Document:

Exhibit 10.1

    

     

    

    
      Execution Copy

    

    
       

      

      SECURITIES PURCHASE AGREEMENT

       

      by and among

       

      LINCOLN EDUCATIONAL SERVICES CORPORATION

       

      and

       

      EACH OF THE INVESTORS LISTED ON SCHEDULE I HERETO

       

      Dated as of November 14, 2019

       

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      

      	

            	Page
	

            	 
	
              ARTICLE I DEFINITIONS

            	
              1

            
	 	 
	 	
              SECTION 1.01

            	
              Definitions

            	
              1

            
	 	 	 	 
	
              ARTICLE II PURCHASE AND SALE

            	
              9

            
	 	 
	 	
              SECTION 2.01

            	
              Purchase and Sale of Preferred Stock

            	
              9

            
	 	
              SECTION 2.02

            	
              Closing

            	
              10

            
	 	 	 	 
	
              ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY

            	
              10

            
	 	 
	 	
              SECTION 3.01

            	
              Organization; Standing

            	
              11

            
	 	
              SECTION 3.02

            	
              Capitalization

            	
              11

            
	 	
              SECTION 3.03

            	
              Authority; Noncontravention.

            	
              13

            
	 	
              SECTION 3.04

            	
              Governmental Approvals

            	
              14

            
	 	
              SECTION 3.05

            	
              Company SEC Documents; Undisclosed Liabilities and Events.

            	
              14

            
	 	
              SECTION 3.06

            	
              Absence of Certain Changes

            	
              16

            
	 	
              SECTION 3.07

            	
              Legal Proceedings

            	
              17

            
	 	
              SECTION 3.08

            	
              Compliance with Laws; Permits

            	
              18

            
	 	
              SECTION 3.09

            	
              Tax Matters

            	
              18

            
	 	
              SECTION 3.10

            	
              Employee Benefits.

            	
              19

            
	 	
              SECTION 3.11

            	
              Labor Matters

            	
              20

            
	 	
              SECTION 3.12

            	
              Environmental Matters

            	
              20

            
	 	
              SECTION 3.13

            	
              Intellectual Property.

            	
              21

            
	 	
              SECTION 3.14

            	
              Title to Property

            	
              23

            
	 	
              SECTION 3.15

            	
              Material Contracts

            	
              23

            
	 	
              SECTION 3.16

            	
              Insurance

            	
              24

            
	 	
              SECTION 3.17

            	
              Sale of Securities

            	
              24

            
	 	
              SECTION 3.18

            	
              No Broker

            	
              24

            
	 	
              SECTION 3.19

            	
              Listing and Maintenance Requirements

            	
              24

            
	 	
              SECTION 3.20

            	
              Investment Company Act

            	
              25

            
	 	
              SECTION 3.21

            	
              No “Bad Actor” Disqualification

            	
              25

            
	 	
              SECTION 3.22

            	
              No Rights Agreement

            	
              25

            
	 	
              SECTION 3.23

            	
              Certain Business Relationships with Affiliates

            	
              25

            
	 	
              SECTION 3.24

            	
              Privacy and Data Protection

            	
              25

            
	 	
              SECTION 3.25

            	
              Illegal Payments; FCPA Violations

            	
              26

            
	 	
              SECTION 3.26

            	
              Compliance with Money Laundering Laws

            	
              26

            
	 	
              SECTION 3.27

            	
              Educational Approvals; Compliance with Educational Laws

            	
              26

            
	 	
              SECTION 3.28

            	
              Disclosure

            	
              30

            
	 	 	 	 
	
              ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

            	
              30

            
	 	 
	 	
              SECTION 4.01

            	
              Organization and Authority

            	
              30

            
	 	
              SECTION 4.02

            	
              Authorization; Enforceability

            	
              31

            

       

      

      
        i

        
          

      

      	 	
              SECTION 4.03

            	
              No Conflict

            	
              31

            
	 	
              SECTION 4.04

            	
              Governmental Approvals

            	
              31

            
	 	
              SECTION 4.05

            	
              No Broker

            	
              31

            
	 	
              SECTION 4.06

            	
              Purchase for Investment

            	
              32

            
	 	
              SECTION 4.07

            	
              Private Placement Consideration

            	
              32

            
	 	
              SECTION 4.08

            	
              Tax Matters

            	
              32

            
	 	 	 	 
	
              ARTICLE V ADDITIONAL AGREEMENTS

            	
              33

            
	 	 
	 	
              SECTION 5.01

            	
              Public Announcements

            	
              33

            
	 	
              SECTION 5.02

            	
              Corporate Action

            	
              33

            
	 	
              SECTION 5.03

            	
              NASDAQ Listing of Shares

            	
              34

            
	 	
              SECTION 5.04

            	
              Use of Proceeds

            	
              34

            
	 	
              SECTION 5.05

            	
              Expenses

            	
              34

            
	 	
              SECTION 5.06

            	
              Board Composition

            	
              34

            
	 	
              SECTION 5.07

            	
              Legends

            	
              35

            
	 	
              SECTION 5.08

            	
              Tax Matters

            	
              35

            
	 	
              SECTION 5.09

            	
              Anti-takeover Laws

            	
              36

            
	 	
              SECTION 5.10

            	
              Delivery of Series A Certificate of Amendment

            	
              36

            
	 	
              SECTION 5.11

            	
              Amendments to Corporate Documents

            	
              36

            
	 	
              SECTION 5.12

            	
              Tax Treatment

            	
              36

            
	 	
              SECTION 5.13

            	
              Non-Public Information

            	
              36

            
	 	
              SECTION 5.14

            	
              Access to Information

            	
              36

            
	 	
              SECTION 5.15

            	
              Standstill.

            	
              37

            
	 	
              SECTION 5.16

            	
              Limitation on Transfer and Right of First Refusal of Series A Preferred Stock.

            	
              38

            
	 	 	 	 
	
              ARTICLE VI CONDITIONS TO CLOSING

            	
              40

            
	 	 
	 	
              SECTION 6.01

            	
              Conditions to the Obligations of the Company and the Investors

            	
              40

            
	 	
              SECTION 6.02

            	
              Conditions to the Obligations of the Company

            	
              40

            
	 	
              SECTION 6.03

            	
              Conditions to the Obligations of the Investor

            	
              40

            
	 	 	 	 
	
              ARTICLE VII SURVIVAL

            	
              41

            
	 	 
	 	
              SECTION 7.01

            	
              Termination.

            	
              41

            
	 	
              SECTION 7.02

            	
              Survival

            	
              42

            
	 	 	 	 
	
              ARTICLE VIII MISCELLANEOUS

            	
              42

            
	 	 
	 	
              SECTION 8.01

            	
              Notices

            	
              42

            
	 	
              SECTION 8.02

            	
              Amendments, Waivers, etc

            	
              43

            
	 	
              SECTION 8.03

            	
              Counterparts and Facsimile

            	
              43

            
	 	
              SECTION 8.04

            	
              Further Assurances

            	
              43

            
	 	
              SECTION 8.05

            	
              Governing Law; Specific Enforcement; Submission to Jurisdiction; Waiver of Jury Trial.

            	
              44

            
	 	
              SECTION 8.06

            	
              Interpretation

            	
              45

            
	 	
              SECTION 8.07

            	
              Severability

            	
              45

            

       

      

      
        ii

        
          

      

      	 	
              SECTION 8.08

            	
              No Third-Party Beneficiaries

            	
              45

            
	 	
              SECTION 8.09

            	
              Representation of Parties

            	
              46

            
	 	
              SECTION 8.10

            	
              Assignment

            	
              46

            
	 	
              SECTION 8.11

            	
              Entire Agreement

            	
              47

            

      

      

      	
              Schedules

            	

            
	 	

            
	
              Schedule of Investors

            	
              Schedule I

            
	
              Company Disclosure Letter

            	
              Schedule II

            
	 	

            
	
              Exhibits

            	

            
	 	

            
	
              Form of Series A Certificate of Amendment

            	
              Exhibit A

            
	
              Form of Registration Rights Agreement

            	
              Exhibit B

            

      

      

      
        iii

        
          

      

      THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”) is entered into as of November 14, 2019, among Lincoln Educational Services
        Corporation, a New Jersey corporation (the “Company”), and the investors set forth on Schedule I hereto (the “Investors,” each, an “Investor”).

       

      WHEREAS, concurrently with the investment pursuant to this Agreement, the Company and its Subsidiaries (as defined below) as borrowers, and Sterling National
        Bank as lender, are entering into that certain Credit Agreement dated November 14, 2019 (as the same may be amended from time to time, the “Credit Agreement”) pursuant to which the lender
        makes certain loans available to the Company and its Subsidiaries and consents to the Transactions (as defined below);

       

      WHEREAS, the Company desires to issue, sell and deliver to the Investors, and the Investors severally desire to purchase and acquire from the Company,
        pursuant to the terms and subject to the conditions set forth in this Agreement, an aggregate of up to 12,700 shares of the Company’s Series A Convertible Preferred Stock, no par value per share (the “Series A Preferred Stock”), having the powers, preferences and rights, and the qualifications, limitations and restrictions, as set forth in the form of Certificate of Amendment to the Certificate of Incorporation of the Company
        attached hereto as Exhibit A (the “Series A Certificate of Amendment”); and

       

      WHEREAS, in connection with the issuance of the Series A Preferred Stock, the Company and the Investors will enter into a Registration Rights Agreement (the
        “Registration Rights Agreement”), to be dated as of the Closing Date, in the form attached hereto as Exhibit B.

       

      NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, the receipt and sufficiency
        of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

       

      ARTICLE I

      DEFINITIONS

       

      SECTION 1.01          Definitions.  As used in this Agreement (including the recitals hereto), the following terms shall have the following
        meanings:

       

      “Action” means any lawsuit, suit, arbitration, claim, complaint, charge, audit, action, inquiry, investigation or other proceeding of any
        nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any Governmental Entity or Educational Agency.

       

      “Accreditation” means the status of public recognition granted by any Accrediting Body to an educational institution or location or
        program thereof that meets all of the Accrediting Body’s standards and requirements.

       

       “Accrediting Body” means any Person other than a Governmental Entity that is recognized as an accrediting agency by the DOE which
        engages in granting or withholding Accreditation or similar approval for private post-secondary schools or programs, in accordance with standards relating to the performance, operation, financial condition and/or educational quality of such
        schools, including the Accrediting Commission of Career Schools and Colleges.

       

      

      
        
          

      

      
      “Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly, through one or more
        intermediaries, controls, is controlled by, or is under common control with, such specified Person; provided that the following Persons shall not be deemed to be Affiliates of an Investor or any of its
        Affiliates:  (a) the Company and its Subsidiaries and (b) any portfolio company in which such Investor or any of its Affiliates has an investment (whether debt or equity) or any of such portfolio companies’ controlled Affiliates.  For the purpose
        of this definition, “control” (including the terms “controlled by” and “under

          common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of
        the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, or by contract.

       

      “beneficially own” means to have “beneficial ownership” of, or to be “beneficially owning” any
        securities (which securities shall also be deemed “beneficially owned” by such Person) that such Person is deemed to “beneficially own” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date hereof; provided that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether or not such right is exercisable immediately.

       

      “Board” means the board of directors of the Company.

       

      “Business Day” means any day except a Saturday, a Sunday or other day on which banking institutions in the City of New York, New York or
        New Jersey, New Jersey are authorized or required by law, regulation or executive order to be closed.

       

      “Bylaws” means the Bylaws of the Company, as amended, and as may be amended through the date hereof.

       

      “Certificate of Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as amended through the date
        hereof and as will be amended by the Series A Certificate of Amendment.

       

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

       

      “Cohort Default Rate” shall have the meaning ascribed to such term in 34 C.F.R. § 668 Subpart N.

       

      “Common Stock” means the common stock, no par value per share, of the Company, including the common stock into which the Series A
        Preferred Stock is convertible, and any securities into which the Common Stock may be reclassified.

       

      “Company Charter Documents” means the Certificate of Incorporation and Bylaws.

       

      

      
        2

        
          

      

      “Company Fundamental Representations” means the representations and warranties of the Company set forth in Section 3.01 (Organization; Standing), Section 3.02 (Capitalization), Section 3.03 (Authority; Noncontravention),  Section 3.17 (Sale of Securities), Section 3.18 (No Broker), Section 3.19
        (Listing and Maintenance Requirements), Section 3.20 (Investment Company Act), Section 3.21 (No “Bad Actor Disqualification”) and Section 3.22 (No Rights Agreement).

       

      “Company Intellectual Property” means all Intellectual Property owned, used or held for use by the Company or any of its Subsidiaries.

       

      “Company Lease” means any lease, sublease, sub-sublease, license and other agreement under which the Company or any of its Subsidiaries
        leases, subleases, licenses, uses or occupies (in each case whether as landlord, tenant, sublandlord, subtenant or by other occupancy arrangement), or has the right to use or occupy, now or in the future, any real property.

       

      “Company Plan” means each “employee benefit plan” (as defined in Section 3(3) of ERISA, whether or not subject to ERISA) and each other
        plan, program, contract, arrangement, agreement or policy relating to stock options, stock purchases, other equity-based compensation, bonus, incentive, deferred compensation, employment, severance, retention, change in control, termination,
        non-qualified retirement, profit sharing, fringe benefits, disability, medical, life, paid time off, relocation, educational assistance, or other benefits or compensation, in each case sponsored, maintained or contributed to or required to be
        contributed to by the Company or any of its Subsidiaries or with respect to which the Company or any of its Subsidiaries has any Liabilities.

       

      “Company Stock Plans” means the Company’s Amended and Restated 2005 Long-Term Incentive Plan and Amended and Restated 2005 Non-Employee
        Directors Restricted Stock Plan.

       

      “Compliance Date” means December 31, 2017.

       

      “Confidentiality Agreement” means that certain confidentiality agreement dated as of July 15, 2019, by and between Juniper and the
        Company.

       

      “Consumer Protection Law” means any Law or binding standard directly or indirectly related to the protection of consumers in financing
        transactions, including the federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the privacy and data security provisions of the Gramm-Leach-Bliley Act, Section 5 of
        the Federal Trade Commission Act, the Consumer Financial Protection Act and applicable federal agency regulations implementing the foregoing, and any state law or regulation regarding retail installment sales agreements, consumer loans, or unfair
        or deceptive acts or practices.

       

      “Contract” means the terms, conditions or provisions of any loan or credit agreement, debenture, note, bond, mortgage, indenture, deed of
        trust, lease, sublease, license, contract or other agreement, arrangement or understanding, whether written or oral.

       

      “Conversion Shares” means the shares of Common Stock into which the Series A Preferred Stock are convertible.

       

      

      
        3

        
          

      

      “DOE” means the U.S. Department of Education or any successor agency.

       

      “Educational Agency” means any person, entity or organization, whether governmental, government chartered, private, or quasi-private,
        that engages in granting or withholding Educational Approvals for, administers financial assistance to or for students of, or otherwise regulates private postsecondary schools, including the DOE, any state education department or agency, any
        guaranty agency, and any Accrediting Body.

       

      “Educational Approval” means any license, authorization, approval, certification, or Accreditation, issued or required to be issued by an
        Educational Agency with respect to any aspect of the Company’s or any of its Subsidiary’s operations in order for the Company or such Subsidiary or any location to operate or participate in Title IV, but excluding approvals or licenses with respect
        to the activities of individual recruiters or instructors at any Subsidiary.

       

      “Educational Law” means the HEA and any other Law, or binding standard issued or administered by, or related to, any Educational Agency.

       

      “Educational Loan” means any student loan made, insured or originated under Title IV.

       

      “Environmental Law” means any federal, state, local or foreign Law or Governmental Order relating to pollution or protection of the
        environment; natural resources; or, to the extent relating to exposure to Materials of Concern, human health or safety.

       

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

       

      “ERISA Affiliate” means any Person which, together with the Company or any of its Subsidiaries, would at any relevant time be treated as
        a single employer under Section 4001 of ERISA or Section 414 of the Code.

       

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

       

      “Federal Family Education Loan Program” means Part B of Title IV of the Higher Education Act of 1965.

       

      “Financial Assistance Programs” means each Title IV Program pursuant to which Title IV Program funding has been provided to or on behalf
        of any School’s students; and any other government-sponsored or private student financial assistance program other than the Title IV Programs pursuant to which student financial assistance, grants or loans were provided to or on behalf of any
        School’s students.

       

      “GAAP” means United States generally accepted accounting principles and practices in effect from time to time applied consistently
        throughout the periods involved.

       

      “Governmental Entity” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or other government,
        governmental, administrative or regulatory (including any stock exchange or stock market) authority, agency, court, tribunal, commission, or judicial or arbitral body or other entity or self-regulatory organization, but excluding any Educational
        Agency.

       

      

      
        4

        
          

      

      “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, subpoena, verdict, permit, license,
        exemption, certification, decision, determination or award entered by or with any Governmental Entity or Educational Agency.

       

      “Guarantee” means any guarantee, letter of credit, surety bond (including any performance bond), credit support agreement or other
        assurance of payment.

       

      “HEA” means the Higher Education Act of 1965, as amended.

       

      “Indebtedness” means, with respect to any Person, without duplication, the principal of, accrued and unpaid interest, prepayment and
        redemption premiums or penalties (if any) unpaid fees or expenses and other Liabilities in respect of (i) all obligations of such Person for borrowed money, or with respect to deposits or advances of any kind to such Person (other than extensions
        of trade credit to customers of such Person and its Subsidiaries in the ordinary course of business), (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person which are,
        or would be required under GAAP to be, recorded on the balance sheet of such Person with respect to a lease, (iv) all obligations of such Person pursuant to securitization or factoring programs or arrangements, (v) all Guarantees and arrangements
        having the economic effect of a Guarantee of such Person of any Indebtedness of any other Person, (vi) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase
        the obligations or property of others, (vii) net cash payment obligations of such Person under swaps, options, derivatives, and other hedging agreements or arrangements that will be payable upon termination thereof (assuming they were terminated on
        the date of determination), (viii) letters of credit, bank guarantees, and other similar contractual obligations entered into by or on behalf of such Person, (ix) all obligations of such Person issued or assumed as the deferred purchase price of
        property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable and other accrued current liabilities), and (x) all obligations of the type
        referred to in the foregoing clauses secured by any Lien on any property or asset.

       

      “Intellectual Property” means any and all intellectual property rights in any and all countries throughout the world, including: (i)
        patents (including all reissues, divisionals, continuations, continuations-in-part, reexaminations, supplemental examinations, inter partes reviews, post-grant oppositions, substitutions and extensions
        thereof), utility models, industrial designs and inventions, and all applications and registrations therefor, (ii) trademarks, service marks, trade dress, logos, brand names, certification marks, collective marks, Internet domain names and other
        indicia of origin, and all applications, registrations and renewals therefor, together with the goodwill associated with any of the foregoing, (iii) works of authorship (whether or not published), and all copyrights

        (including in software), designs and mask works, and all applications and registrations therefor and renewals, extensions, restorations and reversions thereof, (iv) software (including source code and object code) and all website content (including
        text, graphics, images, audio, video and data), (v) trade secrets, know-how, database rights and other proprietary information (including ideas, formulas, compositions, processes and techniques, research and development information, data, designs,
        drawings, specifications, research records, records of inventions, test information, financial, marketing and business data, pricing and cost information, business and marketing plans and proposals and customer and supplier lists and information);
        and (vi) all rights to bring an action for past, present and future infringement, misappropriation or other violation of rights and to receive damages, proceeds or other legal or equitable protections and remedies with respect to any of clauses
          (i)–(v).

       

      

      
        5

        
          

      

      “IT Assets” means software, systems, servers, computers, hardware, firmware, middleware, networks, data communications lines, routers,
        hubs, switches and all other information technology equipment, and all associated documentation.

       

      “Juniper” means Juniper Targeted Opportunity Fund, L.P. and Juniper Targeted Opportunities, L.P.

       

      “Knowledge of the Company,” “Company’s Knowledge,” or similar terms used in this Agreement mean the actual knowledge of Scott M. Shaw, Brian K. Myers, Stephen M. Buchenot, Alexandra M. Luster, Stephen Ace, Ami D. Bhandari,  Valerian J. Thomas, Francis Giglio,
        and Rajat Shah as of the date of this Agreement and at any other time at which a representation or warranty is made or deemed made hereunder, in each case, after due inquiry of the direct reports of such individuals.

       

      “Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law, ordinance,
        regulation, rule, code, order, requirement or rule of Law (including common law) and includes any Governmental Order.

       

      “Liabilities” means, collectively, all Indebtedness, obligations, liabilities and commitments of any nature, whether known or unknown,
        express or implied, primary or secondary, direct or indirect, liquidated, absolute, accrued, contingent or otherwise and whether due or to become due.

       

      “Liens” means any pledges, liens (including environmental and tax liens), charges, mortgages, encumbrances, security interests,
        restriction on voting or transfer (including any option, right of first refusal or right of first offer), or any other claim of any third party of any kind or nature.

       

      “Material Adverse Effect” means any circumstance, development, effect, change, event, occurrence or state of facts that, individually or
        in the aggregate, has had or would reasonably be expected to have a material adverse effect on (a) the business, results of operations, assets, Liabilities, condition (financial or otherwise), employees or customers of the Company and its
        Subsidiaries, taken as a whole, or (b) the ability of the Company and its Subsidiaries to timely consummate the Transactions or to perform their respective obligations under the Transaction Documents; provided,
        however, that, in the case of clause (a) above, none of the following shall constitute or be taken into account, individually or in the aggregate, in determining whether a Material Adverse Effect has
        occurred or may occur:  any effect, change, event or occurrence that results from or arises out of (A) general economic, legislative or political conditions in the United States, (B) geopolitical conditions, the outbreak or escalation of
        hostilities, any acts of war (whether or not declared), sabotage, terrorism or man-made disaster, or any escalation or worsening of any of the foregoing, (C) natural disaster, (D) any change in GAAP (or authoritative interpretation thereof),
        including accounting and financial reporting pronouncements by the SEC and the Financial Accounting Standards Board or applicable Law, (E) any change resulting or arising from the execution and delivery of this Agreement or the public announcement
        of the Transactions; provided, however, that the exceptions in this clause (E) shall not apply to any breach of representations and warranties contained in
        Section 3.03, or (F) any failure to meet any internal or public projections guidance or estimates (it being understood that the exceptions in this clause (F) shall not prevent or otherwise affect a determination that the underlying cause of
        any such failure referred to therein is a Material Adverse Effect); provided that the exceptions in clauses (A), (B), (C) and (D) above shall not apply to the extent
        such circumstance, development, effect, change, event, occurrence or state of facts has a materially disproportionate impact on the Company and its Subsidiaries, taken as a whole, relative to other participants in the industry in which the Company
        and its Subsidiaries operate.

