundamental
Change” means any of the following events, whether in a single transaction or a series of related transactions:

 

     - 4 -

     

    

 

(a)       a
“person” or “group” (within the meaning of Section 13(d) and 14(d) of the Exchange Act), other than
the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC
indicating that such person or group, has become the direct or indirect “beneficial owner” (as defined below) of
shares of the Common Stock representing more than fifty percent (50%) of the voting power of all of the Company’s
Common Stock in a transaction or series of related transactions approved by the Board of Directors;

 

(b)       the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (ii) any transaction or series of related
transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification,
recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for,
or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any
merger, consolidation, share exchange, combination, reclassification or recapitalization of the Company pursuant to which the Persons
that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity
immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction,
more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee,
as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such
transaction, will be deemed not to be a Fundamental Change pursuant to this clause (b); or

 

(c)       shares
of Common Stock or shares of any other Capital Stock into which the Convertible Preferred Stock is convertible are not listed for
trading on any United States national securities exchange or cease to be traded in contemplation of a de-listing, in each case,
as a result of or in connection with a transaction or series of related transactions (or any filings or other actions related thereto)
that have been approved by the Board of Directors (other than as a result of a transaction described in clause (b) above).

 

For the purposes of
this definition, (x) any transaction or event described in both clause (a) and in clause (b)(i) or (ii) above
(without regard to the proviso in clause (b)) will be deemed to occur solely pursuant to clause (b) above (subject
to such proviso); and (y) whether a Person is a “beneficial owner”, whether shares are “beneficially
owned”, and percentage beneficial ownership, will be determined in accordance with Rules 13d-3 and 13d-5 under the Exchange
Act.

 

“Fundamental
Change Repurchase Date” means the date fixed, pursuant to Section 8(c), for the repurchase of any Convertible
Preferred Stock by the Company pursuant to a Repurchase Upon Fundamental Change.

 

“Fundamental
Change Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change
Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements,
set forth in Section 8(g)(i) and Section 8(g)(ii).

 

“Fundamental
Change Repurchase Price” means the cash price payable by the Company to repurchase any share of Convertible
Preferred Stock upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 8(d).

 

     - 5 -

     

    

 

“Fundamental
Change Repurchase Right” has the meaning set forth in Section 8(a).

 

“Holder”
means a person in whose name any Convertible Preferred Stock is registered on the Registrar’s books.

 

“Initial Issue
Date” means [closing date].

 

“Initial Fundamental
Change Notice” has the meaning set forth in Section 8(e).

 

“Initial Liquidation
Preference” means one thousand dollars ($1,000.00) per share of Convertible Preferred Stock.

 

“Initial Share
Reserve Requirement” means a number of shares of Common Stock equal to the product of (a) two (2); and (b) the number
of shares of Common Stock that would be issuable (without regard to Section 10(h)) upon conversion of all Convertible Preferred
Stock outstanding as of the Initial Issue Date (assuming such conversion occurred on the Initial Issue Date).

 

“Last Reported
Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price
is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average
of the average last bid prices and the average last ask prices per share) of the Common Stock on such Trading Day as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed.
If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported
Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported
by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported
Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such
Trading Day from a nationally recognized independent investment banking firm the Company selects.

 

“Liquidation
Junior Stock” means any class or series of the Company’s stock, the terms of which would result in such class or
series ranking junior to the Convertible Preferred Stock with respect to the distribution of assets upon the Company’s liquidation,
dissolution or winding up. Liquidation Junior Stock includes the Common Stock. For the avoidance of doubt, Liquidation Junior Stock
will not include any securities of the Company’s Subsidiaries.

 

“Liquidation
Parity Stock” means any class or series of the Company’s stock (other than the Convertible Preferred Stock), the
terms of which would result in such class or series ranking equally with the Convertible Preferred Stock with respect to the distribution
of assets upon the Company’s liquidation, dissolution or winding up. For the avoidance of doubt, Liquidation Parity Stock
includes the Series A Preferred Stock and the Series B Preferred Stock, but does not include any securities of the Company’s
Subsidiaries.

 

     - 6 -

     

    

 

“Liquidation
Preference” means, with respect to the Convertible Preferred Stock, an amount initially equal to the Initial Liquidation
Preference per share of Convertible Preferred Stock; provided, however, that the Liquidation Preference is subject
to adjustment pursuant to Section 5(b)(i).

 

“Liquidation
Senior Stock” means any class or series of the Company’s stock, the terms of which would result in such class or
series ranking senior to the Convertible Preferred Stock with respect to the distribution of assets upon the Company’s liquidation,
dissolution or winding up. For the avoidance of doubt, Liquidation Senior Stock will not include any securities of the Company’s
Subsidiaries.

 

“LTM EBITDA”
means, as of any date, the net income before interest, taxes, depreciation and amortization of the Company, calculated in a manner
consistent with the Company’s use of EBITDA in its SEC Documents (as defined in the Purchase Agreement), for the twelve (12)
month period ending on the calendar month end immediately preceding such date.

 

“Mandatory
Conversion” has the meaning set forth in Section 10(c)(i).

 

“Mandatory
Conversion Date” means a Conversion Date designated with respect to any Convertible Preferred Stock pursuant to Section
10(c)(i) and 10(c)(iii).

 

“Mandatory
Conversion Notice” has the meaning set forth in Section 10(c)(iv).

 

“Mandatory
Conversion Notice Date” means, with respect to a Mandatory Conversion, the date on which the Company sends the Mandatory
Conversion Notice for such Mandatory Conversion pursuant to Section 10(c)(iv).

 

“Mandatory
Conversion Right” has the meaning set forth in Section 10(c)(i).

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common
Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock.

 

“Number of
Reserved Shares” means, as of any time, the number of shares of Common Stock that, at such time, the Company has reserved
(out of its authorized but unissued shares of Common Stock that are not reserved for any other purpose) for delivery upon conversion
of the Convertible Preferred Stock.

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company.

 

     - 7 -

     

    

 

“Open
of Business” means 9:00 a.m., New York City time.

 

“Optional
Conversion” means the conversion of any Convertible Preferred Stock other than a Mandatory Conversion.

 

“Optional
Conversion Date” means, with respect to the Optional Conversion of any Convertible Preferred Stock, the first Business
Day on which the requirements set forth in Section 10(d)(ii) for such conversion are satisfied.

 

“Optional
Conversion Notice” means a notice substantially in the form of the “Optional Conversion Notice” set forth
in Exhibit A.

 

“Participating
Dividend” has the meaning set forth in Section 5(c)(i).

 

“Paying Agent”
has the meaning set forth in Section 3(f)(i).

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division
or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this
Certificate of Designation.

 

“Physical
Certificate” means any certificate (other than an Electronic Certificate) evidencing any share(s) of Convertible Preferred
Stock, which certificate is substantially in the form set forth in Exhibit A, registered in the name of the Holder of such
share(s) and duly executed by the Company and countersigned by the Transfer Agent.

 

“Purchase
Agreement” means that certain Securities Purchase Agreement between the Company and the Purchasers dated as of August
24, 2020, as it may be amended, supplemented or otherwise modified from time to time, with respect to certain terms and conditions
concerning, among other things, the rights of and restrictions on the Holders.

 

“Purchasers”
has the meaning set forth in the Purchase Agreement.

 

“Purchaser
Parties” means the Purchasers and each Permitted Transferee (as defined in the Purchase Agreement) of a Purchaser to
whom shares of Convertible Preferred Stock or Common Stock issued upon conversion of shares of Convertible Preferred Stock are
transferred pursuant to Section 4.2 of the Purchase Agreement or Common Stock issued under the Purchase Agreement.

 

“Record Date”
means, with respect to any dividend or distribution on, or issuance to holders of, Convertible Preferred Stock or Common Stock,
the date fixed (whether by law, contract or the Board of Directors or otherwise) to determine the Holders or the holders of Common
Stock, as applicable, that are entitled to such dividend, distribution or issuance.

 

“Redemption”
has the meaning set forth in Section 7(b).

 

     - 8 -

     

    

 

“Redemption
Date” means the date fixed, pursuant to Section 7(d), for the settlement of the repurchase of the Convertible
Preferred Stock by the Company pursuant to a Redemption.

 

“Redemption
Notice” has the meaning set forth in Section 7(f).

 

“Redemption
Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such
Redemption pursuant to Section 7(f).

 

“Redemption
Price” means the consideration payable by the Company to repurchase any Convertible Preferred Stock upon its Redemption,
calculated pursuant to Section 7(e).

 

“Reference
Property” has the meaning set forth in Section 10(i)(i).

 

“Reference
Property Unit” has the meaning set forth in Section 10(i)(i).

 

“Register”
has the meaning set forth in Section 3(f)(ii).

 

“Registrar”
has the meaning set forth in Section 3(f)(i).

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of [closing date], between the Company,
BTO Freeze Parent L.P., a Delaware limited partnership, and the other Holders party thereto from time to time, as it may be amended
or modified in accordance with the terms thereof.

 

“Regular Dividend
Payment Date” means, with respect to any share of Convertible Preferred Stock, each March 31, June 30, September 30 and
December 31 of each year, beginning on December 31, 2020 (or beginning on such other date specified in the Certificate evidencing
such share).

 

“Regular Dividend
Period” means each period from, and including, a Regular Dividend Payment Date (or, in the case of the first Regular
Dividend Period, from, and including, the Initial Issue Date) to, but excluding, the next Regular Dividend Payment Date.

 

“Regular Dividend
Rate” means four percent (4.0%) per annum or, to the extent and during the period with respect to which such rate has
been adjusted as provided in Section 8(b), such adjusted rate.

 

“Regular Dividend
Record Date” has the following meaning: (a) March 15th, in the case of a Regular Dividend Payment Date occurring
on March 31st; (b) June 15th, in the case of a Regular Dividend Payment Date occurring on June 30th;
(c) September 15th, in the case of a Regular Dividend Payment Date occurring on September 30th; and (d) December 15th,
in the case of a Regular Dividend Payment Date occurring on December 31st.

 

“Regular Dividends”
has the meaning set forth in Section 5(a)(i).

 

     - 9 -

     

    

 

“Repurchase
Upon Fundamental Change” means the repurchase of any Convertible Preferred Stock by the Company pursuant to Section
8.

 

“Resale Registration
Statement” has the meaning ascribed to “Resale Shelf Registration Statement” in the Registration Rights Agreement.

 

“Restricted
Stock Legend” means a legend substantially in the form set forth in Exhibit B.

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

“Security”
means any Convertible Preferred Stock or Conversion Share.

 

“Series A
Preferred Stock” means Series A Preferred Stock, par value $0.001 of the Company.

 

“Series B
Preferred Stock” means Series B Preferred Stock, par value $0.001 of the Company.

 

“Share Agent”
means the Transfer Agent or any Registrar, Paying Agent or Conversion Agent.

 

“Subsidiary”
means, with respect to any Person, (a) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence
of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers
voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other
business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person; and (b) any partnership or limited liability company where (x) more than fifty percent (50%) of the capital accounts, distribution
rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or
limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests
or otherwise; and (y) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner
of, or otherwise controls, such partnership or limited liability company.

 

“Successor
Person” has the meaning set forth in Section 10(i)(iii).

 

“Tender/Exchange
Offer Valuation Period” has the meaning set forth in Section 10(f)(i)(2).

 

     - 10 -

     

    

 

 

“Trading Day”
means any day on which (a) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange
on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then traded; and (b) there is no Market Disruption Event. If the Common
Stock is not so listed or traded, then “Trading Day” means a Business Day.

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company or its successor.

 

“Transfer-Restricted
Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided,
however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following
events:

 

(a)       such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration
statement that was effective under the Securities Act at the time of such sale or transfer;

 

(b)       such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available
exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to,
the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security”
(as defined in Rule 144); and

 

(c)       (i)
such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of
the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume,
manner of sale, availability of current public information or notice; and (ii) the Company has received such certificates or other
documentation or evidence as the Company may reasonably require to determine that the Holder, holder or beneficial owner of such
Security is not, and that has not been during the immediately preceding three (3) months, an Affiliate of the Company.

 

“VWAP Market
Disruption Event” means, with respect to any date, (a) the failure by the principal U.S. national or regional securities
exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities
exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session
on such date; or (b) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common
Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or
exists at any time before 1:00 p.m., New York City time, on such date.

 

    	 	-11-	 

     

    

 

“VWAP
Trading Day” means a day on which (a) there is no VWAP Market Disruption Event; and (b) trading in the Common Stock
generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or,
if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on
which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day”
means a Business Day.

 

“Wholly Owned
Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests
of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such
Person.

 

Section
2.               
RULES OF CONSTRUCTION. For Purposes of this Certificate of Designation:

 

(a)       “or”
is not exclusive;

 

(b)       “including”
means “including without limitation”;

 

(c)       “will”
expresses a command;

 

(d)       the
“average” of a set of numerical values refers to the arithmetic average of such numerical values;

 

(e)       a
merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include
any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust,
or any unwinding of any such division or allocation;

 

(f)       words
in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 

(g)       “herein,”
“hereof” and other words of similar import refer to this Certificate of Designation as a whole and not to any particular
Section or other subdivision of this Certificate of Designation, unless the context requires otherwise;

 

(h)       references
to currency mean the lawful currency of the United States of America, unless the context requires otherwise; and

 

(i)        the
exhibits, schedules and other attachments to this Certificate of Designation are deemed to form part of this Certificate of Designation.

 

Section
3.               
The Convertible Preferred Stock.

 

 

(a)     
Designation; Par Value. A series of stock of the Company titled the “4.0% Series C Convertible Preferred
Stock” (the “Convertible Preferred Stock”) is hereby designated and created out of the authorized and
unissued shares of preferred stock of the Company. The par value of the Convertible Preferred Stock is $0.001 per share.

 

    	 	-12-	 

     

    

 

(b)        
Number of Authorized Shares. The total authorized number of shares of Convertible Preferred Stock is two hundred
fifty thousand (250,000); provided, however that, by resolution of the Board of Directors and upon proper filing
of an amendment to this Certificate of Designation with the Nevada Secretary of State, the total number of authorized shares of
Convertible Preferred Stock may be increased or reduced to a number that is not less than the number of shares of Convertible
Preferred Stock then outstanding.

 

(c)         
Form, Dating and Denominations.

 

 

(i)              Form and Date of Certificates Evidencing Convertible Preferred Stock. Each Certificate evidencing any Convertible
Preferred Stock will (1) be substantially in the form set forth in Exhibit A; (2) bear the legends required by Section
3(g) and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary; and (3)
be dated as of the date it is countersigned by the Transfer Agent.

 

(ii)            
Electronic Certificates; Physical Certificates. The Convertible Preferred Stock will be originally issued initially
in the form of one or more Electronic Certificates. Electronic Certificates may be exchanged for Physical Certificates, and Physical
Certificates may be exchanged for Electronic Certificates, upon request by the Holder thereof pursuant to customary procedures,
subject to Section 3(h).

 

(iii)          
Electronic Certificates; Interpretation. For purposes of this Certificate of Designation, (1) each Electronic Certificate
will be deemed to include the text of the stock certificate set forth in Exhibit A; (2) any legend or other notation that
is required to be included on a Certificate will be deemed to be affixed to any Electronic Certificate notwithstanding that such
Electronic Certificate may be in a form that does not permit affixing legends thereto; (3) any reference in this Certificate of
Designation to the “delivery” of any Electronic Certificate will be deemed to be satisfied upon the registration of
the electronic book entry representing such Electronic Certificate in the name of the applicable Holder; (4) upon satisfaction
of any applicable requirements of the Nevada Revised Statutes, the Articles of Incorporation and the Bylaws of the Company, and
any related requirements of the Transfer Agent, in each case for the issuance of Convertible Preferred Stock in the form of one
or more Electronic Certificates, such Electronic Certificates will be deemed to be executed by the Company and countersigned by
the Transfer Agent.

 

(iv)          
Appointment of Depositary. If any Convertible Preferred Stock is admitted to the book-entry clearance and settlement
facilities of any electronic depositary, then, notwithstanding anything to the contrary in this Certificate of Designation, each
reference in this Certificate of Designation to the delivery of, or payment on, any such Convertible Preferred Stock, or the delivery
of any related notice or demand, will be deemed to be satisfied to the extent the applicable procedures of such depositary governing
such delivery or payment, as applicable, are satisfied.

 

(v)            No Bearer Certificates; Denominations. The Convertible Preferred Stock will be issued only in registered form and
only in whole numbers of shares.

 

(vi)           Registration
Numbers. Each Certificate evidencing any share of Convertible Preferred Stock will bear a unique registration number that
is not affixed to any other Certificate evidencing any other then-outstanding shares of Convertible Preferred Stock.

 

    	 	-13-	 

     

    

 

(d)        
Execution, Countersignature and Delivery.

 

(i)           Due Execution by the Company. At least two (2) duly authorized Officers will sign each Certificate evidencing any
Convertible Preferred Stock on behalf of the Company by manual, facsimile or electronic signature. The validity of any Convertible
Preferred Stock will not be affected by the failure of any Officer whose signature is on any Certificate evidencing such Convertible
Preferred Stock to hold, at the time such Certificate is countersigned by the Transfer Agent, the same or any other office at the
Company.

 

(ii)          Countersignature by Transfer Agent. No Certificate evidencing any share of Convertible Preferred Stock is valid until
such Certificate is countersigned by the Transfer Agent. Each Certificate will be deemed to be duly countersigned only when an
authorized signatory of the Transfer Agent (or a duly appointed agent thereof) manually signs the countersignature block set forth
in such Certificate.

 

(e)         Method
of Payment; Delay When Payment Date is Not a Business Day.

 

 

(i)           Method of Payment. The Company will pay all cash amounts due on any shares of Convertible Preferred Stock of any
Holder by check mailed to the address of such Holder set forth in the Register; provided, however, that if such Holder
has delivered to the Company, no later than the time set forth in the next sentence, a written request to receive payment by wire
transfer to an account of such Holder within the United States, then the Company will pay such cash amounts by wire transfer of
immediately available funds to such account. To be timely, such written request must be delivered no later than the Close of Business
on the following date: (1) with respect to the payment of any declared cash Dividend due on a Dividend Payment Date for the Convertible
Preferred Stock, the related Record Date; and (y) with respect to any other payment, the date that is fifteen (15) calendar days
immediately before the date such payment is due.

 

(1)          Electronic Certificates. The Company will pay (or cause the Paying Agent to pay) all declared cash Dividends or other
cash amounts due on any Convertible Preferred Stock evidenced by an Electronic Certificate by wire transfer of immediately available
funds.

 

(2)          Physical Certificates. The Company will pay (or cause the Paying Agent to pay) all declared cash Dividends or other
cash amounts due on any Convertible Preferred Stock evidenced by a Physical Certificate as follows:

 

(A)             if
the aggregate Liquidation Preference of the Convertible Preferred Stock evidenced by such Physical Certificate is at least
five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and
the Holder of such Convertible Preferred Stock entitled to such cash Dividend or amount has delivered to the Paying Agent, no
later than the time set forth in the next sentence, a written request to receive payment by wire transfer to an account of
such Holder within the United States, by wire transfer of immediately available funds to such account; and

 

    	 	-14-	 

     

    

 

(B)             
in all other cases, by check mailed to the address of such Holder set forth in the Register.

 

To be timely, such written request
must be delivered no later than the Close of Business on the following date: (x) with respect to the payment of any declared cash
Dividend due on a Dividend Payment Date for the Convertible Preferred Stock, the related Record Date; and (y) with respect to any
other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due.

 

(ii)         
Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on any Convertible Preferred
Stock as provided in this Certificate of Designation is not a Business Day, then, notwithstanding anything to the contrary in this
Certificate of Designation, such payment may be made on the immediately following Business Day and no interest, dividend or other
amount will accrue or accumulate on such payment as a result of the related delay. Solely for purposes of the immediately preceding
sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed
will be deemed not to be a “Business Day.”

 

(f)         
Transfer Agent, Registrar, Paying Agent and Conversion Agent.

