Document:

Exhibit 10.2

 

 

STR Holdings, Inc.

2009 Equity Incentive Plan

(Amended and Restated dated as of February
20, 2018)

 

Article 1.              
Establishment & Purpose

 

1.1  Establishment.  STR
Holdings, Inc., a Delaware corporation (hereinafter referred to as the “Company”), establishes the 2009
Equity Incentive Plan (hereinafter referred to as the “Plan”) as set forth in this document.

 

1.2  Purpose of the Plan. 
The purpose of this Plan is to attract, retain and motivate officers and employees of, consultants to, and non-employee directors
providing services to the Company and its Subsidiaries and Affiliates, and to promote the success of the Company’s business
by providing them with appropriate incentives and rewards either through a proprietary interest in the long-term success of the
Company or compensation based on fulfilling their performance goals.

 

Article 2.              
Definitions

 

Whenever capitalized in the Plan, the following
terms shall have the meanings set forth below.

 

2.1         
“Affiliate” means any entity that the Company, either directly or indirectly, is in common control with,
is controlled by or controls or any entity in which the Company has a substantial direct or indirect equity interest, as determined
by the Board.

 

2.2         
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Dividend Equivalent or Other Stock-Based
Award that is granted under the Plan.

 

2.3         
“Award Agreement” means either (a) a written agreement entered into by the Company and a Participant
setting forth the terms and provisions applicable to an Award granted under this Plan, or (b) a written statement issued by
the Company to a Participant describing the terms and provisions of the actual grant of such Award.

 

2.4         
“Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to
such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

 

2.5         
“Board” means the Board of Directors of the Company.

 

2.6         
“Change of Control” means the occurrence of any of the following events with respect to the Company, (i) any
consolidation or merger with or into any other corporation, partnership, limited liability company or other entity in which the
holders of capital stock of the Company immediately prior to such merger or consolidation no longer beneficially own, directly
or indirectly, a majority of the outstanding capital stock or equity interest of the surviving corporation, partnership, limited
liability company or other entity immediately after such merger or consolidation, (ii) the sale or transfer of the capital
stock of the Company in which the holders of capital stock of the Company immediately prior to such sale or transfer no longer
beneficially own, directly or indirectly, a majority of the outstanding capital stock or equity interest of the Company immediately
after such sale or transfer, (iii) a sale or transfer of all or substantially all of the assets of the Company, or (iv) the
license of all or substantially all of the assets of the Company where such license is substantially equivalent to a sale or transfer
of all or substantially all of the assets of the Company.

  

2.7         
“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

2.8         
“Committee” means the Board, or any committee designated by the Board to administer this Plan.

 

2.9         
“Company” means STR Holdings, Inc., a Delaware corporation, and any successor thereto.

 

     

     

    

2.10       
“Consultant” means any person (other than an Employee or a Director) who is engaged by the Company, a Subsidiary
or an Affiliate to render consulting or advisory services to the Company or such Subsidiary or Affiliate.

 

2.11       
“Director” means a member of the Board who is not an Employee.

 

2.12       
“Dividend Equivalent” means any right to a dividend equivalent granted from time to time under Article 6
of the Plan.

 

2.13       
“Effective Date” means the date set forth in Section 14.14.

 

2.14       
“Employee” means an officer or other employee of the Company, its Subsidiaries or an Affiliate, including
a member of the Board who is such an employee.

 

2.15       
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.16       
“Fair Market Value” means, as of any date of determination (i)  if the Shares are listed on any established
stock exchange or a national market system, its fair market value shall be the closing sales price for a share of such stock (or
the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time
of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; (ii)  if
the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, its fair market value shall
be the mean between the high bid and low asked prices for a Share on the last market trading day prior to the day of determination;
or (iii) in the absence of an established market for the Shares, the fair market value thereof shall be determined in good
faith by the Board through a reasonable application of a reasonable valuation method.

 

2.17       
“Incentive Stock Option” means an Option intended to meet the requirements of an incentive stock option
as defined in Section 422 of the Code and designated as an Incentive Stock Option.

 

2.18       
“Nonqualified Stock Option” means an Option that is not an Incentive Stock Option.

 

2.19       
“Other Stock-Based Award” means any right granted under Article 10 of the Plan.

 

2.20       
“Option” means any stock option granted form time to time under Article 6 of the Plan.