       

      

      
        6

        
          

      

      “Materials of Concern” means any waste, substance or material that is classified, regulated, defined or designated under Environmental
        Law as radioactive, explosive, highly flammable, hazardous or toxic or as a contaminant or a pollutant, or for which liability or standards of conduct may be imposed, including petroleum products, byproducts and distillates, heavy metals (such as
        lead and cadmium), ozone-depleting substances, chlorinated solvents, polychlorinated biphenyls, friable asbestos, toxic mold and anti-microbial agents, nanoparticles, nanomaterials, microbeads, and microplastics, and cleaning agents including
        bleach and ammonia.

       

      “NASDAQ” means The Nasdaq Global Select Market.

       

      “Option” means an unexercised option to purchase shares of Common Stock (whether granted under a Company Stock Plan or otherwise).

       

      “Participant” means any current or former director, officer, employee or independent contractor of the Company or any of its
        Subsidiaries.

       

      “Permitted Liens” means (i) Liens in respect of any Indebtedness under the Credit Agreement, (ii) statutory Liens for Taxes, assessments
        or other charges by Governmental Entities not yet due and payable or the amount or validity of which is being contested in good faith and by appropriate proceedings, (iii) mechanics’, materialmen’s, carriers’, workmen’s, warehousemen’s,
        repairmen’s, landlords’ and similar Liens granted or which arise in the ordinary course of business, (iv) pledges or deposits by the Company or any of its Subsidiaries under workmen’s compensation Laws, unemployment insurance Laws or similar
        legislation, or good faith deposits in connection with bids, tenders, Contracts (other than for the payment of Indebtedness) or leases to which such entity is a party, or deposits to secure public or statutory obligations of such entity or to
        secure surety or appeal bonds to which such entity is a party, or deposits as security for contested Taxes, in each case incurred or made in the ordinary course of business, (v) transfer restrictions imposed by applicable securities Law, (vi)
        zoning, entitlement, building and other land use regulations imposed by Governmental Entities having jurisdiction over such real property, (vii) Liens placed by any developer, landlord, owner or other third party on real property over which the
        Company or any of its Subsidiaries has leasehold or easement rights and subordination, non-disturbance or similar agreements relating thereto, (viii) Liens in the ordinary course of business that would not be, individually or in the aggregate,
        material to the operations of the business of the Company or any of its Subsidiaries, and (ix) Liens created by or solely through the actions of the Investor or any of its Affiliates.

       

      

      
        7

        
          

      

      “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
        trust, unincorporated organization, Governmental Entity or other entity.

       

      “Private Educational Loan” means any loan provided by a lender that is not made, insured, or guaranteed under Title IV and is issued
        expressly for postsecondary educational expenses.

       

      “Proposed Transfer Notice” means written notice from an Investor setting forth the terms and conditions of any assignment, sale, offer to
        sell, pledge, mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any Investor.

       

      “Related Documents” means the Series A Certificate of Amendment, the Registration Rights Agreement, the Observer Rights Side Letter, and
        any other agreements between or among the Company, the Investors and any of their respective Affiliates entered into to give effect to the transactions contemplated by this Agreement.

       

      “Representative” means, with respect to any Person, the directors, officers, employees, investment bankers, financial advisors,
        attorneys, accountants or other advisors, agents or representatives of such Person.

       

      “Restricted Share” means a share of Common Stock that is subject to vesting or forfeiture conditions (whether time-based or
        performance-based and whether granted under a Company Stock Plan or otherwise).

       

      “Right of First Refusal” means the right, but not the obligation, of the Company to purchase some or all of the Series A Preferred Stock
        with respect to a proposed Transfer, on the terms and conditions specified in the Proposed Transfer Notice.

       

      “School” means a postsecondary institution of higher education consisting of a main campus and, if applicable, any additional locations,
        campuses or branches thereof operated by the Company or any of its Subsidiaries identified by an Office of Postsecondary Education Identification number issued by the DOE or approved by any Educational Agency.

       

      “SEC” means the United States Securities and Exchange Commission.

       

      “Secondary Refusal Right” means the right, but not the obligation, of Juniper to purchase all or any Series A Preferred Stock not
        purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice.

       

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

       

      

      
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      “Stock Appreciation Right” means an unexercised stock appreciation right in respect of shares of Common Stock (whether granted under a
        Company Stock Plan or otherwise).

       

      “Subsidiary” means, with respect to any Person, another Person of whom such first Person owns, directly or indirectly, an amount of
        voting securities, other voting rights or voting partnership interests which is sufficient to elect at least a majority of the board of directors or other governing body (or, if there are no such voting interests, more than 50% of the equity
        interests) of such other Person.

       

      “Tax” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment,
        payroll, withholding, alternative or add-on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, including any interest, addition or penalty,
        imposed by any Governmental Entity.

       

      “Tax Return” shall mean any return, declaration, report, form or similar statement required to be filed with respect to any Tax
        (including any attached schedules), including any information return, claim for refund, amended return or declaration of estimated Tax.

       

      “Term Sheet” means that certain term sheet for the issuance of convertible preferred stock by the Company dated as of October 17, 2019,
        by and between Juniper Investment Company, LLC and the Company.

       

      “Title IV” means Title IV of the Higher Education Act of 1965, as amended (20 U.S.C. §§ 1070 et seq.), and any amendments
        or successor statutes thereto.

       

      “Title IV Program” means the federal student financial assistance programs authorized by Title IV or any successor regulation.

       

      “Transaction Documents” means this Agreement and the Related Documents.

       

      “Transactions” means the transactions contemplated by the Transaction Documents.

       

       “Transfer Stock” means shares of Series A Preferred Stock owned by an Investor after the date hereof (including in connection with any
        stock split, stock dividend, recapitalization, reorganization, or the like).

       

      

      ARTICLE II

      Purchase and Sale

       

      SECTION 2.01          Purchase and Sale of Preferred Stock.

       

      

      (a)          The Company shall adopt and file with the Department of the Treasury of the State of New Jersey, on or before the Closing (as defined below), the
        Series A Certificate of Amendment in the form attached to this Agreement as Exhibit A.

       

      
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      (b)          The Company has authorized the sale and issuance of up to 12,700 shares of its Series A Preferred Stock pursuant to the terms and conditions of
        this Agreement.

       

      

      (c)          Subject to the terms and conditions of this Agreement, at the Closing (as defined below) each Investor, severally and not jointly, agrees to
        purchase, and the Company agrees to sell and issue to each Investor, at a price of $1,000.00 per share, in a minimum aggregate amount of $500,000 and integral amounts of $50,000 in excess thereof, that number of shares of Series A Preferred Stock
        set forth opposite each Investor’s name on Schedule I hereto for the aggregate purchase price and consideration set forth opposite such Investor’s name thereon (the “Series A Preferred Share Price”).  The Company’s agreement with each Investor is a separate agreement, and the sale and issuance of the Series A Preferred Stock to each Investor is a separate sale and issuance.

       

      

      (d)          At the Closing (as defined below), to effect the purchase and sale of the Series A Preferred Stock, (i) each Investor shall pay to the Company, by
        wire transfer to a bank account designated in writing by the Company at least three (3) Business Days prior to the Closing Date, in immediately available funds, such Investor’s Series A Preferred Share Price (ii) the Company shall deliver to each
        Investor evidence reasonably satisfactory to such Investor of the shares of Series A Preferred Stock sold and issued to such Investor in book-entry form, and (iii) each of the Company and the Investors shall execute and deliver (or cause to be
        executed and delivered) to the other an executed counterpart of the Registration Rights Agreement.

       

      

      SECTION 2.02          Closing.  Subject to the terms and conditions of this Agreement, the closing (the “Closing”) of the purchase and sale of the Series A Preferred Stock described in Section 2.01 above shall take place at the offices of Shearman & Sterling LLP, 599 Lexington Avenue, New York, NY 10022, as soon as
        reasonably practicable (which may be the date hereof) after the conditions set forth in Article VI (other than those conditions that by their nature are to be satisfied at the Closing, but subject to their satisfaction) are satisfied or
        waived, or at such other date, time and place as the Company and the Investors mutually agree in writing (the date on which the Closing takes place, the “Closing Date”).

       

      ARTICLE III

      REPRESENTATIONS AND WARRANTIES OF THE COMPANY

       

      

      Except as (A) set forth in the confidential disclosure letter delivered by the Company to the Investors on the date hereof (the “Company
          Disclosure Letter”) (it being understood that the disclosure of any information in a particular section or subsection of the Company Disclosure Letter shall be deemed disclosure of such information with respect to any other section or
        subsection of this Agreement to which the relevance of such information is readily apparent on its face and appropriately cross-referenced to any other applicable section or subsection) or (B) disclosed in any report, schedule, form, statement,
        registration statement, prospectus or other document (including exhibits and schedules thereto (including those incorporated by reference and publicly available)) filed with, or furnished to, the SEC and publicly available on or after December 31,
        2016, and before the date hereof (the “Company SEC Documents”), other than any disclosures set forth in the “Risk Factors” or any forward-looking statement sections of such Company SEC
        Documents and any other disclosures included therein to the extent they are primarily cautionary, predictive or forward-looking in nature; provided that this clause (B) shall not apply to the
        representations and warranties set forth in Section 3.01, Section 3.02, Section 3.03, Section 3.04, Section 3.17, Section 3.18, Section 3.19, Section 3.20, Section 3.21, and Section

          3.22, the Company represents and warrants to each Investor as of the date hereof and as of the Closing Date (except for representations and warranties that are made as of a specific date, which are made only as of such date) that:

       

      

      
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      SECTION 3.01          Organization; Standing.

       

      

      (a)          The Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of New Jersey and has all requisite
        corporate power and corporate authority necessary to carry on its business as it is now being conducted.  The Company is duly licensed or qualified to do business and is in good standing (where such concept is recognized under applicable Law) in
        each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned, leased or otherwise held by it makes such licensing, qualification or good standing necessary, except where the
        failure to be so licensed, qualified or in good standing, individually or in the aggregate, would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole.  True and complete copies of the Company Charter
        Documents (as amended to the date hereof) as currently in effect as of the date hereof are included in the Company SEC Documents.

       

      

      (b)          Exhibit 21.1 to the Company’s Form 10-K/A filed on April 24, 2019 (Commission File Number 000-51371) contains a true and complete list of all the
        Subsidiaries of the Company.  Each of the Company’s Subsidiaries is a legal entity duly organized, validly existing and in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization
        or formation and has all requisite power and authority necessary to carry on its business as it is now being conducted.  Each of the Company’s Subsidiaries is duly licensed or qualified to do business and is in good standing (where such concept is
        recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned, leased or otherwise held by it makes such licensing, qualification or good
        standing necessary, except where the failure to be so licensed, qualified or in good standing, individually or in the aggregate, would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole.

       

      

      SECTION 3.02          Capitalization.

       

      

      (a)          The authorized capital stock of the Company consists of 100,000,000 shares of Common Stock and 10,000,000 shares of preferred stock, no par value
        per share, 12,700 shares of which will be designated as Series A Convertible Preferred Stock, no par value per share, as of the Closing.  At the close of business on November 8, 2019 (the “Capitalization

          Date”), (i) 24,636,274 shares of Common Stock were issued and outstanding (including no Restricted Shares), (ii) 5,910,541 shares of Common Stock were held by the Company in its treasury, (iii) 1,451,656 shares of Common Stock were
        reserved and available for issuance pursuant to the Company Stock Plans, (iv) 133,000 shares of Common Stock were subject to outstanding Options, (v) no shares of Common Stock were subject to outstanding Stock Appreciation Rights, (vi) 595,436
        Restricted Shares were issued and outstanding pursuant to the Company Stock Plans, (vii) no shares of preferred stock (in any series) were issued or outstanding and (viii) no shares of Series A Preferred Stock were issued or outstanding.  Since the
        Capitalization Date, neither the Company nor any of its Subsidiaries has (A) issued any Company Securities (as defined below) or incurred any obligation to make any payments based on the price or value of any Company Securities or dividends paid
        thereon, other than in connection with the vesting, settlement or exercise of the Options and Company Stock Plans referred to above that were outstanding as of the Capitalization Date or (B) established a record date for, declared, set aside for
        payment or paid any dividend on, or made any other distribution in respect of, any shares of the Company’s capital stock.

       

      

      
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      (b)          Except as described in this Section 3.02, there are no (i) outstanding shares of capital stock of, or other equity or voting interests in,
        the Company, (ii) outstanding securities convertible into or exchangeable or exercisable for shares of capital stock of, or other equity or voting interests in, the Company, or (iii) outstanding options, warrants, stock appreciation rights, phantom
        stock rights, rights or other commitments or agreements to acquire from the Company or any Subsidiary of the Company, or that obligate the Company or any Subsidiary of the Company to issue or sell, any capital stock of, or other equity or voting
        interests (or voting debt) in, or any securities convertible into or exchangeable or exercisable for shares of capital stock of, or other equity or voting interests in, the Company, (the items in clauses (i), (ii), and (iii)
        being referred to collectively as “Company Securities”).  Except with respect to the Company Stock Plans and the Transaction Documents, there are no outstanding Contracts of any kind that
        obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Company Securities, or obligate the Company to grant, extend or enter into any such Contracts relating to any Company Securities, including any Contracts
        granting any preemptive rights, subscription rights, anti-dilutive rights, rights of first refusal, rights of first offer or similar rights with respect to any Company Securities.  Other than as set forth in Section 3.02(c) of the Company
        Disclosure Letter or pursuant to the Transaction Documents, none of the Company or any Subsidiary of the Company is a party to any stockholders’ agreement, voting trust agreement, registration rights agreement or other similar agreement or
        understanding relating to any Company Securities or any other Contract relating to the disposition, voting or dividends with respect to any Company Securities.  All outstanding shares of Common Stock have been duly authorized and validly issued and
        are fully paid, nonassessable and free of preemptive rights.  The Series A Preferred Stock and the Conversion Shares will be, when issued, duly authorized and validly issued, fully paid and nonassessable and issued in compliance with all applicable
        Laws, and such shares will not be issued in violation of any purchase option, call option, preemptive right, resale right, subscription right, right of first refusal, right of first offer or similar rights, and will be free and clear of all Liens,
        except restrictions imposed by the Securities Act and any applicable state securities Laws.  The Series A Preferred Stock and the Conversion Shares, if and when issued, will have the terms and conditions and entitle the holders thereof to the
        rights set forth in the Company Charter Documents, as amended by the Series A Certificate of Amendment.  The shares of Common Stock issuable upon conversion of the Series A Preferred Stock have been duly reserved for issuance.

       

      

      (c)          All of the outstanding shares of capital stock of, or other equity or voting interests in, each material Subsidiary of the Company (except for
        directors’ qualifying shares or the like) are owned directly or indirectly, beneficially and of record, by the Company free and clear of all Liens, other than Liens securing Indebtedness under the Credit Agreement.  Each outstanding share of
        capital stock of each material Subsidiary of the Company, which is held, directly or indirectly, by the Company, is duly authorized, validly issued, fully paid, nonassessable and free of preemptive rights, and, except as set forth in the
        Transaction Documents, there are no subscriptions, options, warrants, rights, calls, Contracts or other commitments, understandings, restrictions or arrangements relating to the issuance, acquisition, redemption, repurchase or sale of any shares of
        capital stock or other equity or voting interests of any material Subsidiary of the Company, including any right of conversion or exchange under any outstanding security, instrument or agreement, any Contracts granting any preemptive rights,
        subscription rights, anti-dilutive rights, rights of first refusal, rights of first offer or similar rights with respect to any securities of any Subsidiary of the Company.

       

      
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      SECTION 3.03          Authority; Noncontravention.

       

      

      (a)          The Company has all necessary corporate power and corporate authority to execute and deliver this Agreement and the Related Documents and to
        perform its obligations hereunder and thereunder and to consummate the Transactions.  The execution, delivery and performance by the Company of this Agreement and the Related Documents, and the consummation by it of the Transactions, have been duly
        authorized and approved by the Board, and, except for filing the Series A Certificate of Amendment with the Department of the Treasury of the State of New Jersey pursuant to the New Jersey Business Corporation Act, no other corporate action on the
        part of the Company is necessary to authorize the execution, delivery and performance by the Company of this Agreement and the Related Documents and the consummation by it of the Transactions.  This Agreement has been, and the Related Documents
        will be on the Closing Date, duly executed and delivered by the Company and, assuming due authorization, execution and delivery hereof and thereof by the Investors, this Agreement constitutes, and the Related Documents will on the Closing Date
        constitute, a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
        moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of equity, whether considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”).

       

      

      (b)          Neither the execution and delivery of this Agreement nor any of the Related Documents by the Company, nor the consummation by the Company of the
        Transactions, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of (A) the Company Charter Documents or (B) any similar organizational documents of
        any of the Company’s Subsidiaries or (ii) (x) violate or constitute a default (or constitute an event that, with notice or lapse of time or both, would constitute a violation or default) under any Contract to which the Company or any of its
        Subsidiaries is a party or accelerate any obligations or rights under or give a right of termination of (whether or not with notice, lapse of time or both) any such Contract, (y) violate any Law applicable to the Company or any of its Subsidiaries
        or (z) result in the creation of any Lien on any properties or assets of the Company or any of its Subsidiaries, except, in the case of clause (ii), as, individually or in the aggregate, have not had and would not reasonably be expected to
        have a Material Adverse Effect.

       

      

      (c)          The Board, at a meeting duly called and held, duly adopted written resolutions approving and declaring advisable and in the best interests of the
        Company and its stockholders the Transactions and the execution, delivery and performance by the Company of this Agreement and the Related Documents and the consummation of the Transactions, which resolutions have not been subsequently rescinded,
        modified or withdrawn.

       

      

      
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      (d)          No vote or approval of the holders of any class or series of capital stock of the Company or any of its Subsidiaries is required under any
        applicable federal or state securities Laws (including any applicable rules or regulations of any stock exchange or stock market) or the New Jersey Business Corporation Act to adopt and approve the Transaction Documents or the Transactions and the
        consummation thereof, including the issuance and sale of the Series A Preferred Stock, and the issuance of any Common Stock upon the conversion of any or all of the Series A Preferred Stock.

       

      SECTION 3.04         Governmental Approvals.  Except for (a) the filing with the SEC of such current reports and other documents, if any, required
        to be filed with the SEC under the Exchange Act or Securities Act in connection with the Transactions (including the timely filing of a Form D with respect to the Series A Preferred Stock as required under Regulation D), (b) compliance with any
        applicable rules and regulations of NASDAQ, and (c) the filing of the Series A Certificate of Amendment with the Department of the Treasury of the State of New Jersey pursuant to the New Jersey Business Corporation Act, no consent or approval of,
        or filing with, license from, permit or authorization of (a “Consent”), declaration of or registration with, any Governmental Entity, Educational Agency or any stock market or stock
        exchange on which shares of Common Stock are listed for trading are necessary for the execution and delivery of this Agreement and the Related Documents by the Company, the performance by the Company of its obligations hereunder and thereunder and
        the consummation by the Company of the Transactions.

       

      SECTION 3.05          Company SEC Documents; Undisclosed Liabilities and Events.

       

      

      (a)          The Company has filed or furnished, as applicable, with the SEC, on a timely basis, all of the Company SEC Documents required to be filed with or
        furnished to the SEC by the Company since the Compliance Date.  As of their respective effective dates (in the case of Company SEC Documents that are registration statements filed pursuant to the requirements of the Securities Act) and as of their
        respective SEC filing dates (in the case of all other Company SEC Documents), the Company SEC Documents complied, and each Company SEC Document filed subsequent to the date hereof and prior to the earlier of the Closing Date and the termination of
        this Agreement will comply on its face, as to form in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, applicable to such Company SEC Documents at the time of such filing dates.  As of its
        filing date, each Company SEC Document filed pursuant to the Exchange Act did not, and each Company SEC Document filed subsequent to the date hereof and prior to the earlier of the Closing Date and the termination of this Agreement will not,
        contain any untrue statement of a material fact or omit to state any 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.  As of
        the date hereof, (i) the Company is eligible to file a Registration Statement on Form S-3 to register the sale of the Conversion Shares by the Investors, (ii) none of the Company’s Subsidiaries is required to file any documents with the SEC, (iii)
        there are no outstanding unresolved comments received from the staff of the SEC with respect to any of the Company SEC Documents, (iv) to the Company’s Knowledge, none of the Company SEC Documents is the subject of ongoing SEC review, outstanding
        SEC comment or outstanding SEC investigation, and (v) the Company does not have pending before the SEC any request for confidential treatment of information.  Each of the certifications and statements relating to the Company SEC Documents required
        by:  (A) Rule 13a-14 or Rule 15d-14 under the Exchange Act, (B) 18 U.S.C. § 1350 (Section 906 of the Sarbanes–Oxley Act) or (C) any other rule or regulation promulgated by the SEC or applicable to the Company SEC Documents is accurate and complete,
        and complies as to form and content with all applicable Laws.

       

      

      
        14

        
          

      

      (b)          The consolidated financial statements provided by the Company (including all related notes or schedules, as may be included or incorporated by
        reference in the Company SEC Documents) (i) complied, as of their respective dates of filing with the SEC, in all material respects with the published rules and regulations of the SEC with respect thereto, (ii) present fairly, in all material
        respects, the consolidated financial position of the Company and its Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods covered thereby (subject, in the case of unaudited quarterly
        financial statements, to normal year-end adjustments), (iii) have been prepared in accordance with GAAP (except, in the case of unaudited quarterly financial statements, as expressly permitted by Form 10-Q of the SEC or other applicable rules and
        regulations of the SEC) applied on a consistent basis during the periods covered thereby (except (A) as may be indicated in the notes thereto or (B) as permitted by Regulation S-X), and (iv) were prepared in accordance with the books of account and
        other financial records of the Company and its Subsidiaries (except as may be indicated in the notes thereto).

       

      

      (c)          Neither the Company nor any of its Subsidiaries has any Liabilities of any nature (whether accrued, absolute, contingent or otherwise) 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, 2019 (the “Balance Sheet Date”) included in the
        Company SEC Documents, (ii) incurred after the Balance Sheet Date in the ordinary course of business, (iii) incurred pursuant to the Credit Agreement (excluding any claims for breach or default thereof), (iv) as expressly contemplated by this
        Agreement or otherwise incurred in connection with the Transactions and (v) which are not, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole.