 

(i)           Generally. The Company designates its principal U.S. executive offices, and any office of the Transfer Agent in the
continental United States, as an office or agency where Convertible Preferred Stock may be presented for (1) registration of transfer
or for exchange (the “Registrar”); (2) payment (the “Paying Agent”); and (3) conversion (the
“Conversion Agent”). At all times when any Convertible Preferred Stock is outstanding, the Company will maintain
an office in the continental United States constituting the Registrar, Paying Agent and Conversion Agent.

 

(ii)          Maintenance of the Register. The Company will keep, or cause there to be kept, a record (the “Register”)
of the names and addresses of the Holders, the number of shares of Convertible Preferred Stock held by each Holder and the transfer,
exchange, repurchase, Redemption and conversion of the Convertible Preferred Stock. Absent manifest error, the entries in the Register
will be conclusive and the Company and the Transfer Agent may treat each Person whose name is recorded as a Holder in the Register
as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form
reasonably promptly. The Company will promptly provide a copy of the Register to any Holder upon its request.

 

(iii)         Subsequent Appointments. By notice to each Holder, the Company may, at any time, appoint any Person (including any
Subsidiary of the Company) to act as Registrar, Paying Agent or Conversion Agent.

 

    	 	-15-	 

     

    

 

(iv)        
 If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (1) it will segregate for the
benefit of the Holders all money and other property held by it as Paying Agent or Conversion Agent; and (2) references in this
Certificate of Designation to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or
other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or with respect to
the Convertible Preferred Stock, will be deemed to refer to cash or other property so segregated , or to the segregation of such
cash or other property, respectively.

 

(g)        
Legends.

 

(i)          
Restricted Stock Legend.

 

(1)          Each Certificate evidencing any share of Convertible Preferred Stock that is a Transfer-Restricted Security will bear the
Restricted Stock Legend.

 

(2)          If any share of Convertible Preferred Stock is issued in exchange for, in substitution of, or to effect a partial conversion
of, any other share(s) of Convertible Preferred Stock (such other share(s) being referred to as the “old share(s)”
for purposes of this Section 3(g)(i)(2)), including pursuant to Section 3(i) or 3(k), then the Certificate
evidencing such share will bear the Restricted Stock Legend if the Certificate evidencing such old share(s) bore the Restricted
Stock Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as
applicable; provided, however, that the Certificate evidencing such share need not bear the Restricted Stock Legend
if such share does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such
Conversion Date, as applicable.

 

(ii)         Other Legends. The Certificate evidencing any Convertible Preferred Stock may bear any other legend or text, not
inconsistent with this Certificate of Designation, as may be required by applicable law, by the rules of any applicable depositary
for the Convertible Preferred Stock or by any securities exchange or automated quotation system on which such Convertible Preferred
Stock is traded or quoted or as may be otherwise reasonably determined by the Company to be appropriate.

 

(iii)         Acknowledgement and Agreement by the Holders. A Holder’s acceptance of any Convertible Preferred Stock evidencing
by a Certificate bearing any legend required by this Section 3(g) will constitute such Holder’s acknowledgement of,
and agreement to comply with, the restrictions set forth in such legend.

 

(iv)         Legends on Conversion Shares.

 

(1)          Each
Conversion Share will bear a legend substantially to the same effect as the Restricted Stock Legend if the Convertible
Preferred Stock upon the conversion of which such Conversion Share was issued was (or would have been had it not been
converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that
such Conversion Share need not bear such a legend if the Company determines, in its reasonable discretion, that such
Conversion Share need not bear such a legend.

 

    	 	-16-	 

     

    

 

(2)         
Notwithstanding anything to the contrary in Section 3(g)(iv)(1), a Conversion Share need not bear a legend pursuant
to Section 3(g)(iv)(1) if such Conversion Share is issued in an uncertificated form that does not permit affixing legends
thereto (subject to compliance with Nevada Revised Statutes 78.235 and 78.242), provided the Company takes measures (including
the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer
restrictions referred to in such legend.

 

(h)         Transfers
and Exchanges; Transfer Taxes; Certain Transfer Restrictions.

 

(i)          
Provisions Applicable to All Transfers and Exchanges.

 

(1)          Generally. Subject to this Section 3(h), Convertible Preferred Stock evidenced by any Certificate may be transferred
or exchanged from time to time and the Company will cause the Registrar to record each such transfer or exchange in the Register.

 

(2)           No Services Charge; Transfer Taxes. The Company and the Share Agents will not impose any service charge on any Holder
for any transfer, exchange or conversion of any Convertible Preferred Stock, but the Company, the Transfer Agent, the Registrar
and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that
may be imposed in connection with any transfer, exchange or conversion of Convertible Preferred Stock, other than exchanges pursuant
to Section 3(i) or Section 3(q) not involving any transfer (and; provided, that (A) any such taxes or charges
incurred in connection with the original issuance of the Convertible Preferred Stock shall be paid and borne by the Company; and
(B) any such taxes or charges incurred in connection with a conversion of the Convertible Preferred Stock pursuant to Section
10 shall be paid and borne as provided in Section 11(c)).

 

(3)           No Transfers or Exchanges of Fractional Shares. Notwithstanding anything to the contrary in this Certificate of Designation,
all transfers or exchanges of Convertible Preferred Stock must be in an amount representing a whole number of shares of Convertible
Preferred Stock, and no fractional share of Convertible Preferred Stock may be transferred or exchanged.

 

(4)           Legends. Each Certificate evidencing any share of Convertible Preferred Stock that is issued upon transfer of, or
in exchange for, another share of Convertible Preferred Stock will bear each legend, if any, required by Section 3(g).

 

(5)          Settlement
of Transfers and Exchanges. Upon satisfaction of the requirements of this Certificate of Designation to effect a transfer
or exchange of any Convertible Preferred Stock, the Company will cause such transfer or exchange to be effected as soon as reasonably
practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction.

 

    	 	-17-	 

     

    

 

(6)          Exchanges to Remove Transfer Restrictions. For the avoidance of doubt, and subject to the terms of this Certificate
of Designation, as used in this Section 3(h), an “exchange” of a Certificate includes an exchange effected for
the sole purpose of removing any Restricted Stock Legend affixed to such Certificate.

 

(ii)          Transfers and Exchanges of Convertible Preferred Stock.

 

(1)          Subject to this Section 3(h), a Holder of any Convertible Preferred Stock evidenced by a Certificate may (x) transfer
any whole number of shares of such Convertible Preferred Stock to one or more other Person(s); and (y) exchange any whole number
of shares of such Convertible Preferred Stock for an equal number of shares of Convertible Preferred Stock evidenced by one or
more other Certificates; provided, however, that, to effect any such transfer or exchange, such Holder must, if such
Certificate is a Physical Certificate, surrender such Physical Certificate to the office of the Transfer Agent or the Registrar,
together with any endorsements or transfer instruments reasonably required by the Company, the Transfer Agent or the Registrar.

 

(2)          Upon the satisfaction of the requirements of this Certificate of Designation to effect a transfer or exchange of any whole
number of shares of a Holder’s Convertible Preferred Stock evidenced by a Certificate (such Certificate being referred to
as the “old Certificate” for purposes of this Section 3(h)(ii)(2)):

 

(A)           
such old Certificate will be promptly cancelled pursuant to Section 3(m);

 

(B)           
if fewer than all of the shares of Convertible Preferred Stock evidenced by such old Certificate are to be so transferred
or exchanged, then the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance
with Section 3(d), one or more Certificates that (x) each evidence a whole number of shares of Convertible Preferred Stock
and, in the aggregate, evidence a total number of shares of Convertible Preferred Stock equal to the number of shares of Convertible
Preferred Stock evidenced by such old Certificate not to be so transferred or exchanged; (y) are registered in the name of such
Holder; and (z) bear each legend, if any, required by Section 3(g);

 

(C)           
in the case of a transfer to a transferee, the Company will issue, execute and deliver, and cause the Transfer Agent to
countersign, in each case in accordance with Section 3(d), one or more Certificates that (x) each evidence a whole number
of shares of Convertible Preferred Stock and, in the aggregate, evidence a total number of shares of Convertible Preferred Stock
equal to the number of shares of Convertible Preferred Stock to be so transferred; (y) are registered in the name of such transferee;
and (z) bear each legend, if any, required by Section 3(g); and

 

    	 	-18-	 

     

    

 

(D)            in
the case of an exchange, the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in each case
in accordance with Section 3(d), one or more Certificates that (x) each evidence a whole number of shares of Convertible
Preferred Stock and, in the aggregate, evidence a total number of shares of Convertible Preferred Stock equal to the number of
shares of Convertible Preferred Stock to be so exchanged; (y) are registered in the name of the Person to whom such old Certificate
was registered; and (z) bear each legend, if any, required by Section 3(g).

 

(iii)        
Transfers of Shares Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in
this Certificate of Designation, the Company, the Transfer Agent and the Registrar will not be required to register the transfer
of or exchange any share of Convertible Preferred Stock that has been surrendered for conversion.

 

(i)         Exchange
and Cancellation of Convertible Preferred Stock to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental
Change or a Redemption.

 

 

(i)          
Partial Conversions of Physical Certificates and Partial Repurchases of Physical Certificates Pursuant to a Repurchase
Upon Fundamental Change or a Redemption. If fewer than all of the shares of Convertible Preferred Stock evidenced by a Physical
Certificate (such Physical Certificate being referred to as the “old Physical Certificate” for purposes of this Section
3(i)(i)) are to be converted pursuant to Section 10 or repurchased pursuant to a Repurchase Upon Fundamental Change
or a Redemption, then, as soon as reasonably practicable after such Physical Certificate is surrendered for such conversion or
repurchase, as applicable, the Company will cause such Physical Certificate to be exchanged, pursuant and subject to Section
3(h), for (1) one or more Physical Certificates that each evidence a whole number of shares of Convertible Preferred Stock
and, in the aggregate, evidence a total number of shares of Convertible Preferred Stock equal to the number of shares of Convertible
Preferred Stock evidenced by such old Physical Certificate that are not to be so converted or repurchased, as applicable, and deliver
such Physical Certificate(s) to such Holder; and (2) a Physical Certificate evidencing a whole number of shares of Convertible
Preferred Stock equal to the number of shares of Convertible Preferred Stock evidenced by such old Physical Certificate that are
to be so converted or repurchased, as applicable, which Physical Certificate will be converted or repurchased, as applicable, pursuant
to the terms of this Certificate of Designation; provided, however, that the Physical Certificate referred to in
this clause (2) need not be issued at any time after which such shares subject to such conversion or repurchase, as applicable,
are deemed to cease to be outstanding pursuant to Section 3(o).

 

    	 	-19-	 

     

    

 

(ii)          Cancellation
of Convertible Preferred Stock that Is Converted and Convertible Preferred Stock that Is Repurchased Pursuant to a Repurchase
Upon Fundamental Change or a Redemption. If shares of Convertible Preferred Stock evidenced by a Certificate (or any
portion thereof that has not theretofore been exchanged pursuant to Section 3(i)(i)) (such Certificate being referred
to as the “old Certificate” for purposes of this Section 3(i)(ii)) are to be converted pursuant to Section
10 or repurchased pursuant to a Repurchase Upon Fundamental Change or a Redemption, then, promptly after the later of the
time such Convertible Preferred Stock is deemed to cease to be outstanding pursuant to Section 3(o) and the time such
old Certificate is surrendered for such conversion or repurchase, as applicable, (1) such old Certificate will be cancelled
pursuant to Section 3(m); and (2) in the case of a partial conversion or repurchase, the Company will issue, execute
and deliver to such Holder, and cause the Transfer Agent to countersign, in each case in accordance with Section 3(d),
one or more Certificates that (x) each evidence a whole number of shares of Convertible Preferred Stock and, in the
aggregate, evidence a total number of shares of Convertible Preferred Stock equal to the number of shares of Convertible
Preferred Stock evidenced by such old Certificate that are not to be so converted or repurchased, as applicable; (y) are
registered in the name of such Holder; and (z) bear each legend, if any, required by Section 3(g).

 

(j)          Status
of Retired or Treasury Shares. Upon any share of Convertible Preferred Stock ceasing to be outstanding (including upon conversion
or redemption thereof, and including any shares of Convertible Preferred Stock deemed to be treasury shares under Nevada Revised
Statutes 78.283), such share will be deemed, automatically and without any further action of the Board of Directors, to be retired
and to resume the status of an authorized and unissued share of preferred stock of the Company, and such share cannot thereafter
be reissued as Convertible Preferred Stock.

 

(k)        Replacement
Certificates. If a Holder of any Convertible Preferred Stock claims that the Certificate(s) evidencing such Convertible Preferred
Stock have been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and cause the
Transfer Agent to countersign, in each case in accordance with Section 3(c), a replacement Certificate evidencing such
Convertible Preferred Stock upon surrender to the Company or the Transfer Agent of such mutilated Certificate, or upon delivery
to the Company or the Transfer Agent of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Transfer
Agent and the Company. In the case of a lost, destroyed or wrongfully taken Certificate evidencing Convertible Preferred Stock,
the Company and the Transfer Agent may require the Holder thereof to provide such security or indemnity that is reasonably satisfactory
to the Company and the Transfer Agent to protect the Company and the Transfer Agent from any loss that any of them may suffer
if such Certificate is replaced.

 

(l)          Registered
Holders. Only the Holder of any share of Convertible Preferred Stock will have rights under this Certificate of Designation
as the owner of such share of Convertible Preferred Stock.

 

(m)        Cancellation.
The Company may at any time deliver Certificates evidencing Convertible Preferred Stock, if any, to the Transfer Agent for cancellation.
The Registrar, the Paying Agent and the Conversion Agent will forward to the Transfer Agent each share of Convertible Preferred
Stock duly surrendered to them for transfer, exchange, payment or conversion. The Company will cause the Transfer Agent to promptly
cancel all Certificates evidencing shares of Convertible Preferred Stock so surrendered to it in accordance with its customary
procedures.

 

    	 	-20-	 

     

    

 

(n)        
 Shares Held by the Company or its Subsidiaries. Without limiting the generality of Section 3(j) and
Section 3(o), in determining whether the Holders of the required number of outstanding shares of Convertible Preferred
Stock have concurred in any direction, waiver or consent, shares of Convertible Preferred Stock owned by the Company or any of
its Subsidiaries will be deemed not to be outstanding.

 

(o)        
Outstanding Shares.

 

(i)           Generally. The shares of Convertible Preferred Stock that are outstanding at any time will be deemed to be those
shares indicated as outstanding in the Register (absent manifest error), excluding those shares of Convertible Preferred Stock
that have theretofore been (1) cancelled by the Transfer Agent or delivered to the Transfer Agent for cancellation in accordance
with Section 3(m); (2) paid in full upon their conversion or upon their repurchase pursuant to a Repurchase Upon Fundamental
Change or a Redemption in accordance with this Certificate of Designation; or (3) deemed to cease to be outstanding to the extent
provided in, and subject to, clause (ii), (iii), (iv) or (v) of this Section 3(o).

 

(ii)          Replaced Shares. If any Certificate evidencing any share of Convertible Preferred Stock is replaced pursuant to Section
3(k), then such share will cease to be outstanding at the time of such replacement, unless the Transfer Agent and the Company
receive proof reasonably satisfactory to them that such share is held by a “bona fide purchaser” under applicable
law.

 

(iii)         Shares to Be Repurchased Pursuant to a Redemption. If, on a Redemption Date, the Paying Agent holds consideration
in kind and amount that is sufficient to pay the aggregate Redemption Price due on such date, then (unless there occurs a default
in the payment of the Redemption Price) (1) the Convertible Preferred Stock to be redeemed on such date will be deemed, as of such
date, to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 5(d)); and (2) the
rights of the Holders of such Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock,
other than the right to receive the Redemption Price as provided in Section 7 (and, if applicable, declared Dividends as
provided in Section 5(d)).

 

(iv)        
Shares to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change. If, on a Fundamental Change Repurchase
Date, the Paying Agent holds consideration in kind and amount that is sufficient to pay the aggregate Fundamental Change Repurchase
Price due on such date, then (unless there occurs a default in the payment of the Fundamental Change Repurchase Price) (1) the
Convertible Preferred Stock to be repurchased on such date will be deemed, as of such date, to cease to be outstanding (without
limiting the Company’s obligations pursuant to Section 5(d)); and (2) the rights of the Holders of such Convertible
Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right to receive the
Fundamental Change Repurchase Price as provided in Section 8 (and, if applicable, declared Dividends as provided in Section
5(d)).

 

    	 	-21-	 

     

    

 

(v)           Shares
to Be Converted. If any Convertible Preferred Stock is to be converted, then, at the Close of Business on the Conversion
Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section
10 upon such conversion): (1) such Convertible Preferred Stock will be deemed to cease to be outstanding (without
limiting the Company’s obligations pursuant to Section 5(d)); and (2) the rights of the Holders of such
Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right
to receive such Conversion Consideration as provided in Section 10 (and, if applicable, declared Dividends as provided
in Section 5(d)).

 

(p)         Repurchases
by the Company and its Subsidiaries. Without limiting the generality of Section 3(m) and the next sentence, the Company
may, from time to time, repurchase Convertible Preferred Stock in open market purchases or in negotiated transactions without
delivering prior notice to Holders. The Company will promptly deliver to the Transfer Agent for cancellation all Convertible Preferred
Stock that the Company or any of its Subsidiaries have purchased or otherwise acquired.

 

(q)        
Notations and Exchanges. Without limiting any rights of Holders pursuant to Section 9, if any amendment,
supplement or waiver to the Articles of Incorporation or this Certificate of Designation changes the terms of any Convertible
Preferred Stock, then the Company may, in its discretion, require the Holder of the Certificate evidencing such Convertible Preferred
Stock to deliver such Certificate to the Transfer Agent so that the Transfer Agent may place an appropriate notation prepared
by the Company on such Certificate and return such Certificate to such Holder. Alternatively, at its discretion, the Company may,
in exchange for such Convertible Preferred Stock, issue, execute and deliver, and cause the Transfer Agent to countersign, in
each case in accordance with Section 3(c), a new Certificate evidencing such Convertible Preferred Stock that reflects
the changed terms. The failure to make any appropriate notation or issue a new Certificate evidencing any Convertible Preferred
Stock pursuant to this Section 3(q) will not impair or affect the validity of such amendment, supplement or waiver.

 

Section
4.             Ranking. The
Convertible Preferred Stock will rank (a) senior to (i) Dividend Junior Stock with respect to the payment of dividends; and
(ii) Liquidation Junior Stock with respect to the distribution of assets upon the Company’s liquidation, dissolution or
winding up; (b) equally with (i) Dividend Parity Stock with respect to the payment of dividends; and (ii) Liquidation Parity
Stock with respect to the distribution of assets upon the Company’s liquidation, dissolution or winding up; and (c)
junior to (i) Dividend Senior Stock with respect to the payment of dividends; and (ii) Liquidation Senior Stock with respect
to the distribution of assets upon the Company’s liquidation, dissolution or winding up.

 

Section
5.             
Dividends.

 

(a)        
Regular Dividends.

 

(i)              Accumulation
and Payment of Regular Dividends. The Convertible Preferred Stock will accumulate cumulative dividends at a rate per
annum equal to the Regular Dividend Rate on the Liquidation Preference thereof (calculated in accordance with Section
5(a)(ii)), regardless of whether or not declared or funds are legally available for their payment (such dividends that
accumulate on the Convertible Preferred Stock pursuant to this sentence, “Regular Dividends”). Subject to
the other provisions of this Section 5 (including, for the avoidance of doubt, Section 5(b)(i)), such Regular
Dividends will be payable when, as and if declared by the Board of Directors, quarterly in arrears on each Regular Dividend
Payment Date, to the Holders as of the Close of Business on the immediately preceding Regular Dividend Record Date. Regular
Dividends on the Convertible Preferred Stock will accumulate daily from, and including, the last date on which Regular
Dividends have been paid (or, if no Regular Dividends have been paid, from, and including, the Initial Issue Date) to, but
excluding, the next Regular Dividend Payment Date.

 

    	 	-22-	 

     

    

 

(ii)             
Computation of Accumulated Regular Dividends. Accumulated Regular Dividends will be computed on the basis of a 360-day
year comprised of twelve 30-day months. Regular Dividends on each share of Convertible Preferred Stock will accrue on the Liquidation
Preference of such share as of immediately before the Close of Business on the preceding Regular Dividend Payment Date (or, if
there is no preceding Regular Dividend Payment Date, on the Initial Issue Date of such share).