 

2.21       
“Option Price” means the purchase price per Share subject to an Option, as determined pursuant to Section 6.2
of the Plan.

 

2.22       
“Participant” means any eligible person as set forth in Section 4.1 to whom an Award is granted.

 

2.23       
“Plan” means the STR Holdings, Inc. Equity Incentive Plan.

 

2.24       
“Restricted Stock” means any Award granted under Article 8.

 

2.25       
“Restriction Period” means the period during which Restricted Stock awarded under Article 8 of the
Plan is subject to forfeiture.

 

2.26       
“Service” means service as an Employee, Director or Consultant.

 

2.27       
“Share” means a share of common stock of the Company, par value $0.01 per share, or such other class or
kind of shares or other securities resulting from the application of Section 12.1 hereof.

 

2.28       
“Stock Appreciation Right” means any right granted under Article 7.

 

2.29       
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning
with the Company (or any parent of the Company) if each of the corporations, other than the last corporation in each unbroken chain
owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in
such chain.

 

     

     

    

2.30       
“Ten Percent Stockholder” means a person who on any given date owns, either directly or indirectly (taking
into account the attribution rules contained in Section 424(d) of the Code), stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company or a Subsidiary or Affiliate.

 

Article 3.              
Administration

 

3.1         
Authority of the Committee.  The Plan shall be administered by the Committee, which shall have full power to interpret
and administer the Plan and full authority to select the Directors, Employees and Consultants to whom Awards will be granted and
determine the type and amount of Awards to be granted to each such Director, Employee or Consultant, the terms and conditions of
Awards granted under the Plan and the terms of Award Agreements to be entered into with Participants.  Without limiting the
generality of the foregoing, the Committee may, in its sole discretion, clarify, construe or resolve any ambiguity in, or interpret
any provision of, any provision of the Plan or any Award Agreement, accelerate or waive vesting of Awards and exercisability of
Awards, extend the term or period of exercisability of any Awards, modify the purchase price under any Award, or waive any terms
or conditions applicable to any Award; provided that no action taken by the Committee shall adversely affect in any material respect
the rights granted to any Participant under any outstanding Awards without the Participant’s written consent (other than
pursuant to Article 11 or Article 12 hereof).  Awards may, in the discretion of the Committee, be made under the
Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or its affiliates or a company
acquired by the Company or with which the Company combines.  The Committee shall have full and exclusive discretionary power
to adopt rules, forms, instruments, and guidelines for administering the Plan as the Committee deems necessary or proper. 
All actions taken and all interpretations and determinations made by the Committee or by the Board (or any other committee or sub-committee
thereof), as applicable, shall be final and binding upon the Participants, the Company, and all other interested individuals.

 

3.2         
Delegation.  The Committee may delegate to one or more of its members, one or more officers of the Company or any of its
Subsidiaries, and one or more agents or advisors such administrative duties or powers as it may deem advisable.

 

Article 4.              
Eligibility and Participation

 

4.1         
Eligibility.  Participants will consist of such Employees, Consultants, and Directors as the Committee in its sole discretion
determines and whom the Committee may designate from time to time to receive awards under the Plan.  Designation of a Participant
in any year shall not require the Committee to designate such person to receive an award in any other year or, once designated,
to receive the same type or amount of award as granted to the Participant in any other year.

 

4.2         
Types of Award.  Awards under the Plan may be granted in any one or a combination of:  (a) Options, (b) Stock
Appreciation Rights, (c) Restricted Stock, (d) Dividend Equivalents and (e) Other Stock-Based Awards.  Awards
granted under the Plan shall be evidenced by Award Agreements (which need not be identical) that provide additional terms and conditions
associated with such Awards, as determined by the Committee in its sole discretion; provided, however, that in the
event of any conflict between the provisions of the Plan and any such Award Agreement, the provisions of the Plan shall prevail.