       

      

      (d)          The Company has established and maintains, and at all times since March 29, 2005, has maintained, disclosure controls and procedures and a system
        of internal controls over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act.  Since December 31, 2016, neither the
        Company nor, to the Company’s Knowledge, the Company’s independent registered public accounting firm has identified or been made aware of any “significant deficiency” or “material weakness” (as defined by the Public Company Accounting Oversight
        Board) in the design or operation of the Company’s internal controls over 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.  The Company is, and has been at all times since March 29, 2005, in compliance in all material respects with the applicable listing requirements and corporate governance rules and
        regulations of NASDAQ, and has not received any notice asserting any non-compliance with the listing requirements of NASDAQ.

       

      

      
        15

        
          

      

      (e)          The Company’s auditor has at all times since March 29, 2005, been (i) a registered public accounting firm (as defined in Section 2(a)(12) of the
        Sarbanes–Oxley Act); (ii) “independent” with respect to the Company within the meaning of Regulation S-X under the Exchange Act; and (iii) to the Company’s Knowledge, in compliance with subsections (g) through (l) of Section 10A of the Exchange Act
        and the rules and regulations promulgated by the SEC and the Public Company Accounting Oversight Board thereunder.  All nonaudit services performed by the Company’s auditors for the Company that were required to be approved in accordance with
        Section 202 of the Sarbanes–Oxley Act were so approved.

       

       

      (f)          Except for the issuance of the Series A Preferred Stock contemplated by this Agreement or as set forth on Section 3.05(f) of the Company
        Disclosure Letter, no event, Liability or development has occurred or exists with respect to the Company or its Subsidiaries or their respective businesses, properties, operations or financial condition that would be required to be disclosed by the
        Company under applicable securities Laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Business Day prior to the date that this representation is made.

       

      SECTION 3.06         Absence of Certain Changes.  Since December 31, 2018, (i) except for the execution and performance of this Agreement, the
        business of the Company and its Subsidiaries has been carried on and conducted in the ordinary course of business, (ii) there has not been any Material Adverse Effect, or any circumstance, developments, effect, change, event, occurrence or state of
        facts that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect and (iii) the Company has not taken any of the following actions (except as expressly provided in the Transaction Documents):

       

      

      (a)          established a record date for, declared, set aside for payment or made payment in respect of, any dividend or other distribution upon any shares of
        capital stock of the Company;

       

      

      (b)          redeemed, repurchased or otherwise acquired any of the Company’s 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 of the Company or any of its Subsidiaries, other than repurchases of capital stock in the ordinary course of business pursuant to any Company Plan (or agreement
        thereunder) in effect as of the date hereof;

       

      

      (c)         amended the Company Charter Documents (other than filing the Series A Certificate of Amendment as provided hereunder), the committee charters of the
        committees of the Board or any corporate governance policy of the Company pertaining to members of the Board;

       

      

      (d)          authorized, issued, split, combined, subdivided or reclassified any capital stock, or securities exercisable for, exchangeable for or convertible
        into capital stock, or other equity or voting interests of the Company other than (A) the authorization and issuance of the Series A Preferred Stock in accordance with this Agreement and the Series A Certificate of Amendment and any Conversion
        Shares and (B) issuances of capital stock, or securities exercisable for, exchangeable for or convertible into capital stock, of the Company to any Participant in the ordinary course of business pursuant to any Company Plan (or agreement
        thereunder) in effect as of the date hereof;

       

      

      
        16

        
          

      

      (e)          changed any of the methods of accounting, accounting practices or policies in any material respect of the Company or any of its Subsidiaries, other
        than such changes as required by GAAP, a Governmental Entity or Educational Agency;

       

      

      (f)          entered into any Contract between the Company or its Subsidiaries, on the one hand, and any of the Company’s directors (including director nominees
        or candidates), officers or stockholders (in their capacity as such), on the other hand, including any stockholder agreement, investor rights agreement, board representation or board nomination agreement or any similar Contract, other than, in the
        case of officers, in the ordinary course of business consistent with past practice in connection with such officer’s employment or take or omit to take any other action that could reasonably be expected to result in a modification to the
        composition of the Board, grant any consent rights with respect to any actions by the Company or its Subsidiaries to any stockholder or that otherwise would reasonably be expected to limit, alter or modify in any material respect the rights that
        the Investor is expected to have following the Closing under the Registration Rights Agreement and the Series A Certificate of Amendment;

       

      

      (g)          merged or consolidated the Company or any of its Subsidiaries with any Person;

       

      

      (h)          (A) filed, or consented by answer or otherwise to the filing against the Company or any of its Subsidiaries of, a petition for relief or
        reorganization or arrangement or any other petition in bankruptcy, insolvency, reorganization, moratorium or other similar Law of any jurisdiction, (B) made an assignment for the benefit of the creditors of the Company or any of its Subsidiaries,
        (C) consented to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any of its Subsidiaries or with respect to any substantial part of its or their assets or property, (D)
        dissolved, liquidated or wound up the Company or any of its Subsidiaries or (E) taken any corporate action for the purpose of any of the foregoing;

       

      

      (i)           (A) acquired, in a single transaction or a series of related transactions, any business or Person, by merger or consolidation, purchase of assets,
        properties, claims or rights or equity interests, or by any other manner, for an aggregate purchase price (when taken together with all such acquisitions) in excess of $1,000,000, or (B) divested, in a single transaction or a series of related
        transactions, any assets, properties, claims or rights or equity interests for an aggregate sales price (when taken together with all such divestitures) in excess of $1,000,000; provided that acquisitions
        or dispositions of goods, products or services in the ordinary course of business shall not constitute acquisitions or divestitures for purposes of this clause (i);

       

      

      (j)          taken any action that causes, or would reasonably be expected to cause, the Common Stock to cease to be eligible for listing on NASDAQ; or

       

      

      (k)          agreed, authorized, resolved or recommended, whether in writing or otherwise, to do, or taken any action reasonably likely to lead to or result in,
        any of the foregoing.

       

      

      
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      SECTION 3.07         Legal Proceedings.  Except as would not, individually or in the aggregate, reasonably be expected to be material to the
        Company and its Subsidiaries, taken as a whole, there is no (a) Action pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries, or any property or asset of the Company or any of its Subsidiaries, or
        (b) outstanding Governmental Order imposed upon the Company or any of its Subsidiaries or any property or asset of the Company or any of its Subsidiaries, in each case, by or before any Governmental Entity or Educational Agency.  No officer or
        director of the Company or any of its Subsidiaries is, as of the date of this Agreement, a defendant in any Action commenced by any equityholder of the Company or any of its Subsidiaries with respect to the performance of his duties as an officer
        or a director of the Company or any such Subsidiary under any applicable Law.  There is no unsatisfied judgment, penalty or award against the Company or any of its Subsidiaries.

       

      SECTION 3.08         Compliance with Laws; Permits.  (a) The Company and each of its Subsidiaries are, and since at least December 31, 2013, have
        been, in compliance in all material respects with all Laws applicable to the Company or any of its Subsidiaries or their assets, including, to the extent so applicable, any Tax, labor, securities and foreign exchange related Laws or Consumer
        Protection Laws, and (b) neither the Company nor any of its Subsidiaries has received any notification or communication from any Governmental Entity or Educational Agency of any alleged, potential or actual violation by the Company or any of its
        Subsidiaries of any Law.  The Company and each of its Subsidiaries hold all licenses, franchises, permits, certificates, approvals and authorizations from Governmental Entities and Educational Agencies (collectively, “Permits”) necessary for the lawful conduct of their respective businesses.

       

      SECTION 3.09          Tax Matters.  Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Material
        Adverse Effect:

       

      

      (a)          The Company and each of its Subsidiaries has prepared (or caused to be prepared) and timely filed (taking into account valid extensions of time
        within which to file) all Tax Returns required to be filed by any of them, and all such filed Tax Returns are true, complete and accurate.

       

      

      (b)          All Taxes owed by the Company and each of its Subsidiaries that are due (whether or not shown on any Tax Return) have been timely paid or have been
        adequately reserved against in accordance with GAAP.

       

      

      (c)          All amounts of Taxes required to be withheld by the Company or any of its Subsidiaries have been duly withheld and remitted to the appropriate
        taxing authority as required by applicable Law.

       

      

      (d)          The Company has not received written notice of any pending audits, examinations, investigations, claims or other proceedings in respect of any
        Taxes of the Company or any of its Subsidiaries, and no audits, examinations, investigations, claims or other proceedings in respect of any Taxes of the Company or any of its Subsidiaries are pending or in progress.

       

      

      (e)          There are no Liens for Taxes on any of the assets of the Company or any of its Subsidiaries other than Permitted Liens.

       

      

      (f)          None of the Company or any of its Subsidiaries has been a “controlled corporation” or a “distributing corporation” (each, as defined in Section
        355(a)(1) of the Code) in any distribution occurring in the two years prior to this Agreement that was purported or intended to be governed by Section 355 of the Code (or any similar provision of state, local or non-U.S. Law).

       

      

      
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      (g)          No deficiency for any Tax has been asserted or assessed by any Governmental Entity in writing against the Company or any of its Subsidiaries,
        except for deficiencies that have been satisfied by payment in full, settled or withdrawn or that have been specifically identified in the Company SEC Documents and adequately reserved against in accordance with GAAP.

       

      

      (h)          Neither the Company nor any of its Subsidiaries has waived any statute of limitations in respect of Taxes or agreed to any extension of time with
        respect to an assessment or deficiency for Taxes (other than pursuant to extensions of time to file Tax Returns obtained in the ordinary course).

       

      

      (i)          Neither the Company nor any of its Subsidiaries has participated in any “listed transaction” or “reportable transaction” within the meaning of
        Treasury Regulation Section 1.6011-4(b)(2).

       

      SECTION 3.10          Employee Benefits.

       

      

      (a)          Except for instances that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect,
        (i) each Company Plan has been established, maintained, funded and administered in accordance with terms and in compliance with the applicable provisions of ERISA, the Code and other applicable Laws, (ii) each Company Plan that is intended to be
        qualified under Section 401(a) of the Code is so qualified and has received a determination letter  (or is subject to a favorable opinion letter) from the Internal Revenue Service that such Company Plan is qualified under Section 401(a) of the
        Code, and, to the Knowledge of the Company, nothing has occurred that could reasonably be expected to adversely affect the qualification of such Company Plan, (iii) neither the Company nor any of its Subsidiaries has any Liabilities to provide
        post-termination health or life insurance benefits other than as required by Section 4980B of the Code, (iv) none of the Company, any of its Subsidiaries or any ERISA Affiliate has, and does not expect to have, nor in the past six years has had,
        any Liability with respect to (A) any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is or was subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code or any similar federal or state Laws, (B)
        any “multiemployer plan” within the meaning of Section 3(37) of ERISA, or (C) any “multiple employer welfare arrangement” within the meaning of Section 4001(a)(15) of ERISA that is subject to Sections 4063, 4064 and 4069 of ERISA or Section 413(c)
        of the Code, (v) no Company Plan has any unfunded or underfunded Liabilities, (vi) each Company Plan constituting a “nonqualified deferred compensation plan” within the meaning of Section 409A(d)(1) of the Code has at all times been maintained in
        all material respect, as to both form and operation, in compliance with the requirements of Section 409A of the Code and the regulations promulgated thereunder, and the Company does not have any obligation to make any tax gross-up or
        indemnification payments to any individual as a result of the income inclusion, interest and penalty provisions of Section 409A or otherwise, and (vii) there are no pending or, to the Knowledge of the Company, threatened Actions with respect to any
        Company Plan, and no Company Plan is the subject of an examination or audit by a Governmental Entity.

       

      

      
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      (b)          The execution, delivery and performance of this Agreement and the consummation of the Transactions will not, either alone or in combination with
        another event, result in (i) an increase in the amount of compensation or benefits payable to any Participant, (ii) any entitlements for any Participant to severance, termination, change in control or similar pay or benefits, (iii) the acceleration
        of the vesting or timing of the payment of any compensation or benefits payable to or in respect of any Participant or (iv) any increased or accelerated funding obligation with respect to any Company Plan.  No payment or benefit provided to any
        Participant as a result (alone or in combination with any other event) of the execution, delivery and performance of this Agreement and the consummation of the Transactions, would constitute an “excess parachute payment” for purposes of Section
        280G of the Code.  Neither the Company nor any of its Affiliates is party to an agreement with a Participant that provides for any “gross up” payment for taxes pursuant to Sections 4999 or 409A of the Code.

       

      SECTION 3.11        Labor Matters.  Except for instances that, individually or in the aggregate, have not had and would not reasonably be expected
        to have a Material Adverse Effect, (a) neither the Company nor any of its Subsidiaries is party to any collective bargaining agreement or Contract with any labor organization, (b) with respect to its employees, there are not any ongoing or, to the
        Knowledge of the Company and each of its Subsidiaries, threatened union organizational activities, (c) there are not currently any labor strikes, slowdowns, work stoppages, pickets, lockouts or other material labor disputes with respect to the
        employees of the Company or any of its Subsidiaries, (d) the Company and its Subsidiaries are in compliance with all applicable Laws governing or concerning labor relations and employment, (e) neither the Company nor any of its Subsidiaries is
        delinquent in payments to any Participants for any wages, salaries, commissions, fees, bonuses, benefits or other compensation that is due for any services performed by them or any amounts required to be paid to any Participant for any
        post-employment or post-engagement of any type and is not liable for any arrears of any wages or any taxes or penalties for failure to comply with any of the foregoing, (f) no employee layoff, facility closure or similar reduction in force is
        currently contemplated, planned or announced, (g) no current employee or independent consultant of the Company has provided notice to the Company or, to the Knowledge of the Company, expressed intentions to terminate employment or engagement with
        the Company, (h) there has not been any Actions relating to, or any act or allegations of or relating to, sex-based discrimination, sexual harassment or sexual misconduct, or breach of any sex-based discrimination, sexual harassment or sexual
        misconduct policy of the Company relating to the foregoing, in each case involving the Company or any of its Subsidiaries or any current or former officer, director or employee of the Company or any of its Subsidiaries, and (i) the Company has not
        entered into any settlement agreement or similar out-of-court or pre-litigation arrangement relating to any matters described in clause (h).

       

      SECTION 3.12          Environmental Matters. Except for those matters or Liabilities that, individually or in the aggregate, have not had and would
        not reasonably be expected to have a Material Adverse Effect, (a) each of the Company and its Subsidiaries is and has for the past three (3) years been in compliance with all Environmental Laws applicable to their respective business operations,
        (b) each of the Company and its Subsidiaries has obtained and has been in compliance with, all Permits required under Environmental Laws for the operation of their respective businesses as currently conducted, (c) there is no Action under any
        Environmental Law that is pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries, (d) neither the Company nor any of its Subsidiaries has received any unresolved written notice alleging that the
        Company or any of its Subsidiaries is in violation of or has any Liability under any Environmental Laws, (e) neither the Company nor any of its Subsidiaries has treated, stored, disposed of, arranged for the disposal of, transported, handled or
        exposed any Person to any Material of Concern, or caused a release of any Material of Concern, including at any property owned or operated by the Company or any of its Subsidiaries, in such manner or to such extent reasonably expected to give rise
        to any Liabilities pursuant to any Environmental Law, (f) to the Knowledge of the Company, no other Person has caused a release of any Material of Concern at any property currently or formerly owned or operated by the Company or any of its
        Subsidiaries in such manner or to such extent reasonably expected to give rise to any Liabilities pursuant to any Environmental Law, and (g) neither the Company nor any of its Subsidiaries has conducted, funded, or reimbursed another Person for,
        environmental remedial activities pursuant to any Environmental Law.

       

      

      
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      SECTION 3.13          Intellectual Property.

       

      

      (a)          Section 3.13(a) of the Company Disclosure Letter sets forth a complete and correct list of all (i) issued patents and pending patent
        applications, (ii) trademark and service mark registrations and applications therefor, and all material unregistered trademarks and service marks that are not the subject of a pending application for registration, (iii) copyright registrations and
        applications therefor, and (iv) internet domain name registrations, in each case that are owned by the Company or any of its Subsidiaries (collectively, the “Registered Intellectual Property”) included in the Company Intellectual Property. 
        With respect to each item required to be listed in Section 3.13(a) of the Company Disclosure Letter, (A) either the Company or one of its Subsidiaries is the sole owner and possesses all right, title and interest in and to the item, free
        and clear of all Liens (other than Permitted Liens), and (B) to the Knowledge of the Company, no claim or allegation is pending or has been threatened that challenges the legality, validity, enforceability, registration, use or ownership of the
        item (except for office actions by the applicable Governmental Entities in the normal course of prosecution efforts in connection with applications for the registration or issuance of trademarks and patents).  Each item of Registered Intellectual
        Property that is shown as registered, filed, issued, or applied for in Section 3.13(a) of the Company Disclosure Letter has been duly registered in, filed in or issued by the official governmental registers and/or issuers (or officially
        recognized registers or issuers) for such Intellectual Property, and each such registration, filing, issuance and/or application (x) has not been abandoned or cancelled, (y) has been maintained effective by all requisite filings, renewals and
        payments, and (z) remains in full force and effect.  Furthermore, each item of Company Intellectual Property is (i) subsisting, valid and enforceable, and (ii) free and clear of any (A) Liens (other than Permitted Liens), (B) exclusive licenses,
        (C) non-exclusive licenses not granted in the ordinary course of business consistent with past practice, and (D) obligations to grant any of (A) – (C).  The Company and its Subsidiaries own, or have sufficient rights pursuant to
        valid and enforceable written agreements to use, all Intellectual Property used in the conduct of the business of the Company and its Subsidiaries as currently conducted and as currently planned to be conducted.

       

      

      (b)          (i) No claims are pending or threatened against the Company or any of its Subsidiaries alleging that the conduct of the business of the Company and
        its Subsidiaries infringes, violates or misappropriates the Intellectual Property of any Person, (ii) no claims are pending or threatened by the Company or any of its Subsidiaries against any Person alleging any infringement, violation or
        misappropriation of the Intellectual Property owned by the Company or any of its Subsidiaries or concerning the ownership, validity, registrability or enforceability of any such Intellectual Property, (iii) the conduct of the business of the
        Company and its Subsidiaries has not infringed and does not infringe, violate or misappropriate the Intellectual Property of any Person, (iv) to the Knowledge of the Company, no Person is infringing, violating or misappropriating any Intellectual
        Property owned by the Company or its Subsidiaries, and (v) there have been no material breaches of the security of the Company’s or its Subsidiaries’ computer software, websites and systems (including the confidential data transmitted thereby or
        stored therein).

       

      

      
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      (c)          The Company and its Subsidiaries have taken all commercially reasonable measures to maintain the confidentiality, integrity and value of all
        confidential Company Intellectual Property.  No confidential information, trade secrets or other proprietary Company Intellectual Property has been disclosed to any Person by the Company or any of its Subsidiaries except pursuant to appropriate
        non-disclosure or license agreements that (i) obligate such Person to keep such confidential information, trade secrets or other proprietary Intellectual Property confidential both during and after the term of such agreement, and (ii) are valid,
        subsisting, in full force and effect and binding on the parties thereto and with respect to which no party thereto is in material default thereunder and no condition exists that with notice or the lapse of time or both could constitute a material
        default thereunder.  Correspondingly, to the Knowledge of the Company, there has been no unauthorized use or disclosure of any confidential Company Intellectual Property.

       

       

      (d)          To the extent that any Intellectual Property has been conceived, developed or created for the Company or any of its Subsidiaries, in whole or
        part, by any current or former employee, independent contractor, or agent, each of the Company or any of its Subsidiaries, as applicable, has executed valid and enforceable written agreements with such Person with respect thereto transferring to
        Company or one of its Subsidiaries the entire and unencumbered right, title and interest therein and thereto by operation of law or by valid written assignment.  No  Person has asserted, and to the Knowledge of the Company, no Person has, any
        right, title, interest or other claim in, or the right to receive any royalties or other consideration with respect to, any Company Intellectual Property.

       

       

      (e)          The IT Assets of the Company and its Subsidiaries (i) are sufficient for the needs of their businesses in all material respects (including with
        respect to the number of license seats) and (ii) operate in all material respects in accordance with their documentation and functional specifications, and as required by the Company and its Subsidiaries, and have not, in the last five years,
        materially malfunctioned or failed such that it resulted in a disruption to the conduct of the business.  The Company and its Subsidiaries have taken commercially reasonable measures to protect against unauthorized access to or use of its IT Assets
        and no such unauthorized access or use has occurred.  The IT Assets of the Company and each of its Subsidiaries (i) are free from any viruses, malware, Trojan horses, worms or other contaminants that are designed to enable unauthorized access
        thereto or to adversely affect the functionality thereof, (ii) currently operate free of defects or malfunctions that would reasonably be expected to cause a material disruption to any of the Company’s or any of its Subsidiary’s businesses and
        (iii) have sufficient capacity and performance to meet the current and foreseeable business requirements of the applicable Company’s or any of its Subsidiary’s business. To the Knowledge of the Company, there have not been any incidents of security
        breaches to, or other material unauthorized access to or use of, (i) any of its IT Assets (including with respect to any data or other information stored or contained therein or accessed, transmitted or processed thereby), or (ii) any data, trade
        secrets or other confidential information of the Company or any of its Subsidiaries, including any business information and/or personally-identifying information or data of any Person.  Each of the Company and each of its Subsidiaries has in place
        a disaster recovery and data backup plan which is fully documented and would enable the business of the Company or its Subsidiary, as applicable, to continue if there were significant damage to or destruction of some or all of the IT Assets.

       

      

      
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      (f)          No software included in the Company Intellectual Property, which is distributed to any third party by or on behalf of the Company or its
        Subsidiaries (other than software identified as belonging to a third party and subject to a third party paid or public license), or for which the Company or its Subsidiaries have current plans to distribute to any third party, incorporates or is
        comprised of or distributed with any publicly-available software, or is otherwise subject to the provisions of any “open source” or third party license agreement that (i) requires the distribution of source code in connection with the distribution
        of such software in object code form; (ii) materially limits the Company’s or any of its Subsidiaries’ freedom to seek full compensation in connection with marketing, licensing, and distributing such applications; or (iii) allows a customer or
        requires that a customer have the right to decompile, disassemble or otherwise reverse engineer the software by its terms and not by operation of law.  With respect to each item of software included in the Company Intellectual Property, either the
        Company or one of its Subsidiaries is (or will be at Closing) in actual possession and control of the applicable source code, object code, code writes, notes, documentation, programmers’ source code annotations, user manuals and know-how to the
        extent required for use, distribution, development, enhancement, maintenance and support of such software, subject to any non-exclusive licenses granted to third parties therein in the ordinary course of business.