 

(b)        
Calculation of Regular Dividends.

 

(i)              
Generally. The dollar amount (expressed as an amount per share of Convertible Preferred Stock) of each Regular Dividend
on the Convertible Preferred Stock (whether or not declared) that has accumulated on the Convertible Preferred Stock in respect
of the Regular Dividend Period ending on, but excluding, a Regular Dividend Payment Date, will be added, effective immediately
before the Close of Business on the related Regular Dividend Payment Date, to the Liquidation Preference of each share of Convertible
Preferred Stock outstanding as of such time. Such addition will occur automatically, without the need of any action on the part
of the Company or any other Person.

 

(ii)             
Construction. Any Regular Dividends added to the Liquidation Preference of any share of Convertible Preferred Stock
pursuant to Section 5(b)(i) will be deemed to be “declared” and “paid” on such share of Convertible
Preferred Stock for all purposes of this Certificate of Designation.

 

(c)         
Participating Dividends.

 

(i)               Generally.
Subject to Section 5(c)(ii), no dividend or other distribution on the Common Stock (whether in cash, securities
(including rights or options) or other property, or any combination of the foregoing) will be declared or paid on the Common
Stock unless, at the time of such declaration and payment, an equivalent dividend or distribution is declared and paid,
respectively, on the Convertible Preferred Stock (such a dividend or distribution on the Convertible Preferred Stock, a
“Participating Dividend,” and such corresponding dividend or distribution on the Common Stock, the
“Common Stock Participating Dividend”), such that (1) the Record Date and the payment date for such
Participating Dividend occur on the same dates as the Record Date and payment date, respectively, for such Common Stock
Participating Dividend; and (2) the kind and amount of consideration payable per share of Convertible Preferred Stock in such
Participating Dividend is the same kind and amount of consideration that would be payable in the Common Stock Participating
Dividend in respect of a number of shares of Common Stock equal to the number of shares of Common Stock that would be
issuable (determined in accordance with Section 10 but without regard to Section 10(h)) in respect of one (1)
share of Convertible Preferred Stock that is converted with a Conversion Date occurring on such Record Date (subject to the
same arrangements, if any, in such Common Stock Participating Dividend not to issue or deliver a fractional portion of any
security or other property, but with such arrangement applying separately to each Holder and computed based on the total
number of shares of Convertible Preferred Stock held by such Holder on such Record Date).

 

    	 	-23-	 

     

    

 

(ii)             
Stockholder Rights Plans, Common Stock Change Events and Stock Splits, Dividends and Combinations. Section 5(c)(i)
will not apply to, and no Participating Dividend will be required to be declared or paid in respect of, (1) a Common Stock Change
Event, or an event for which an adjustment to the Conversion Price is required pursuant to Section 10(f)(i)(1), as to which
Section 10(i) or Section 10(f)(i)(1), respectively, will apply; and (2) rights issued pursuant to a stockholder rights
plan.

 

(d)         Treatment
of Dividends Upon Redemption, Repurchase Upon Fundamental Change or Conversion. If the Redemption Date, Fundamental Change
Repurchase Date or Conversion Date of any share of Convertible Preferred Stock is after a Record Date for a declared Dividend
on the Convertible Preferred Stock and on or before the next Dividend Payment Date, then the Holder of such share at the Close
of Business on such Record Date will be entitled, notwithstanding the related Redemption, Repurchase Upon Fundamental Change or
conversion, as applicable, to receive, on or, at the Company’s election, before such Dividend Payment Date, such declared
Dividend on such share.

 

Section
6.              
Rights Upon Liquidation, Dissolution or Winding Up.

 

(a)        
Generally. If the Company liquidates, dissolves or winds up, whether voluntarily or involuntarily, then, subject
to the rights of any of the Company’s creditors or holders of any outstanding Liquidation Senior Stock, each share of Convertible
Preferred Stock will entitle the Holder thereof to receive payment for the greater of the amounts set forth in clause (i)
and (ii) below out of the Company’s assets or funds legally available for distribution to the Company’s stockholders,
before any such assets or funds are distributed to, or set aside for the benefit of, any Liquidation Junior Stock:

 

(i)             
the Liquidation Preference (including any accumulated and unpaid Regular Dividends on such shares of Convertible Preferred
Stock to, but excluding, the date of such payment); and

 

(ii)            
the amount such Holder would have received in respect of the number of shares of Common Stock that would be issuable upon
conversion of such share of Convertible Preferred Stock in connection with an Optional Conversion assuming the Conversion Date
of such conversion occurs on the date of such payment.

 

    	 	-24-	 

     

    

 

Upon
payment of such amount in full on the outstanding Convertible Preferred Stock, Holders of the Convertible Preferred Stock will
have no rights to the Company’s remaining assets or funds, if any. If such assets or funds are insufficient to fully pay
such amount on all outstanding shares of Convertible Preferred Stock and the corresponding amounts payable in respect of all outstanding
shares of Liquidation Parity Stock, if any, then, subject to the rights of any of the Company’s creditors or holders of any
outstanding Liquidation Senior Stock, such assets or funds will be distributed ratably on the outstanding shares of Convertible
Preferred Stock and Liquidation Parity Stock in proportion to the full respective distributions to which such shares would otherwise
be entitled.

 

(b)         Certain
Business Combination Transactions Deemed Not to Be a Liquidation. For purposes of Section 6(a), the Company’s
consolidation or combination with, or merger with or into, or the sale, lease or other transfer of all or substantially all of
the Company’s assets (other than a sale, lease or other transfer in connection with the Company’s liquidation, dissolution
or winding up) to, another Person will not, in itself, constitute the Company’s liquidation, dissolution or winding up,
even if, in connection therewith, the Convertible Preferred Stock is converted into, or is exchanged for, or represents solely
the right to receive, other securities, cash or other property, or any combination of the foregoing.

 

Section
7.               
Right of the Company to Redeem the Convertible Preferred Stock.

 

(a)         Right
to Redeem Prior to the One Hundred Eighty Day Anniversary. Subject to the terms of this Section 7, the Company has
the right, at its election, to redeem up to fifty thousand (50,000) shares of the Convertible Preferred Stock, at any time and
from time to time, on a Redemption Date prior to the one hundred eighty (180) day anniversary of the Initial Issue Date, for a
cash purchase price equal to the Redemption Price.

 

(b)         Right
to Redeem On or After the Five Year Anniversary. Subject to the terms of this Section 7, the Company has the right,
at its election, to redeem, subject to the right of the Holders to convert the Convertible Preferred Stock pursuant to Section
10 prior to such redemption, all, but not less than all, of the Convertible Preferred Stock, at any time, on a Redemption
Date on or after the five (5) year anniversary of the Initial Issue Date, for a cash purchase price equal to the Redemption Price
(such redemption, together with the redemption referenced in Section 7(a), the “Redemptions” and each,
a “Redemption”).

 

(c)         Redemption
Prohibited in Certain Circumstances. The Company will not call for Redemption, or otherwise send a Redemption Notice in respect
of the Redemption of, any Convertible Preferred Stock pursuant to this Section 7 unless (i) the Company has sufficient
funds legally available, and is permitted under the terms of its indebtedness for borrowed money, to fully pay the Redemption
Price in respect of all shares of Convertible Preferred Stock called for Redemption; and (ii) the Common Stock Liquidity Conditions
are satisfied and will be satisfied on the Redemption Date.

 

(d)        
Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing
that is no more than twenty (20), nor less than ten (10), calendar days after the Redemption Notice Date for such Redemption.

 

    	 	-25-	 

     

    

 

(e)        
Redemption Price. The Redemption Price for any share of Convertible Preferred Stock to be repurchased pursuant
to a Redemption is an amount in cash equal the product of (x) the Liquidation Preference (including any accumulated and unpaid
Regular Dividends) of such share at the Close of Business on the Redemption Date for such Redemption (including any accumulated
and unpaid Regular Dividends on such share), and (y):

 

(i)           
in the case of a Redemption with a Redemption Date occurring prior to the one hundred eighty (180) day anniversary of the
Initial Issue Date, 125%;

 

(ii)          
in the case of a Redemption with a Redemption Date occurring on or after the five (5) year anniversary but prior to the
six (6) year anniversary of the Initial Issue Date, 105%; or

 

(iii)         
in the case of a Redemption with a Redemption Date occurring on or after the six (6) year anniversary of the Initial Issue
Date, 100%.

 

(f)         
Redemption Notice. To call any share of Convertible Preferred Stock for Redemption, the Company must send to the Holder
of such share a notice of such Redemption (a “Redemption Notice”) , which Redemption Notice must state:

 

(i)            that such share has been called for Redemption, briefly describing the Company’s Redemption right under this Certificate
of Designation;

 

(ii)           the Redemption Date for such Redemption;

 

(iii)          the Redemption Price per share of Convertible Preferred Stock;

 

(iv)          if the Redemption Date is after a Record Date for a declared Dividend on the Convertible Preferred Stock and on or before
the next Dividend Payment Date, that such Dividend will be paid in accordance with Section 5(d);

 

(v)           the name and address of the Transfer Agent and the Conversion Agent, as well as instructions whereby the Holder may surrender
such share to the Transfer Agent or Conversion Agent;

 

(vi)          that Convertible Preferred Stock called for Redemption may be converted pursuant to Section 10, at any time before
the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption
Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); and

 

(vii)         the Conversion Price in effect on the Redemption Notice Date for such Redemption.

 

(g)        Payment
of the Redemption Price. The Company will cause the Redemption Price for each share of Convertible Preferred Stock subject
to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date.

 

    	 	-26-	 

     

    

 

Section
8.              Right
of Holders to Require the Company to Repurchase Convertible Preferred Stock upon a Fundamental Change.

 

(a)         Fundamental
Change Repurchase Right. Subject to the other terms of this Section 8, if a Fundamental Change occurs, then each Holder
may, at its election, either (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its
shares of Convertible Preferred Stock pursuant to Section 10 at the then-current Conversion Price or (ii) require the Company
to repurchase (the “Fundamental Change Repurchase Right”) all, or any whole number of shares that is less than
all, of such Holder’s Convertible Preferred Stock that have not been converted pursuant to clause (i) on the Fundamental
Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

 

(b)        
Funds Legally Available for Payment of Fundamental Change Repurchase Price; Covenant Not to Take Certain Actions.
If the Company does not have sufficient funds legally available to pay the Fundamental Change Repurchase Price of all shares of
Convertible Preferred Stock that are to be repurchased pursuant to a Repurchase Upon Fundamental Change, then the Company shall
(1) pay the maximum amount of such Fundamental Change Repurchase Price that can be paid out of funds legally available for payment,
which payment will be made pro rata to each Holder based on the total number of shares of Convertible Preferred Stock of such
Holder that were otherwise to be repurchased pursuant to such Repurchase Upon Fundamental Change; and (2) purchase any shares
of Convertible Preferred Stock not purchased because of the foregoing limitations at the applicable Fundamental Change Repurchase
Price as soon as practicable after the Company is able to make such purchase out of assets legally available for the purchase
of such shares of Convertible Preferred Stock. The inability of the Company (or its successor) to make a purchase payment for
any reason shall not relieve the Company (or its successor) from its obligation to effect any required purchase when, as and if
permitted by applicable law. If the Company fails to pay the Fundamental Change Repurchase Price in full when due in accordance
with this Section 8 in respect of some or all of the shares or Convertible Preferred Stock to be repurchased pursuant to
the Fundamental Change Repurchase Right, the Company will pay Dividends on such shares not repurchased at a Dividend Rate of five
and one half percent (5.5%) per annum until such shares are repurchased, payable quarterly in arrears on each Dividend Payment
Date, for the period from and including the first Dividend Payment Date (or the Initial Issue Date, as applicable) upon which
the Company fails to pay the Fundamental Change Repurchase Price in full when due in accordance with this Section 8 through but
not including the latest of the day upon which the Company pays the Fundamental Change Repurchase Price in full in accordance
with this Section 8. Notwithstanding the foregoing, in the event a Holder exercises a Fundamental Change Repurchase Right
pursuant to this Section 8 at a time when the Company is restricted or prohibited (contractually or otherwise) from repurchasing
some or all of the Convertible Preferred Stock subject to the Fundamental Change Repurchase Right, the Company will use its commercially
reasonable efforts to obtain the requisite consents to remove or obtain an exception or waiver to such restrictions or prohibition.
Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity,
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure
to comply with its obligations under this Section 8. The Company will not voluntarily take any action, or voluntarily engage
in any transaction, that would result in a Fundamental Change unless the Company has sufficient funds legally available to fully
pay the maximum aggregate Fundamental Change Repurchase Price that would be payable in respect of such Fundamental Change on all
shares of Conversion Preferred Stock then outstanding.

 

    	 	-27-	 

     

    

 

(c)         
Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be
a Business Day of the Company’s choosing that is no more than thirty (30), nor less than twenty (20), Business Days after
the date the Company sends the related Final Fundamental Change Notice pursuant to Section 8(f).

 

(d)         Fundamental
Change Repurchase Price. The Fundamental Change Repurchase Price for any share of Convertible Preferred Stock to be repurchased
upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the greater of (i) the
Liquidation Preference (including any accumulated and unpaid Regular Dividends) of such share at the Close of Business on the
Fundamental Change Repurchase Date for such Fundamental Change (including any accumulated and unpaid Regular Dividends on such
share to, but excluding, such Fundamental Change Repurchase Date) and (ii) the amount that such Holders would have received had
such Holders, immediately prior to such Fundamental Change, converted such shares of Convertible Preferred Stock into Common Stock
pursuant to Section 10(a), without regard to any of the limitations on convertibility contained in Section 10(h).

 

(e)        
Initial Fundamental Change Notice. On or before the twentieth (20th) Business Day prior to the date on which
the Company anticipates consummating a Fundamental Change (or, if later, promptly after the Company discovers that a Fundamental
Change may occur), a written notice shall be sent by or on behalf of the Company to the Holders as they appear in the records
of the Company, which notice shall contain the date on which the Fundamental Change is anticipated to be effected (or, if applicable,
the date on which a Schedule TO or other schedule, form or report disclosing a Fundamental Change was filed) (the “Initial
Fundamental Change Notice”). No later than ten (10) Business Days prior to the date on which the Company anticipates
consummating the Fundamental Change as set forth in the Initial Fundamental Change Notice (or, if the Fundamental Change has already
occurred as provided in the Initial Fundamental Change Notice, promptly, but no later than the tenth (10th) Business Day following
receipt thereof), any Holder that desires to exercise its rights pursuant to Section 8(a) shall notify the Company in writing
thereof and shall specify (x) whether such Holder is electing to exercise its rights pursuant to clause (i) or (ii) of Section
8(a) and (y) the number of shares of Convertible Preferred Stock subject thereto.

 

(f)         
Final Fundamental Change Notice. If a Holder elects to exercise its Fundamental Change Repurchase Right pursuant
to Section 8(a)(ii), on or before the second (2nd) Business Day after the effective date of a Fundamental Change, the Company
will send to each Holder a notice of such Fundamental Change (a “Final Fundamental Change Notice”). Such Final
Fundamental Change Notice must state:

 

(i)            
briefly, the events causing such Fundamental Change;

 

(ii)           
the effective date of such Fundamental Change;

 

    	 	-28-	 

     

    

 

(iii)       
 the procedures that a Holder must follow to require the Company to repurchase its Convertible Preferred Stock pursuant
to this Section 8, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for
submitting and withdrawing a Fundamental Change Repurchase Notice;

 

(iv)       
the Fundamental Change Repurchase Date for such Fundamental Change;

 

(v)        
the Fundamental Change Repurchase Price per share of Convertible Preferred Stock, including reasonable detail of the calculation
thereof;

 

(vi)       
if the Fundamental Change Repurchase Date is after a Record Date for a declared Dividend on the Convertible Preferred Stock
and on or before the next Dividend Payment Date, that such Dividend will be paid in accordance with Section 5(d);

 

(vii)      
the name and address of the Transfer Agent and the Conversion Agent;

 

(viii)     
the Conversion Price in effect on the date of such Final Fundamental Change Notice and a description and quantification
of any adjustments to the Conversion Price that may result from such Fundamental Change;

 

(ix)       
that Convertible Preferred Stock may be converted pursuant to Section 10 at any time before the Close of Business
on the Business Day immediately before the related Fundamental Change Repurchase Date (or, if the Company fails to pay the Fundamental
Change Repurchase Price due on such Fundamental Change Repurchase Date in full, at any time until such time as the Company pays
such Fundamental Change Repurchase Price in full);

 

(x)        
that shares of Convertible Preferred Stock for which a Fundamental Change Repurchase Notice has been duly tendered and not
duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase
Price; and

 

(xi)       
that shares of Convertible Preferred Stock that are subject to a Fundamental Change Repurchase Notice that has been duly
tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Certificate of
Designation.

 

(g)        
Procedures to Exercise the Fundamental Change Repurchase Right.

 

(i)         
Delivery of Fundamental Change Repurchase Notice and Shares of Convertible Preferred Stock to Be Repurchased. To
exercise its Fundamental Change Repurchase Right for any share(s) of Convertible Preferred Stock following a Fundamental Change,
the Holder thereof must deliver to the Paying Agent:

 

(1)           before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later
time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such
share(s); and

 

    	 	-29-	 

     

    

 

(2)          
such share(s), duly endorsed for transfer (to the extent such share(s) are evidenced by one or more Physical Certificates).

 

(ii)         
Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to any
share(s) of Convertible Preferred Stock must state:

 

(1)          
if such share(s) are evidenced by one or more Physical Certificates, the certificate number(s) of such Physical Certificate(s);

 

(2)          
the number of shares of Convertible Preferred Stock to be repurchased, which must be a whole number; and

 

(3)          
that such Holder is exercising its Fundamental Change Repurchase Right with respect to such share(s).

 

(iii)        
Withdrawal of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice
with respect to any share(s) of Convertible Preferred Stock may withdraw such Fundamental Change Repurchase Notice by delivering
a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before
the related Fundamental Change Repurchase Date. Such withdrawal notice must state:

 

(1)          
if such share(s) are evidenced by one or more Physical Certificates, the certificate number(s) of such Physical Certificate(s);

 

(2)          
the number of shares of Convertible Preferred Stock to be withdrawn, which must be a whole number; and

 

(3)           the number of shares of Convertible Preferred Stock, if any, that remain subject to such Fundamental Change Repurchase Notice,
which must be a whole number.

 

If any Holder delivers to the
Paying Agent any such withdrawal notice withdrawing any share(s) of Convertible Preferred Stock from any Fundamental Change Repurchase
Notice previously delivered to the Paying Agent, and such share(s) have been surrendered to the Paying Agent, then such share(s)
will be returned to the Holder thereof.

 

(h)         Payment
of the Fundamental Change Repurchase Price. Subject to Section 8(b), the Company will cause the Fundamental Change
Repurchase Price for each share of Convertible Preferred Stock to be repurchased pursuant to a Repurchase Upon Fundamental Change
to be paid to the Holder thereof on or before the applicable Fundamental Change Repurchase Date (or, if later in the case such
share is evidenced by a Physical Certificate, the date (x) the Physical Certificate evidencing such share is delivered to the
Paying Agent).

 

    	 	-30-	 

     

    

 

(i)                
 Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in
this Section 8, the Company will be deemed to satisfy its obligations under this Section 8 if one or more third
parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Convertible Preferred Stock otherwise required
by this Section 8 in a manner that would have satisfied the requirements of this Section 8 if conducted directly
by the Company.

 

(j)                
Fundamental Change Agreements. The Company shall not enter into any agreement for a transaction constituting
a Fundamental Change unless such agreement provides for, or does not interfere with or prevent (as applicable), the exercise by
the Holders of their Fundamental Change Repurchase Right in a manner that is consistent with, and gives effect to, this Section
8.

 

Section
9.               
VOTING RIGHTS. The Convertible Preferred Stock will have no voting rights except as set forth in this Section 9 or
as provided in the Articles of Incorporation or required by the Nevada Revised Statutes.

 

(a)              
Voting and Consent Rights with Respect to Specified Matters.