 

Article 5.              
Shares Subject to the Plan and Maximum Awards

 

5.1         
Number of Shares Available for Awards.

 

(a)          
General.  Subject to adjustment as provided in Section 5.1(b) and Article 12, the maximum number of
Shares available for issuance to Participants pursuant to Awards under the Plan shall be 4,133,333 Shares.  The Shares available
for issuance under the Plan may consist, in whole or in part, of authorized and unissued Shares or treasury Shares. The number
of Shares available for granting Incentive Stock Options under the Plan shall not exceed 4,133,333 Shares, subject to adjustments
provided in Article 12 hereof and subject to the provisions of Sections 422 or 424 of the Code or any successor provisions. 
Any Shares delivered to the Company as part or full payment for the purchase price of an Award granted under this Plan or, to the
extent the Committee determines that the availability of Incentive Stock Options under the Plan will not be compromised, to satisfy
the Company’s withholding obligation with respect to an Award granted under this Plan, shall again be available for Awards
under the Plan.  The maximum number of Shares that can be granted to any one Participant, in any calendar year, shall not
exceed 1,333,333 Shares.

 

     

     

    

(b)          
Additional Shares.  In the event that any outstanding Award expires, is forfeited, cancelled or otherwise terminated
without consideration (i.e., Shares or cash) therefor, the Shares subject to such Award, to the extent of any such forfeiture,
cancellation, expiration, termination or settlement for cash, shall again be available for Awards under the Plan. If the Committee
authorizes the assumption under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
of awards granted under another plan, such assumption shall not reduce the maximum number of Shares available for issuance under
this Plan.

 

Article 6.              
Stock Options

 

6.1         
Grant of Options.  The Committee is hereby authorized to grant Options to Participants.  Each Option shall permit
a Participant to purchase from the Company a stated number of Shares at an Option Price established by the Committee, subject to
the terms and conditions described in this Article 6 and to such additional terms and conditions, as established by the Committee,
in its sole discretion, that are consistent with the provisions of the Plan.  Options shall be designated as either Incentive
Stock Options or Nonqualified Stock Options, provided that Options granted to Directors and Consultants shall be Nonqualified Stock
Options.  An Option granted as an Incentive Stock Option shall, to the extent it fails to qualify as an Incentive Stock Option,
be treated as a Nonqualified Stock Option.  Neither the Committee nor the Company or any of its Affiliates shall be liable
to any Participant or to any other person if it is determined that an Option intended to be an Incentive Stock Option does not
qualify as an Incentive Stock Option.  Options shall be evidenced by Award Agreements which shall state the number of Shares
covered by such Option.  Such agreements shall conform to the requirements of the Plan, and may contain such other provisions,
as the Committee shall deem advisable.

 

6.2         
Terms of Option Grant.  The Option Price shall be determined by the Committee at the time of grant, but shall not be less
than 100% of the Fair Market Value of a Share on the date of grant.  In the case of any Incentive Stock Option granted to
a Ten Percent Stockholder, the Option Price shall not be less than 110% of the Fair Market Value of a Share on the date of grant.

 

6.3         
Option Term.  The term of each Option shall be determined by the Committee at the time of grant and shall be stated in
the Award Agreement, but in no event shall such term be greater than ten years (or, in the case on an Incentive Stock Option granted
to a Ten Percent Stockholder, five years).

 

6.4         
Time of Exercise.  Options granted under this Article 6 shall be exercisable at such times and be subject to such
restrictions and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same
for each grant or for each Participant.

 

6.5         
Method of Exercise.  Except as otherwise provided in the Plan or in an Award Agreement, an Option may be exercised for
all, or from time to time any part, of the Shares for which it is then exercisable.  For purposes of this Article 6,
the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable,
the date payment is received by the Company pursuant to clauses (i), (ii), (iii), (iv), or (v) in the following sentence.
The aggregate Option Price for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of
exercise at the election of the Participant (i) in cash or its equivalent (e.g., by cashier’s check), (ii) to the
extent permitted by the Committee, in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by the Committee, (iii) partly in cash and, to the extent
permitted by the Committee, partly in such Shares, (iv) by reducing the number of Shares otherwise deliverable upon the exercise
of the Option by the number of Shares having a Fair Market Value equal to the Option Price, or (v) if there is a public market
for the Shares at such time, subject to such requirements as may be imposed by the Committee, through the delivery of irrevocable
instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount
out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased.  The Committee may prescribe
any other method of payment that it determines to be consistent with applicable law and the purpose of the Plan.