       

      SECTION 3.14          Title to Property.  The Company and each of its Subsidiaries has good and marketable title to their respective owned real
        properties, and good and marketable title to all of its or their personal properties (whether tangible or intangible), rights and assets, free and clear of all Liens in all material respects other than Permitted Liens.  The Company or one of its
        Subsidiaries has a good and valid leasehold interest in each material Company Lease, free and clear of all Liens (other than Permitted Liens) and to the Knowledge of the Company, none of the Company or any of its Subsidiaries has received written
        notice of any material default under any agreement evidencing any Lien or other agreement affecting any Company Lease, which default continues on the date hereof.

       

      SECTION 3.15        Material Contracts.  Each Contract which is required to be filed as an exhibit by the Company with the SEC pursuant to
        Items 601(b)(4) and 601(b)(10) of Regulation S-K promulgated by the SEC (a “Material Contract”) is in the Company SEC Documents.  Each Material Contract is the legal, valid and binding
        obligation of the Company enforceable against the Company and, to the Knowledge of the Company, any other party thereto, in accordance with its terms, subject, as to enforceability, to the Bankruptcy and Equity Exception.  There has not occurred
        any breach, violation or default or any event that, with the lapse of time, the giving of notice or the election of any Person, or any combination thereof, would constitute a breach, violation or default by the Company under any such Material
        Contract or, to the Knowledge of the Company, by any other Person to any such Material Contract, except for such breaches, violations or defaults that would not, individually or in the aggregate, reasonably be expected to be material to the Company
        and its Subsidiaries, taken as a whole.  The Company has not been notified that any party to any Material Contract intends to cancel, terminate, not renew or exercise an option under any Material Contract, whether in connection with the
        Transactions or otherwise.

       

      
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      SECTION 3.16          Insurance.  (a) Neither the Company nor any of its Subsidiaries is in material default under any material insurance policy of
        the Company, (b) all material claims made thereunder have been properly and timely filed, (c) all premiums have been timely paid, and (d) no written notice of cancellation or termination of coverage has been received by the Company or its
        Subsidiaries with respect to any such material insurance policy, other than in connection with ordinary renewals.  The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in
        such amounts as are prudent and customary in the business in which the Company and its Subsidiaries are engaged.  Each material insurance policy of the Company is in full force and effect and is the valid and binding obligation of the Company or
        its applicable Subsidiary named as the insured therein, subject, as to enforceability, to the Bankruptcy and Equity Exception.

       

      SECTION 3.17        Sale of Securities.  Assuming the accuracy of the representations and warranties set forth in Section 4.06, the offer,
        sale and issuance of the Series A Preferred Stock pursuant to this Agreement and the conversion of the Series A Preferred Stock into Common Stock are exempt from the registration requirements and prospectus delivery requirements of the Securities
        Act and the blue sky laws of the various states.  Without limiting the foregoing, 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 A 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 A Preferred Stock under this Agreement to
        be integrated with other offerings by the Company.

       

      SECTION 3.18        No Broker.  Except for Barrington Research Associates, Inc., no agent, broker, investment banker, financial advisor or other
        firm or Person is or will be entitled to any broker’s, finder’s, financial advisor’s or any other commission or similar fee, or the reimbursement of expenses in connection therewith, in connection with any of the Transactions based upon
        arrangements made by, or on behalf of, the Company or any of its Subsidiaries.

       

      SECTION 3.19         Listing and Maintenance Requirements.  The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and listed
        on NASDAQ, and the Company has taken no action designed to (or which, to the Knowledge of the Company, is reasonably likely to) have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
        Stock from NASDAQ, nor has the Company received, as of the date hereof, any notification that the SEC or NASDAQ is contemplating terminating such registration or listing.

       

      

      
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      SECTION 3.20          Investment Company Act.  The Company is not, and immediately after receipt of payment for the Series A Preferred Stock will
        not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

       

      SECTION 3.21        No “Bad Actor” Disqualification.  No “Bad Actor” disqualifying event described in Rule 506(d)(1)(i) to (viii) of the Securities
        Act (a “Disqualification Event”) is applicable to the Company, except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3) is applicable.

       

      SECTION 3.22        No Rights Agreement.  The Company is not party to, nor is it currently contemplating, a stockholder rights agreement, “poison
        pill” or similar antitakeover agreement or plan and no takeover statutes currently in effect in any jurisdiction in which the Company operates are applicable.

       

      SECTION 3.23        Certain Business Relationships with Affiliates.  Other than the Transactions and except as set forth in Section 3.23 of the
        Company Disclosure Letter or in the Company SEC Documents, none of the officers, directors or stockholders of the Company is presently a party to any transaction, agreement or arrangement with the Company (other than for services as officers and
        directors entered into in the ordinary course of business) that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act.

       

      SECTION 3.24          Privacy and Data Protection.  The Company and its Subsidiaries have operated their businesses in a manner compliant in all
        material respects with applicable privacy and data protection Laws and contractual obligations applicable to the Company’s and its Subsidiaries’ collection, handling, storage, processing, use, transmission, disclosure and securing of their and
        their customers’ data.  The Company and its Subsidiaries have policies and procedures in place to ensure the integrity and security of the data collected, handled, stored, processed, used, transmitted or disclosed in connection with the delivery of
        their product offerings.  The Company and its Subsidiaries comply with, and have reasonable policies and procedures in place to ensure compliance with, privacy and data protection Laws and take appropriate steps to assure compliance in all material
        respects with such policies and procedures.  Such policies and procedures comply in all material respects with all Laws applicable to the Company and/or its Subsidiaries, as well as all contractual obligations applicable to the Company and/or its
        Subsidiaries.  The Company and its Subsidiaries have required and do require all third parties to which they provide any confidential, sensitive or protected data to maintain the privacy and security of such data, including by contractually
        requiring such third parties to protect such data from unauthorized access by and/or disclosure to any unauthorized third parties.  No claims are pending or threatened against the Company or any of its Subsidiaries alleging that the Company or any
        of its Subsidiaries has not complied with applicable Laws or contractual obligations regarding privacy or data protection.  Neither the Company nor its Subsidiaries have experienced (i) any security incident that has materially compromised the
        privacy and/or security of any data, or required the Company or any of its Subsidiaries to provide notice of such incident to affected individual Persons or any Governmental Entity or Educational Agency, or (ii) any failure or substandard
        performance of any information technology, information security, database or other computer system which has resulted in any material disruption to the business of the Company or its Subsidiaries.

       

      

      
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      SECTION 3.25         Illegal Payments; FCPA Violations.  During the past five (5) years, none of the Company, any of its Subsidiaries, nor, to the
        Knowledge of the Company, any director, officer, agent or employee of the Company or any of its Subsidiaries has (i) in violation of any Anticorruption Law, paid, caused to be paid, agreed to pay, or offered, directly or indirectly, in connection
        with the business of the Company or any of its Subsidiaries, any payment or gift given to any Person acting in an official capacity for any Governmental Entity, to any political party or official thereof, or to any candidate for political office
        (each, a “Government Official”) with the purpose of (w) influencing any act or decision of such Government Official in his official capacity; (x) inducing such Government Official to
        perform or omit to perform any activity related to his legal duties; (y) securing any improper advantage; or (z) inducing such Government Official to influence or affect any act or decision of any Governmental Entity, in each case, in order to
        assist the Company or its Affiliates in obtaining or retaining business for or with, or in directing business to, the Company or its Affiliates; (ii) made any illegal contribution to any political party or candidate; (iii) intentionally established
        or maintained any unrecorded fund or asset or made any false entries on any books or records for any purpose; (iv) taken any action that would violate the U.S. Foreign Corrupt Practices Act (the “FCPA”),

        the UK Bribery Act 2010 or any other applicable anti-bribery or anti-corruption Laws under any applicable jurisdictions (collectively, “Anticorruption Laws”); or (v) paid, caused to be
        paid, agreed to pay, or offered, directly or indirectly, in connection with the business of the Company, any bribe, kickback or other similar payment or gift to any supplier or customer in violation of an Anticorruption Law.  The Company has not
        received any notice alleging any such violations or conducted any internal investigation with respect to any actual, potential or alleged violation of Anticorruption Laws.

       

      

      SECTION 3.26         Compliance with Money Laundering Laws.  The operations of the Company and its Subsidiaries are and, during the past five (5)
        years, have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering Laws of all jurisdictions, the
        rules and regulations thereunder and any related or similar Laws or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”) and
        no Action by or before any Governmental Entity involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.

       

      

      SECTION 3.27          Educational Approvals; Compliance with Educational Laws. The following representations set forth in this Section 3.27
        are subject to the exceptions set forth in the Company Disclosure Letter.

       

      

      (a)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has received the material licenses, permits, and approvals of all
        Governmental Entities and Educational Agencies necessary to conduct their businesses, including all material Educational Approvals necessary for each School to conduct its operations and offer its educational programs. Since the Compliance Date,
        the Company, including its Subsidiaries and Schools, is and has been in material compliance with all applicable Educational Laws and with the terms and conditions of all Educational Approvals. Each current Educational Approval is in full force and
        effect, and no proceeding for the suspension, material limitation, revocation, termination or cancellation of any Educational Approval is pending or, to the Knowledge of the Company, threatened. Since the Compliance Date, no application made by any
        School to any Governmental Entity or Educational Agency has been denied. Since the Compliance Date, neither the Company nor any of its Subsidiaries or Schools has received notice from any Governmental Entity or Educational Agency that it has been
        placed on probation or ordered to show cause why any Educational Approval for any School or any of its educational programs should not be revoked. Since the Compliance Date, neither the Company nor any of its Subsidiaries or Schools has received
        notice that any current Educational Approval will not be renewed.

       

      

      
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      (b)          Each School is an “eligible institution,” as defined in 34 C.F.R. § 600.2 (and the other applicable sections incorporated therein by reference) and
        each School is a “proprietary institution of higher education” as defined at 34 C.F.R. § 600.5. Each School is in material compliance with the applicable “state authorization” requirements set forth at 34 C.F.R. § 600.9 and meets the qualifications
        to be licensed by the applicable Governmental Entities and Educational Agencies. Each School is accredited by the applicable Accrediting Bodies, and has been certified by the DOE as an eligible institution of higher education and is a party to a
        program participation agreement with the DOE.

       

      (c)          To the Knowledge of the Company, no fact or circumstance exists or is reasonably likely to occur that would reasonably be expected to result in the
        delay, termination, revocation, suspension, restriction or failure to obtain renewal of any Educational Approval or the imposition of any material fine, penalty or other sanctions for violation of any legal or regulatory requirements relating to
        any Educational Approval.

       

      (d)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has been in material compliance with any and all applicable
        Educational Laws relating to Financial Assistance Programs, including the program participation and administrative capability requirements, as defined by the DOE at 34 C.F.R. 668 subpart B, including §§ 668.14 and 668.15-16, as well as the student
        eligibility requirements and satisfactory progress requirements, as defined by DOE at 34 C.F.R. § 668.31-39.

       

      (e)          Since the Compliance Date, the School(s) have not received greater than ninety percent (90%) of its revenues from Title IV Programs, as such
        percentage is required to be calculated under 34 C.F.R. §§ 668.14 and 668.28.

       

      (f)          Since the Compliance Date, each School has complied with the Cohort Default Rate regulations set forth in 34 C.F.R. Part 668, Subpart N.

       

      (g)          Each School has been in compliance, in all material respects, with the applicable limitations set forth in 34 C.F.R. § 600.7.

       

      (h)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has obtained or maintained all material Educational Approvals
        required to operate each additional campus, location, or facility of the Schools and required in order to disburse Title IV Program funds to students at such additional campus, location, or facility, as applicable.

       

      (i)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has timely reported, in compliance in all material respects with
        the applicable provisions of 34 C.F.R. Part 600: (i) the addition of any new educational programs or locations; and (ii) any shifts in ownership or control, including any changes in reported ownership levels or percentages. Since the Compliance
        Date, the Company, including its Subsidiaries and Schools, has complied, in all material respects, with all Educational Laws related to the closure or cessation of instruction at that location or facility, including requirements for teaching out
        students from that location or facility.

       

      

      
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      (j)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has complied, in all material respects, with the DOE requirements
        that no student receive a disbursement of Title IV Program funds prior to the date for which such student was eligible for such disbursement.

       

      (k)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, have not violated in any material respect any of the Title IV
        Program requirements, as set forth at 20 U.S.C. § 1094(a)(20) and implemented at 34 C.F.R. § 668.14(b)(22), regarding the payment of a commission, bonus, or other incentive payment based directly or indirectly on success in securing enrollments or
        financial aid to any Person engaged in any student recruiting or admission activities or in making decisions regarding the awarding of Title IV Program funds.

       

      (l)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has complied, in all material respects, with 20 U.S.C. § 1085(d)(5)
        and 34. C.F.R. § 682.212 regarding prohibited inducements in the Federal Family Education Loan Program. Since the Compliance Date, each School has complied, in all material respects, with the Educational Laws prohibiting any School, employee, agent
        or official thereof from accepting any gift, payment, inducement, benefit, staffing assistance, advisory board position, or other thing of value in exchange for directing Educational Loan or Private Educational Loan applications to any lender.
        Since the Compliance Date, neither the Company, nor any of its Subsidiaries or Schools have received any written notice of any investigation by any Educational Agency or other Governmental Entity regarding the Company’s, any Subsidiary of the
        Company’s or the Schools’ student lending practices.

       

      (m)          Since the Compliance Date, neither the Company, nor any of its Subsidiaries and Schools has provided any educational instruction on behalf of any
        other institution or organization of any sort, and no other institution or organization of any sort has provided any educational instruction on behalf of any School.

       

      (n)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has materially complied with the DOE’s financial responsibility
        requirements in accordance with 34 C.F.R. § 668.171-175 not including any compliance based on the posting of an irrevocable letter of credit in favor of the DOE or the placement by the DOE in the “zone alternative” as set forth at 34 C.F.R. §
        668.175(d). Except for state surety bonds required for the purposes of licensure or authorization by any Governmental Entity or Educational Agency, since the Compliance Date, neither the Company, nor any of its Subsidiaries or Schools have received
        written notice of a request by any Governmental Entity or Educational Agency requiring the Company, its Subsidiaries or any School to post a letter of credit or other form of surety for any reason, including any request for a letter of credit based
        on late refunds pursuant to 34 C.F.R. § 668.173, or received any request or requirement that the School process its Title IV Program funding under the reimbursement or heightened cash monitoring procedures, other than Heightened Cash Monitoring
        Level 1 procedures, as those procedures are set forth at 34 C.F.R. § 668.162.

       

      

      
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      (o)         The Company, including its Subsidiaries and Schools, is in material compliance with all Educational Agency, DOE, and other Governmental Entity
        requirements and regulations, including requirements set forth at 34 C.F.R. § 668.22, relating to (i) fair and equitable refunds policy and (ii) the calculation and timely repayment of federal and nonfederal funds.

       

      (p)         To the Knowledge of the Company, there exist no facts or circumstances attributable to the Company, its Subsidiaries or Schools or any other Person
        that exercises Substantial Control (as that term is defined at 34 C.F.R. § 668.174(c)(3)) with respect to the Company, its Subsidiaries or Schools, that would, individually or in the aggregate, reasonably be expected to materially and adversely
        affect the Company’s, or any Subsidiary’s or the School’s ability to obtain any required notices or consents under Educational Laws, Educational Approval or other consent or approval that must be obtained in connection with the Transactions.

       

      (q)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has complied in all material respects with Educational Laws
        regarding misrepresentation, including 34 C.F.R. Part 668 Subpart F.

       

      (r)          Since the Compliance Date, the Company, including its Subsidiaries and Schools, has complied, in all material respects, with the consumer
        disclosure requirements in 34 C.F.R. Part 668 Subpart D.

       

      (s)         Since the Compliance Date, each School has complied, in all material respects, with any applicable Educational Laws regarding that School’s
        completion, placement, withdrawal and retention rates, and, to the Company’s Knowledge, has accurately calculated and reported all such rates.

       

      (t)         Since the Compliance Date, neither the Company nor its Subsidiaries, nor any Person that exercises Substantial Control (as that term is defined at
        34 C.F.R. § 668.174(c)(3)) over the Company or any Subsidiary of the Company or any School, or member of such person’s family (as the term “family” is defined in 34 C.F.R. § 668.174(c)(4)), alone or together, (i) exercises or exercised Substantial
        Control over another institution or third-party servicer (as that term is defined in 34 C.F.R. § 668.2) that owes a liability for a violation of a Title IV Program requirement or (ii) owes a liability for a Title IV Program violation.

       

      (u)         Since the Compliance Date, to the Knowledge of the Company, neither the Company nor any of its Subsidiaries or Schools have employed in a capacity
        involving administration of Title IV Program funds, any individual who has been convicted of, or has pled nolo contendere or guilty to, a crime involving the acquisition, use or expenditure of funds of a
        Governmental Entity or Educational Agency, or has been administratively or judicially determined to have committed fraud or any other material violation of law involving funds of any Governmental Entity or Educational Agency.

       

      (v)         Since the Compliance Date, to the Knowledge of the Company, neither the Company nor any of its Subsidiaries or Schools have contracted with an
        institution or third-party servicer that has been terminated under § 487 of the HEA for a reason involving the acquisition, use, or expenditure of funds of a Governmental Entity or Educational Agency, or has been administratively or judicially
        determined to have committed fraud or any other material violation of law involving funds of any Governmental Entity or Educational Agency.

       

      

      
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      (w)        Since the Compliance Date, neither the Company nor any of its Subsidiaries, nor any owner that has the power, by contract or ownership interest, to
        direct or cause the direction or management of policies of any School has filed for relief in bankruptcy or had entered against it an order for relief in bankruptcy.

       

      (x)         Since the Compliance Date, neither the Company nor any of its Subsidiaries, or any officer of the Company or a Subsidiary or a School has pled
        guilty to, pled nolo contendere, or been found guilty of, a crime involving the acquisition, use or expenditure of funds under the Title IV Programs or been judicially determined to have committed fraud
        involving funds under the Title IV Programs.

       

      (y)         Since the Compliance Date, to the Knowledge of the Company, neither the Company nor any of its Subsidiaries or Schools has contracted with any
        Person that has been, or whose officers or employees have been, convicted of, or pled nolo contendere or guilty to, a crime involving the acquisition, use or expenditure of funds of any Governmental Entity
        or Educational Agency, or administratively or judicially determined to have committed fraud or any other material violation of law involving funds of any Governmental Entity or Educational Agency.

       

      (z)         Since the Compliance Date, the Company, its Subsidiaries and each School has complied, in all material respects, with all applicable requirements
        regarding the safeguarding of student records, including the Family Educational Rights and Privacy Act (20 U.S.C. § 1232g; 34 C.F.R. Part 99).

       

      SECTION 3.28         Disclosure.  The Company understands and confirms that the Investors will rely on the foregoing representations in effecting
        transactions in securities of the Company.  All disclosure furnished by or on behalf of the Company to the Investors regarding the Company, its business and the Transactions, including the Company Disclosure Letter, is true and correct in all 
        material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.  The
        Company acknowledges and agrees that no Investor makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Article IV hereof.

       

      

      ARTICLE IV

      Representations and Warranties of the Investors

       

      

      Each Investor severally and not jointly, only as to itself, represents and warrants to the Company as of the date hereof and as of the Closing Date (except for representations and warranties that
        are made as of a specific date, which are made only as of such date) that:

       

      SECTION 4.01         Organization and Authority.  Such Investor is a legal entity duly organized, validly existing and in good standing (where such
        concept is recognized under applicable Law) under the Laws of its jurisdiction of incorporation or formation and has all  requisite corporate, limited liability company or other power and authority to carry on its business as it is now being
        conducted.

       

      
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      SECTION 4.02        Authorization; Enforceability.  Such Investor has all requisite corporate, limited liability company or other power and
        authority to execute and deliver this Agreement and the Registration Rights Agreement and to perform its obligations hereunder and thereunder and to consummate the Transactions.  The execution, delivery and performance by such Investor of this
        Agreement and the Registration Rights Agreement, and the consummation by such Investor of the Transactions, have been duly authorized and approved by all necessary corporate, limited liability company or other action on the part of such Investor. 
        This Agreement has been and, as of the Closing, the Registration Rights Agreement will be, duly executed and delivered by such Investor and, assuming the due authorization, execution and delivery hereof and thereof by the Company and the other
        Investors, constitutes a legal, valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms, subject, as to enforceability, to the Bankruptcy and Equity Exception.

       

      SECTION 4.03         No Conflict.  Neither the execution and delivery of this Agreement nor the Registration Rights Agreement by such Investor, nor
        the consummation by such Investor of the Transactions, nor performance or compliance by such Investor with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of any of such Investor’s organizational or
        governing documents or (ii) assuming that the authorizations, consents and approvals referred to in Section 4.04 are obtained prior to the Closing Date and the filings referred to in Section 4.04 are made, (A) any term, condition or
        provision of any material Contract to which such Investor or any of its Affiliates is a party or by which any of its properties or assets are bound and that is material to the business of such Investor and its Affiliates, taken as a whole, (B) any
        applicable Law that is material to such Investor and its Affiliates, taken as a whole, or (C) any Governmental Order, concession, grant or franchise, in each case, applicable to such Investor or any of its Affiliates or any of its properties or
        assets, other than, in the case of clause (ii) above, any such conflicts, violations, breaches, defaults, rights, losses or Liens that, individually or in the aggregate, have not had and would not reasonably be expected to have a material
        adverse effect on such Investor’s ability to consummate the Transactions.

       

      SECTION 4.04         Governmental Approvals.  Except for (a) compliance with the applicable requirements of the Exchange Act, (b) compliance with
        any applicable rules and regulations of NASDAQ, (c) the filing by the Company of the Series A Certificate of Amendment with the Department of the Treasury of the State of New Jersey pursuant to the New Jersey Business Corporation and (d) such
        Consents, declarations or registrations with any Governmental Entity as are necessary as a result of any facts or circumstances relating solely to the Company and its Affiliates, no Consent, declaration or registration with, any Governmental Entity
        is necessary for the execution and delivery of this Agreement and the Registration Rights Agreement by such Investor, the performance by such Investor of its obligations hereunder and thereunder and the consummation by such Investor of the
        Transactions.