 

(i)                
Generally. Subject to the other provisions of this Section 9(a), (x) while any share of the Convertible Preferred
Stock is outstanding with respect to Section 9(a)(i)(1) and Section 9(a)(i)(2), and (y) while at least seventy-five
percent (75%) of the Convertible Preferred Stock issued on the Initial Issue Date is outstanding with respect to Section 9(a)(i)(3)
and Section 9(a)(i)(4), each following event will require, and cannot be effected without, the affirmative vote or consent
of Holders constituting at least a majority of the outstanding voting power of the Convertible Preferred Stock:

 

(1)              
any amendment, modification or repeal of any provision of the Articles of Incorporation, Bylaws or this Certificate of Designation
that adversely affects the rights, preferences or powers of the Convertible Preferred Stock (other than an amendment, modification
or repeal permitted by Section 9(a)(ii));

 

(2)              
any issuances by the Company of shares of, or other securities convertible into, Dividend Parity Stock, Liquidation Parity
Stock, Dividend Senior Stock or Liquidation Senior Stock;

 

(3)              
any voluntary dissolution, liquidation, bankruptcy or winding up of the Company or any deregistration or delisting of the
Common Stock of the Company; or

 

(4)              
any incurrence by the Company of any indebtedness for borrowed money unless the Company’s ratio of indebtedness for
borrowed money to LTM EBITDA would be less than a ratio of 5-to-1 on a pro forma basis giving effect to such incurrence and the
use of proceeds therefrom;

 

provided, however,
that each of the following will be deemed not to adversely affect the special rights, preferences or voting powers of the
Convertible Preferred Stock and will not require any vote or consent pursuant to Section 9(a)(i)(1) and Section
9(a)(i)(2):

 

    - 31 -

     

    

  

(I)       any
increase in the number of the authorized but unissued shares of the Company’s undesignated preferred stock;

 

(II)       any
increase in the number of authorized shares of Convertible Preferred Stock;

 

(III)       the
creation and issuance, or increase in the authorized or issued number, of any shares of any class or series of stock that is both
Dividend Junior Stock and Liquidation Junior Stock; and

 

(IV)       the
application of Section 10(i), including the execution and delivery of any supplemental instruments pursuant to Section
10(i)(iii) solely to give effect to such provision.

 

(ii)             
Certain Amendments Permitted Without Consent. Notwithstanding anything to the contrary in Section 9(a)(i)(1),
the Company may amend, modify or repeal any of the terms of the Convertible Preferred Stock without the vote or consent of any
Holder to:

 

(1)              
amend or correct this Certificate of Designation to cure any ambiguity or correct any omission, defect or inconsistency;
or

 

(2)              
make any other change to the Articles of Incorporation or this Certificate of Designation that does not, individually or
in the aggregate with all other such changes, adversely affect the rights of any Holder (other than any Holders that have consented
to such change).

 

(b)              
Right to Vote with Holders of Common Stock on an As-Converted Basis. Subject to the other provisions of, and
without limiting the other voting rights provided in, this Section 9, and except as provided in the Articles of Incorporation
or restricted by the Nevada Revised Statutes, the Holders will have the right to vote together as a single class with the holders
of the Common Stock on each matter submitted for a vote or consent by the holders of the Common Stock, and, for these purposes,
(i) the Convertible Preferred Stock of each Holder will entitle such Holder to be treated as if such Holder were the holder of
record, as of the record or other relevant date for such matter, of a number of shares of Common Stock equal to the number of
shares of Common Stock that would be issuable (determined in accordance with Section 10(e), including Section 10(e)(ii))
upon conversion of such Convertible Preferred Stock assuming such Convertible Preferred Stock were converted with a Conversion
Date occurring on such record or other relevant date; and (ii) the Holders will be entitled to notice of all stockholder meetings
or proposed actions by written consent in accordance with the Articles of Incorporation, the Bylaws of the Company, and the Nevada
Revised Statutes as if the Holders were holders of Common Stock. Notwithstanding the foregoing, the aggregate voting power of
the Convertible Preferred Stock when voting with the holders of the Common Stock shall be limited to the extent necessary to comply
with the NASDAQ Listing Standard Rules, and any resulting limitation on the voting rights of the Convertible Preferred Stock shall
apply pro rata among the Holders thereof.

 

    - 32 -

     

    

  

(c)           Procedures
for Voting and Consents.

 

 

(i)                
Rules and Procedures Governing Votes and Consents. If any vote or consent of the Holders will be held or solicited,
including at an annual meeting or a special meeting of stockholders, then (1) the Board of Directors will adopt customary rules
and procedures at its discretion to govern such vote or consent, subject to the other provisions of this Section 9; and
(2) such rules and procedures may include fixing a record date to determine the Holders that are entitled to vote or provide consent,
as applicable, rules governing the solicitation and use of proxies or written consents and customary procedures for the nomination
and designation, by Holders, of directors for election; provided, however, that with respect to any voting rights
of the Holders pursuant to Section 9(b), such rules and procedures will be the same rules and procedures that apply to holders
of the Common Stock with respect to the applicable matter referred to in Section 9(b).

 

(ii)             
Voting Power of the Convertible Preferred Stock. Each share of Convertible Preferred Stock will be entitled to one
vote on each matter on which the Holders of the Convertible Preferred Stock are entitled to vote separately as a class and not
together with the holders of any other class or series of stock.

 

(iii)           
Written Consent in Lieu of Stockholder Meeting. Notwithstanding anything to the contrary set forth in the Bylaws
or otherwise, a consent or affirmative vote of the Holders pursuant to Section 9(a) may be given or obtained in writing
without a meeting.

 

Section
10.           
Conversion.

 

 

(a)          
Generally. Subject to the provisions of this Section 10, the Convertible Preferred Stock may be converted
only pursuant to a Mandatory Conversion or an Optional Conversion.

 

 

(b)           Conversion
at the Option of the Holders.

 

 

(i)                
Conversion Right; When Shares May Be Submitted for Optional Conversion. Holders will have the right to submit all,
or any whole number of shares that is less than all, of their shares of Convertible Preferred Stock pursuant to an Optional Conversion
at any time; provided, however, that, notwithstanding anything to the contrary in this Certificate of Designation,

 

(1)              
if a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 8(g)(i) with respect to any share
of Convertible Preferred Stock, then such share may not be submitted for Optional Conversion after the Business Day prior to the
consummation of the Fundamental Change, except to the extent (A) such share is not subject to such notice; (B) such notice is withdrawn
in accordance with Section 8(g)(iii); or (C) the Company fails to pay the Fundamental Change Repurchase Price for such share
in accordance with this Certificate of Designation;

 

(2)               no
Convertible Preferred Stock may be submitted for Optional Conversion to the extent limited by Section 10(h);

 

    - 33 -

     

    

 

(3)              
shares of Convertible Preferred Stock that are called for Redemption may not be submitted for Optional Conversion after
the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption
Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); and

 

(4)              
shares of Convertible Preferred Stock that are subject to Mandatory Conversion may not be submitted for Optional Conversion
after the Close of Business on the Business Day immediately before the related Mandatory Conversion Date.

 

(ii)             
Conversions of Fractional Shares Not Permitted. Notwithstanding anything to the contrary in this Certificate of Designation,
in no event will any Holder be entitled to convert a number of shares of Convertible Preferred Stock that is not a whole number.

 

(c)           Mandatory
Conversion at the Company’s Election.

 

(i)                
Mandatory Conversion Right. Subject to the provisions of this Section 10, the Company has the right (the “Mandatory
Conversion Right”), exercisable at its election, to designate any Business Day on or after the two (2) year anniversary
of the Initial Issue Date as a Conversion Date for the conversion (such a conversion, a “Mandatory Conversion”)
of all, but not less than all, of the outstanding shares of Convertible Preferred Stock, but only if the Last Reported Sale Price
per share of Common Stock exceeds one hundred and fifty percent (150%) of the Conversion Price on each of at least twenty (20)
Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading
Day immediately before the Mandatory Conversion Notice Date for such Mandatory Conversion.

 

(ii)             
Mandatory Conversion Prohibited in Certain Circumstances. The Company will not exercise its Mandatory Conversion
Right, or otherwise send a Mandatory Conversion Notice, with respect to any Convertible Preferred Stock pursuant to this Section
10(c) unless the Common Stock Liquidity Conditions are satisfied with respect to the Mandatory Conversion. Notwithstanding
anything to the contrary in this Section 10(c), the Company’s exercise of its Mandatory Conversion Right, and any
related Mandatory Conversion Notice, will not apply to any share of Convertible Preferred Stock as to which a Fundamental Change
Repurchase Notice has been duly delivered, and not withdrawn, pursuant to Section 8(g). Notwithstanding anything to the
contrary in this Section 10(c), the Company cannot exercise its Mandatory Conversion Right with respect to any shares of
Convertible Preferred Stock to the extent limited by Section 10(h).

 

(iii)           
Mandatory Conversion Date. The Mandatory Conversion Date for any Mandatory Conversion will be a Business Day of the
Company’s choosing that is no more than twenty (20), nor less than ten (10), Business Days after the Mandatory Conversion
Notice Date for such Mandatory Conversion.

 

    - 34 -

     

    

 

(iv)            
 Mandatory Conversion Notice. To exercise its Mandatory Conversion Right with respect to any shares of Convertible
Preferred Stock, the Company must send to each Holder of such shares a written notice of such exercise (a “Mandatory Conversion
Notice”).

 

(v)              
Such Mandatory Conversion Notice must state:

 

(1)              
that the Company has exercised its Mandatory Conversion Right to cause the Mandatory Conversion of the shares of Convertible
Preferred Stock, briefly describing the Company’s Mandatory Conversion Right under this Certificate of Designation;

 

(2)              
the Mandatory Conversion Date for such Mandatory Conversion and the date scheduled for the settlement of such Mandatory
Conversion;

 

(3)              
the name and address of the Paying Agent and the Conversion Agent, as well as instructions whereby the Holder may surrender
such share to the Transfer Agent or Conversion Agent;

 

(4)              
that shares of Convertible Preferred Stock subject to Mandatory Conversion may be converted earlier at the option of the
Holders thereof pursuant to an Optional Conversion at any time before the Close of Business on the Business Day immediately before
the Mandatory Conversion Date; and

 

(5)              
the Conversion Price in effect on the Mandatory Conversion Notice Date for such Mandatory Conversion), the number of shares
of Common Stock to be issued to such Holder upon conversion of each share of Convertible Preferred Stock held by such Holder and,
if applicable, the amount of accumulated and unpaid Regular Dividends in respect of such share of Convertible Preferred Stock as
of the Mandatory Conversion Date.

 

(d)          
Conversion Procedures.

  

(i)                
Mandatory Conversion. If the Company duly exercises, in accordance with Section 10(c), its Mandatory Conversion
Right with respect to any share of Convertible Preferred Stock, then (1) the Mandatory Conversion of such share will occur automatically
and without the need for any action on the part of the Holder(s) thereof; and (2) the shares of Common Stock due upon such Mandatory
Conversion will be registered in the name of, and, if applicable, the cash due upon such Mandatory Conversion will be delivered
to, the Holder(s) of such share of Convertible Preferred Stock as of the Close of Business on the related Mandatory Conversion
Date.

 

(ii)             
Requirements for Holders to Exercise Optional Conversion Right.

 

(1)               Generally.
To convert any share of Convertible Preferred Stock evidenced by a Certificate pursuant to an Optional Conversion, the Holder
of such share must (w) complete, manually sign and deliver to the Conversion Agent an Optional Conversion Notice (at which
time, in the case such Certificate is an Electronic Certificate, such Optional Conversion will become irrevocable); (x) if
such Certificate is a Physical Certificate, deliver such Physical Certificate to the Conversion Agent (at which time such
Optional Conversion will become irrevocable); (y) furnish any endorsements and transfer documents that the Company or the
Conversion Agent may require; and (z) if applicable, pay any documentary or other taxes that are required to be paid by the
Company as a result of a Holder requesting that shares be registered in a name other than such Holders’ name as
described in Section 11(c).

 

    - 35 -

     

    

 

(2)              
Optional Conversion Permitted only During Business Hours. Convertible Preferred Stock will be deemed to be surrendered
for Optional Conversion only after the Open of Business and before the Close of Business on a day that is a Business Day.

 

(iii)           
Treatment of Accumulated Dividends upon Conversion.

 

(1)              
No Adjustments for Accumulated Regular Dividends. Without limiting the operation of Section 5(b)(i) and Section
10(c)(i), the Conversion Price will not be adjusted to account for any accumulated and unpaid Regular Dividends on any Convertible
Preferred Stock being converted.

 

(2)              
Conversions Between A Record Date and a Dividend Payment Date. If the Conversion Date of any share of Convertible
Preferred Stock to be converted is after a Record Date for a declared Dividend on the Convertible Preferred Stock and on or before
the next Dividend Payment Date, then such Dividend will be paid pursuant to Section 5(d) notwithstanding such conversion.

 

(iv)            
When Holders Become Stockholders of Record of the Shares of Common Stock Issuable Upon Conversion. The Person in
whose name any share of Common Stock is issuable upon conversion of any Convertible Preferred Stock will be deemed to become the
holder of record of such share as of the Close of Business on the Conversion Date for such conversion.

 

(e)           Settlement
upon Conversion.

 

(i)                
Generally. Subject to Section 10(e)(ii), Section 10(h) and Section 15(b), the consideration
due upon settlement of the conversion of each share of Convertible Preferred Stock will consist of a number of shares of Common
Stock equal to the quotient obtained by dividing (I) the Liquidation Preference (including any accumulated and unpaid Regular Dividends
on such shares of Convertible Preferred Stock to, but excluding, the Conversion Date) for such shares of Convertible Preferred
Stock subject to conversion by (II) the Conversion Price, in each case, as of immediately before the Close of Business on such
Conversion Date.

 

(ii)              Payment
of Cash in Lieu of any Fractional Share of Common Stock. Subject to Section 15(b), in lieu of delivering any
fractional share of Common Stock otherwise due upon conversion of any Convertible Preferred Stock, the Company will, to the
extent it is legally able to do so and permitted under the terms of its indebtedness for borrowed money, pay cash based on
the Last Reported Sale Price per share of Common Stock on the Conversion Date for such conversion (or, if such Conversion
Date is not a Trading Day, the immediately preceding Trading Day).

 

    - 36 -

     

    

 

(iii)           
Delivery of Conversion Consideration. Except as provided in Sections 10(f)(i)(2) and 10(i), the Company
will pay or deliver, as applicable, the Conversion Consideration due upon conversion of any Convertible Preferred Stock on or before
the second (2nd) Business Day immediately after the Conversion Date for such conversion.

 

(f)           
Conversion Price Adjustments.

 

 

(i)                
Events Requiring an Adjustment to the Conversion Price. The Conversion Price will be adjusted from time to time as
follows:

 

(1)              
Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution
on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common
Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 10(i) will
apply), then the Conversion Price will be adjusted based on the following formula:

 

 

where:

 

		CP0      =	the
                                         Conversion Price in effect immediately before the Close of Business on the Record Date
                                         for such dividend or distribution, or immediately before the Close of Business on the
                                         effective date of such stock split or stock combination, as applicable;

 

		CP1      =	the
                                         Conversion Price in effect immediately after the Close of Business on such Record Date
                                         or effective date, as applicable;

 

		OS0      =	the
                                         number of shares of Common Stock outstanding immediately before the Close of Business
                                         on such Record Date or effective date, as applicable, without giving effect to such dividend,
                                         distribution, stock split or stock combination; and

 

		OS1      =	the
                                         number of shares of Common Stock outstanding immediately after giving effect to such
                                         dividend, distribution, stock split or stock combination.

  

If any dividend,
distribution, stock split or stock combination of the type described in this Section 10(f)(i)(1) is declared or
announced, but not so paid or made, then the Conversion Price will be readjusted, effective as of the date the Board of
Directors, or any Officer acting pursuant to authority conferred by the Board of Directors, determines not to pay such
dividend or distribution or to effect such stock split or stock combination, to the Conversion Price that would then be in
effect had such dividend, distribution, stock split or stock combination not been declared or announced.

 

    - 37 -

     

    

  

(2)              
Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5)
under the Exchange Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration
paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock
on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may
be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Price will be decreased based on
the following formula:

 

where:

 

		CP0      =	the
                                         Conversion Price in effect immediately before the time (the “Expiration Time”)
                                         such tender or exchange offer expires;

 

		CP1      =	the
                                         Conversion Price in effect immediately after the Expiration Time;

 

		SP        =	the
                                         average of the Last Reported Sale Prices per share of Common Stock over the ten (10)
                                         consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”)
                                         beginning on, and including, the Trading Day immediately after the Expiration Date;

 

		OS0      =	the
                                         number of shares of Common Stock outstanding immediately before the Expiration Time (including
                                         all shares of Common Stock accepted for purchase or exchange in such tender or exchange
                                         offer);

 

		AC        =	the
                                         aggregate value (determined as of the Expiration Time by the Board of Directors) of all
                                         cash and other consideration paid for shares of Common Stock purchased or exchanged in
                                         such tender or exchange offer; and

 

		OS1      =	the
                                         number of shares of Common Stock outstanding immediately after the Expiration Time (excluding
                                         all shares of Common Stock accepted for purchase or exchange in such tender or exchange
                                         offer);

  

    - 38 -

     

    

 

provided, however,
that the Conversion Price will in no event be adjusted up pursuant to this Section 10(f)(i)(2), except to the extent provided
in the immediately following paragraph. The adjustment to the Conversion Price pursuant to this Section 10(f)(i)(2) will
be calculated as of the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period but will be given
effect immediately after the Expiration Time, with retroactive effect. If the Conversion Date for any share of Convertible Preferred
Stock to be converted occurs on the Expiration Date or during the Tender/Exchange Offer Valuation Period, then, notwithstanding
anything to the contrary in this Certificate of Designation, the Company will, if necessary, delay the settlement of such conversion
until the second (2nd) Business Day after the last Trading Day of the Tender/Exchange Offer Valuation Period.

 

To the extent such tender or exchange
offer is announced but not consummated (including as a result of being precluded from consummating such tender or exchange offer
under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded,
the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the
basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or
exchange offer.

 

 

(ii)             
No Adjustments in Certain Cases.

 

(1)              
Certain Events. Without limiting the operation of Section 5(b)(i) and 10(e)(i), the Company will not
be required to adjust the Conversion Price except pursuant to Section 10(f)(i). Without limiting the foregoing, the Company
will not be required to adjust the Conversion Price on account of:

 

(A)            
except as otherwise provided in Section 10(f)(i), the sale of shares of Common Stock for a purchase price that is
less than the market price per share of Common Stock or less than the Conversion Price;

 

(B)             
the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends
or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock
under any such plan;

 

(C)             
the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present
or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries;

 

(D)             the
issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the
Company outstanding as of the Initial Issue Date; or

 

    - 39 -

     

    

 

(E)             
solely a change in the par value of the Common Stock.

 

(iii)           
Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Convertible Preferred
Stock and, at the time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Convertible
Preferred Stock will be entitled to receive, in addition to, and concurrently with the delivery of, the consideration otherwise
due upon such conversion, the rights set forth in such stockholder rights plan.

 

(iv)            
Determination of the Number of Outstanding Shares of Common Stock. For purposes of Section 10(f)(i), the number
of shares of Common Stock outstanding at any time will (1) include shares issuable in respect of scrip certificates issued in lieu
of fractions of shares of Common Stock; and (2) exclude shares of Common Stock held in the Company’s treasury.

 

(v)              
Calculations. All calculations with respect to the Conversion Price and adjustments thereto will be made to the nearest
1/100th of a cent (with 5/1,000ths rounded upward).

 

(vi)            
Notice of Conversion Price Adjustments. Upon the effectiveness of any adjustment to the Conversion Price pursuant
to Section 10(f)(i), the Company will promptly send notice to the Holders containing (1) a brief description of the transaction
or other event on account of which such adjustment was made; (2) the Conversion Price in effect immediately after such adjustment;
and (3) the effective time of such adjustment.

 

(g)          Voluntary
Conversion Price Decreases.