 

     

     

    

6.6         
Limitations on Incentive Stock Options.  Incentive Stock Options may be granted only to employees of the Company or of
a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the
Code) at the date of grant.  The aggregate Fair Market Value (generally determined as of the time the Option is granted) of
the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar
year (under all plans of the Company and of any parent corporation or subsidiary corporation) shall not exceed one hundred thousand
dollars ($100,000).  For purposes of the preceding sentence, Incentive Stock Options will be taken into account generally
in the order in which they are granted.  No Incentive Stock Option may be exercised later than ten (10) years after the
date it is granted.  Each provision of the Plan and each Award Agreement relating to an Incentive Stock Option shall be construed
so that each Incentive Stock Option shall be an incentive stock option as defined in Section 422 of the Code, and any provisions
of the Award Agreement thereof that cannot be so construed shall be disregarded.

 

Article 7.              
Stock Appreciation Rights

 

7.1         
Grant of Stock Appreciation Rights.  The Committee is hereby authorized to grant Stock Appreciation Rights to Participants,
including a grant of Stock Appreciation Rights in tandem with any Option at the same time such Option is granted (a “Tandem
SAR”).  Stock Appreciation Rights shall be evidenced by Award Agreements that shall conform to the requirements
of the Plan and may contain such other provisions, as the Committee shall deem advisable.  Subject to the terms of the Plan
and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right
to receive, upon exercise thereof, the excess of (a) the Fair Market Value of a specified number of Shares on the date of
exercise over (b) the grant price of the right as specified by the Committee on the date of the grant.  Such payment
may be in the form of cash, Shares, other property or any combination thereof, as the Committee shall determine in its sole discretion.

 

7.2         
Terms of Stock Appreciation Right.  Subject to the terms of the Plan and any applicable Award Agreement, the grant price
(which shall not be less than 100% of the Fair Market Value of a Share on the date of grant), term, methods of exercise, methods
of settlement, and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee. 
The Committee may impose such other conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate. 
Unless otherwise provided in the Award Agreement, no Stock Appreciation Right shall have a term of more than 10 years from the
date of grant.

 

7.3         
Tandem Stock Appreciation Rights and Options.  A Tandem SAR shall be exercisable only to the extent that the related Option
is exercisable and shall expire no later than the expiration of the related Option.  Upon the exercise of all or a portion
of a Tandem SAR, a Participant shall be required to forfeit the right to purchase an equivalent portion of the related Option (and,
when a Share is purchased under the related Option, the Participant shall be required to forfeit an equivalent portion of the Stock
Appreciation Right).

 

Article 8.              
Restricted Stock

 

8.1         
Grant of Restricted Stock.  An Award of Restricted Stock is a grant by the Company of a specified number of Shares to
the Participant, which Shares may be subject to forfeiture upon the occurrence of specified events.  Participants shall be
awarded Restricted Stock in exchange for consideration not less than the minimum consideration required by applicable law. 
Restricted Stock shall be evidenced by an Award Agreement, which shall conform to the requirements of the Plan and may contain
such other provisions, as the Committee shall deem advisable.

 

8.2         
Terms of Restricted Stock Awards.  Each Award Agreement evidencing a Restricted Stock grant shall specify the period(s) of
restriction, the number of Shares of Restricted Stock subject to the Award, the purchase price of such Shares of Restricted Stock,
the performance, employment or other conditions (including the termination of a Participant’s Service whether due to death,
disability or other cause) under which the Restricted Stock may become vested or may be forfeited to the Company and such other
provisions as the Committee shall determine.  Upon determination of the number of Shares of Restricted Stock to be granted
to the Participant and payment of any purchase price, the Committee shall direct that a certificate or certificates representing
the number of Shares be issued to the Participant with the Participant designated as the registered owner. The certificate(s) representing
such shares shall be legended as to sale, transfer, assignment, pledge or other encumbrances during the Restriction Period and
deposited by the Participant, together with a stock power endorsed in blank, with the Company, to be held in escrow during the
Restriction Period.  At the end of the Restriction Period, the restrictions imposed hereunder shall lapse with respect to
the number of shares of Restricted Stock as determined by the Committee, and the legend shall be removed and such number of Shares
delivered to the Participant (or, where appropriate, the Participant’s legal representative).

 

     

     

    

8.3         
Voting and Dividend Rights.  Unless otherwise determined by the Committee and set forth in a Participant’s Award
Agreement, Participants holding Restricted Stock granted hereunder shall have the right to exercise voting rights with respect
to the Restricted Stock and shall have the right to receive dividends on such Restricted Stock.