       

      SECTION 4.05         No Broker.  No agent, broker, investment banker, financial advisor or other firm or Person is entitled to any broker’s,
        finder’s, financial advisor’s or other similar fee or any other commission or similar fee, or the reimbursement of expenses in connection therewith, in connection with any of the Transactions based upon arrangements made by or on behalf of such
        Investor or any of its Affiliates, except for Persons, if any, whose fees and expenses will be paid by such Investor or one of its Affiliates or reimbursed by the Company as described in Section 5.05.

       

      
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      SECTION 4.06          Purchase for Investment.  Such Investor acknowledges that the Series A Preferred Stock will not have been registered under the Securities Act or
        under any state or other applicable securities Laws.  Such Investor (a) acknowledges that it is acquiring the Series A Preferred Stock (and the Conversion Shares) pursuant to an exemption from registration under the Securities Act solely for
        investment and for such Investor’s own account, not as nominee or agent, and with no present intention or view to distribute any of the Series A Preferred Stock (or the Conversion Shares) to any Person in violation of the Securities Act, (b) will
        not sell or otherwise dispose of any of the Series A Preferred Stock or the Conversion Shares, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable state securities Laws, (c)
        is knowledgeable, sophisticated and experienced in financial and business matters, has previously invested in securities similar to the Series A Preferred Stock and the Conversion Shares, fully understands the limitations on transfer and the
        restrictions on sales of such Series A Preferred Stock and Conversion Shares, and is able to bear the economic risk of its investment and afford the complete loss of such investment, (d) (i) has such knowledge and experience in financial and
        business matters and in investments of this type, that it is capable of evaluating the merits and risks of its investment in the Series A Preferred Stock and the Conversion Shares and of making an informed investment decision, (ii) has conducted an
        independent review and analysis of the business and affairs of the Company and its Subsidiaries and (iii) based thereon and on its own knowledge, has formed an independent judgment concerning the advisability of the Transactions, (e) is an
        “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act), and (f) is not a broker–dealer registered with the SEC under the Exchange Act or an entity engaged in a business that would require
        it to be so registered.

      

      

      SECTION 4.07         Private Placement Consideration.  Such Investor understands and acknowledges that (a) its representations and warranties
        contained herein are being relied upon by the Company as a basis for availing itself of such exemption and other exemptions under the securities Laws of all applicable states and for other purposes, (b) no U.S. state or federal agency has made any
        finding or determination as to the fairness of the terms of the sale of the Series A Preferred Stock or any recommendation or endorsement thereof and (c) the Series A Preferred Stock are “restricted securities” under the Securities Act inasmuch as
        they are being acquired from the Company in a transaction not involving a public offering and that under applicable securities Laws such Series A Preferred Stock (and the Conversion Shares) may be resold without registration under the Securities
        Act only in certain limited circumstances.

       

      SECTION 4.08          Tax Matters.  Each Investor has delivered to the Company a duly executed and completed Internal Revenue Service (“IRS”) Form W-8 or Form W-9, as applicable, certifying that such Investor is not subject to backup withholding.

       

      
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      ARTICLE V

      Additional Agreements

       

      

      SECTION 5.01        Public Announcements.  The Company shall, by 8:30 a.m. (New York City time) on the Business Day immediately following the date
        hereof, issue a press release in such form as shall be mutually agreed by the Company and Juniper, on behalf of the  Investors, disclosing the material terms of the transactions contemplated hereby, and by the fourth Business Day following the date
        hereof, file a Current Report on Form 8-K, filing the Transaction Documents as exhibits thereto.  The Company and Juniper, on behalf of the  Investors, shall consult with each other in issuing any other press releases with respect to the
        transactions contemplated hereby, and neither the Company nor Juniper or any other Investor shall issue any such press release or otherwise make any such public statement without the prior consent of the Company, with respect to any press release
        of any Investor, or without the prior consent of Juniper, on behalf of the  Investors, with respect to any such press release of the Company, which consent shall not unreasonably be withheld, delayed or conditioned, except if such disclosure is
        required by applicable Law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.  Notwithstanding the foregoing, the Company shall not publicly disclose the name of
        any Investor, or include the name of any Investor in any filing with the Commission or any regulatory agency or with NASDAQ, without the prior written consent of such Investor, except (i) as required by federal securities law in connection with (A)
        any registration statement contemplated by the Registration Rights Agreement and (B) the filing of final Transaction Documents (including signature pages thereto) with the SEC and (ii) to the extent such disclosure is required by law or by NASDAQ
        regulations, in which case the Company shall provide the Investors with prior notice of such disclosure permitted under this clause (ii).

       

      SECTION 5.02         Corporate Action.

       

      

      (a)          At any time that any shares or fraction of a share of Series A Preferred Stock remain outstanding, the Company shall:

       

      

      (i)         from time to time take all action necessary to cause the authorized capital stock of the Company to include a sufficient number of authorized but
        unissued shares of Common Stock to satisfy the conversion requirements of all of the Series A Preferred Stock then outstanding; and

       

      

      (ii)         not effect any voluntary deregistration under the Exchange Act or any voluntary delisting with NASDAQ in respect of the Common Stock, other than in
        connection with a Fundamental Change (as defined in the Series A Certificate of Amendment) pursuant to which the Company agrees to satisfy, or will otherwise cause the satisfaction, in full of its obligations under Section 4, Section 5, Section 8
        and Section 16 of the Series A Certificate of Amendment or is otherwise consistent with the terms set forth in Section 4, Section 5, Section 8 and Section 16 of the Series A Certificate of Amendment;

       

      

      (b)         If any occurrence since the date of this Agreement until the Closing would have resulted in an adjustment to the Series A Conversion Rate (as
        defined in the Series A Certificate of Amendment) pursuant to the Series A Certificate of Amendment if the Series A Preferred Stock had been issued and outstanding since the date of this Agreement, the Company shall adjust the Series A Conversion
        Rate (as defined in the Series A Certificate of Amendment), effective as of the Closing, in the same manner as would have been required by the Series A Certificate of Amendment if the Series A Preferred Stock had been issued and outstanding since
        the date of this Agreement;

       

      
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      (c)          No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Investor is an acquiring person
        under a rights plan or any other control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that
        any Investor could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Series A Preferred Stock under the Transaction Documents or under any other agreement between or among the Company and the Investors; and

       

      SECTION 5.03        NASDAQ Listing of Shares.  To the extent the Company has not done so before the date of this Agreement, the Company shall
        promptly apply to cause the Conversion Shares to be approved for listing on NASDAQ.  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 A Preferred Stock to be approved for listing on NASDAQ.

       

      SECTION 5.04         Use of Proceeds.  The Company shall use the proceeds from the issuance and sale of the Series A Preferred Stock (a) to pay any
        costs, fees and expenses incurred by it in connection with the Transactions, including the reimbursement of Juniper’s expenses pursuant to Section 5.05 and (b) for working capital or other general corporate purposes (including the repayment
        in full of the Company’s existing credit agreement dated March 31, 2017 with Sterling National Bank).

       

      SECTION 5.05         Expenses.  Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel,
        financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses; provided that the Company shall, at the
        Closing, or if the Closing does not occur, within a reasonable time, reimburse Juniper for their and their Affiliates’ reasonable and documented out-of-pocket third-party costs and expenses incurred in connection with the Transactions and the
        Transaction Documents; provided, further, that the maximum amount of such costs and expenses to be reimbursed by the Company shall not exceed $300,000 in the
        aggregate.  Juniper may effect such reimbursement at the Closing by withholding from the payment of the purchase price the amount to which it is entitled to reimbursement pursuant to the preceding sentence.  Notwithstanding the withholding of such
        amount, Juniper shall be deemed to have paid to the Company the full amount so withheld.

       

      SECTION 5.06        Board Composition.  Prior to the Closing, the Company covenants and agrees that it shall take all actions necessary to cause
        the Board to be composed at Closing as provided in Section 17 of the Series A Certificate of Amendment and to cause each committee of the Board, effective as of the Closing, to be composed as set forth therein, including by taking all necessary
        actions to, effective as of the Closing, increase the number of directors of the Board by one (1) and appoint John A. Bartholdson as a director of the Company and a member of each committee of the Board (which appointment shall be effective as of
        the Closing).

       

      
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      SECTION 5.07         Legends.  The Company may place appropriate and customary legends on the Series A Preferred Stock (and the Common Stock
        issuable upon conversion or pursuant to the terms thereof) held by such Investor setting forth the restrictions referred to in this Article V and any restrictions appropriate for compliance with U.S. federal securities Laws.  Such Investor
        agrees that, other than to take into account any changes in applicable securities Laws, each share of Series A Preferred Stock held by such Investor on the Closing Date may be notated with one or all of the following legends:

       

      

      (a)          “THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
        ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH SECURITIES UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS.”

       

      

      (b)          “THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY,
        THE TERMS AND CONDITIONS OF A CERTAIN SECURITIES PURCHASE AGREEMENT AS MAY BE AMENDED FROM TIME TO TIME, BY AND AMONG THE STOCKHOLDER, THE CORPORATION, AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED
        UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

       

      

      (c)          Any legend set forth in, or required by, the other Transaction Documents.

       

      

      (d)          Any legend required by the securities Laws of any state to the extent such Laws are applicable to the Series A Preferred Stock represented by the
        certificate, instrument, or book entry so legended.

       

      SECTION 5.08          Tax Matters.  The Company shall use reasonable best efforts to monitor the ownership of the stock of the Company by “5-percent
        shareholders” (as defined pursuant to Section 382(k)(7) of the Code) and shall notify the Investors to the extent the Company determines that the percentage of the stock of the Company owned by one or more “5-percent shareholders” has increased by
        more than 40 percentage points (taking into account the issuance of the Series A Preferred Stock hereunder) over the lowest percentage of stock of the Company owned by such shareholders at any time during the applicable “testing period” (as defined
        pursuant to Section 382(i) of the Code); provided, that, as used in this provision, “reasonable best efforts to monitor” shall mean, absent the filing with the SEC
        of an amendment on Schedule 13D or Schedule 13G disclosing significant acquisitions of additional shares of Common Stock, once a year in connection with the Company’s annual audit.

       

      
        35

        
          

      

      SECTION 5.09         Anti-takeover Laws.  The Company shall ensure that the Transactions shall not have the effect of causing any relevant
        corporate takeover statute or other similar statute or Laws to be applicable to the Transactions and, to the extent there is such a statute, to take all actions required to exempt the Transactions from such statutes or Laws.

       

      SECTION 5.10         Delivery of Series A Certificate of Amendment. As of the Closing, the Company shall have duly adopted and caused to be filed with
        the Department of the Treasury of the State of New Jersey the Series A Certificate of Amendment in the form attached hereto as Exhibit A, with such changes thereto as Juniper and the Company may
        reasonably both agree, and any related filings, forms or applications.

       

      SECTION 5.11         Amendments to Corporate Documents.  The Company and the Investors shall cooperate in good faith to identify and use
        commercially reasonable efforts to implement any mutually acceptable amendments to the delegations of authority of the Board, the Company’s corporate governance guidelines, the Bylaws and such other guidelines, policies, committee charters or
        similar documents of the Company and any other amendments reasonably necessary to effectuate and implement the rights of the holders of Series A Preferred Stock set forth in the Series A Certificate of Amendment and Registration Rights Agreement. 
        The covenants set forth in this Section 5.11 shall survive the Closing.

       

      SECTION 5.12        Tax Treatment.  Absent a change in law or IRS practice, or a contrary determination (as defined in Section 1313(a) of the
        Code), the Investors and the Company agree not to treat the Series A Preferred Stock as “preferred stock” within the meaning of Section 305 of the Code and Treasury Regulation Section 1.305-5 for United States federal income Tax and withholding Tax
        purposes, and shall not take any position inconsistent with such treatment.

       

      SECTION 5.13         Non-Public Information.  Except with respect to the material terms and conditions of the Transactions, the Company covenants
        and agrees that neither it nor any other Person acting on its behalf will provide any Investor or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto such Investor
        shall have executed a written agreement regarding the confidentiality and use of such information.  The Company understands and confirms that each Investor shall be relying on the foregoing covenant in effecting transactions in securities of the
        Company.

       

      SECTION 5.14         Access to Information.  From the date hereof until such time as Juniper, their Affiliates, and their respective
        transferees that are approved by the Company in the aggregate own less than a majority of the Series A Preferred Stock acquired by Juniper pursuant to this Agreement, upon the prior written request of Juniper, subject to the execution by Juniper of
        a confidentiality agreement in the form and substance reasonably acceptable to the Company, and during reasonable hours and in a manner so as not to unreasonably interfere with normal business operations of the Company and its Subsidiaries, the
        Company and each of its Subsidiaries shall afford to Juniper and their authorized employees, counsel, accountants and other representatives, (i) full access at the Company’s and its Subsidiaries’ offices and to true and correct copies of all
        documents, reports financial data and other information and (ii) an opportunity to interview and consult with any officer or director, representative, accountant and other advisor, in each case, of the Company or any of its Subsidiaries regarding
        the Company’s or such Subsidiary’s affairs.

       

      
        36

        
          

      

      SECTION 5.15         Standstill.  From and after the Closing Date until the earlier of (i) the one-year anniversary of the Closing Date and (ii) the
        date on which a Fundamental Change occurs (as defined in the Series A Certificate of Amendment) (the earlier of such dates, the “Standstill Period”), each Investor shall not (and shall
        cause its Affiliates not to), directly or indirectly, alone or in concert with others, without the prior consent or approval of the Board:

       

      

      (a)          purchase or otherwise acquire, or offer, or agree to acquire, beneficial ownership of any securities of the Company, any direct or indirect rights
        or options to acquire any such securities, in each case, if such purchase, acquisition, offer or agreement would result in such Investor and its Affiliates increasing their current beneficial ownership of shares of Common Stock by more than one
        percent (1%) of the shares of Common Stock issued and outstanding at such time (excluding, for the avoidance of doubt, any Series A Preferred Stock and Conversion Shares)

       

      

      (a)          make, or in any way participate in any “solicitation” of “proxies” to vote or “consents” (as such terms are used in the rules and regulations of
        the SEC), or seek to advise or influence any Person with respect to the voting of any voting securities of the Company, in each case, with respect to the election or removal of directors or to approve stockholder proposals with respect to the
        Company, other than a “solicitation” in support of all of the nominees of the Board at any stockholder meeting or voting its shares at any such meeting in its sole discretion (subject to compliance with this Agreement);

       

      

      (b)          make any public statements and/or announcement with respect to, or submit a proposal for, or offer of (with or without conditions) any
        extraordinary business transaction involving the Company or any Subsidiary of the Company or their securities; or

       

      

      (c)          enter into any discussions, arrangements or understandings with any third party (including security holders of the Company, but excluding, for the
        avoidance of doubt, any Investor and its Affiliates) with respect to any of the foregoing, including forming, joining or in any way participating in a “group” (as defined in Section 13(d)(3) of the Exchange Act) with any third party with respect to
        any shares of Common Stock or otherwise in connection with any of the foregoing;

       

      

      provided, however, that nothing in this Section 5.15 shall limit (1) the Investors’ ability to acquire any securities of the
        Company in the event that bankruptcy or insolvency proceedings are commenced by the Company, including through the acquisition of shares of Common Stock or any other securities of the Company through an exchange offer or through a plan of
        reorganization for the Company which is confirmed by order of the United States Bankruptcy Court or participation in or consummation of any transaction relating to the Company effected in connection with any proposed Company auction sale process
        under the jurisdiction of a United States Bankruptcy Court, (2) the Investors’ ability to vote, Transfer (as defined below, and subject to Section 5.16), convert (subject to Section 5, Section 6 and Section 7 of the Series A Certificate of
        Amendment), privately make and submit to the Company and/or the Board any proposal that is intended by the Investors to be made and submitted on a non-publicly disclosed or announced basis (and would not reasonably be expect to require public
        disclosure by any Person), participate in rights offerings made by the Company to all or substantially all holders of its Common Stock, receive any dividends or similar distributions with respect to any securities of the Company held by the
        Investors, tender shares of the Common Stock or Series A Preferred Stock into any tender or exchange offer (but subject to Section 5.16), effect any adjustment to the Series A Conversion Rate (as defined in the Series A Certificate of
        Amendment) pursuant to the Series A Certificate of Amendment or otherwise exercise rights under its Common Stock or Series A Preferred Stock, or (3) the ability of the Series A Director (as defined in the Series A Certificate of Amendment) to vote
        or otherwise exercise his or her legal duties or otherwise act in his or her capacity as a member of the Board.

       

      
        37

        
          

      

      SECTION 5.16          Limitation on Transfer and Right of First Refusal of Series A Preferred Stock.

       

        

      (a)        Except as otherwise permitted by this Agreement, including Section 5.16(b) and Section 5.16(c), the Investors shall not, from and
        after the date hereof until the date that is one year following the date hereof, directly or indirectly, sell, transfer, or assign (each, a “Transfer”) any interest in any shares of Series
        A Preferred Stock or Conversion Shares acquired pursuant to this Agreement without the prior written consent of the Company.  Any purported Transfer of shares of Series A Preferred Stock or Conversion Shares in violation of the terms of this Section

          5.16 shall be null and void ab initio and the Company (or its transfer agent) shall not record any such purported Transfer on its books, issue a new certificate for such Series A Preferred Stock or Conversion Shares or otherwise give effect
        to or recognize such purported Transfer.

       

      

      (b)          Notwithstanding anything to the contrary in Section 5.16(a), the Investors may Transfer any interest in any shares of Series A Preferred
        Stock or Conversion Shares as follows:

       

      (i)           to the Company or its Subsidiaries;

       

      (ii)          pursuant to a tender offer or exchange offer made to all or substantially all of the holders of the Common Stock, provided, however, that this Section 5.16(b)(ii) shall not apply to such Investor who initiates such tender offer or exchange offer;

       

      (iii)        to any Affiliate of an Investor and any investment fund managed or controlled by any Investor or its Affiliates; and

       

      (iv)        pursuant to 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 of its Subsidiaries (i) that has been recommended or approved by a majority of the Board or (ii) that is a tender offer or exchange offer (A) that a majority of shares of Common Stock held by
        stockholders other than the Investors have been tendered or exchanged into or (B) that includes a majority minimum tender or approval condition, and, as of the tender date, all of the conditions to closing of which (including the majority minimum
        tender or approval condition) have been satisfied or (other than with respect to the majority minimum tender or approval condition) waived and is expiring on the tender date.

       

      

      (c)          From and after the date that is one year following the Closing Date,

       

      
        38

        
          

      

      (i)          Each Investor hereby unconditionally and irrevocably grants to the Company a Right of First Refusal to purchase all or any portion of the Series A
        Preferred Stock such Investor may propose to Transfer, at the same price and on the same terms and conditions as those offered to the prospective transferee (“Prospective Transferee”),
        except to the extent that such Transfer is permitted under the terms of Section 5.16(b);

       

      (ii)         Each Investor proposing to Transfer shares of Series A Preferred Stock must deliver a Proposed Transfer Notice to the Company and to Juniper not
        later than sixty (60) days prior to the consummation of such proposed Transfer.  Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the proposed Transfer, the identity of the
        prospective transferee and the intended date of the proposed Transfer.  To exercise its Right of First Refusal under this Section 5.16(c), the Company must deliver a written notice to the selling Investor and Juniper within fifteen (15)
        days after delivery of the Proposed Transfer Notice specifying the number of shares of Series A Preferred Stock to be purchased by the Company;

       

      (iii)        Each Investor hereby unconditionally and irrevocably grants to Juniper a Secondary Refusal Right to purchase all or any portion of the Series A
        Preferred Stock not purchased by the Company pursuant to the Right of First Refusal, as provided in this Section 5.16(c)(iii).  If the Company does not provide written notice exercising its Right of First Refusal with respect to all
        Transfer Stock subject to a proposed Transfer, the Company must deliver written notice to the selling Investor and to Juniper to that effect no later than fifteen (15) days after the selling Investor delivers the Proposed Transfer Notice to the
        Company.  Failure by the Company to deliver written notice in connection with this Section 5.16(c) during the aforementioned time periods shall be deemed a waiver by the Company of its Right of First Refusal with respect to all the Transfer
        Stock.  To exercise its Secondary Refusal Right, Juniper must deliver a written notice to the selling Investor and the Company within ten (10) days after the Company’s deadline for its delivery of the Secondary Notice as provided in this clause
          (iii); and

       

      (iv)        The sale of the shares of Series A Preferred Stock pursuant to the exercise of the Right of First Refusal, Secondary Right of First Refusal or to
        the Permitted Transferee on the terms and conditions contained in the Proposed Transfer Notice shall be consummated within sixty (60) days of the earlier of the date of Juniper’s written notice pursuant to clause (iii) above or the deadline
        for receiving such notice; it being understood that any shares of Series A Preferred Stock not sold within such sixty (60)-day period shall again become subject to the provisions of this Section 5.16(c).  In the event that a selling
        Investor shall be free to sell any shares of Series A Preferred Stock pursuant to this Section 5.16(c), then such Transfer to the Prospective Transferee shall be on terms and conditions substantially similar to (and in no event more
        favorable than) the terms and conditions set forth in the Proposed Transfer Notice.

       

      

      (d)         Any Person that is not a party to this Agreement to whom shares of Series A Preferred Stock are Transferred shall, as a condition to such Transfer,
        execute and deliver a joinder or counterpart signature page to this Agreement agreeing to be bound by its terms and representing that such Person is acquiring the shares of Series A Preferred Stock for its own account for investment and not with a
        view to the distribution thereof.  Upon the execution and delivery of such joinder or counterpart signature page by any transferee, such transferee shall be deemed to be a party hereto as if such transferee’s signature appeared on the signature
        pages hereto.

       

      

      
        39

        
          

      

      ARTICLE VI

      Conditions to Closing

       

      

      SECTION 6.01        Conditions to the Obligations of the Company and the Investors.  The respective obligations of each of the Company and the
        Investors to effect the Transactions are subject to the satisfaction or (to the extent permitted by Law) waiver by each of the Company and the Investors on or prior to the Closing Date of the following conditions:

       

      

      (a)          no applicable Law preventing or prohibiting the consummation of the Transactions shall be in effect; and

       

      

      (b)          the Company shall have received the Credit Agreement, which shall be in full force and effect concurrently with the Closing.