  

(i)                
Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may
(but is not required to) decrease the Conversion Price by any amount if (1) the Board of Directors determines that such decrease
is in the Company’s best interest or that such decrease is advisable to avoid or diminish any income tax imposed on holders
of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire
shares) of Common Stock or any similar event; (2) such decrease is in effect for a period of at least twenty (20) Business Days;
and (3) such decrease is irrevocable during such period; provided, however, that any such decrease that would be
reasonably expected to result in any income tax imposed on holders of Convertible Preferred Stock shall require the affirmative
vote or consent of Holders, voting exclusively as a single class, constituting a majority of the voting power of the outstanding
shares of Convertible Preferred Stock.

 

(ii)              Notice
of Voluntary Decrease. If the Board of Directors determines to decrease the Conversion Price pursuant to Section
10(g)(i), then, no later than the first Business Day of the related twenty (20) Business Day period referred to in Section
10(g)(i), the Company will send notice to each Holder, the Transfer Agent and the Conversion Agent of such decrease to
the Conversion Price, the amount thereof and the period during which such decrease will be in effect.

 

    - 40 -

     

    

 

(h)           Restriction
on Conversions.

  

(i)                
Equity Treatment Limitation.

 

(1)              
Generally. Notwithstanding anything to the contrary in this Certificate of Designation, the Company will in no event
be required to deliver any shares of Common Stock in settlement of the conversion of any Convertible Preferred Stock to the extent,
but only to the extent, the Company does not then have sufficient authorized and unissued shares of Common Stock that are not reserved
for other purposes (the limitation set forth in this sentence, the “Equity Treatment Limitation,” and any shares
of Common Stock that would otherwise be deliverable in excess of the number of such authorized and unissued shares, the “Deficit
Shares”). If any Deficit Shares are withheld pursuant to the Equity Treatment Limitation and, at any time thereafter,
some or all of such Deficit Shares could be delivered without violating the Equity Treatment Limitation, then (A) the Company will
deliver such Deficit Shares to the extent, but only to the extent, such delivery is permitted by the Equity Treatment Limitation;
and (B) the provisions of this sentence will continue to apply until there are no remaining Deficit Shares.

 

(2)              
Share Reserve Provisions. On the Initial Issue Date, the Number of Reserved Shares is not less than the Initial Share
Reserve Requirement. The Company shall at all times reserve and keep available a Number of Reserved Shares to be no less than the
Continuing Share Reserve Requirement at any time when any Convertible Preferred Stock is outstanding (including, if applicable,
by seeking the approval of its stockholders to amend the Articles of Incorporation to increase the number of authorized shares
of Common Stock).

 

(3)              
Limitation on Certain Transactions. The Company will not, without the prior written consent of Holders of a majority
of the Convertible Preferred Stock then outstanding, effect any transaction that would require an adjustment to the Conversion
Price pursuant to Section 10(f)(i) if the settlement of the conversion of all Convertible Preferred Stock then outstanding
(assuming such conversion occurred immediately after giving effect to such adjustment) would result in any Deficit Shares pursuant
to the Equity Treatment Limitation.

 

(i)           Effect
of Common Stock Change Event.

 

 

(i)                
Generally. If there occurs any:

 

(1)              
recapitalization, reclassification or change of the Common Stock, other than (x) changes solely resulting from a subdivision
or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value
or (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities;

 

    - 41 -

     

    

 

(2)              
 consolidation, merger, combination or binding or statutory share exchange involving the Company;

 

(3)              
sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a
whole, to any Person; or

 

(4)              
other similar event,

 

and, as a result of which, the
Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other
property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other
securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that a
holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving
effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference
Property Unit”), then, notwithstanding anything to the contrary in this Certificate of Designation,

 

(A)       from
and after the effective time of such Common Stock Change Event, (I) the consideration due upon conversion of any Convertible Preferred
Stock will be determined in the same manner as if each reference to any number of shares of Common Stock in this Section 10
or in Section 11, or in any related definitions, were instead a reference to the same number of Reference Property Units;
(II) for purposes of Section 7 and Section 10(c), each reference to any number of shares of Common Stock in such
Sections (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units;
and (III) for purposes of the definitions of “Fundamental Change,” the terms “Common Stock” and “common
equity” will be deemed to mean the common equity (including depositary receipts representing common equity), if any, forming
part of such Reference Property; and

 

(B)       if
such Reference Property Unit consists entirely of cash, then the Company will pay the cash due in respect of all conversions whose
Conversion Date occurs on or after the effective date of such Common Stock Change Event no later than the tenth (10th) Business
Day after the relevant Conversion Date; and

 

(C)       for
these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of common equity
securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg
page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof
that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or
portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion
thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face
amount thereof).

 

    - 42 -

     

    

 

If the Reference Property consists
of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition
of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received,
per share of Common Stock, by the holders of Common Stock. The Company will notify the Holders of such weighted average as soon
as practicable after such determination is made.

 

(ii)             
Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent
with this Section 10(i).

 

(iii)           
Execution of Supplemental Instruments. On or before the date the Common Stock Change Event becomes effective, the
Company and, if applicable, the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event
(the “Successor Person”) will execute and deliver such supplemental instruments, if any, as the Company reasonably
determines are necessary or desirable to (1) provide for subsequent adjustments to the Conversion Price pursuant to Section
10(f)(i) in a manner consistent with this Section 10(i); and (2) give effect to such other provisions, if any, as the
Company reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect to Section
10(i)(i). If the Reference Property includes shares of stock or other securities or assets of a Person other than the Successor
Person, then such other Person will also execute such supplemental instrument(s) and such supplemental instrument(s) will contain
such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of
Holders.

 

(iv)            
Notice of Common Stock Change Event. The Company will provide notice of each Common Stock Change Event to Holders
as promptly as possible after the effective date of the Common Stock Change Event.

 

Section
11.           
Certain Provisions Relating to the Issuance of Common Stock.

  

(a)              
Equitable Adjustments to Prices. Whenever this Certificate of Designation requires the Company to calculate
the average of the Last Reported Sale Prices or Daily VWAPs, or any function thereof, over a period of multiple days (including
to calculate an adjustment to the Conversion Price), the Company will make appropriate adjustments, if any, to those calculations
to account for any adjustment to the Conversion Price pursuant to Section 10(f)(i) that becomes effective, or any event
requiring such an adjustment to the Conversion Price where the Ex-Dividend Date, effective date or Expiration Date, as applicable,
of such event occurs, at any time during such period.

 

 

(b)              
Status of Shares of Common Stock. Each share of Common Stock delivered upon conversion of the Convertible Preferred
Stock of any Holder will be a newly issued share and will be duly authorized and validly issued, fully paid, non-assessable, free
from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the
action or inaction of such Holder or the Person to whom such share of Common Stock will be delivered). If the Common Stock is
then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will cause each such
share of Common Stock, when so delivered, to be admitted for listing on such exchange or quotation on such system.

 

    - 43 -

     

    

  

(c)              
Taxes Upon Issuance of Common Stock. The Company will pay any documentary, stamp or similar issue or transfer
tax or duty due on the issue of any shares of Common Stock upon conversion of the Convertible Preferred Stock of any Holder, except
any tax or duty that is due because such Holder requests those shares to be registered in a name other than such Holder’s
name.

 

 

Section 12.           
No Preemptive Rights. Without limiting the rights of the Holder set forth
in this Certificate of Designation (including in connection with the issuance of Common Stock or Reference Property upon conversion
of the Convertible Preferred Stock), the Convertible Preferred Stock will not have any preemptive rights to subscribe for or purchase
any of the Company’s securities.

 

 

Section 13.           
Taxes. The Company shall pay any and all stock transfer, documentary,
stamp and similar taxes that may be payable in respect of any issuance or delivery of shares of Convertible Preferred Stock or
shares of Common Stock or other securities issued on account of Convertible Preferred Stock pursuant hereto or certificates evidencing
such shares or securities. However, in the case of conversion of Convertible Preferred Stock, the Company shall not be required
to pay any such tax that may be payable in respect of any transfer involved in the issuance or delivery of shares of Convertible
Preferred Stock, shares of Common Stock or other securities to a beneficial owner other than the beneficial owner of the Convertible
Preferred Stock immediately prior to such conversion, and shall not be required to make any such issuance, delivery or payment
unless and until the Person otherwise entitled to such issuance, delivery or payment has paid to the Company the amount of any
such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable.

 

Section 14.           
Term. Except as expressly provided in this Certificate of Designation, the shares of Convertible Preferred Stock
shall not be redeemable or otherwise mature and the term of the Convertible Preferred Stock shall be perpetual.

 

Section
15.           
Calculations.

 

(a)              
Responsibility; Schedule of Calculations. Except as otherwise provided in this Certificate of Designation, the
Company will be responsible for making all calculations called for under this Certificate of Designation or the Convertible Preferred
Stock, including determinations of the Conversion Price, the Daily VWAPs, the Last Reported Sale Prices and accumulated Regular
Dividends on the Convertible Preferred Stock. The Company will make all calculations in good faith, and, absent manifest error,
its calculations will be final and binding on all Holders. The Company will provide a schedule of such calculations to any Holder
upon written request.

 

(b)              
Calculations Aggregated for Each Holder. The composition of the Conversion Consideration due upon conversion
of the Convertible Preferred Stock of any Holder will be computed based on the total number of shares of Convertible Preferred
Stock of such Holder being converted with the same Conversion Date. For these purposes, any cash amounts due to such Holder in
respect thereof will be rounded to the nearest cent.

 

    - 44 -

     

    

  

Section
16.           
Notices. The Company will send all notices or communications to Holders pursuant to this Certificate of Designation
in writing and delivered personally, by facsimile or e-mail (with confirmation of receipt requested from the recipient, in the
case of e-mail), or sent by a nationally recognized overnight courier service guaranteeing next day delivery, to the Holders’
respective addresses shown on the Register. Unless otherwise specified herein, all notices and communications hereunder shall
be deemed to have been given upon the earlier of receipt thereof or three (3) Business Days after the mailing thereof if sent
by registered or certified mail with postage prepaid, or by private courier service.

  

Section
17.           
Facts Ascertainable. When the terms of this Certificate of Designation refers to a specific agreement or other document
to determine the meaning or operation of a provision hereof, the Secretary of the Company shall maintain a copy of such agreement
or document at the principal executive offices of the Company and a copy thereof shall be provided free of charge to any Holder
who makes a request therefor. The Secretary of the Company shall also maintain a written record of the Initial Issue Date, the
number of shares of Convertible Preferred Stock issued to a Holder and the date of each such issuance, and shall furnish such
written record free of charge to any Holder who makes a request therefor.

 

 

Section
18.           
Waiver. Notwithstanding any provision in this Certificate of Designation to the contrary, any provision contained
herein and any right of the Holders of Convertible Preferred Stock granted hereunder may be waived as to all shares of Convertible
Preferred Stock (and the Holders thereof) upon the vote or written consent of the Holders of a majority of the shares of Convertible
Preferred Stock then outstanding.

 

Section 19.           
SEVERABILITY. If any term of the Convertible Preferred Stock set forth herein is invalid, unlawful or incapable of being
enforced by reason of any rule of law or public policy, all other terms set forth herein which can be given effect without the
invalid, unlawful or unenforceable term will, nevertheless, remain in full force and effect, and no term herein set forth will
be deemed dependent upon any other such term unless so expressed herein.

 

Section 20.           
 NO OTHER RIGHTS. The Convertible Preferred Stock will have no rights, preferences or voting powers except as provided
in this Certificate of Designation or the Articles of Incorporation or as required by applicable law.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

    - 45 -

     

    

 

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

 

	 	Cryoport, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Certificate of Designation]

 

     

     

    

  

EXHIBIT A

 

FORM OF PREFERRED STOCK CERTIFICATE

 

[Insert Restricted Stock Legend, if applicable]

 

Cryoport, Inc.

 

4.0% Series C Convertible Preferred Stock

 

Certificate No.[___]

 

Cryoport, Inc., a Nevada
corporation (the “Company”), certifies that [___] is the registered owner of [___] shares of the Company’s
4.0% Series C Convertible Preferred Stock (the “Convertible Preferred Stock”) evidenced by this certificate
(this “Certificate”). The special rights, preferences and voting powers of the Convertible Preferred Stock are
set forth in the Certificate of Designation of the Company establishing the Convertible Preferred Stock (the “Certificate
of Designation”). Capitalized terms used in this Certificate without definition have the respective meanings ascribed
to them in the Certificate of Designation.

 

Additional terms of
this Certificate are set forth on the other side of this Certificate.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

    A-1 

     

    

  

       IN
WITNESS WHEREOF, Cryoport, Inc. has caused this instrument to be duly executed as of the date set forth below.

 

	 	 	 	Cryoport, Inc.
	 	 	 	 
	Date:	 	 	By:	 
	 	 	Name:
		 	Title:

 

	Date:	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2 

     

    

 

TRANSFER AGENT’S COUNTERSIGNATURE

 

[legal name of Transfer Agent],
as Transfer Agent, certifies that this Certificate evidences shares of Convertible Preferred Stock referred to in the within-mentioned
Certificate of Designation.

 

 

	Date:	 		By:	 
	 	 	 	 	Authorized Signatory

 

    A-3 

     

    

 

Cryoport, Inc.

 

4.0% Series C Convertible Preferred Stock

 

This Certificate evidences
duly authorized, issued and outstanding shares of Convertible Preferred Stock. Notwithstanding anything to the contrary in this
Certificate, to the extent that any provision of this Certificate conflicts with the provisions of the Certificate of Designation
or the Articles of Incorporation, the provisions of the of the Certificate of Designation or the Articles of Incorporation, as
applicable, will control.

 

 

1.                 
Countersignature. This Certificate will not be valid until countersigned by the Transfer Agent.

 

2.                 
Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants
in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common),
CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act).

 

* * *

 

To request a copy of
the Certificate of Designation, which the Company will provide to any Holder at no charge, please send a written request to the
following address:

 

Cryoport, Inc.

112 Westwood Place, Suite 350

Brentwood, TN 37027

Attention: (i) Jerrell Shelton, President,
Chief Executive Officer, and Chairman of the Board, (ii) Robert Stefanovich, Chief Financial Officer, Treasurer and Corporate Secretary,
and (iii) Tony Ippolito, Vice President and General Counsel

 

    A-4 

     

    

 

OPTIONAL CONVERSION NOTICE

 

Cryoport, Inc.

 

4.0% Series C Convertible Preferred Stock

 

Subject to the terms of the Certificate
of Designation, by executing and delivering this Optional Conversion Notice, the undersigned Holder of the Convertible Preferred
Stock identified below directs the Company to convert (check one):

 

		o	all of the shares of Convertible Preferred Stock

 

		o	                      
                                                                                                      * shares of Convertible Preferred Stock

 

evidenced by Certificate No.                      .

 

 

	Date:	 	 	 
	 	 	 	(Legal Name of Holder)
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

 

* Must be a whole number.

 

    A-5 

     

    

	
	
	

 

FUNDAMENTAL CHANGE REPURCHASE NOTICE

 

Cryoport, Inc.

 

4.0% Series C Convertible Preferred Stock

 

Subject to the terms of the Certificate
of Designation, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Convertible
Preferred Stock identified below is exercising its Fundamental Change Repurchase Right with respect to (check one):

 

	o	all of the shares of Convertible Preferred Stock

 

	o	                                           *
shares of Convertible Preferred Stock

 

evidenced by Certificate No.                                                   .

 

The undersigned acknowledges that Certificate
identified above, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price
will be paid.

 

	Date:	 	 	 	 
	 	 		(Legal Name of Holder)
	 	 	 	 
	 	 	 	 
	 	 	By:	
	 	 	 	Name:
	 	 	 	Title:

 

 

* Must be a whole number.

 

    A-6

     

    

 

ASSIGNMENT FORM

 

Cryoport, Inc.

 

4.0% Series C Convertible Preferred Stock

 

Subject to the terms of the Certificate
of Designation, the undersigned Holder of the within Convertible Preferred Stock assigns to:

 

	Name:  	 	 
	 	 	 
	Address:	 	 
	 	 	 
	Social security or

 tax identification

 number:	 	 

  

the within Convertible Preferred Stock
and all rights thereunder irrevocably appoints:

 

as agent to transfer the within Convertible
Preferred Stock on the books of the Company. The agent may substitute another to act for him/her.

 

	Date:	 	 	 	 
	 	 		(Legal Name of Holder)
	 	 	 	 
	 	 	 	 
	 	 	By:	
	 	 	 	Name:
	 	 	 	Title:

 

    A-7

     

    

 

EXHIBIT B

 

FORM OF RESTRICTED STOCK LEGEND

 

THE OFFER AND SALE OF THIS SECURITY AND
THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; OR (B) PURSUANT TO AN EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    B-1

     

    

 

Exhibit C

 

Form of Registration
Rights Agreement

 

(see attached)

 

     

     

    

 

Form Final

  

FORM OF REGISTRATION RIGHTS AGREEMENT

 

BY AND BETWEEN

 

CRYOPORT, INC.

 

AND

 

BTO FREEZE PARENT L.P.

 

Dated
as of [ ● ], 2020

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I Resale Shelf Registration	1
	Section 1.1   Resale Shelf Registration Statement	1
	Section 1.2   Effectiveness Period	2
	Section 1.3   Subsequent Shelf Registration	2
	Section 1.4   Supplements and Amendments	3
	Section 1.5   Subsequent Holder Notice	3
	Section 1.6   Underwritten Offering	3
	Section 1.7   Take-Down Notice	4
	Article II Company Registration	4
	Section 2.1   Notice of Registration	4
	Section 2.2   Underwriting	4
	Section 2.3   Right to Terminate Registration	5
	Article III Additional Provisions Regarding Registration Rights	5
	Section 3.1   Registration Procedures	5
	Section 3.2   Limitation on Subsequent Registration Rights	8
	Section 3.3   Expenses of Registration	8
	Section 3.4   Information by Holders	8
	Section 3.5   Rule 144 Reporting	9
	Section 3.6   “Market Stand-Off” Agreement	9
	Article IV Indemnification	10
	Section 4.1   Indemnification by Company	10
	Section 4.2   Indemnification by Holders	10
	Section 4.3   Notification	11
	Section 4.4   Contribution	11
	Article V Transfer and Termination of Registration Rights	12
	Section 5.1   Transfer of Registration Rights	12
	Section 5.2   Termination of Registration Rights	12
	Article VI Miscellaneous	12
	Section 6.1   Counterparts	12
	Section 6.2   Governing Law.	12
	Section 6.3   Entire Agreement; No Third Party Beneficiary	13
	Section 6.4   Expenses	13
	Section 6.5   Notices	13

 

    i

     

    

 

	Section 6.6   Successors and Assigns	14
	Section 6.7   Headings	14
	Section 6.8   Amendments and Waivers	15
	Section 6.9   Interpretation; Absence of Presumption	15
	Section 6.10
    Severability	15

 

    ii

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of [  ̃ ],
2020, by and between Cryoport, Inc., a Nevada corporation (including its successors and permitted assigns, the “Company”),
and BTO Freeze Parent L.P., a Delaware limited partnership (the “Investor”). Capitalized terms used but not
defined elsewhere herein are defined in Exhibit A.

 

This Agreement is entered
into in connection with the closing of the issuance of 250,000 shares of the Series C Convertible Preferred Stock, which are convertible
into shares of Common Stock, and 675,536 shares of Common Securities Pursuant to the Securities Purchase Agreement, dated as of
August 24, 2020, by and between the Company and the Investor (the “Securities Purchase Agreement”).

 

As a condition to each
of the parties’ obligations under the Securities Purchase Agreement, the Company and the Investor are entering into this
Agreement for the purpose of granting certain registration rights to the Investor.

 

In consideration of
the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

Article
I

Resale Shelf Registration

 

Section 1.1           
Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall
file within ninety (90) days of the date hereof and use its commercially reasonable efforts to cause to go effective as promptly
as practicable a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous
basis pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not
then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on another appropriate
form (including Form S-1) and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance
with any reasonable method of distribution elected by the Holders) (the “Resale Shelf Registration Statement”
and such registration, the “Resale Shelf Registration”), and if the Company is a WKSI as of the filing date,
the Resale Shelf Registration Statement shall be an Automatic Shelf Registration Statement. If the Resale Shelf Registration Statement
is not an Automatic Shelf Registration Statement, then the Company shall use its commercially reasonable efforts to cause such
Resale Shelf Registration Statement to be declared effective by the Commission as promptly as practicable after the filing thereof.