 

8.4         
Performance Goals.  The Committee may condition the grant of Restricted Stock or the expiration of the Restriction Period
upon the Participant’s achievement of one or more performance goal(s) specified in the Award Agreement. If the Participant
fails to achieve the specified performance goal(s), the Committee shall not grant the Restricted Stock to such Participant or the
Participant shall forfeit the Award of Restricted Stock to the Company, as applicable, unless otherwise provided in the Participant’s
Award Agreement or the applicable stockholders agreement.

 

8.5         
Section 83(b) Election.  If a Participant makes an election pursuant to Section 83(b) of the Code
concerning Restricted Stock, the Participant shall be required to promptly file a copy of such election with the Company.

 

Article 9.              
Dividend Equivalents

 

The Committee may grant Dividend Equivalents
to Participants based on the dividends declared on Shares that are subject to any Award.  The grant of Dividend Equivalents
shall be treated as a separate Award.  Dividend Equivalents shall be credited to a notional account maintained by the Company,
as of dividend payment dates during the period between the date the Award is granted and the date the Award is exercised, vested,
expired, credited or paid.  Such Dividend Equivalents shall be converted to cash or Shares by such formula and at such time
and subject to such limitations as may be determined by the Committee.  As determined by the Committee, Dividend Equivalents
granted with respect to any Option or Stock Appreciation Right may be payable regardless of whether such Option or Stock Appreciation
Right is subsequently exercised.

 

Article 10.           
Other Stock-Based Awards

 

The Committee, in its sole discretion, may
grant Awards of Shares and Awards that are valued, in whole or in part, by reference to, or are otherwise based on the Fair Market
Value of, Shares (the “Other Stock-Based Awards”).  Such Other Stock-Based Awards shall be in such form,
and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or
more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence
of an event and/or the attainment of performance objectives.  Other Stock-Based Awards may be granted alone or in addition
to any other Awards granted under the Plan.  Subject to the provisions of the Plan, the Committee shall determine to whom
and when Other Stock-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based
Awards; whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other
terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that
all Shares so awarded and issued shall be fully paid and non-assessable).

 

 

     

     

    

Article 11.           
Compliance with Section 409A of the Code

 

11.1       
General.  To the extent that the Plan and/or Awards are subject to Section 409A of the Code, the Committee may, in
its sole discretion and without a Participant’s prior consent, amend the Plan and/or Awards, adopt policies and procedures,
or take any other actions (including amendments, policies, procedures and actions with retroactive effect) as are necessary or
appropriate to (a) exempt the Plan and/or any Award from the application of Section 409A of the Code, (b) preserve
the intended tax treatment of any such Award, or (c) comply with the requirements of Section 409A of the Code, Department
of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or
other guidance that may be issued after the date of the grant (“Section 409A Guidance”).  This Plan shall
be interpreted at all times in such a manner that the terms and provisions of the Plan and Awards are exempt from or comply with
Section 409A Guidance.

 

11.2       
Timing of Payment.  All Awards that would otherwise be subject to Section 409A of the Code shall be paid or otherwise
settled on or as soon as practicable after the applicable vesting date and not later than the 15th day of the third month from
the end of (i) the Participant’s tax year that includes the applicable payment or settlement date, or (ii) the
Company’s tax year that includes the applicable payment or settlement date, whichever is later; provided, however,
that the Committee reserves the right to delay payment or specify a compliant payment date with respect to any such Award under
the circumstances set forth in Section 409A Guidance; provided, further, that notwithstanding any contrary provision
in the Plan or Award Agreement, any payment(s) that are otherwise required to be made under the Plan to a “specified
employee” (as defined under Section 409A of the Code) as a result of his or her separation from service (other than
a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such
separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set
forth in the Award Agreement) on the payment date that immediately follows the end of such six-month period or as soon as administratively
practicable thereafter.