       

      

      SECTION 6.02        Conditions to the Obligations of the Company.  The obligations of the Company to effect the Transactions are further subject to
        the satisfaction or (to the extent permitted by Law) waiver by the Company on or prior to the Closing Date of the following conditions:

       

      

      (a)         all representations and warranties of the Investors set forth in this Agreement shall be true and correct in all material respects at and as of the
        Closing Date, with the same force and effect as if made on the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date in which case such representations and warranties shall be true and correct on
        such earlier date);

       

      

      (b)          the Investors shall have performed in all material respects all of their obligations hereunder required to be performed by such Investors at or
        before the Closing; and

       

      

      (c)          the Investors shall have duly executed and delivered to the Company the Registration Rights Agreement.

       

      

      (d)          the Company shall have received a certificate, signed by a duly authorized officer of each of the Investors, certifying as to the matters set forth
        in Section 6.02(a) and Section 6.02(b).

       

      SECTION 6.03        Conditions to the Obligations of the Investors.  The obligations of the Investors to effect the Transactions are further
        subject to the satisfaction or (to the extent permitted by Law) waiver by the Investors on or before the Closing Date of the following conditions:

       

      

      (a)          (i) the representations and warranties of the Company set forth in Article III hereof (other than the Company Fundamental Representations)
        shall be true and correct (without giving effect to any limitation or qualification as to “materiality” or “Material Adverse Effect” set forth in such representations and warranties) as of the Closing Date, with the same force and effect as if made
        on the Closing Date (except to the extent that any such representation or warranty speaks to an earlier date, in which case such representation or warranty shall so be true and correct as of such earlier date), except where the failure of such
        representations and warranties to be so true and correct would not, individually or in the aggregate, have a Material Adverse Effect, and (ii) the Company Fundamental Representations shall be true and correct in all respects as of the Closing Date
        with the same force and effect as if made on the Closing Date (except to the extent such representations and warranties expressly speak as of an earlier date, in which case such representations and warranties shall be true and correct as of such
        date);

       

      

      
        40

        
          

      

      (b)          the Company shall have performed in all material respects all of its obligations hereunder required to be performed by it at or prior to the
        Closing;

       

      

      (c)          the Company shall have (i) duly executed and delivered to the Investors the Registration Rights Agreement, (ii) adopted and filed the Series A
        Certificate of Amendment with the Department of the Treasury of the State of New Jersey, and a certified copy thereof shall have been delivered to the Investors, and (iii) taken all actions necessary and appropriate to implement the provisions of
        Section 17 of the Series A Certificate of Amendment and to cause the Board (and each committee of the Board), effective as of the Closing, to be composed as set forth therein;

       

      

      (d)         any shares of Common Stock issuable upon conversion of the Series A Preferred Stock at the Series A Conversion Price (as defined in the Series A
        Certificate of Amendment) specified in the Series A Certificate of Amendment shall have been approved for listing on NASDAQ, subject to official notice of issuance;

       

      

      (e)          the Company shall have paid or reimbursed Juniper for amounts owed pursuant to Section 5.05 substantially concurrently with the Closing;

       

      

      (f)          each Investor shall have received from counsel to the Company an opinion substantially in the form mutually agreed among the parties hereto;

       

      

      (g)          each Investor shall have received a certificate, signed by a duly authorized officer of the Company, certifying as to the matters set forth in Section

          6.03(a) and Section 6.03(b); and

       

      

      (h)          each Investor shall have received a certificate, signed by the Secretary of the Company certifying (i) the Company Charter Documents and (ii) the
        resolutions of the Board of Directors approving the Transaction Documents and the Transactions.

       

      

      ARTICLE VII

      Survival

       

      

      SECTION 7.01          Termination.

       

      

      (a)         Prior to the Closing, this Agreement may only be terminated: (i) by mutual written agreement of the Company and Juniper; (ii) by Juniper if the
        Closing shall not have occurred on or prior to the third Business Day after the date of this Agreement; (iii) by either the Company or Juniper if the Closing shall not have occurred on or prior to December 16, 2019; (iv) by either the Company or
        Juniper if there shall be any applicable Law that prevents or prohibits the Company or the Investors from consummating the Transactions and such prohibition shall have become final and non-appealable; or (v) by either the Company or Juniper if the
        other shall have materially breached any of its representations and warranties, covenants or agreements set forth in this Agreement, which breach or failure to perform is incapable of being cured within thirty (30) calendar days following the
        receipt of written notice of such breach or failure to perform; provided that such party shall not have the right to terminate this Agreement pursuant to this Section 7.01 if such party is then in material breach of any of its
        representations and warranties, covenants or agreements hereunder; and provided, further, that the right to terminate this Agreement pursuant to Section 7.01(a)(ii) or Section 7.01(a)(iii) shall not be available to
        any party whose failure to fulfill any obligations under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date.

       

      
        41

        
          

      

      (b)          In the event of the termination of this Agreement pursuant to Section 7.01, this Agreement shall become void and of no effect with no
        liability to any person on the part of any party (or of any of its Representatives of Affiliates), except to the extent of (i) any fraud or (ii) the intentional breach of this Agreement, provided, however, and notwithstanding in the
        foregoing to the contrary, that this Article VII, Article VIII, and Section 5.05 shall survive the termination of this Agreement.  Notwithstanding anything to the contrary herein, the Confidentiality Agreement shall
        terminate simultaneously with the Closing.

       

      SECTION 7.02         Survival.  Irrespective of any investigation, inquiry or examination made by, for or on behalf of the Investors, or the
        acceptance by the Investors of any certificate or opinion, the representations and warranties contained herein shall survive the Closing for a period not to exceed twenty-four (24) months and the covenants set forth herein shall survive until the
        earlier of the (1) full satisfaction of the obligations under the covenant or (2) the date in which all the Series A Preferred Stock have been converted, redeemed or repurchased in full in accordance with the Series A Certificate of Amendment or
        this Agreement.  This Section 7.02 shall not limit any covenant or agreement of the parties to this Agreement which, by its terms, expressly contemplates performance after such twenty-four (24) month period.

       

      ARTICLE VIII

       

      Miscellaneous

       

      SECTION 8.01        Notices.  All notices, requests, permissions, waivers or other communications required or permitted to be given under this
        Agreement shall be in writing and shall be delivered by hand or sent by facsimile sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand, by facsimile (which
        is confirmed), or if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service) to the parties at the following addresses or facsimiles (or at such other address or facsimile for a party as shall be
        specified by like notice):

       

      

      (a)          If to the Company:

      Lincoln Educational Services Corporation

      200 Executive Drive, Suite 340

      West Orange, NJ 07052

      Attention:  Chief Financial Officer

       

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

       

      McCarter & English LLP

      825 Eighth Avenue, 31st Floor

      New York, NY 10019

      Attention: Michele Vaillant and Howard Berkower

       

      

      
        42

        
          

      

      (b)          If to Juniper:

       

      555 Madison Avenue

      24th Floor

      New York, NY 10022

      Attention: John A. Bartholdson

      

      

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

       

      Shearman & Sterling LLP

      111 Congress Avenue

      Austin, TX 78701

      Attention:  J. Matthew Lyons

       

      

      (c)          If to Talanta Fund, L.P.

       

      Talanta Fund, L.P.

      c/o Talanta Investment Group, LLC

      525 N. Tryon Street, 16th Floor

      Charlotte, NC 28202

      Attention: Justyn R. Putnam

      

      

      SECTION 8.02         Amendments, Waivers, etc.   Any term of this Agreement may be amended 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 if such amendment or waiver is in writing and signed, in the case of an amendment, by the Company and the majority of the Investors or, in the
        case of a waiver, by the party against whom the waiver is to be effective.  Any amendment or waiver effected in accordance with this Section 8.02 shall be binding upon each holder of any securities purchased under this Agreement at the time
        outstanding (including securities into which such securities are convertible), each future holder of all such securities, and the Company.

       

      SECTION 8.03         Counterparts and Facsimile.  This Agreement may be executed in two or more identical counterparts (including by facsimile or
        electronic transmission), 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.

       

      SECTION 8.04         Further Assurances.  Each party hereto shall execute and deliver after the Closing such further certificates, agreements and
        other documents and take such other actions as any other party hereto may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and to consummate or implement the Transactions.

       

      
        43

        
          

      

      SECTION 8.05         Governing Law; Specific Enforcement; Submission to Jurisdiction; Waiver of Jury Trial.

       

      (a)       THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION,
        VALIDITY AND INTERPRETATION OF THIS AGREEMENT AND THE RELATED DOCUMENTS (OTHER THAN THE SERIES A CERTIFICATE OF AMENDMENT), AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREBY AND THEREBY; PROVIDED, THAT, THE CERTIFICATE OF AMENDMENT AND ANY OTHER INTERNAL CORPORATE MATTER CONCERNING THE COMPANY OR ANY OTHER PARTY HERETO, SHALL BE SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY, OR THE LAWS
        OF THE OF ITS JURISDICTION OF ORGANIZATION, RESPECTIVELY.

       

      (b)         The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not
        performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to
        enforce specifically the terms and provisions of this Agreement in any court of competent jurisdiction, in each case without proof of damages or otherwise (and each party hereto hereby waives any requirement for the securing or posting of any bond
        in connection with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity.  The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or
        inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy.

       

      (c)          Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the United States District court for the
        Southern District of New York for the purpose of any suit, Action or other proceeding arising out of this Agreement and the rights and obligations arising hereunder, and irrevocably and unconditionally waives any objection to the laying of venue of
        any such Action or proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Action or proceeding has been brought in an inconvenient forum.  Each party hereto
        agrees that service of any process, summons, notice or document by registered mail to such party’s respective address set forth in Section 8.01 shall be effective service of process for any such Action or proceeding.

       

      (d)         EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
        ACTION, CLAIM OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.  EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
        PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, CLAIM OR OTHER PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
        MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.05(D).

       

      

      
        44

        
          

      

      SECTION 8.06        Interpretation.  When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or
        Section of this Agreement unless otherwise indicated.  The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the
        words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
        refer to this Agreement as a whole and not to any particular provision of this Agreement.  The words “date hereof” shall refer to the date of this Agreement.  The word “day” means a calendar day and not a Business Day.  Periods of time described
        herein shall include the first day of such period but not the last day thereof.  The word “or” shall not be exclusive.  The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and shall not
        simply mean “if.” The words “made available to the Investor” and words of similar import refer to documents delivered in person or electronically to the Investor prior to the date hereof.  All references to “$” mean the lawful currency of the
        United States of America.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  Except as specifically
        stated herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented,
        including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.  Except as
        otherwise specified herein, references to a Person are also to its successors and permitted assigns.  Each of the parties hereto has participated in the drafting and negotiation of this Agreement.  If an ambiguity or question of intent or
        interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

       

      SECTION 8.07         Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of
        any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to
        any party hereto.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
        parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the greatest extent possible.

       

      SECTION 8.08         No Third-Party Beneficiaries.  This Agreement is for the sole benefit of the parties hereto and their successors and permitted
        assigns and nothing expressed or referred to in this Agreement will be construed to give any Person, other than the parties to this Agreement and such successors and permitted assigns, any legal or equitable right, remedy or claim under or with
        respect to this Agreement or any provision of this Agreement, whether as third party beneficiary or otherwise.

       

      

      
        45

        
          

      

      SECTION 8.09         Representation of Parties.  The parties hereto acknowledge and agree that in connection with the Transaction Documents and the
        Transaction, Shearman & Sterling LLP has represented only Juniper and not the Company or any other Investor that is party hereto in any capacity.

       

      SECTION 8.10         Assignment.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
        parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties (which consent shall not be unreasonably withheld or delayed, and any assignment in violation of this provision shall be null and
        void), except that the Investors may assign their respective rights under this Agreement and the Related Documents, in whole or in part, to any of their respective Affiliates without the prior written consent of the Company; provided that such Investor will remain liable for all of its obligations under this Agreement.

       

      SECTION 8.11        Entire Agreement.  This Agreement (including the Exhibits hereto and the Company Disclosure Letter), together with the other
        Transaction Documents and the sections of the Term Sheet captioned “Exclusivity” and “Termination Fee” (which, for the avoidance of doubt, the rights and remedies of Juniper and its Affiliates in such sections shall survive the termination of the
        Term Sheet), constitute the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof and thereof.

       

      [Remainder of page intentionally left blank]

       

      

      
        46

        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement as of the day and year first above written.

       

      

      	

            	
              LINCOLN EDUCATIONAL SERVICES CORPORATION

            
	

            	

            
	

            	

            	
              By:

            	
              /s/ Scott M. Shaw

            
	

            	

            	

            	
              Name:

            	
              Scott M. Shaw

            
	

            	

            	

            	
              Title:

            	
              Chief Executive Officer

            

      

      

      
        [Signature Page to Securities Purchase Agreement]

         

        

      

      
        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement as of the day and year first above written.

       

      	

            	
              TALANTA FUND, L.P.

            
	

            	

            
	

            	
              By:  TALANTA INVESTMENT GROUP, LLC,

              its General Manager

            
	

            	

            
	

            	

            	
              By:

            	
              /s/ Justyn R. Putnam

            
	

            	

            	

            	
              Name:

            	
              Justyn R. Putnam

            
	

            	

            	

            	
              Title:

            	
              Managing Member

            

       

      

      
        [Signature Page to Securities Purchase Agreement]

         

        

      

      
        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement as of the day and year first  above written.

       

      	 	
              JUNIPER TARGETED OPPORTUNITY FUND, L.P.

            
	 	

            
	 	
              By: JUNIPER HF INVESTORS II, LLC, its General Partner

            
	 	

            
	 	

            	
              By:

            	
              /s/ John A. Bartholdson

            
	 	

            	 	
              Name:

            	
              John A. Bartholdson

            
	 	

            	 	
              Title:

            	
              Managing Member

            
	 	

            
	 	
              JUNIPER TARGETED OPPORTUNITIES, L.P., SOLELY WITH RESPECT TO THE SERIES C THEREOF

            
	 	

            
	 	
              By: JUNIPER TARGETED OPPORTUNITY INVESTORS, LLC, its General Partner

            
	 	

            
	 	

            	
              By:

            	
              /s/ John A. Bartholdson

            
	 	

            	 	
              Name:

            	
              John A. Bartholdson

            
	 	

            	 	
              Title:

            	
              Managing Member

            

      

      

      
        [Signature Page to Securities Purchase Agreement]

         

        

      

      
        
          

      

      SCHEDULE I

      

      

      SCHEDULE OF INVESTORS

      

      

      	 	
              Purchaser

            	
              Purchase Amount

            	
              Series A Preferred Stock

            
	 	
              Juniper Targeted Opportunity Fund, L.P.

               

              

              Address:

              555 Madison Avenue

              24th Floor

              New York, NY 10022

               

              

            	
              $3,500,000

            	
              3,500

            
	 	
              Juniper Targeted Opportunities, L.P.

               

              

              Address:

              555 Madison Avenue

              24th Floor

              New York, NY 10022

               

              

            	
              $7,700,000

            	
              7,700

            
	 	
              Talanta Fund, L.P.

               

              

              Address:

              c/o Talanta Investment Group, LLC

              525 N. Tryon Street, 16th Floor

              Charlotte, NC 28202

               

              

            	
              $1,500,000

            	
              1,500

            
	 	 	 	 
	 	
              Total

            	
              $12,700,000

            	
              12,700Exhibit 10.2

      

       

      

      Execution Copy

       

      REGISTRATION RIGHTS AGREEMENT

       

      Dated as of November 14, 2019

       

      by and among

       

      LINCOLN EDUCATIONAL SERVICES CORPORATION

       

      and

       

      THE INVESTORS LISTED ON SCHEDULE A

       

      
        
          

      

      
      TABLE OF CONTENTS

       

      Page

        

      

      	
              Article I

            
	 
	
              Definitions

            
	 
	
              SECTION 1.01

            	
              Definitions

            	
              1

            
	
              ARTICLE II

            
	 
	
              REGISTRATION RIGHTS

            
	 
	
              SECTION 2.01

            	
              Registration

            	
              5

            
	
              SECTION 2.02

            	
              Piggyback Registration

            	
              9

            
	
              SECTION 2.03

            	
              Registration Procedures

            	
              10

            
	
              SECTION 2.04

            	
              Suspension

            	
              14

            
	
              SECTION 2.05

            	
              Expenses of Registration

            	
              15

            
	
              SECTION 2.06

            	
              Obligations of Holders

            	
              15

            
	
              SECTION 2.07

            	
              Rule 144 Reporting

            	
              15

            
	
              SECTION 2.08

            	
              Holdback Agreement

            	
              16

            
	
              SECTION 2.09

            	
              Indemnification

            	
              16

            
	
              SECTION 2.10

            	
              Transfer of Registration Rights

            	
              19

            
	
              SECTION 2.11

            	
              Termination of Registration Rights

            	
              19

            
	
              SECTION 2.12

            	
              Registration Default

            	
              19

              

            
	
              SECTION 2.13

            	
              Preservation of Rights

            	
              20

            
	 	 	 
	
              ARTICLE III

            
	 
	
              MISCELLANEOUS

            
	 
	
              SECTION 3.01

            	
              Notices

            	
              20

            
	
              SECTION 3.02

            	
              Amendments, Waivers, etc.

            	
              21

            
	
              SECTION 3.03

            	
              Counterparts and Facsimile

            	
              22

            
	
              SECTION 3.04

            	
              Governing Law; Specific Enforcement; Submission to Jurisdiction; Waiver of Jury Trial

            	
              22

            
	
              SECTION 3.05

            	
              Interpretation

            	
              23

            
	
              SECTION 3.06

            	
              Several Obligations of the Holders

            	
              23

            
	
              SECTION 3.07

            	
              Severability

            	
              23

            
	
              SECTION 3.08

            	
              No Third-Party Beneficiaries

            	
              23

            
	
              SECTION 3.09

            	
              Representation

            	
              24

            
	
              SECTION 3.10

            	
              Assignment

            	
              24

            
	
              SECTION 3.11

            	
              Termination

            	
              24

            
	
              SECTION 3.12

            	
              Entire Agreement.

            	
              24

            

      

      

      
        i

        
          

      

      
      This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of November 14, 2019, by and among Lincoln Educational Services Corporation, a New Jersey corporation (the “Company”),
        and the Investors listed on Schedule A (together with their respective successors and assigns, the “Investors” and each an “Investor”).

       

      WHEREAS, the Company and the Investors are parties to that certain Securities Purchase Agreement dated as of November 14, 2019 (as amended from time to time, the “Securities Purchase Agreement”),
        pursuant to which the Company is selling to the Investors, and the Investors are purchasing from the Company, an aggregate of 12,700 shares of the Company’s Series A Convertible Preferred Stock (as defined herein), which are convertible into shares
        of the Company’s Common Stock; and

       

      WHEREAS, as a condition to the obligations of the Company and the Investors under the Securities Purchase Agreement, the Company and the Investors are entering into this Agreement for the purpose
        of granting certain registration and other rights to each Holder (as defined herein).

       

      NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement
        hereby agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      SECTION 1.01          Definitions. (a) As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

       

      “Action” means any lawsuit, suit, arbitration, claim, complaint, charge, audit, action, inquiry, investigation or other proceeding of any nature (whether criminal, civil, legislative,
        administrative, regulatory, prosecutorial or otherwise) by or before any Governmental Entity.

       

      “Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board (after consultation with independent outside legal counsel): (a)
        would be required to be made in any registration statement filed with the SEC by the Company so that such registration statement, from and after its effective date, would not contain 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; (b) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement and related
        prospectus; and (c) the Company has a bona fide business purpose for not disclosing publicly and public disclosure of such material non-public information would be materially harmful to the interests of the Company.

       

      “Board” means the board of directors of the Company.

       

      “Business Day” means any day except a Saturday, a Sunday or other day on which banking institutions in the City of New York, New York or New Jersey are authorized or required by law,
        regulation or executive order to be closed.

       

      
        1

        
          

      

      “Common Stock” means the common stock, no par value per share, of the Company, including the common stock into which the Series A Preferred Stock is convertible, and any securities into
        which the Common Stock may be reclassified.

       

      “Conversion Shares” means the shares of Common Stock issuable or issued upon the conversion of shares of Series A Preferred Stock. For purposes of this Agreement, each Holder shall be deemed
        to own the Conversion Shares underlying the shares of Series A Preferred Stock owned by such Holder, and such Conversion Shares shall be deemed outstanding.

       

      “Conversion Share Percentage” means, with respect to any Holder, the quotient, expressed as a percentage, of (a) the number of Conversion Shares owned by such Holder, divided by (b) the
        aggregate number of all Conversion Shares owned by all Holders.

       

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

       

      “Governmental Entity” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or other government, governmental, administrative or regulatory (including any
        stock exchange) authority, agency, court, tribunal, commission, or judicial or arbitral body or other entity or self-regulatory organization.

       

      “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, subpoena, verdict, permit, license, exemption, certification, decision, determination or award
        entered by or with any Governmental Entity.

       

      “Holder” means an Investor or any transferee or assignee thereof of to whom an Investor assigns or transfers its rights under this Agreement and who agrees to become bound by the provisions
        of this Agreement in accordance with Section 2.10 and any transferee or assignee thereof to whom a transferee or assignee assigns or transfers its rights under this Agreement and who agrees to become bound by the provisions of this
        Agreement in accordance with Section 2.10.

       

      “Initial Series A Preferred Stock” means the shares of Series A Preferred Stock issued to the Investors on the date hereof.

       

      “Juniper” means Juniper Targeted Opportunity Fund, L.P. and Juniper Targeted Opportunities, L.P.

       

      “Majority Holders” means Holders owning a majority of all Conversion Shares issuable or issued upon conversion of Initial Series A Preferred Stock.

       

      “Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order, requirement or rule of Law
        (including common law) and includes any Governmental Order.

       

      “Person” means any individual, estate, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental
        Entity or other entity.

       

      
        2

        
          

      

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

       

      “Registrable Securities” means, with respect to any Holder, the Conversion Shares owned by such Holder, whether now held or hereinafter acquired, provided, however, that such
        securities shall cease to be Registrable Securities with respect to any Holder when (i) a registration statement relating to all such securities shall have been declared effective by the SEC and all such securities shall have been disposed of by
        such Holder pursuant to such registration statement or (ii) such shares of Common Stock have been sold by such Holder under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the
        Securities Act are met.