 

Notwithstanding
the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities on the Resale
Shelf Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the
Registrable Securities by the Holders (a “Rule 415 Limitation”), the Resale Shelf Registration Statement
shall register the resale of a number of shares of the Registrable Securities which is equal to the maximum number of shares
as is permitted by the Commission, and, subject to the provisions of this Section 1.1, the Company shall continue to
its use commercially reasonable efforts to register all remaining Registrable Securities as set forth in this Section
1.1. In such event, the number of shares of Registrable Securities to be registered for each Holder in the Resale Shelf
Registration Statement shall be reduced pro rata among all Holders, provided, however, that, prior to reducing
the number of shares of Registrable Securities to be registered for any Holder in such Resale Shelf Registration Statement,
the Company shall first remove any shares of Registrable Securities to be registered for any Person other than a Holder that
was proposed to be included in such Resale Shelf Registration Statement. The Company shall continue to use its commercially
reasonable efforts to register all remaining Registrable Securities as promptly as practicable in accordance with the
applicable rules, regulations and guidance of the Commission. Notwithstanding anything herein to the contrary, if the
Commission, by written comment, limits the Company’s ability to file, or prohibits or delays the filing of, a Resale
Shelf Registration Statement or a Subsequent Shelf Registration with respect to any or all the Registrable Securities, the
Company’s compliance with such limitation, prohibition or delay solely to the extent of such limitation, prohibition or
delay shall not be a breach or default by the Company under this Agreement and shall not be deemed a failure by the Company
to use “commercially reasonable efforts” or “reasonable efforts” as set forth above or elsewhere in
this Agreement.

 

    1

     

    

 

Section 1.2           
Effectiveness Period. Once effective, the Company shall, subject to the other applicable provisions of this Agreement,
use its commercially reasonable efforts to cause the Resale Shelf Registration Statement or a Subsequent Shelf Registration to
be continuously effective and usable for so long as any Registrable Securities remain outstanding (the “Effectiveness
Period”).

 

Section 1.3            Subsequent
Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time
during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly cause such Shelf
Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order
suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such cessation of
effectiveness, amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending
the effectiveness of such Shelf Registration or, file an additional registration statement (a “Subsequent Shelf
Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities
Act registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of the
time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts
to (a) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably
practicable after such filing, but in no event later than the date that is ninety (90) days after such Subsequent Shelf
Registration is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration)
continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a
Registration Statement on Form S-3 to the extent that the Company is eligible to use such form, and if the Company is a WKSI
as of the filing date, such Registration Statement shall be an Automatic Shelf Registration Statement. Otherwise, such
Subsequent Shelf Registration shall be on another appropriate form (including Form S-1) and shall provide for the
registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of
distribution elected by the Holders.

 

    2

     

    

 

Section 1.4           
Supplements and Amendments. The Company shall supplement and amend any Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by
the Securities Act or as reasonably requested by the Holders covered by such Shelf Registration.

 

Section 1.5             
Subsequent Holder Notice. If a Person becomes a Holder of Registrable Securities after a Shelf Registration becomes
effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice
to the Company of such Person becoming a Holder and requesting for its name to be included as a selling securityholder in the prospectus
related to the Shelf Registration (a “Subsequent Holder Notice”):

 

(a)            
if required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a post-effective
amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the
related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities
in accordance with applicable law;

 

(b)           
if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration
that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment to become effective
under the Securities Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days after
the date such post-effective amendment is required by Section 1.5(a) to be filed; and

 

(c)            
notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective
amendment filed pursuant to Section 1.5(a).

 

Section 1.6            
Underwritten Offering. The Holders of Registrable Securities may on up to four (4) occasions after the Resale Shelf
Registration Statement becomes effective deliver a written notice to the Company specifying that the sale of some or all of the
Registrable Securities subject to the Shelf Registration is intended to be conducted through an underwritten offering, so long
as the anticipated gross proceeds of such underwritten offering is not less than thirty-five million dollars ($35,000,000) (unless
the Holders are proposing to sell all of their remaining Registrable Securities in which case no such minimum gross proceeds threshold
shall apply) (the “Underwritten Offering”). In the event of an Underwritten Offering:

 

(a)           
The Holder or Holders of a majority of the Registrable Securities participating in an Underwritten Offering shall select
the managing underwriter or underwriters to administer the Underwritten Offering; provided that such Holder or Holders will not
make the choice of such managing underwriter or underwriters without first consulting with the Company.

 

    3

     

    

 

(b)           
 Notwithstanding any other provision of this Section 1.6, if the managing underwriter or underwriters of a proposed
Underwritten Offering advises the Board of Directors of the Company that in its or their opinion the number of Registrable Securities
requested to be included in such Underwritten Offering exceeds the number which can be sold in such Underwritten Offering in light
of market conditions, the Registrable Securities shall be included on a pro rata basis upon the number of securities that each
Holder shall have requested to be included in such offering. If any Holder disapproves of the terms of any such underwriting, such
Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters.

 

(c)           
The Company shall agree and shall cause its executive officers and directors to sign a customary “lock-up” agreement
with the underwriters in any Underwritten Offering.

 

Section 1.7            
Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration
Statement is effective, if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it
intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration
Statement (a “Shelf Offering”) and stating the number of Registrable Securities to be included in such Shelf
Offering, then, subject to the other applicable provisions of this Agreement, the Company shall, as promptly as practicable, amend
or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and
distributed pursuant to the Shelf Offering.

 

Article
II

Company Registration

 

Section 2.1            
Notice of Registration. If at any time or from time to time the Company shall determine to file a registration statement
with respect to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement)
of its Common Stock, whether or not for its own account (other than a registration statement on Form S-4, Form S-8 or any successor
forms), the Company will:

 

(a)            
promptly give to each Holder written notice thereof, which notice shall be given, to the extent reasonably practicable,
no later than five (5) business days prior to the filing or launch date (except in the case of an offering that is an “overnight
offering”, in which case such notice must be given no later than two (2) business days prior to the filing or launch date);
and

 

(b)           
subject to Section 2.2, include in such registration or underwritten offering (and any related qualification under
blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within three
(3) business days after receipt of such written notice from the Company by any Holder (except in the case of an offering that is
an “overnight offering”, in which case such request must be made no later than one (1) business day after receipt of
such written notice from the Company).

 

Section 2.2            Underwriting.
The right of any Holder to registration pursuant to Section 1.6 or this Article II shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting
to the extent provided herein. Each Holder proposing to distribute its securities through such underwriting shall (together
with the Company and the other holders distributing their securities through such underwriting) enter into and perform such
Holder’s obligations under an underwriting agreement with the managing underwriter selected for such underwriting by
the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement
to be in a customary form negotiated by the Company or such stockholders, as the case may be). Notwithstanding any other
provision of this Article II, if the managing underwriter or underwriters of a proposed underwritten offering with
respect to which Holders of Registrable Securities have exercised their piggyback registration rights advise the Board of
Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in the
offering thereby and all other securities proposed to be sold in the offering exceeds the number which can be sold in such
underwritten offering in light of market conditions, the Registrable Securities and such other securities to be included in
such underwritten offering shall be allocated, (a) first, in the event such offering was initiated by the Company for its own
account, up to the total number of securities that the Company has requested to be included in such registration, (b) second,
and only if all the securities referred to in clause (a) have been included, up to the total number of securities that the
Holders have requested to be included in such offering (pro rata based upon the number of securities that each of them shall
have requested to be included in such offering) and (c) third, and only if all the securities referred to in clause (b) have
been included, all other securities proposed to be included in such offering that, in the opinion of the managing underwriter
or underwriters can be sold without having such adverse effect. If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or
underwriters. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration.

 

    4

     

    

 

 

Section 2.3          
Right to Terminate Registration. The Company or the holders of securities who have caused a registration statement
to be filed as contemplated by this Article II, as the case may be, shall have the right to have any registration initiated
by it or them under this Article II terminated or withdrawn prior to the effectiveness thereof, whether or not any Holder
has elected to include securities in such registration.

 

Article
III

Additional Provisions Regarding Registration Rights

 

Section 3.1          
Registration Procedures. In the case of each registration effected by the Company pursuant to Article I or
II, the Company will keep each Holder participating in such registration reasonably informed as to the status thereof and,
at its expense, the Company will, as expeditiously as possible to the extent applicable:

 

(a)         
prepare and file, as promptly as reasonably practicable, with the Commission a registration statement with respect to such
securities in accordance with the applicable provisions of this Agreement;

 

(b)          prepare
and file, as promptly as reasonably practicable, with the Commission such amendments, including post-effective amendments,
and supplements to such registration statement and the prospectus used in connection with such registration statement as may
be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep
the registration statement continuously effective for the period set forth in this Agreement;

 

(c)           furnish to the Holders participating in such registration and to their legal counsel copies of the registration statement
proposed to be filed, and provide such Holders and their legal counsel the reasonable opportunity to review and comment on such
registration statement;

 

    5

     

    

 

(d)          furnish to the Holders participating in such registration and to the underwriters of the securities being registered such
reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the such underwriters
may reasonably request in order to facilitate the public offering of such securities;

 

(e)           use commercially reasonable efforts to notify each Holder of Registrable Securities covered by such registration statement
at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge
of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to Section 3.1(n),
at the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to
or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchaser of such shares, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or incomplete in the light of the circumstances then existing;

 

(f)           use commercially reasonable efforts to register and qualify the securities covered by such registration statement under
such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions in which it is not already qualified;

 

(g)          in
the event that the Registrable Securities are being offered in an underwritten public offering, enter into and perform its obligations
under an underwriting agreement on customary terms and in accordance with the applicable provisions of this Agreement;

 

(h)          use
commercially reasonable efforts to furnish, (i) on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, an opinion and negative assurance letter,
dated as of such date, of the legal counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any,
and (ii) on the date that the offering of such Registrable Securities is priced and on the date that such securities are
being sold through underwriters, a letter dated as of such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters;

 

(i)          
in connection with a customary due diligence review, make available during business hours for inspection by the Holders,
any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained
by the Holders or underwriter (collectively, the “Offering Persons”), all relevant financial and other records,
pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees
of the Company and its subsidiaries to supply all relevant information and participate in customary due diligence sessions in each
case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such registration statement,
provided, however, each such underwriter shall agree in writing to hold in strict confidence and not to make any disclosure or
use of any information requested above (the “Requested Information”), unless (1) the disclosure of the Requested
Information is necessary to avoid or correct a misstatement or omission in such registration or is otherwise required under the
Securities Act, (2) the release of the Requested Information is ordered pursuant to a final, non-appealable subpoena or order from
a court or government body of competent jurisdiction, (3) the Requested Information is or has been made generally available to
the public other than by disclosure in violation of this Agreement, (4) the Requested Information was within such underwriter’s
possession on a non-confidential basis prior to it being furnished to such underwriter by or on behalf of the Company or any of
its representatives, provided that the source of such information was not bound by a confidentiality agreement or other contractual,
legal or fiduciary obligation of confidentiality with respect to such information or (5) the Requested Information becomes available
to such underwriter on a non-confidential basis from a source other than the Company or any of its representatives, provided that
such source is not bound by a confidentiality agreement or other contractual, legal or fiduciary obligation of confidentiality
with respect to such information. Such underwriter agrees that it shall, upon learning that disclosure of the Requested Information
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company
and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Requested Information deemed confidential;

 

    6

     

    

 

(j)          
in the event that any broker-dealer underwrites any Registrable Securities or participates as a member of an underwriting
syndicate or selling group or “participates in an offering” (within the meaning of the FINRA Rules) thereof, whether
as a Holder or as an underwriter, placement, sales agent or broker or dealer in respect thereof, or otherwise, the Company will,
upon the reasonable request of such broker-dealer, comply with any reasonable request of such broker-dealer in complying with the
FINRA Rules;

 

(k)          notwithstanding
any other provision of this Agreement, if the Board of Directors of the Company has determined in good faith that the
disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially
detrimental to the Company, the Company shall have the right not to file or not to cause the effectiveness of any
registration covering any Registrable Securities and to suspend the use of the prospectus and the registration statement
covering any Registrable Security for such period of time as its use would be materially detrimental to the Company by
delivering written notice of such suspension to all Holders listed on the Company’s records; provided, however,
that in any 12-month period the Company may exercise the right to such suspension not more than twice. From and after the
date of a notice of suspension under this Section 3.1(k), each Holder agrees not to use the prospectus or registration
statement until the earlier of (i) notice from the Company that such suspension has been lifted or (ii) the day following the
sixtieth (60th) day of suspension within any 12-month period;

 

(l)           
cooperate with, and direct the Company’s transfer agent to cooperate with, the Holders and the managing underwriters,
if any, to facilitate the timely settlement of any offering or sale of Registrable Securities, including the preparation and delivery
of certificates or book-entry representing Registrable Securities to be sold together with any other authorizations, certificates,
opinions and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable
Securities without restriction upon sale by the holder of such shares of Registrable Securities;

 

    7

     

    

 

(m)         
use its reasonable best efforts to cause all shares of Registrable Securities to be listed on the national securities exchange
on which the Common Stock is then listed; and

 

(n)          cause
its officers to use their reasonable best efforts to support the marketing of the Registrable Securities (including, without limitation,
participation in “road shows” and other customary marketing activities, which may be virtual).

 

Section 3.2           Limitation
on Subsequent Registration Rights. From and after the date hereof, the Company shall not enter into any agreement granting
any holder or prospective holder of any securities of the Company registration rights with respect to such securities that conflict
with the rights granted to the Holders herein, without the prior written consent of Holders of a majority of the Registrable Securities.

 

Section 3.3           Expenses
of Registration. All Registration Expenses incurred in connection with any registration pursuant to this Agreement or otherwise
in complying with this Agreement shall be borne by the Company. All Selling Expenses relating to securities registered on behalf
of the Holders shall be borne by the Holders of the registered securities included in such registration.

 

Section 3.4           Information
by Holders. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such
information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder
or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification
or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Article
I or II are conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without
limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following:

 

(a)          such
Holder or Holders will cooperate with the Company in connection with the preparation of the applicable registration
statement, and for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders
will provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly
identified in writing as such), all information regarding themselves and such other information as may be required by
applicable law to enable the Company to prepare such registration statement and the related prospectus covering the
applicable Registrable Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

 

(b)          during
such time as such Holder or Holders may be engaged in a distribution of the Registrable Securities, such Holder or Holders will
comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent
required by such laws, will, among other things: (i) not engage in any stabilization activity in connection with the securities
of the Company in contravention of such laws and (ii) if required by applicable law, cause to be furnished to each agent or broker-dealer
to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or
Holders, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference
therein as may be required by such agent, broker-dealer or offeree; and

 

    8

     

    

 

(c)          on
receipt of written notice from the Company of the happening of any of the events specified in Section 3.1(k), or that requires
the suspension by such Holder or Holders of the distribution of any of the Registrable Securities owned by such Holder or Holders
pursuant to a registered offering, then such Holders shall cease offering or distributing the Registrable Securities owned by
such Holder or Holders in a registered offering until the offering and distribution of the Registrable Securities owned by such
Holder or Holders may recommence in accordance with the terms hereof and applicable law.

 

Section 3.5          
Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that
it will file with the Commission the “Form 10 information” required by Rule 144(i)(2) as soon as practical after the
date of this Agreement and, for so long as a Holder owns Registrable Securities, the Company will use commercially reasonable efforts
to:

 

(a)         
file with the Commission in a timely manner all reports and other documents required of the Company under the Exchange Act;
and

 

(b)          so
long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the
Company as to its compliance with the reporting requirements of the Exchange Act.

 

Section 3.6           “Market
Stand-Off” Agreement. The Holders shall not sell, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any
Common Stock (or other securities of the Company) held by the Holders (other than those included in the registration) for a
period specified by the representatives of the managing underwriter or underwriters of Common Stock (or other securities of
the Company convertible into Common Stock) not to exceed five (5) days prior and ninety (90) days following any registered
public sale of securities by the Company in which such Holder participates in accordance with Article II, subject to
customary exceptions (including, without limitation, to the extent that any securities of the Company are subject to a
Permitted Loan (as defined in the Securities Purchase Agreement), to permit the pledge of such securities pursuant to such
Permitted Loan and any foreclosure in connection with such Permitted Loan, or transfer in lieu of a foreclosure thereunder,
and subsequent sales, dispositions or other transfers). Each of the Holders also shall execute and deliver any
“lock-up” agreement reasonably requested by the representatives of any underwriters of the Company in connection
with an offering in which such Holder participates, subject to customary exceptions (including, without limitation, as
described in the preceding sentence in respect of a Permitted Loan).

 

    9

     

    

 

Article
IV

Indemnification

 

Section 4.1            Indemnification
by Company. To the extent permitted by applicable law, the Company will, with respect to any Registrable Securities as to
which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to
this Agreement, indemnify each Holder, each Holder’s current and former officers, directors, partners, members,
managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder or any of the
foregoing within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if any, and each Person who
controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company
Indemnified Parties”), against all expenses, claims, losses, damages, costs (including costs of preparation and
reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with
any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities,
joint or several (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular
or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or
based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the
Company of, or any rule or regulation promulgated under, the Securities Act, Exchange Act or state securities laws applicable
to the Company in connection with any such registration, and the Company will reimburse each of the Company Indemnified
Parties for any reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained
in this Section 4.1 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if
such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably
withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such loss, claim, damage,
liability or action (a) to the extent that it arises out of or is based upon a violation or alleged violation of any state or
federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or
alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by or on behalf of any Holder or (b) in the case
of a sale directly by a Holder of Registrable Securities (including a sale of such Registrable Securities through any
underwriter retained by such Holder engaging in a distribution solely on behalf of such Holder), such untrue statement or
alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and such Holder
failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable
Securities to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required
by the Securities Act.

 

Section 4.2           
Indemnification by Holders. To the extent permitted by applicable law, each Holder will, if Registrable Securities
held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable
“blue sky” laws is being effected, indemnify, severally and not jointly, the Company, each of its directors, officers,
partners, members, managers, shareholders, accountants, attorneys, agents and employees, each underwriter, if any, of the Company’s
securities covered by such a registration, each Person who controls the Company or such underwriter within the meaning of Section
15 of the Securities Act, and each other Holder and each of such other Holder’s officers, directors, partners, members, managers,
shareholders, accountants, attorneys, agents and employees and each Person controlling such Holder or any of the foregoing within
the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all
expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney’s fees and any legal or
other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties,
charges, amounts paid in settlement and other and liabilities (or actions in respect thereof) arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or
compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by such
Holder of, or any rule or regulation promulgated under, the Securities Act, Exchange Act or state securities law applicable to
such Holder, and will reimburse each of the Holder Indemnified Parties for any reasonable legal or any other expenses reasonably
incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses
are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission
(or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon
and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein,
provided, however, that in no event shall any indemnity under this Section 4.2 payable by a Holder
exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in
such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder
has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. The
indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage,
liability or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall
not be unreasonably withheld or delayed), nor shall the Holder be liable for any such loss, claim, damage, liability or action
where such untrue statement or alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus,
and the Company or the underwriters failed to deliver a copy of the final or amended prospectus at or prior to the confirmation
of the sale of the Registrable Securities to the Person asserting any such loss, claim, damage or liability in any case in which
such delivery is required by the Securities Act

 

    10

     

    

 

Section 4.3           Notification. Each party entitled to indemnification under this Article IV (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after
such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting therefrom, provided, however, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party
(whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such
party’s expense; provided, further, however, that an Indemnified Party (together with all other Indemnified
Parties) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying
Party, if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due
to conflicting interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The
failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under
this Article IV, only to the extent that, the failure to give such notice is materially prejudicial or harmful to an Indemnifying
Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except
with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent
to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity
agreements contained in this Article IV shall not apply to amounts paid in settlement of any loss, claim, damage, liability
or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not
be unreasonably withheld or delayed. The indemnification set forth in this Article IV shall be in addition to any other
indemnification rights or agreements that an Indemnified Party may have.