 

Article 12.           
Adjustments

 

12.1       
Adjustments in Capitalization.  In the event of any corporate event or transaction (including, but not limited to, a change
in the Shares of the Company or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization,
separation, stock dividend, stock split, reverse stock split, split up, spin-off, combination of Shares, exchange of Shares, dividend
in kind, extraordinary cash dividend, or other like change in capital structure (other than normal cash dividends) to stockholders
of the Company, or any similar corporate event or transaction, the Committee, to prevent dilution or enlargement of Participants’
rights under the Plan, shall substitute or adjust, in its sole discretion, (a) the number and kind of Shares or other securities
that may be issued under the Plan, the number and kind of Shares or other securities subject to outstanding Awards, and/or where
applicable, the exercise price, base value or purchase price applicable to such Awards; (b) grant a right to receive one or
more payments of securities, cash and/or property (which right may be evidenced as an additional Award under this Plan) in respect
of any outstanding Award, or (c) provide for the settlement of any outstanding Award (other than a Stock Option or Stock Appreciation
Right) in such securities, cash and/or other property as would have been received had the Award been settled in full immediately
prior to such corporate event or transaction; provided, however, that in the case of an adjustment made in accordance
with (b) or (c) above, the right to any securities, cash and/or property may be issued subject to the same vesting schedule
as the outstanding Award being adjusted; and provided, further, that any adjustment pursuant to this Section 12.1 shall comply
with Section 409A of the Code, to the extent applicable.  Should the vesting of any Award be conditioned upon the Company’s
attainment of performance conditions, the Board may make such adjustments to the terms and conditions of such Awards and the criteria
therein to recognize unusual and nonrecurring events affecting the Company or in response to changes in applicable laws, regulations
or accounting principles.

 

12.2       
Change of Control.  Upon the occurrence of a Change of Control after the Effective Date, unless otherwise specifically
prohibited under applicable laws or by the applicable rules and regulations of any governing governmental agencies or national
securities exchanges, or unless the Committee shall determine otherwise in the Award Agreement, the Committee is authorized (but
not obligated) to make adjustments in the terms and conditions of outstanding Awards, including without limitation the following
(or any combination thereof): (i) continuation or assumption of such outstanding Awards under the Plan by the Company (if
it is the surviving company or corporation) or by the surviving company or corporation or its parent; (ii) substitution by
the surviving company or corporation or its parent of awards with substantially the same terms for such outstanding Awards; (iii) accelerated
exercisability, vesting and/or lapse of restrictions under all then outstanding Awards immediately prior to the occurrence of such
event; (iv) upon written notice, provided that any outstanding Awards must be exercised, to the extent then exercisable, within
fifteen days immediately prior to the scheduled consummation of the event, or such other period as determined by the Committee
(in either case contingent upon the consummation of the event), and at the end of such period, such Awards shall terminate to the
extent not so exercised within the relevant period; and (v) cancellation of all or any portion of outstanding Awards for fair
value (as determined in the sole discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, may
equal the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same
number of Shares subject to such Options or Stock Appreciation Rights (or, if no such consideration is paid, Fair Market Value
of the Shares subject to such outstanding Awards or portion thereof being canceled) over the aggregate Option Price or grant price,
as applicable, with respect to such Awards or portion thereof being canceled.

 

     

     

    

Article 13.           
Duration, Amendment, Modification, Suspension, and Termination

 

13.1       
Duration of the Plan.  Unless sooner terminated as provided in Section 13.2, the Plan shall terminate on the tenth
(10th) anniversary of the Effective Date.

 

13.2       
Amendment, Modification, Suspension, and Termination of Plan.  The Board may amend, alter, suspend, discontinue, or terminate
the Plan or any portion thereof or any Award (or Award Agreement) thereunder at any time; provided that, subject to Article 11,
no such amendment, alteration, suspension, discontinuation or termination shall be made (i) without stockholder approval if
such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan and (ii) without the consent
of the Participant, if such action would materially diminish any of the rights of any Participant under any Award theretofore granted
to such Participant under the Plan; provided, however, the Committee may amend the Plan, any Award or any Award Agreement
in such manner as it deems necessary to comply with applicable laws.

 

Article 14.           
General Provisions

 

14.1       
No Right to Service. The granting of an Award under the Plan shall impose no obligation on the Company, any Subsidiary or any
Affiliate to continue the Service of a Participant and shall not lessen or affect any right that the Company, any Subsidiary or
any Affiliate may have to terminate the Service of such Participant. No Participant or other person shall have any claim to be
granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards.
The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be
the same with respect to each Participant (whether or not such Participants are similarly situated).