       

      “Registration Expenses” means (a) all expenses incurred by the Company in complying with Sections 2.01 or 2.02, including all registration, qualification, listing and filing
        fees, expenses incurred by the Company in connection with any roadshow related to such registration and offering, auditor fees, printing expenses, escrow fees, and fees and disbursements of counsel for the Company, blue sky fees and expenses; (b)
        reasonable, documented out-of-pocket fees and expenses of a single outside legal counsel to the Holders retained in connection with registrations and offerings contemplated hereby; and (c) reasonable, documented out-of-pocket fees and expenses for
        any local counsel necessary to effect a registration or offering contemplated hereby, if applicable; provided, however, that Registration Expenses shall not be deemed to include any Selling Expenses.

       

      “Representatives” means, with respect to any Person, the directors, officers, employees, investment bankers, financial advisors, attorneys, accountants, consultants or other advisors, agents
        or representatives of such Person.

       

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

       

      “SEC” means the United States Securities and Exchange Commission.

       

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

       

      “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by any Holder holding Registrable Securities.

       

      “Series A Preferred Stock” means the Company’s Series A Convertible Preferred Stock, no par value per share, having the powers, preferences and rights, and the qualifications, limitations
        and restrictions, as set forth in the Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated the date hereof (the “Series A Certificate of Amendment”).

       

      
        3

        
          

      

      

      

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

       

      “Subsidiary” means, with respect to any Person, another Person, an amount of the voting securities, other voting rights or voting partnership interests of which is sufficient to elect at
        least a majority of its board of directors or other governing body (or, if there are no such voting interests, more than 50% of the equity interests of which) is owned directly or indirectly by such first Person.

       

      “Underwriter” means a securities dealer who purchases any Registrable Securities as a principal, or who acts an agent for the sale of any Registrable Securities, in connection with a
        distribution of such Registrable Securities and not as part of such dealer’s market-making activities.

       

      (b)          In addition to the terms defined in 0, Section 1.01(a), the following terms have the meanings assigned thereto in the Sections set forth below:

       

      	 	
              Term

            	 	
              Section

            
	 	
              Agreement

            	 	
              Preamble

            
	 	
              Company

            	 	
              Preamble

            
	 	
              Company Indemnified Parties

            	 	
              2.09(a)

            
	 	
              Effectiveness Period

            	 	
              2.01(b)

            
	 	
              FINRA

            	 	
              2.03(a)(xiv)

            
	 	
              Holder Indemnified Parties

            	 	
              2.09(b)

            
	 	
              Indemnified Party

            	 	
              2.09(c)

            
	 	
              Indemnifying Party

            	 	
              2.09(c)

            
	 	
              Interruption Period

            	 	
              2.03(b)

            
	 	
              Investor

            	 	
              Preamble

            
	 	
              Losses

            	 	
              2.08

            
	 	
              Offering Persons

            	 	
              2.03(a)(xv)

            
	 	
              Piggyback Registration Statement

            	 	
              2.02(b)

            
	 	
              Piggyback Request

            	 	
              2.02(b)

            
	 	
              Registration Default

            	 	
              2.12

            
	 	
              Resale Shelf Registration Statement

            	 	
              2.01(a)

            
	 	
              Securities Purchase Agreement

            	 	
              Recitals

            
	 	
              Subsequent Holder Notice

            	 	
              2.01(e)

            
	 	
              Subsequent Shelf Registration

            	 	
              2.01(c)

            
	 	
              Underwritten Offering

            	 	
              2.01(f)(i)

            
	 	
              Underwritten Offering Demand Notice

            	 	
              2.01(f)(i)

            
	 	
              Underwritten Offering Participation Notice

            	 	
              2.01(g)(i)

            
	 	
              Underwritten Offering Participation Request

            	 	
              2.01(g)(ii)

            
	 	
              Underwritten Offering Registration Statement

            	 	
              2.01(g)(ii)

            

      

      

      
        4

        
          

      

      ARTICLE II

       

      REGISTRATION RIGHTS

       

      SECTION 2.01          Registration.

       

      (a)          Resale Shelf Registration Statement.

       

      (i)          Subject to the other applicable provisions of this Agreement, the Company shall use commercially reasonable efforts to prepare
        and file within one year after the date hereof, and use its commercially reasonable efforts to cause to be declared effective by the SEC as promptly as reasonably possible (but in any event not later than 60 days after filing), a registration
        statement (the “Resale Shelf Registration Statement”) covering the sale or distribution from time to time by any Holder, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Conversion Shares owned by
        such Holder.  The Resale Shelf Registration Statement shall be 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) and
        shall provide for the registration in accordance with the plan of distribution specified by the Majority Holders.  The Resale Shelf Registration Statement shall register at least 110% of the number of Conversion Shares underlying the shares of
        Series A Preferred Stock, based on the conversion price in effect at that time, then outstanding and owned by the Holders, to account for any decrease in the conversion price due to an increase in the stated value of the Series A Preferred Stock in
        lieu of the payment of a cash dividend or otherwise.

       

      (ii)         Whenever there has been a decrease in the conversion price of the Series A Preferred Stock due to an increase in the stated
        value of the Series A Preferred Stock in lieu of the payment of a cash dividend or otherwise, the Company shall, as promptly as is reasonably practicable, amend the initial Resale Shelf Registration Statement, or file a new Resale Shelf
        Registration Statement, to the extent necessary so that the aggregate number of Conversion Shares then included in the Resale Shelf Registration Statement in respect of shares of Series A Preferred Stock equals at least 110% of the number of
        Conversion Shares underlying the shares of Series A Preferred Stock then outstanding and owned by the Holders, after giving effect to such decrease in the conversion price.  The Company shall use its commercially reasonable efforts to cause such
        post-effective amendment or new Resale Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable, and in any event no later than 90 days after the effective date of such decrease in the
        conversion price.

       

      (iii)         [Reserved]

       

      (iv)       To the extent at any time the staff of the SEC does not permit all of the Registrable Securities then required to be registered
        hereunder to be registered for resale on any Resale Shelf Registration Statement filed pursuant to this Section 2.01, the Company shall, at the election of the Majority Holders, either (i) file, and cause to be declared effective by the
        SEC, additional Resale Shelf Registration Statements successively trying to register the maximum amount of Registrable Securities until all of the Registrable Securities have been registered with the SEC or (ii) file, and cause to be declared
        effective by the SEC, a registration statement registering a primary offering of Registrable Securities, if necessary to accommodate the inclusion of all the Registrable Securities requested to be included in such registration. Any registration
        statement filed pursuant to this Section 2.01(a)(iv) shall be deemed a Resale Shelf Registration Statement for all purposes under this Agreement.

       

      
        5

        
          

      

      (b)         Effectiveness Period.  Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its
        reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the “Effectiveness Period”).

       

      (c)          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 reasonable best efforts to as promptly as is reasonably practicable 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 shall use its reasonable best efforts to as promptly as is reasonably practicable amend such Shelf Registration in a manner reasonably expected to result in 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 any Holder 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 reasonable best
        efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration continuously effective and
        usable 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.  Otherwise, such Subsequent Shelf Registration
        shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by any Holder in accordance with any reasonable method of distribution elected by the Majority Holders.

       

      (d)         Supplements and Amendments.  The Company shall supplement and amend any Shelf Registration if required by the Securities Act or the rules,
        regulations or instructions applicable to the registration form used by the Company for such Shelf Registration.

       

      (e)          Subsequent Holder Notice.  If a Person entitled to the benefits of this Agreement 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”):

       

      (i)          if required and permitted by applicable Law, file with the SEC 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; provided, however, that the Company shall not be required to file more than one post-effective amendment or a supplement to the related prospectus for such purpose in any 30-day period;

       

      
        6

        
          

      

      (ii)         if, pursuant to clause (i) above, the Company shall have filed a post-effective amendment to the Shelf Registration that is not
        automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable; and

       

      (iii)         notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any
        post-effective amendment filed pursuant to clause (i) above.

       

      (f)          Underwritten Offering Initiated by Majority Holders.

       

      (i)          The Majority Holders may, at any time and from time to time, deliver a written notice to the Company (the “Underwritten
          Offering Demand Notice”) 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 (the “Underwritten Offering”); provided,
        however, that (A) the aggregate market value of the Registrable Securities sought to be sold in the Underwritten Offering shall be at least $5 million (based on the Closing Price (as defined in the Certificate of Amendment to the Amended and
        Restated Certificate of Incorporation of the Company pursuant to which the Series A Preferred Stock was authorized (“COA”)) for the five (5) Trading Days (as defined in the COA) prior to the date of the Underwritten Offering Demand Notice
        and (B) the Majority Holders may not, without the Company’s prior written consent, initiate more than two (2) Underwritten Offerings pursuant to this Agreement.

       

      (ii)          In the event of an Underwritten Offering, the Majority Holders shall select the managing Underwriter or Underwriters to
        administer the Underwritten Offering.

       

      (iii)         The Company will not include in any Underwritten Offering initiated by the Majority Holders pursuant to this Section 2.01(f)
        any securities that are not Registrable Securities owned by a Holder without the prior written consent of the Majority Holders. The Company shall not grant any Person the right to include any securities in any Underwritten Offering pursuant to this
        Section 2.01(f), except as provided in Section 2.01(g) below with respect to other Holders.

       

      (g)          Right to Participate in Underwritten Offering.

       

      (i)          Upon receipt of the Underwritten Offering Demand Notice, the Company will promptly give written notice of such Underwritten
        Offering, which notice shall be given, to the extent reasonably practicable, no later than five (5) Business Days prior to the filing date or commencement date (the “Underwritten Offering Participation Notice”) to the other Holders of
        Registrable Securities, except in the event that the Majority Holders specify in their Underwritten Offering Demand Notice that such Underwritten Offering is being conducted as a non-marketed block trade, then such notice shall be not required and
        this Section 2.01(g) shall not apply to such Underwritten Offering.

       

      
        7

        
          

      

      (ii)         The Underwritten Offering Participation Notice shall offer each Holder the opportunity to include (or cause to be included) in
        such registration statement and Underwritten Offering (each, a “Underwritten Offering Registration Statement”) the number of shares of Registrable Securities as each Holder may request.  Subject to Section 2.01(g)(iii), the Company
        shall include in each Underwritten Offering Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each, a “Underwritten Offering Participation Request”)
        within five (5) Business Days after the date of the Underwritten Offering Participation Notice but in any event not later than one (1) Business Day prior to the earlier of (i) the filing of an Underwritten Offering Registration Statement or (ii)
        the commencement of the Underwritten Offering.  Such notice shall state the intended method of disposition of the Registrable Securities by such Holder.

       

      (iii)        The Majority Holders shall use reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed
        Underwritten Offering to permit each Holder of Registrable Securities who has timely submitted an Underwritten Offering Participation Request in connection with such offering to include in such offering all Registrable Securities included in each
        Holder’s Underwritten Offering Participation Request on the same terms and subject to the same conditions as any other Registrable Securities of the Majority Holders included in the Underwritten Offering.  Notwithstanding any other provision of
        this Section 2.01(g)(iii), if the managing Underwriter or Underwriters of a proposed Underwritten Offering advise the Company that in its or their good faith opinion the number of Registrable Securities requested to be included in the
        Underwritten Offering thereby exceeds the number which can be sold in such Underwritten Offering in light of market conditions or is such so as to adversely affect the success of such offering, the Registrable Securities to be included in such
        Underwritten Offering shall be allocated pro rata among the participating Holders on the basis of the Conversion Share Percentage of each such Holder.

       

      (iv)        If any participating Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by
        written notice to the Company, the Majority Holders and the managing Underwriter or Underwriters. For the avoidance of doubt, no Holder shall be obligated to sell Registrable Securities in such Underwritten Offering except on terms approved by such
        Holder in connection with the pricing of such offering.  Any securities excluded or withdrawn from such underwriting may be substituted by Registrable Securities held by another Holder to be included in such registration.

       

      (v)          The rights of other Holders to participate in any Underwritten Offering initiated by the Majority Holders pursuant to Section
          2.01(f) shall be exclusively governed by this Section 2.01(g), and Section 2.02 shall not apply to such Underwritten Offerings.

       

      
        8

        
          

      

      SECTION 2.02          Piggyback Registration.

       

      (a)          Notice of Registration.  Subject to Section 2.01(g)(v) in the case of an Underwritten Offering initiated by the Majority Holders, if
        at any time or from time to time the Company proposes to file a registration statement under the Securities Act with respect to, or otherwise commence, a public offering of its Common Stock or securities convertible into, or exchangeable or
        exercisable for, Common Stock, whether or not for sale for its own account (other than any registration statement filed (i) on Form S-4, Form S-8 or any substitute or successor forms thereto or (ii) filed to effectuate an exchange offer or any
        employee benefit or dividend reinvestment plan), then the Company will promptly give written notice of such filing or commencement, which notice shall be given, to the extent reasonably practicable, no later than five (5) Business Days prior to the
        filing date or commencement date (the “Piggyback Notice”) to each Holder.

       

      (b)         Right to Participate.  The Piggyback Notice shall offer each Holder the opportunity to include (or cause to be included) in such
        registration statement and offering the number of shares of Registrable Securities as each Holder may request (each, a “Piggyback Registration Statement”).  Subject to Section 2.02(c), the Company shall include in each Piggyback
        Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each, a “Piggyback Request”) within five (5) Business Days after the date of the Piggyback Notice but in
        any event not later than one (1) Business Day prior to the filing date of a Piggyback Registration Statement.  Such notice shall state the intended method of disposition of the Registrable Securities by such Holder.  If a Holder decides not to
        include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or
        registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.  The Company shall not be required to maintain the effectiveness of a Piggyback Registration
        Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation of the distribution by each Holder of the Registrable Securities included in such registration statement.

       

      (c)          Underwriting.  If any of the securities to be registered pursuant to the registration giving rise to the rights under this Section 2.02
        are to be sold in an underwritten offering, the Company shall use reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit each Holder of Registrable Securities who has timely submitted
        a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s Piggyback Request on the same terms and subject to the same conditions as any other shares of capital stock, if
        any, of the Company included in the offering.  Notwithstanding any other provision of this Section 2.02, if the managing Underwriter or Underwriters of a proposed underwritten offering with respect to which any Holders have exercised their
        piggyback registration rights advise the Company that in its or their good faith 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 or is such so as to adversely affect the success of such offering of securities, the Registrable Securities and such other securities to be included in such
        underwritten offering shall be allocated, (i) first, (A) in the event such offering was initiated by the Company, up to the total number of securities that the Company has requested to be included in such registration for its own account and (B) in
        the event such offering was initiated by holders of securities who have exercised their demand registration rights, up to the total number of securities that such holders of such securities have requested to be included in such offering, (ii)
        second, the Registrable Securities of any Holders that have requested to participate in such underwritten offering, allocated pro rata among such Holders on the basis of the Conversion Share Percentage of
        each such Holder; and (iii) third, any other securities of the Company that have been 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. For the avoidance of doubt, no Holder shall be obligated to sell Registrable Securities in such underwritten offering, except on terms approved by such Holder in connection with
        the pricing of such offering.  Any securities excluded or withdrawn from such underwriting (i) may be substituted by securities held by any Holder to be included in such registration; or (ii) in the event no Holders elect to substitute any shares,
        may be substituted by securities held by the Company to be included in such registration; or (iii) in the event that the Holders and the Company elect not to substitute any shares, shall be withdrawn from such registration.

       

      
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      (d)          Right to Terminate Registration.  The Company or the holders of securities who have triggered any piggyback rights pursuant to this Section

          2.02 shall have the right to cause any registration statement initiated by it or them to be terminated or withdrawn prior to the pricing of the relevant offering, whether or not any Holder has elected to include securities in such
        registration, without prejudice, however, to the right of the Majority Holders to immediately request that such registration be effected as a registration under Section 2.01(f).

       

      SECTION 2.03          Registration Procedures.

       

      (a)          Subject to the other applicable provisions of this Agreement, in the case of each registration of Registrable Securities effected by the Company
        pursuant to Section 2.01 or Section 2.02, the Company will:

       

      (i)           prepare and promptly file with the SEC a registration statement with respect to such securities and use its reasonable best
        efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby in accordance with the applicable provisions of this Agreement;

       

      (ii)          prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration
        statement and the prospectus used in connection with such registration statement as (x) reasonably requested by any Holder (to the extent such request related to information relating to such Holder) or (y) 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 in accordance with each Holder’s intended method of distribution (including in connection with any Underwritten Offering) and
        as may be necessary to keep the registration statement continuously effective for the period set forth in this Agreement;

       

      
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      (iii)         respond promptly to any comments received from the SEC and, unless requested otherwise by the Holder or Holders who have
        initiated such registration, request acceleration of effectiveness promptly after it learns that the SEC will not review the registration statement or after it has satisfied comments received from the SEC;

       

      (iv)         furnish, (i) to each Holder’s legal counsel, copies of the registration statement and the prospectus included therein (including
        each preliminary prospectus), in each case including all exhibits thereto, proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement and (ii) to each Holder and the
        Underwriters, such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it;

       

      (v)         if requested by the managing Underwriter or Underwriters, if any, or any Holder, promptly include in any prospectus supplement or
        post-effective amendment such information as the managing Underwriter or Underwriters, if any, or any Holder may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such
        prospectus supplement or post‐effective amendment as soon as reasonably practicable after the Company has received such request;

       

      (vi)         in the event that the Registrable Securities are being offered in an underwritten offering, furnish to each Holder and to the
        Underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as each Holder or Underwriters may reasonably request in order to facilitate the public
        offering or other disposition of such securities;

       

      (vii)        as promptly as reasonably practicable notify each Holder at any time when (i) a prospectus relating thereto is required to be
        delivered under the Securities Act or of the Company’s discovery of the occurrence 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 2.04, as promptly as is reasonably
        practicable, prepare and file with the SEC a supplement or post-effective amendment to such registration statement or the related prospectus or any document incorporated therein by reference or file any other required document and at the request of
        any Holder, 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 securities, 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, (ii) any request by the
        SEC or any other regulatory body or other body having jurisdiction has been made for any amendment of or supplement to any registration statement or other document relating to such offering, or (iii) if for any other reason it shall be necessary to
        amend or supplement such registration statement or prospectus in order to comply with the Securities Act;

       

      
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      (viii)       use reasonable best efforts to register and qualify (or exempt from such registration or qualification) the securities covered
        by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably requested in writing by any Holder; provided, however, that the Company shall not be
        required in connection therewith or as a condition thereto to (A) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but for this subsection or (B) file a general consent to service of process in any
        such states or jurisdictions;

       

      (ix)         in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting
        agreement, in usual and customary form and otherwise in accordance with the applicable provisions of this Agreement, and take all such other actions reasonably requested by any Holder of the Registrable Securities being sold in connection therewith
        (including any reasonable actions requested by the managing Underwriters, if any) to facilitate the disposition of such Registrable Securities;

       

      (x)          in connection with an underwritten offering, the Company shall cause its officers to use their reasonable best efforts to
        support the marketing of the Registrable Securities covered by such offering (including participation in “road shows” or other similar marketing efforts);

       

      (xi)         use its reasonable best efforts to furnish, on the date that such Registrable Securities are delivered to the Underwriters for
        sale (if such securities are being sold through Underwriters) or, solely in the case of clause (A), (D) and (E), the pricing or closing date of the applicable offering or sale (in the case of an offering with the assistance of a broker, placement
        agent or other agent of any Holder): (A) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to the managing Underwriter or Underwriters in
        an underwritten public offering, addressed to the Underwriter or Underwriters (in the case of an underwritten offering) or, if requested, in form and substance as is customarily given to the broker, placement agent or other agent of the Holders
        assisting in the sale of the Registrable Securities addressed to such broker, placement agent or other agent, if any, (B) a “negative assurances letter,” dated 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; (C) a “cold comfort” and “bring-down” 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, (D) customary certificates executed by authorized officers of the Company
        as may be requested by any Holder or any Underwriter of such Registrable Securities, and (E) make available to the appropriate representatives of the Underwriters, if any, and any Holder access to such information and personnel as is reasonable and
        customary to enable such parties to establish a due diligence defense under the Securities Act;

       

      (xii)        in the event that the Registrable Securities covered by such registration statement are shares of Common Stock or shares of
        capital stock of the Company in a series that are otherwise listed on a securities exchange, use its reasonable best efforts to list the Registrable Securities covered by such registration statement with any securities exchange on which the Common
        Stock or such other shares of capital stock are then listed;

       

      
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      (xiii)       provide a transfer agent and registrar for all such Registrable Securities and, if requested by Underwriter(s) or any Holder, a
        CUSIP/ISIN number for all such Registrable Securities, in each case not later than the effective date of such registration statement;

       

      (xiv)       in connection with a customary due diligence review, make available, during reasonable business hours, for inspection by each
        Holder, 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”), at the offices where normally
        kept, all 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 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;

       

      (xv)       cooperate with each Holder and each Underwriter or agent participating in the disposition of Registrable Securities and their
        respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”), including the use of its reasonable best efforts to obtain FINRA’s preclearance or pre-approval of the
        registration statement and applicable prospectus upon filing with the SEC;

       

      (xvi)       as promptly as is reasonably practicable notify each Holder (A) when the prospectus or any prospectus supplement or
        post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (B) of any request by the SEC for amendments or supplements to such registration statement
        or related prospectus or to amend or to supplement such prospectus or for additional information, (C) of the issuance by the SEC or other federal or state governmental authority of any stop order suspending the effectiveness of such registration
        statement or the initiation of any proceedings for such purpose, (D) if at any time the Company has reason to believe that the representations and warranties of the Company contained in the relevant underwriting agreement to the applicable
        transaction cease to be true and correct or (E) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
        or the initiation or threatening of any proceeding for such purpose; and

       

      (xvii)      use its reasonable best efforts to take such other steps that are customarily taken by issuers necessary to effect the
        registration and sale of the Registrable Securities contemplated hereby.