 

Section 4.4            Contribution.
If the indemnification provided for in this Article IV is held by a court of competent jurisdiction to be unavailable
to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action
referred to therein, then, subject to the limitations contained in Article IV, the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a
result of such claim, loss, damage, liability or action in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in
such claims, loss, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of
the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a material fact related to information
supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The Company and the Holders agree that it would
not be just and equitable if contribution pursuant to this Section 4.4 were based solely upon the number of
entities from whom contribution was requested or by any other method of allocation which does not take account of the
equitable considerations referred to above in this Section 4.4. In no event shall any Holder's contribution obligation
under this Section 4.4 exceed the amount by which the net proceeds actually received by such Holder from the sale of
Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages,
claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission or violation. No Person guilty of fraudulent misrepresentation (within the meaning of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

 

    11

     

    

 

Article
V

Transfer and Termination of Registration Rights

 

Section 5.1           
Transfer of Registration Rights. The rights to cause the Company to register securities granted to a Holder under
this Agreement may be assigned to any Person in connection with any Transfer (as defined in the Securities Purchase Agreement)
or assignment of Registrable Securities to in a Transfer permitted by Section 4.2 of the Securities Purchase Agreement; provided,
however, that (a) such transfer may otherwise be effected in accordance with applicable securities laws, (b) prior
written notice of such assignment is given to the Company, and (c) such transferee agrees in writing to be bound by, and subject
to, this Agreement as a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the
Company.

 

Section 5.2           
Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities
under Articles I and II shall terminate with respect to such Holder upon the date upon which such Holder no longer
holds any Registrable Securities.

 

Article
VI

Miscellaneous.

 

Section 6.1           
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other
parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 6.1, provided that receipt of copies of such counterparts is
confirmed.

 

Section 6.2           
Governing Law.

 

(a)         
This Agreement shall be governed by, and construed in accordance with, the laws of the state of New York (except to the
extent that mandatory provisions of the laws of the state of Nevada are applicable), without giving effect to any choice of law
or conflict of law rules or provisions (whether of the state of New York or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the state of New York.

 

(b)          Any
dispute relating hereto shall be heard in the U.S. District Court for the Southern District of New York (and any federal
appellate courts therefrom) (and to the extent such court declines jurisdiction, state court located in the Borough of
Manhattan) (each a “Chosen Court” and collectively, the “Chosen Courts”), and the
parties agree to the exclusive jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the
transactions contemplated hereby or by any matters related to the foregoing (the “Applicable Matters”)
shall be brought exclusively in a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable
Matter shall be deemed to have arisen from a transaction of business in the state of New York, and each of the foregoing
Persons hereby irrevocably consents to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection that such Person may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought
in any such Chosen Court has been brought in an inconvenient forum.

 

    12

     

    

 

(c)          Such
Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any Applicable
Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court.

 

(d)          Process in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world,
whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that
service of process on such party as provided in Section 6.5 shall be deemed effective service of process on such Person.

 

(e)          Waiver of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES
PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

Section 6.3           Entire
Agreement; No Third Party Beneficiary. This Agreement and the Securities Purchase Agreement contain the entire agreement by
and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings relating
to the subject matter of this Agreement. Except as provided in Article IV, this Agreement is not intended to confer upon
any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder.

 

Section 6.4           
Expenses. Except as provided in Section 3.3, all fees, costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such
expenses. The fees specified in clause (b) of the definition of “Registration Expenses” incurred in connection with
any Shelf Registration or Underwritten Offering pursuant to this Agreement shall, in each case, not exceed $50,000.

 

Section 6.5           Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have
been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt
requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) Business Day after mailing;
(c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in the foregoing clause (a)
or (b), when transmitted and receipt is confirmed; and (d) if otherwise actually personally delivered, when delivered, provided,
that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other
address as any party shall provide by like notice to the other parties to this Agreement:

 

    13

     

    

 

If to the Company, to:

 

Cryoport, Inc.

112 Westwood Place, Suite 350

Brentwood, TN 37027

Attention:  (i) Jerrell Shelton, President, Chief
Executive Officer, and Chairman of the Board, (ii) Robert Stefanovich, Chief Financial Officer, Treasurer and Corporate
Secretary, and (iii) Tony Ippolito, Vice President and General Counsel.

Email:  JShelton@cryoport.com;
RStefanovich@cryoport.com; and TIppolito@cryoport.com

 

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

 

Latham & Watkins LLP

650 Town Center Drive, 20th Floor

Costa Mesa, CA 92626

Attention:  Daniel Rees

Email: Daniel.Rees@lw.com

 

If to the Investor, to:

 

BTO Freeze Parent L.P.

c/o The Blackstone Group Inc.

345 Park Avenue

New York, NY 10154

Attention: Ram Jagannath

E-mail: Ram.Jagannath@Blackstone.com

 

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

 

Simpson Thacher & Bartlett LLP

425 Lexington Ave

New York, New York 10017

Attention: Anthony F. Vernace

E-mail: avernace@stblaw.com

 

Section 6.6           Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as provided in Section 5.1, no assignment of this Agreement or of any
rights or obligations hereunder may be made by any party hereto without the prior written consent of the other parties hereto.
Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio.

 

Section 6.7           
Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of reference
only and will not affect the meaning or interpretation of this Agreement.

 

    14

     

    

 

Section 6.8           
Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing
signed by the Company and the Holders of a majority of the Registrable Securities outstanding at the time of such amendment. Any
party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto with any term or provision
hereof on the part of such other party or parties hereto to be performed or complied with. No failure or delay of any party in
exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right
or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof
shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and
are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

Section 6.9           
Interpretation; Absence of Presumption.

 

(a)          
For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender
shall be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and
“herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs
in this Agreement unless otherwise specified; (iii) the word “including” and words of similar import when used in this
Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified;
and (iv) the word “or” , “any” or “either” shall not be exclusive. References to a Person are
also to its permitted assigns and successors. When calculating the period of time between which, within which or following which
any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period
shall be excluded (and unless, otherwise required by Law, if the last day of such period is not a Business Day, the period in question
shall end on the next succeeding Business Day)

 

(b)        
With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same
have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret
or construe any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted
or requested any term or condition of this Agreement.

 

Section 6.10       
Severability. Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court
of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without
affecting in any way the remaining provisions hereof, provided, however, that the parties will attempt in good faith
to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying
out such intent.

 

(The next page is the signature page)

 

    15

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first above written.

 

 

	 	CRYOPORT, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	BTO FREEZE PARENT L.P.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

    S-1

     

    

 

EXHIBIT A

DEFINED TERMS

 

1.          The
following capitalized terms have the meanings indicated:

 

“Affiliate”
of any Person means any Person, directly or indirectly, controlling, controlled by or under common control with such Person.

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the Company’s common stock, par value $0.001 per share.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect from time to time.

 

“Holder”
means (a) any Investor holding Registrable Securities and (b) any transferee to which the rights under this Agreement have been
transferred in accordance with Section 5.1.

 

“Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
other legal entity, or any government or governmental agency or authority.

 

“register”,
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

 

“Registration
Expenses” means (a) all expenses incurred by the Company in complying with this Agreement, including, without limitation,
internal expenses, all registration, qualification, listing and filing fees, printing expenses, escrow fees, rating agency fees,
fees and disbursements of the Company’s independent registered public accounting firm, fees and disbursements of counsel
for the Company, blue sky fees and expenses and (b) the fees and expenses of one counsel to the Holders in connection with this
Agreement; provided, however, that Registration Expenses shall not include any Selling Expenses.

 

“Registrable
Securities” means (a) any shares of Common Stock issued or issuable upon conversion of the Series C Convertible
Preferred Stock, (b) the shares of Common Stock issued to the Investor pursuant to the Securities Purchase Agreement and (c)
any Common Stock actually issued in respect of the securities described in clauses (a) or (b) above or this clause (c) upon
any stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided, however,
that the securities described in clauses (a), (b) and (c) above shall only be treated as Registrable Securities until the
earliest of: (i) the date on which such security has been registered under the Securities Act and disposed of in accordance
with an effective Registration Statement relating thereto; (ii) the date on which such security has been sold pursuant to
Rule 144 and the security is no longer a Restricted Security; or (iii) the date on which such security is transferred in a
transaction pursuant to which the registration rights are not also assigned in accordance with Section 5.1.

 

    A-1

     

    

 

“Restricted
Securities” means any Common Stock required to bear the legend set forth in Section 4.3(a) of the Securities Purchase
Agreement.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule 405”
means Rule 405 promulgated under the Securities Act and any successor provision.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar
federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

“Selling Expenses”
means (a) all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the
Holders and (b) the fees and expenses of any counsel to the Holders.

 

“Series C
Convertible Preferred Stock” means the Company’s Series C Convertible Preferred Stock, par value $0.001 per share.

 

“Shelf Registration”
means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable.

 

“Transfer”
has the meaning given to such term in the Securities Purchase Agreement.

 

“WKSI”
means a “well known seasoned issuer” as defined under Rule 405.

 

2.       The
following terms are defined in the Sections of the Agreement indicated:

 

INDEX OF TERMS

 

	Term	Section
	 	 
	Agreement	Preamble
	Applicable
    Matters	Section 6.2(b)
	Chosen
    Court	Section 6.2(b)
	Company	Preamble
	Company
    Indemnified Parties	Section 4.1
	Effectiveness
    Period	Section 1.2
	Holder	Section 5.1
	Holder
    Indemnified Parties	Section 4.2
	Indemnified
    Party	Section 4.3
	Indemnifying
    Party	Section 4.3
	Investor	Preamble
	Market
    Stand-Off	Section 3.6
	Resale
    Shelf Registration	Section 1.1
	Securities
    Purchase Agreement	Preamble
	Subsequent
    Holder Notice	Section 1.5
	Subsequent
    Shelf Registration	Section 1.3
	Underwritten
    Offering	Section 1.6

 

    A-2EX-4.2

 Exhibit 4.2 

DYNE THERAPEUTICS, INC. 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	5	 
		 	 2.1
	  	 Demand Registration
	  	 	5	 
		 	 2.2
	  	 Company Registration
	  	 	6	 
		 	 2.3
	  	 Underwriting Requirements
	  	 	7	 
		 	 2.4
	  	 Obligations of the Company
	  	 	8	 
		 	 2.5
	  	 Furnish Information
	  	 	10	 
		 	 2.6
	  	 Expenses of Registration
	  	 	10	 
		 	 2.7
	  	 Delay of Registration
	  	 	10	 
		 	 2.8
	  	 Indemnification
	  	 	10	 
		 	 2.9
	  	 Reports Under Exchange Act
	  	 	13	 
		 	 2.10
	  	 Limitations on Subsequent Registration Rights
	  	 	13	 
		 	 2.11
	  	 “Market Stand-off” Agreement
	  	 	13	 
		 	 2.12
	  	 Restrictions on Transfer
	  	 	14	 
		 	 2.13
	  	 Termination of Registration Rights
	  	 	16	 
			
	 3.
	 	 Information and Observer Rights
	  	 	16	 
		 	 3.1
	  	 Delivery of Financial Statements
	  	 	16	 
		 	 3.2
	  	 Inspection
	  	 	17	 
		 	 3.3
	  	 Termination of Information Rights
	  	 	17	 
		 	 3.4
	  	 Confidentiality
	  	 	18	 
			
	 4.
	 	 Rights to Future Stock Issuances
	  	 	19	 
		 	 4.1
	  	 Right of First Offer
	  	 	19	 
		 	 4.2
	  	 Termination
	  	 	20	 
			
	 5.
	 	 Additional Covenants
	  	 	20	 
		 	 5.1
	  	 Insurance
	  	 	20	 
		 	 5.2
	  	 Employee Agreements
	  	 	21	 
		 	 5.3
	  	 Employee Stock
	  	 	21	 
		 	 5.4
	  	 [Reserved]
	  	 	21	 
		 	 5.5
	  	 Board Matters
	  	 	21	 
		 	 5.6
	  	 Successor Indemnification
	  	 	21	 
		 	 5.7
	  	 Indemnification Matters
	  	 	22	 
		 	 5.8
	  	 Right to Conduct Activities
	  	 	22	 
		 	 5.9
	  	 Harassment Policy
	  	 	23	 
		 	 5.10
	  	 Termination of Covenants.
	  	 	23	 
			
	 6.
	 	 Miscellaneous
	  	 	23	 

  
 i 

									
		 	 6.1
	  	 Successors and Assigns
	  	 	23	 
		 	 6.2
	  	 Governing Law
	  	 	23	 
		 	 6.3
	  	 Counterparts
	  	 	23	 
		 	 6.4
	  	 Titles and Subtitles
	  	 	24	 
		 	 6.5
	  	 Notices
	  	 	24	 
		 	 6.6
	  	 Amendments and Waivers
	  	 	24	 
		 	 6.7
	  	 Severability
	  	 	25	 
		 	 6.8
	  	 Aggregation of Stock
	  	 	26	 
		 	 6.9
	  	 Additional Investors
	  	 	26	 
		 	 6.10
	  	 Entire Agreement
	  	 	26	 
		 	 6.11
	  	 Dispute Resolution
	  	 	26	 
		 	 6.12
	  	 Delays or Omissions
	  	 	27	 
		
	 Schedule A
	  	—     Schedule of Investors	  

  

  
 ii 

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 7th day of August, 2020, by and among Dyne Therapeutics, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is
referred to in this Agreement as an “Investor”. 
 RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock, $0.0001 par value per share (the “Series A Preferred Stock”), and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain Investors’ Rights Agreement dated as of
November 29, 2018, by and among the Company and such Existing Investors (the “Prior Agreement”); and 

WHEREAS, the Existing Investors are holders of a majority of the Registrable Securities (as defined in the Prior Agreement), and desire
to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, certain of the Investors are parties to that certain Series B Preferred Stock Purchase Agreement of even date herewith by and
among the Company and such Investors (the “Purchase Agreement”), under which the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors, Existing
Investors holding a majority of the Registrable Securities (as defined in the Prior Agreement), and the Company; 
 NOW, THEREFORE,
the parties hereby agree as follows: 
 1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer, director or trustee of such Person or any venture capital fund, investment fund, registered investment company or
asset manager now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person; provided, however, that
(i) each Wellington Investor shall be deemed to be an “Affiliate” of each other Wellington Investor, and (ii) an entity that is an “Affiliate” of a Wellington Investor shall not be deemed to be an “Affiliate”
of any other Wellington Investor unless such entity is a Wellington Investor (and, for the avoidance of doubt, an “Affiliate” of such entity shall not be deemed an “Affiliate” of any Wellington Investor solely by virtue of being
an “Affiliate” of such entity). 
 1.2 “Certificate of Incorporation” means the Company’s Amended and
Restated Certificate of Incorporation, as may be amended and/or restated from time to time. 

  
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 1.3 “Common Stock” means shares of the Company’s common stock, par
value $0.0001 per share. 
 1.4 “Damages” means any loss, damage, claim or liability (joint or several) to which a party
hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or
alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or
Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.5 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. 
 1.6 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.7 “Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration
in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

1.8 “Form S-1” means such form under the Securities Act as in effect on the
date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.9 “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial
information by reference to other documents filed by the Company with the SEC. 
 1.10 “Franklin” means, collectively,
Franklin Strategic Series – Franklin Biotechnology Discovery Fund and Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund (a Luxembourg SICAV). 

  
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 1.11 “GAAP” means generally accepted accounting principles in the United
States as in effect from time to time. 
 1.12 “Harvard” means Harvard Management Private Equity Corporation. 

1.13 “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.14 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 
 1.15
“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

1.16 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

1.17 “Key Employee” means any executive-level employee (including,
division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.18 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
850,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof) and each Person to whom any of the rights of any such Investor are
assigned pursuant to Section 6.1; provided, that Harvard shall be a Major Investor solely for purposes of Subsection 3.1 for so long as it holds at least fifty percent (50%) of the Registrable Securities originally purchased by it. 

1.19 “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

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

 1.21 “Preferred Stock” means, collectively, shares of Series A Preferred Stock and shares of Series B Preferred Stock.

 1.22 “RA Capital” means, collectively, Blackwell Partners LLC – Series A, RA Capital Nexus Fund, L.P. and RA
Capital Healthcare Fund, L.P. 

  
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 1.23 “Registrable Securities” means (i) the Common Stock issuable or
issued upon conversion of the Preferred Stock, (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of
the Company (excluding the Preferred Stock), held by the Investors; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this
Agreement. 
 1.24 “Registrable Securities then outstanding” means the number of shares determined by adding the number of
shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

1.25 “Requisite Holders” means holders of a majority of the Registrable Securities then outstanding that are issuable or
issued upon conversion of the Preferred Stock. 
 1.26 “Restricted Securities” means the securities of the Company
required to be notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.27 “SEC” means the Securities
and Exchange Commission. 
 1.28 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.29 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

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

 1.31 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

1.32 “Series A Director” means a director designated pursuant to Subsections 1.2(a), 1.2(b) or 1.2(c) of
the Amended and Restated Voting Agreement, dated as of even date herewith, by and between the Company and the Stockholders named therein (the “Voting Agreement”). 

1.33 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per share.

  
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 1.34 “Wellington Investors” shall mean, Holders, or permitted transferees
of Registrable Securities held by Holders, that are advisory or subadvisory clients of Wellington Management Company LLP, including, without limitation, Wellington Biomedical Innovation Master Investors (Cayman) I L.P. 

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

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from the Requisite Holders that the Company file a Form S-1 registration statement with respect to at least thirty percent (30%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling
Expenses, would exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and
(y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act
covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such
Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that 

  
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the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the
Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the
request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any
securities for its own account or that of any other stockholder during such ninety (90) day period other than (i) pursuant to a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock
option, stock purchase, or similar plan, (ii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or
(iii) or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a)(i)
during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration,
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected a registration pursuant to Subsection
2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection
2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate
of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such
registration statement to become effective; or (ii) if the Company has effected a registration pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall
not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such
registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as
“effected” for purposes of this Subsection 2.1(d). 
 2.2 Company Registration. If the Company proposes to
register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other
than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company
shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or

  
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withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities
in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if
the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as
nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities
held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company
or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 (b) In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting
unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by
the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their
reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the
Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated among the selling 

  
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Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such
selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the
foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or
(ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be
excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any
selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners,
retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder”
shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(c) For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the
underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

2.4 Obligations of the Company. Whenever required under this Section 2 to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however,
that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any
securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to
compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

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

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

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

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

  
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 In addition, the Company shall ensure that, at all times after any registration statement
covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 
 2.5 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and
disbursements, not to exceed $35,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay
for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case
all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their
right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the
condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay
any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this
Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any 

  
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Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of
or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection
with such registration. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold
harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company,
any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that
such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such
selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses
are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent
of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and
2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the

  
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commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection
2.8. 
 (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either:
(i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case
(x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no
event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 
 (e) Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control. 
 (f) Unless otherwise superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this
Section 2, and otherwise shall survive the termination of this Agreement. 

  
 12 

 2.9 Reports Under Exchange Act. With a view to making available to the Holders the
benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form
S-3, the Company shall: 
 (a) make and keep available adequate current public information, as
those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 
 (c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies) and (ii) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form
S-3 (at any time after the Company so qualifies to use such form). 
 2.10 Limitations on
Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Requisite Holders enter into any agreement with any holder or prospective holder of any securities of the
Company that would allow such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only
to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included or (ii) allow such holder or prospective holder to initiate a demand for registration of any
securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11 “Market Stand-off” Agreement. Each Holder hereby
agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter
(such period not to exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective

  
 13 

 
date of the registration statement for the IPO or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11
shall apply only to the IPO, and shall not apply to distributions to current or former partners, members or stockholders of a Holder or to the transfer of any shares owned by a Holder in the Company to its Affiliates or any of the Holder’s
stockholders, members, partners or other equity holders; provided that the Affiliate, stockholder member, partner or other equity holder of the Holder agrees to be bound in writing by the restrictions set forth herein, shall not apply to
transactions or announcements relating to: (1) securities acquired in the IPO or (2) securities acquired in open market transactions from and after the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an
underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the
restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and
the Company uses commercially reasonable efforts to obtain similar agreements from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of
all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Investors that
are subject to such agreements, based on the number of shares subject to such agreements. 
 2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing
(i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

  
 14 

 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of
this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; (y) in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no consideration or (z) in any internal transaction in which such Holder transfers Restricted Securities to an Affiliate of such Holder that is an entity and that is
ultimately controlled by the same parent company as the Holder (or is the ultimate parent company of the Holder); provided that, in the case of clauses (y) and (z), each transferee agrees in writing to be subject to the terms of this
Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive
legend set forth in Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in
order to establish compliance with any provisions 

  
 15 

 
of the Securities Act. Notwithstanding the foregoing, the Company shall be obligated to reissue promptly unlegended certificates or book entries at the request of any Holder thereof if the
Company has completed its IPO and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration,
qualification and legend, provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 

2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 
 (a) the closing of a Deemed
Liquidation Event, as such term is defined in the Certificate of Incorporation; 
 (b) such time after conusmation of the IPO as Rule 144
or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and 

(c) the fifth anniversary of the IPO. 

3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor: 

(a) as soon as practicable, but in any event within one hundred fifty (150) days after the end of each fiscal year of the Company,
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and
certified by independent public accountants of nationally recognized standing selected by the Company; 
 (b) as soon as practicable, but
in any event within sixty (60) days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter,
all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (c) (i) as soon as practicable, but in any event within forty-five (45) days after the end of each of the
first three (3) quarters of each fiscal year of the Company, or (ii) as requested by a Major Investor, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for
shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable
thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the
Company; 

  
 16 

 (d) as soon as practicable, but in any event before the end of each fiscal year, a budget
and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months
and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (e) such other information relating to the
financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1
to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the
disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 
 If, for any period, the
Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial
statements of the Company and all such consolidated subsidiaries.
 Notwithstanding anything else in this Subsection 3.1 to the
contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration
statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at
such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

3.2 Inspection. The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined
that such Major Investor is a competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and
accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide
access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3 Observer Rights. As long as Vida
Ventures, LLC and its Affiliates (“Vida Ventures”) owns not less than twenty percent (20%) of the shares of Series B Preferred Stock it is purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon
the conversion thereof), the Company shall invite a representative of Vida Ventures to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall 

  
 17 

 
give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to any other member of
the Board; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold
any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in
the disclosure of trade secrets or a conflict of interest. 
 3.4 Observer Rights. As long as Citadel Multi-Strategy Equities Master
Fund Ltd. (“Surveyor”) owns not less than twenty percent (20%) of the shares of Series B Preferred Stock it is purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon the conversion thereof), the
Company shall invite a representative of Surveyor to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials
that it provides to its directors at the same time and in the same manner as provided to any other member of the Board; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further,
that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege
between the Company and its counsel. 
 3.5 Termination of Information Rights. The covenants set forth in Subsection 3.1,
3.2, 3.3 and 3.4 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

3.6 Confidentiality. Each Investor agrees, severally and not jointly, that such Investor will keep confidential and will not disclose,
divulge, or use for any purpose (other than to monitor and value its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file
a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.6 by such Investor), (b) is or has been independently
developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third
party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in
connection with monitoring and valuing its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such such Investor informs such prospective purchaser that such information is
confidential and directs such prospective purchaser to maintain the confidentiality of such information; (iii) to any Affiliate of such Investor in the ordinary course of business, provided that such Investor informs such Person

  
 18 

 
that such information is confidential and directs such Person to maintain the confidentiality of such information; (iv) to the extent required in connection with any routine or periodic
examination or similar process by any regulatory or self-regulatory body or authority not specifically directed at the Company or the confidential information obtained from the Company pursuant to the terms of the Agreement, including, without
limitation, quarterly or annual reports, or (v) as may otherwise be required by law, provided that, with respect to this clause (v), the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the
extent of any such required disclosure. Notwithstanding the foregoing, in the case of any Investor that is (i) a registered investment company within the meaning of the Investment Company Act of 1940, as amended, or (ii) is advised by a
registered investment adviser or Affiliates thereof, such Investor may identify the Company and the value of such Investor’s security holdings in the Company in accordance with applicable investment reporting and disclosure regulations without
prior notice to or consent from the Company. 
 3.7 Material Non-Public Information. The
Company understands and acknowledges that in the regular course of Surveyor’s business, Surveyor and its Affiliates will invest in companies that have issued securities that are publicly traded (each, a “Public Company”). In
addition, the Company acknowledges and agrees that in no event shall Surveyor’s confidentiality and non-use obligations hereunder in any manner be deemed or construed as limiting Surveyor or its
representatives’ (or any of their respective Affiliates) ability to trade any security of a Public Company. 
 4. Rights to Future
Stock Issuances. 
 4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and
applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby
granted to it, in such proportions as it deems appropriate, among itself and its Affiliates; provided that each such Affiliate (x) agrees to enter into this Agreement and each of (i) the Voting Agreement and
(ii) the Amended and Restated Right of First Refusal and Co-Sale Agreement of even date herewith by and among the Company, the Investors and the other parties named therein, as an
“Investor” under each such agreement and (y) agrees to purchase at least such number of New Securities as are allocable hereunder to the Major Investor holding the fewest number of Preferred Stock and any other Derivative
Securities. 
 (a) The Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona
fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as 

  
 19 

 
applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock then outstanding (assuming full conversion and/or
exercise, as applicable, of all Preferred Stock, any other Derivative Securities then outstanding and any shares available for grant under any stock option, stock purchase, or similar plan) (the “Pro Rata Amount”). At the expiration
of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s
failure to do likewise During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares
specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or
indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to
this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection
4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons
at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not
consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this
Subsection 4.1. 
 (d) The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted
Securities (as defined in the Certificate of Incorporation), or (ii) shares of Common Stock issued in the IPO. 
 4.2
Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

5. Additional Covenants. 

5.1 Insurance. The Company shall maintain its Directors and Officers liability insurance from financially sound and reputable insurers,
in an amount and on terms and conditions satisfactory to the Board of Directors, including a majority of the Series A Directors, until such time as the Board of Directors determines that such insurance should be discontinued. 

  
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 5.2 Employee Agreements. The Company will cause (i) each person now or hereafter
employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment
agreement; and (ii) each Key Employee to enter into a noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of Directors. 

5.3 Employee Stock. Unless otherwise approved by the Board of Directors, including a majority of the Series A Directors, all future
employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares
vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in
Subsection 2.11. Without the prior approval by the Board of Directors, including a majority of the Series A Directors, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock
restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this Subsection 5.3. In addition, unless otherwise approved by the Board of Directors, the Company
shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

5.4 [reserved]. 
 5.5 Board
Matters. Unless otherwise determined by the vote of a majority of the directors then in office, including a majority of the Series A Directors, the Board shall meet quarterly in accordance with an agreed-upon schedule. The Company shall
reimburse each nonemployee director for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with
attending meetings of the Board of Directors or committees of the Board. Each Series A Director shall be entitled in such person’s discretion to be a member of any Board committee. The Series A Director designated by Atlas Venture Fund XI, L.P.
(“Atlas”), pursuant to Section 1.2(a) of the Voting Agreement, shall serve as the Chairman of the Board. 
 5.6
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent
necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such
transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 

  
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 5.7 Indemnification Matters. The Company hereby acknowledges that one (1) or
more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the
Investors and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary
and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses
incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the
Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by
the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or
be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.8 Right to Conduct Activities. The Company hereby agrees and acknowledges that each of Franklin, the Wellington Investors, Vida
Ventures, Surveyor, Atlas, MPM BioVentures 2018 (“MPM”), Harvard, RA Capital and Forbion Capital Fund IV Cooperatief U.A (“Forbion,” and together with Franklin, Wellington Investors, Vida Ventures, Surveyor, Atlas,
MPM, Harvard, RA Capital and their respective Affiliates, the “Investment Funds”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the
Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, the Investment Funds shall not be liable to the Company for any claim
arising out of, or based upon, (i) their investments in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of any Investment Fund to assist any such competitive company, whether or
not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any
Investment Fund from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his
or her fiduciary duties to the Company. Nothing in this Agreement shall preclude or in any way restrict the Investment Funds from investing or participating in any particular enterprise whether or not such enterprise has products or services which
compete with those of the Company. 

  
 22 

 5.9 Harassment Policy. The Company shall continue to maintain in effect (i) a
Code of Conduct governing appropriate workplace behavior and (ii) an Anti-Harassment and Discrimination Policy prohibiting discrimination and harassment at the Company. Such policy shall be reviewed and approved by the Board of Directors. 

5.10 Termination of Covenants. The covenants set forth in this Section 5, except for Subsections 5.6, 5.7, and
5.8, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the
Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

6. Miscellaneous. 

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder
to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or a trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family
Members; or (iii) after such transfer, holds at least 850,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that
(x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such
transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of
Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual
Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall establish a
single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this
Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law
principles that would result in the application of any law other than the law of the State of Delaware. 
 6.3 Counterparts. This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail
(including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes.  

  
 23 

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

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently
modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, MA 02109, Attn: Stuart Falber.  
 (b) Notwithstanding subsection (a), any notice to a Wellington Investor may
only be sent to the address set forth on Exhibit A, or to such other email address, facsimile number, or address as subsequently modified by written notice given by such Wellington Investor in accordance with this Subsection
6.5. 
 (c) Consent to Electronic Notice. Each Investor consents to the delivery of any stockholder notice pursuant to the
Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth below
such Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any
reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees
to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6 Amendments and Waivers. Any term of this Agreement may be amended or terminated and the observance of any term of this Agreement
may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company and (ii) the Requisite Holders; provided, however that the Company may in its
sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 

  
 24 

 
2.12(c) shall be deemed to be a waiver); that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party; and that with
respect to Sections 1.16, 3 and 4, the consent of the Requisite Holders shall mean the consent of Major Investors holding a majority of the Registrable Securities (excluding any shares of Common Stock issued and outstanding as
of the date hereof) held by all Major Investors. Notwithstanding the foregoing, (a) this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent
of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be
deemed to apply to all Major Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction; provided,
however, in the event that (x) the right of first offer in Section 4 is waived with respect to any issuance of New Securities, and (y) one or more of the Major Investors that consented to such waiver (each, a
“Waiving Major Investor”) nevertheless purchases any such New Securities, each Major Investor that is not a Waiving Major Investor shall be entitled to purchase the lesser of (a) such Major Investor’s Pro Rata
Amount in such offering and (b) a portion of such New Securities which equals the product of (i) such Major Investor’s Pro Rata Amount in such offering and (ii) a fraction, the numerator of which is the aggregate number of such
New Securities purchased by the Waiving Major Investors and the denominator of which is the aggregate Pro Rata Amounts in such offering of such Waiving Major Investors; it being agreed that such opportunity may be provided subsequent to the initial
closing in which such Waiving Major Investor(s) purchase such New Securities, (b) Subsection 3.4, Subsection 5.8 (as it relates to Surveyor) and this clause (b) may not be amended or terminated and the observance of any term
thereof may not be waived without the written consent of Surveyor, and (c) Subsection 3.3 and Subsection 5.8 (as it relates to Vida Ventures) and this clause (c) may not be amended or terminated and the observance of any term
thereof may not be waived without the written consent of Vida Ventures. Notwithstanding the foregoing, any amendment, waiver, discharge or termination of the definition of “Wellington Investors”, Subsection 6.5(b) and this sentence
shall require the written consent of the Wellington Investors. 
 The Company shall give prompt notice of any amendment or termination hereof or waiver
hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless
of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term,
condition, or provision. 
 6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and
construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

  
 25 

 6.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the
Company’s Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as
such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to
the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall
be of no further force or effect. 
 6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to
the jurisdiction of the state courts of Delaware and to the jurisdiction of the federal district courts of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence
any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the federal district courts of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY
EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 26 

 Each party will bear its own costs in respect of any disputes arising under this Agreement.
The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal
jurisdiction for any equitable action sought in a federal district court of Delaware or any court of the State of Delaware having subject matter jurisdiction. 

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

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	DYNE THERAPEUTICS, INC.
		
	By:	 	/s/ Joshua T. Brumm
	Name:	 	Joshua Brumm
	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	VIDA VENTURES II, LLC
	
	By: VV Manager II LLC, its Managing Member
		
	By:	 	/s/ Stefan Vitorovic
	Name:  Stefan Vitorovic
	Title: Managing Director

  

			
	VIDA VENTURES II-A, LLC
	
	By: VV Manager II LLC, its Managing Member
		
	By:	 	/s/ Stefan Vitorovic
	Name:  Stefan Vitorovic
	Title: Managing Director

  
 Signature Page to Amended
& Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CITADEL MULTI-STRATEGY EQUITIES MASTER FUND LTD.
	
	By: Citadel Advisors LLC, its portfolio manager
		
	By:	 	/s/ Shellane Mulcahy
	Name:  Shellane Mulcahy
	Title: Authorized Signatory

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	ATLAS VENTURE OPPORTUNITY FUND I, L.P.
	
	By: Atlas Venture Associates Opportunity I, L.P., its general partner
	
	By: Atlas Venture Associates Opportunity I, LLC, its general partner
		
	By:	 	/s/ Ommer Chohan
	Name:  Ommer Chohan
	Title: CFO

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	ATLAS VENTURE FUND XI, L.P.
		
	By:	 	Atlas Venture Associates XI, L.P., its general partner
		
	By:	 	Atlas Venture Associates XI, LLC, its general partner
		
	By:	 	/s/Ommer Chohan
	Name: Ommer Chohan
	Title: CFO

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	MPM BIOVENTURES 2018, L.P.
	
	By: MPM BIOVENTURES 2018 GP LLC, its general partner
	
	By: MPM BIOVENTURES 2018 LLC, its managing member
		
	By:	 	 /s/ Nicholas McGrath

	Name:   Nicholas McGrath
	Title: Authorized Signatory

  

			
	MPM BIOVENTURES 2018 (B), L.P.
	
	By: MPM BIOVENTURES 2018 GP LLC, its general partner
	
	By: MPM BIOVENTURES 2018 LLC, its managing member
		
	By:	 	/s/ Nicholas McGrath
	Name:   Nicholas McGrath
	Title: Authorized Signatory

  

			
	MPM Asset Management Investors BV2018 LLC
	
	By: MPM BIOVENTURES 2018 LLC, its manager
		
	By:	 	/s/ Nicholas McGrath
	Name:   Nicholas McGrath
	Title: Authorized Signatory

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as
of the date first written above. 
  

			
	INVESTOR:
	
	Forbion Capital Fund IV Cooperatief U.A.
		
	By	 	/s/ H.A. Slootweg and /s/ V. van Houten
	As Proxy holder of Forbion IV Management B.V., as director of Forbion Capital Fund IV Coöperatief U.A.

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CUREDUCHENNE VENTURES, LLC
		
	By:	 	/s/ Debra Miller
	Name:   Debra Miller
	Title: Chief Executive Officer

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	Wellington Biomedical Innovation Master Investors (Cayman) I L.P.
	
	By: Wellington Management Company LLP, as investment adviser
		
	By:	 	/s/ Peter N. McIsaac
	Name:   Peter N. McIsaac
	Title: Managing Director & Counsel

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	FRANKLIN STRATEGIC SERIES – FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
	
	FRANKLIN TEMPLETON INVESTMENT FUNDS – FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
	
	By: Franklin Advisers, Inc., as investment manager
		
	By:	 	/s/ Evan McCulloch
	Name:   Evan McCulloch
	Title: Senior Vice President

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	LOGOS OPPORTUNITIES FUND II, L.P.
	
	By: Logos Opportunities GP, LLC Its General Partner
		
	By:	 	/s/ Graham Walmsley
	Name:  Graham Walmsley
	Title: Manager

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	RA CAPITAL HEALTHCARE FUND, L.P.
	
	By: RA Capital Healthcare Fund GP, LLC Its General Partner
		
	 By:
	 	 /s/ Rajeev Shah

	 Name:  Rajeev Shah

	 Title: Manager

  

			
	RA CAPITAL NEXUS FUND, L.P.
	
	RA RA Capital Nexus Fund GP, LLC Its General Partner
		
	By:	 	/s/ Rajeev Shah
	Name:  Rajeev Shah
	Title: Manager

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	BLACKWELL PARTNERS LLC – SERIES A
		
	By:	 	 /s/ Abayomi A. Adigun

	Name:  Abayomi A. Adigun
	Title: Investment Manager
	   DUMAC, Inc., Authorized Signatory

		
	By:	 	 /s/ Jannine M. Lall

	Name:  Jannine M. Lall
	Title: Head of Finance & Controller
	   DUMAC, Inc., Authorized Signatory

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	HARVARD MANAGEMENT PRIVATE EQUITY CORPORATION
		
	 By:
	 	 /s/ Adam Goldstein

	 Name:    Adam Goldstein

	 Title: Authorized Signatory

  

			
	 By:
	 	 /s/ Kathryn Murtagh

	 Name:  Kathryn Murtagh

	 Title: Authorized Signatory

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	 /s/ Catherine Stehman-Breen

	 Name: Catherine Stehman-Breen

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	 /s/ Lawrence Klein

	 Name: Lawrence Klein

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	 /s/ David C. Lubner

	 Name: David C. Lubner

  
 Signature Page to
Amended & Restated Investors’ Rights Agreement 

 SCHEDULE A 

Investors 
 Vida Ventures II, LLC 

c/o VV Manager LLC 
 40 Broad Street, Suite 201 

Boston, MA 02109 
 Attn: Stefan Vitorovic 

Vida Ventures II-A, LLC 

c/o VV Manager LLC 
 40 Broad Street, Suite 201 

Boston, MA 02109 
 Attn: Stefan Vitorovic 

Citadel Multi-Strategy Equities Master Fund Ltd. 
 c/o Citadel
Advisors LLC 
 601 Lexington Avenue 
 New York, New York 10022

 Attention: Noah Goldberg and Harry Greenbaum 

CitadelAgreementNotice@citadel.com; noah.goldberg@citadel.com; 

Harry.Greenbaum@citadel.com 
 With copies to:

 Choate, Hall & Stewart, LLP 

Two International Place 
 Boston,
MA 02100 
 Attention: Brian P. Lenihan and Tobin P. Sullivan 

blenihan@choate.com; tsullivan@choate.com 
 MPM
Bioventures 2018, L.P. 
 MPM Bioventures 2018 (B), L.P. 
 MPM
Asset Management Investors BV2018 LLC 
 2000 Sierra Point Parkway, Suite 701 

Brisbane, CA 94005 
 Attn: Ed Hurwitz 

Forbion Capital Fund IV Cooperatief U.A. 
 Gooimeer 2-35 
 1411 DC Naarden 
 The
Netherlands 
 CUREDUCHENNE VENTURES, LLC 
 1400 Quail Street,
Suite 110 
 Newport Beach, CA 92660 

 Atlas Venture Fund IX, L.P. 

400 Technology Square 
 Cambridge, MA 02139 

Atlas Venture Opportunity Fund I, L.P. 
 400 Technology Square

 Cambridge, MA 02139 
 RA Capital Healthcare Fund, L.P. 

RA Capital Nexus Fund, L.P. 
 200 Berkeley Street 

18th Floor 
 Boston, MA 02116 

Attn: General Counsel 
 Blackwell Partners LLC – Series A

 280 S. Mangum Street 
 Suite 210 

Durham, NC 27701 
 Attn: Jannine Lall 

Wellington Biomedical Innovation Master Investors (Cayman) I L.P. 

c/o Wellington Management Company LLP 
 280 Congress Street 

Boston, MA 02210 
 Telephone number: (617) 790-7429 
 Attn: Peter N. McIssac 

Email: #legal-ecm@wellington.com 

Logos Opportunities Fund II, L.P. 
 1 Letterman Dr., Building D,
Suite D3-700 
 San Francisco, CA 94129 

Franklin Strategic Series- Franklin Biotechnology Discovery Fund 

Franklin Templeton Investments Funds - Franklin Biotechnology Discovery Fund 

One Franklin Parkway 
 San Mateo CA 94403 

Attn: Wendy Lam - wendy.lam@franklintempleton.com 
 Chris Chen -
Chris.chen@franklintempleton.com 
 Dtsops@franklintempleton.com 

Harvard Management Private Equity Corporation 
 600 Atlantic
Avenue 
 Boston, MA 02210-2203 

 Catherine Stehman-Breen 

[**] 
 [**] 

Lawrence Klein 
 [**] 

[**] 
 David C. Lubner 

[**] 
 [**]

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