       

      
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      (b)         Each Holder agrees, severally and not jointly, that upon receipt of any notice from the Company of the happening of any event of the kind described
        in Section 2.03(a)(vii) or 2.03(a)(xvi)(C), such Holder shall discontinue disposition of any Registrable Securities covered by such registration statement or the related prospectus until receipt of the copies of the supplemented or
        amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as soon as reasonably practicable, or until such Holder is advised in writing by the Company that the
        use of the applicable prospectus may be resumed, and has received copies of any amended or supplemented prospectus or any additional or supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such
        period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company, such Holder shall use commercially reasonable efforts to return to the Company all copies then in its possession, of the
        prospectus covering such Registrable Securities at the time of receipt of such request. As soon as practicable after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify such Holder thereof. 
        In the event the Company invokes an Interruption Period hereunder and in the reasonable discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably
        practicable, provide written notice to each Holder that such Interruption Period is no longer applicable.

       

      SECTION 2.04          Suspension.

       

      (a)          Subject to Section 2.04(b) below, the Company shall be entitled on one (1) occasion in any six (6) month period, for a period of time not
        to exceed forty-five (45)  days in the aggregate in any six (6) month period and sixty (60) days in any twelve (12) month period (any such period, a “Suspension Period”) to (x) defer any registration of Registrable Securities and shall have
        the right not to file and not to cause the effectiveness of any registration covering any Registrable Securities, (y) suspend the use of any prospectus and registration statement covering any Registrable Securities and (z) require each Holder of
        Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to such registration statement and any related prospectus, if the Company delivers to each Holder a certificate signed by an executive officer certifying
        that such registration and offering would require the Company to make an Adverse Disclosure. Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated length of such suspension.

       

      (b)         Notwithstanding Section 2.04(a) above, no Suspension Period may exist during the sixty (60) days immediately following the effective date of
        the Resale Shelf Registration Statement, provided that such sixty (60) day period shall be extended by the number of days during such period, and any extension thereof, during which such Resale Shelf Registration Statement is not effective or the
        prospectus contained therein is not available for use.

       

      (c)          If the Company defers any registration of Registrable Securities in response to an Underwritten Offering Demand Notice or requires any Holder to
        suspend any Underwritten Offering, such Holder shall be entitled to withdraw such Underwritten Offering Demand Notice and if it does so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Demand Notice
        pursuant to Section 2.01(f).

       

      
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      SECTION 2.05    Expenses of Registration. All Registration Expenses incurred in connection with any registration or offering pursuant to Sections
          2.01 and 2.02 shall be borne by the Company.  All Selling Expenses relating to securities registered on behalf of any Holder shall be borne, severally and not jointly, by the applicable Holder or Holders of the Registrable Securities
        included in any such registration.

       

      SECTION 2.06     Obligations of Holders.

       

      (a)          As a condition to the obligations of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities
        of each Holder, such Holder will timely furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended methods of disposition of the Registrable Securities held by it as is reasonably required by
        the Company to effect the registration of the Registrable Securities. At least ten (10) Business Days prior to the first anticipated filing date of a registration statement for any registration under this Agreement, the Company will notify each
        Holder of the information the Company requires from that Holder whether or not such Holder has elected to have any of its Registrable Securities included in the registration statement. If the Company has not received the requested information from
        a Holder by the Business Day prior to the anticipated filing date, then the Company may file the registration statement without including Registrable Securities of that Holder.

       

      (b)          Upon receipt of any notice from the Company under Section 2.03(b), each Holder will immediately discontinue disposition of the Registrable
        Securities pursuant to the registration statement covering such Registrable Securities until the offering, sale and distribution of the Registrable Securities owned by such Holder may recommence in accordance with the terms hereof and applicable
        Law.

       

      SECTION 2.07     Rule 144 Reporting. With a view to making available the benefits of Rule 144 to any Holder, the Company agrees that, for so long as any
        Holder owns Registrable Securities, the Company will use its reasonable best efforts to:

       

      (a)          make and keep public information available, in accordance with Rule 144, at all times after the date of this Agreement;

       

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

       

      (c)          so long as a Holder owns any Registrable Securities, furnish to each Holder upon written request a written statement by the Company as to its
        compliance with the reporting requirements of the Exchange Act; and

       

      (d)          take such further necessary action as any Holder of Registrable Securities may reasonably request in connection with the removal of any restrictive
        legend on the Registrable Securities being sold, all to the extent required from time to time to enable such Holder to sell the Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by
        Rule 144.

       

      
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      SECTION 2.08          Holdback Agreement. Each of the Company and each Holder, (other than a Holder that beneficially owns less than 10% of the Common
        Stock that is outstanding, on an as converted basis, immediately prior to the offering) of Registrable Securities (whether or not such Registrable Securities are covered by a registration statement filed pursuant to Section 2.01(f) or Section
          2.02) agrees, severally and not jointly, upon notice from the managing Underwriter or Underwriters in connection with any registration statement for an underwritten offering of Common Stock or securities convertible into, or exchangeable or
        exercisable for, Common Stock (other than in connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or similar plan or pursuant to a merger, exchange offer or a transaction of the type specified
        in Rule 145(a) under the Securities Act), that it will enter into, and the Company will use its reasonable best efforts to cause its directors and executive officers to enter into, a customary “lock-up” agreement with such managing Underwriter(s),
        pursuant to which such parties will agree not to offer, sell, contract to sell, pledge, hypothecate, transfer, make any short sale of, loan, grant any option or right to purchase of, or otherwise transfer or dispose of (other than to donees who
        agree to be similarly bound) any Registrable Securities held by it at any time during such period, except Registrable Securities included in such registration, without the prior written consent of the managing Underwriter(s) during such period as
        reasonably requested by the managing Underwriter(s) (but in no event longer than the five trading days before and the 90 days after the pricing of such underwritten offering); provided, however, that the obligations of each Holder
        under this Section 2.08 shall apply only: (i) if such Holder shall be afforded the right (whether or not exercised by such Holder) to include Registrable Securities in such underwritten offering in accordance with and subject to the
        provisions of Article II hereof; (ii) to the extent that each of the Company’s executive officers, directors and holders of 10% or more of the then outstanding Common Stock enter into lock-up agreements with such managing Underwriter(s), which
        agreements shall not contain terms more favorable than those contained in the lock-up agreement entered into by such Holder; and (iii) if the aggregate restriction periods in such Holder’s lock-up agreements entered into pursuant to this Section
          2.08 shall not exceed an aggregate of 90 days during any 365-day period

       

      SECTION 2.09          Indemnification.

       

      (a)          Indemnification by Company.  To the extent permitted by applicable Law, the Company will, with respect to any Registrable Securities covered
        by a registration statement or prospectus, or as to which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s current and
        former officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act, and each Underwriter thereof, if
        any, and each of its directors, officers and each Person who controls any such Underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”) from and against any and 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) (collectively, “Losses”), to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material
        fact contained or incorporated by reference in any registration statement, prospectus, preliminary prospectus, final prospectus, offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 of the Securities Act) or
        other document, in each case related to such registration statement, or any amendment or supplement thereto, 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 the light of the circumstances under which they were made, not misleading, or any violation (or alleged violation) by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations
        thereunder applicable to the Company and (without limiting the preceding portions of this Section 2.09) the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented legal expenses and any other
        reasonable and documented expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 2.09, settling any such Losses or action, as such expenses are incurred; provided that
        the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses 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 Losses or action to the extent that it arises out of or is based upon any untrue statement or omission in the registration statement or prospectus which occurs in
        reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for use in connection with such registration by or on behalf of any Holder.

       

      
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      (b)          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 registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company, each of its
        Representatives, each Person who controls the Company or such Underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all Losses (or actions in respect thereof) to the
        extent 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, final prospectus, offering circular, “issuer free writing
        prospectus” or other document, in each case related to such registration statement, or any amendment or supplement thereto, 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 the light of the circumstances under which they were made, not misleading, and will reimburse each of the Holder Indemnified Parties for any reasonable and documented legal expenses and any other reasonable and
        documented expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 2.09, settling any such Losses 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, “issuer free writing prospectus” or other document in reliance upon and
        in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives and stated to be specifically for use therein; provided, however, that in no event shall any
        indemnity under this Section 2.09(b) payable by any Holder exceed an amount equal to the net proceeds (after payment of Selling Expenses) received by each such Holder in respect of the Registrable Securities sold pursuant to the
        registration statement. The indemnity agreement contained in this Section 2.09(b) 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).

       

      
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      (c)          Notification.  If any Person shall be entitled to indemnification under this Section 2.09 (each, an “Indemnified Party”),
        such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of any proceeding as to which indemnity is sought.  The Indemnifying Party
        may, with the consent of the Indemnified Party, assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to
        such Indemnified Party of its election to assume the defense thereof and the Indemnified Party’s consent thereto, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in
        question in accordance with this Section 2.09(c)) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided,
        however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party
        shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided
        herein shall relieve an Indemnifying Party of its obligations under this Section 2.09 only to the extent that the failure to give such notice is materially prejudicial or harmful to such 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 Section 2.09 shall not apply to amounts paid in settlement of any claim, loss, 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 Section 2.09 shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have.  An Indemnifying Party who is not entitled
        to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of
        any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.

       

      (d)          Contribution.  If the indemnification provided for in this Section 2.09 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 Losses or action referred to therein, then, subject to the limitations contained in this Section 2.09, 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 Losses 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, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations. The relative fault of the
        Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
        omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’ relative intent, knowledge, access to information and
        opportunity to correct or prevent any such action, statement or omission. The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 2.09(d) was determined solely upon pro rata
        allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this Section 2.09(d).  Notwithstanding the foregoing, the amount an Investor
        and any Holder will be obligated to contribute pursuant to this Section 2.09(d) will be limited to an amount equal to the net proceeds (after payment of Selling Expenses) received by such Investor and/or such Holder in respect of the
        Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
        contribution from any Person who was not guilty of such fraudulent misrepresentation.

       

      
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      (e)          Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement
        entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

       

      SECTION 2.10   Transfer of Registration Rights. Any rights to cause the Company to register securities granted to a Holder under this Article II
        may be transferred or assigned to any Person in connection with a permitted transfer of Series A Preferred Stock, or upon conversion, the underlying Common Stock pursuant to the Securities Purchase Agreement; provided, however, that
        (i) prior written notice of such assignment of rights is given to the Company and (ii) such Person 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 2.11     Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities under Article
          II shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.  The registration rights contained in this Article II shall terminate on the date on which all shares of
        Common Stock issuable (or actually issued) to any Holder upon conversion of the Series A Preferred Stock cease to be Registrable Securities.

       

      SECTION 2.12    Registration Default. If (i) a Resale Shelf Registration Statement is not filed with the SEC on or prior to the date that is one year
        after the date hereof or is not declared effective by the SEC as promptly as reasonably possible thereafter (but in any event not later than 60 days after filing), or any post-effective amendment or supplement to such Resale Shelf Registration
        Statement that is required to be filed and made effective is not filed and declared effective by the SEC in accordance with Section 2.01(a)(ii), Section 2.01(c) or Section 2.01(e), or (ii) if a Shelf Registration has been
        declared or become effective but ceases to be effective or usable for the offer and sale of the Registrable Securities (without being succeeded immediately by an effective replacement registration statement), or the Shelf Registration or prospectus
        contained therein ceases to be usable in connection with the resales of Registrable Securities for a period of time which exceeds sixty (60) days in the aggregate in any consecutive 12-month period because of a suspension under Section 2.04,
        interruption under Section 2.03(b) or otherwise (each of (i) or (ii), a “Registration Default”) (provided that, if the registration statement ceases to be effective or usable for the offer, sale and resale of Registrable Securities under
        clause (ii) solely as a result of requirement to file a post-effective amendment or supplement to the prospectus to make changes to the information regarding selling securityholders or the plan of distribution provided for therein at the request of
        any Holder, such default shall not constitute a Registration Default with respect to such Holder), then, as partial relief for the damages to any Holder by reason of any such delay in or reduction of its ability to sell the underlying shares of
        Common Stock (which remedy shall not be exclusive of any other remedies available at law or in equity, including, without limitation, specific performance or the additional obligation of the Company to register any Common Stock), the Company shall
        pay to each Holder of Registrable Securities relating to such Resale Shelf Registration Statement an amount in cash equal to one and one-half percent (1.5%) of the aggregate purchase price of the Registrable Securities included in such Resale Shelf
        Registration Statement on each of the following dates: (i) the day of a Registration Default and (ii) on the thirtieth day after the date of a Registration Default and every thirtieth day thereafter (pro-rated for periods totaling less than thirty
        days) until such Registration Default is cured. The payments to which a Holder shall be entitled pursuant to this Section 2.12 are referred to herein as “Registration Default Payments.” In no event shall the aggregate amount of all
        Registration Default Payments payable to a Holder exceed seven and one-half percent (7.5%) of the aggregate purchase price of the Registrable Securities included in such Resale Shelf Registration Statement. Registration Default Payments shall be
        paid on the earlier of (I) the dates set forth above and (II) the third Business Day after the event or failure giving rise to the Registration Default Payments is cured. In the event the Company fails to make Registration Default Payments in a
        timely manner, such Registration Default Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full.

       

      
        19

        
          

      

      SECTION 2.13    Preservation of Rights.Without the prior written consent of the Majority Holders, the Company shall not, on or after the date of this
        Agreement, (i) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder, or (ii) enter into any agreement, take any action, or permit any change to occur, with respect to its
        securities that is inconsistent with or violates or subordinates the rights expressly granted to each Holder in this Agreement, such as (A) affecting the ability of each Holder to include the Registrable Securities in a registration undertaken
        pursuant to this Agreement or (B) affecting the marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination of shares).

       

      ARTICLE III

       

      MISCELLANEOUS

       

      SECTION 3.01          Notices. All notices, requests, permissions, waivers or other communications required or permitted to be given under this Agreement
        shall be in writing and shall be delivered by hand or sent by facsimile sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand, by facsimile (which is
        confirmed), or if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service) to the parties at the following addresses or facsimiles (or at such other address or facsimile for a party as shall be
        specified by like notice):

       

      
        20

        
          

      

      (a)          If to the Company:

       

      Lincoln Educational Services Corporation

      200 Executive Drive, Suite 340

      West Orange, NJ 07052

      Attention:          Chief Financial Officer

       

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

       

      McCarter & English LLP

      825 Eighth Avenue, 31st Floor

      New York, NY 10019

      Attention:          Michele Vaillant and Howard Berkower

       

      (b)          If to Juniper:

       

      555 Madison Avenue

      24th Floor

      New York, NY 10022

      Attention: John A. Bartholdson

      

      

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

      

      

      Shearman & Sterling LLP

      111 Congress Avenue

      Austin, TX 78701

      Attention:  J. Matthew Lyons

       

      (c)          If to Talanta Fund, L.P.

       

      Talanta Fund, L.P.

      c/o Talanta Investment Group, LLC

      525 N. Tryon Street, 16th Floor

      Charlotte, NC  28202

      Attention: Justyn R. Putnam

       

      SECTION 3.02          Amendments, Waivers, etc.. Any term of this Agreement may be amended 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 if such amendment or waiver is in writing and signed, in the case of an amendment, by the Company and the Majority Holders, or, in the case of a
        waiver, by the party against whom the waiver is to be effective.  Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of Registrable Securities under this Agreement, each future holder of Registrable
        Securities, and the Company. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto
        with its obligations hereunder, shall not constitute a waiver by such party of its right to exercise any such other right, power or remedy or to demand such compliance.

       

      
        21

        
          

      

      SECTION 3.03          Counterparts and Facsimile. This Agreement may be executed in two or more identical counterparts (including by facsimile or
        electronic transmission), 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.

       

      SECTION 3.04    Governing Law; Specific Enforcement; Submission to Jurisdiction; Waiver of Jury Trial.

       

      (a)          This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflicts of
        law principles of such state.

       

      (b)          The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not
        performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to
        enforce specifically the terms and provisions of this Agreement in any court of competent jurisdiction, in each case, without proof of damages or otherwise (and each party hereto hereby waives any requirement for the securing or posting of any bond
        in connection with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or
        inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy.

       

      (c)          Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the United States District court for the
        Southern District of New York for the purpose of any suit, Action or other proceeding arising out of this Agreement and the rights and obligations arising hereunder, and irrevocably and unconditionally waives any objection to the laying of venue of
        any such Action or proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Action or proceeding has been brought in an inconvenient forum. Each party hereto
        agrees that service of any process, summons, notice or document by registered mail to such party’s respective address set forth in Section 3.01 shall be effective service of process for any such Action or proceeding.

       

      (d)       EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION,
        CLAIM OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.  EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
        WOULD NOT, IN THE EVENT OF ANY ACTION, CLAIM OR OTHER PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
        WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.04(d).

       

      
        22

        
          

      

      SECTION 3.05    Interpretation. When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of
        this Agreement unless otherwise indicated.  The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  The word “will” shall be
        construed to have the same meaning as the word “shall.”  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  The words “hereof,” “herein” and
        “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The words “date hereof” shall refer to the date of this Agreement.  The word “day”
        means a calendar day and not a Business Day.  Periods of time described herein shall include the first day of such period but not the last day thereof. The word “or” shall not be exclusive.  The word “extent” in the phrase “to the extent” shall
        mean the degree to which a subject or other thing extends, and shall not simply mean “if.”  All references to “$” mean the lawful currency of the United States of America.  The definitions contained in this Agreement are applicable to the singular
        as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  Except as specifically stated herein, any agreement, instrument or statute defined or referred to herein or in any agreement
        or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
        succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.  Except as otherwise specified herein, references to a Person are also to its successors and permitted assigns.  Each of the
        parties hereto has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden
        of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

       

      SECTION 3.06    Several Obligations of the Holders. Notwithstanding anything in this Agreement to the contrary, the representations, covenants and other
        obligations of the Investors and other Holders under this Agreement shall be several and not joint.

       

      SECTION 3.07    Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of any Law or
        public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
        adverse to any party hereto.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
        of the parties as closely as possible so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law.

       

      SECTION 3.08   No Third-Party Beneficiaries. Except as provided in Section 3.09, this Agreement is for the sole benefit of the parties hereto
        and their permitted assigns and nothing expressed or referred to in this Agreement will be construed to give any Person, other than the parties to this Agreement and such permitted assigns, any legal or equitable right, remedy or claim under or
        with respect to this Agreement or any provision of this Agreement, whether as third party beneficiary or otherwise.

       

      
        23

        
          

      

      SECTION 3.09    Representation of Parties. The parties hereto acknowledge and agree that in connection with this Agreement, Shearman &
        Sterling LLP has represented only Juniper and not the Company or any other Investor that is party hereto in any capacity.

       

      SECTION 3.10    Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by
        any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties (which consent shall not be unreasonably withheld or delayed, and any assignment in violation of this provision shall be
        null and void); provided that notwithstanding the foregoing, (a) the Company shall be permitted to assign this Agreement and its rights, interests and obligations hereunder without the prior written consent of any other party hereto to the
        successor or surviving entity in any merger, business combination or other transaction involving a change of control of the Company and (b) this Section 3.10 shall not prohibit any transfer permitted under Section 2.10 of this
        Agreement.

       

      SECTION 3.11     Termination.

       

      (a)         Automatic Termination.  Other than the termination provisions applicable to particular Sections of this Agreement that are specifically
        provided elsewhere in this Agreement, this Agreement shall terminate, subject to Section 3.11(b), at such time when there are no longer any Registrable Securities outstanding.

       

      (b)          Survival.  In the event that this Agreement shall terminate, all provisions of this Agreement shall terminate and shall be void, except Articles
          I and III and shall survive any such termination indefinitely.  The termination of this Agreement shall not relieve any party from any liability for any breach by a party of this Agreement.

       

      SECTION 3.12    Entire Agreement. This Agreement, together with the Series A Certificate of Amendment and the Securities Purchase Agreement, constitutes
        the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with respect to the subject matter hereof; provided, that nothing herein shall
        limit, restrict, prevent or supersede the other transaction documents related to the Series A Preferred Stock, or serve as a consent or waiver thereunder.

       

      [Remainder of page intentionally left blank]

       

      
        24

        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

       

      	 	
              COMPANY:

            
	 	 
	 	
              LINCOLN EDUCATIONAL SERVICES CORPORATION

            
	 	 
	 	
              By:

            	
              /s/ Scott M. Shaw

            
	 	 	
              Name:

            	
              Scott M. Shaw

            
	 	 	
              Title:

            	
              Chief Executive Officer

            
	 	 
	 	
              INVESTORS:

            
	 	 
	 	
              JUNIPER TARGETED OPPORTUNITY FUND, L.P.

            
	 	 
	 	
              By:  JUNIPER HF INVESTORS II, LLC, its General Partner

            
	 	 
	 	
              By:

            	
              /s/ John A. Bartholdson

            
	 	 	
              Name:

            	
              John A. Bartholdson

            
	 	 	
              Title:

            	
              Managing Member

            
	 	 	 	 
	 	
              JUNIPER TARGETED OPPORTUNITIES, L.P., SOLELY WITH RESPECT TO THE SERIES C THEREOF

            
	 	 
	 	
              By:  JUNIPER TARGETED OPPORTUNITY INVESTORS, LLC, its General Partner

            
	 	 
	 	
              By:

            	
              /s/ John A. Bartholdson

            
	 	 	
              Name:

            	
              John A. Bartholdson

            
	 	 	
              Title:

            	
              Managing Member

            

       

      

      [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

      

      

      
        
          

      

      	 	
              INVESTOR:

            
	 	 
	 	
              TALANTA FUND, L.P.

            
	 	 
	 	
              By:TALANTA INVESTMENT GROUP, LLC, its General Manager

            
	 	 
	 	
              By:

            	
              /s/ Justyn R. Putnam

            
	 	 	
              Name:

            	
              Justyn R. Putnam

            
	 	 	
              

              

            	
              
                Title: Managing Member

              

            

      

      

      [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

       

      
        
          

      

      SCHEDULE A

       

      SCHEDULE OF INVESTORS

       

      	 	
              Purchaser

            	
              Purchase Amount

            	
              Series A Preferred Stock

            
	 	
              Juniper Targeted Opportunity Fund, L.P.

               

              Address:

              555 Madison Avenue

              24th Floor

              New York, NY 10022

               

            	
              $3,500,000

            	
              3,500

            
	 	
              Juniper Targeted Opportunities, L.P.

               

              Address:

              555 Madison Avenue

              24th Floor

              New York, NY 10022

               

            	
              $7,700,000

            	
              7,700

            
	 	
              Talanta Fund, L.P.

               

              Address:

              c/o Talanta Investment Group, LLC

              525 N. Tryon Street, 16th Floor

              Charlotte, NC 28202

               

               

            	
              $1,500,000

            	
              1,500

            
	 	 	 	 
	 	
              Total

            	
              $12,700,000

            	
              12,700

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