  

14.2       
Settlement of Awards; No Fractional Shares.  Each Award Agreement shall establish the form in which the Award shall be
settled.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award.  The Committee shall determine
whether cash, Awards, other securities or other property shall be issued or paid in lieu of fractional Shares or whether such fractional
Shares or any rights thereto shall be rounded, forfeited or otherwise eliminated.

 

14.3       
Tax Withholding.  The Company shall have the power and the right to deduct or withhold, or require a Participant to remit
to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or
regulation to be withheld with respect to any taxable event arising as a result of the Plan.  With respect to required withholding,
Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part,
by having the Company withhold Shares or by delivering Shares to the Company, having a Fair Market Value on the date the tax is
to be determined equal to the minimum statutory total tax that could be imposed on the transaction.

 

14.4       
No Guarantees Regarding Tax Treatment.  Participants (or their beneficiaries) shall be responsible for all taxes with
respect to any Awards under the Plan.  The Committee and the Company make no guarantees to any person regarding the tax treatment
of Awards or payments made under the Plan.  Neither the Committee nor the Company has any obligation to take any action to
prevent the assessment of any excise tax on any person with respect to any Award under Section 409A of the Code or otherwise
and none of the Company, any of its Subsidiaries or Affiliates, or any of their employees or representatives shall have any liability
to a Participant with respect thereto.

 

     

     

    

14.5       
Non-Transferability of Awards.  Except as provided by the terms of any applicable stockholders agreement or unless otherwise
determined by the Committee, an Award shall not be transferable or assignable by the Participant except in the event of his death
(subject to the applicable laws of descent and distribution) and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.  An award exercisable
after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant.
Any permitted transfer of the Awards to heirs or legatees of the Participant shall not be effective to bind the Company unless
the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary
to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof.

 

14.6       
Conditions and Restrictions on Shares.  The Committee may impose such other conditions or restrictions on any Shares received
in connection with an Award as it may deem advisable or desirable.  These restrictions may include, but shall not be limited
to, a requirement that the Participant hold the Shares received for a specified period of time or a requirement that a Participant
represent and warrant in writing that the Participant is acquiring the Shares for investment and without any present intention
to sell or distribute such Shares.  The certificates for Shares may include any legend which the Committee deems appropriate
to reflect any conditions and restrictions applicable to such Shares.

 

14.7       
Shares Not Registered.  Shares and Awards shall not be issued under the Plan unless the issuance and delivery of such
Shares and any Awards comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities
Act of 1933, as amended, the rules and regulations promulgated thereunder, State securities laws and regulations, and the
regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. 
Except as set forth in an Award Agreement, the Company shall not be obligated to file any registration statement under any applicable
securities laws to permit the purchase or issuance of any Shares or any Awards under the Plan, and accordingly any certificates
for Shares or documents granting Awards may have an appropriate legend or statement of applicable restrictions endorsed thereon. 
If the Company deems it necessary to ensure that the issuance of securities under the Plan is not required to be registered under
any applicable securities laws, each Participant to whom such security would be purchased or issued shall deliver to the Company
an agreement or certificate containing such representations, warranties and covenants as the Company which satisfies such requirements.

 

14.8       
Rights as a Stockholder.  Except as otherwise provided herein or in the applicable Award Agreement, a Participant shall
have none of the rights of a stockholder with respect to Shares covered by any Award until the Participant becomes the record holder
of such Shares.

 

14.9       
Severability.  If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by
the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person, or Award, and the remainder of the Plan and any such Award shall remain
in full force and effect.

 

14.10      Unfunded
Plan.  Participants shall have no right, title, or interest whatsoever in or to any investments that the Company or any
of its Subsidiaries may make to aid it in meeting its obligations under the Plan.  Nothing contained in the Plan, and no action
taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between
the Company and any Participant, beneficiary, legal representative, or any other person.  To the extent that any person acquires
a right to receive payments from the Company or any of its Subsidiaries under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Company or a Subsidiary, as the case may be.  All payments to be made hereunder
shall be paid from the general funds of the Company or a Subsidiary, as the case may be, and no special or separate fund shall
be established and no segregation of assets shall be made to assure payment of such amounts.  The Plan is not subject to the
U.S. Employee Retirement Income Security Act of 1974, as amended from time to time.

 

     

     

    

14.11      No
Constraint on Corporate Action.  Nothing in the Plan shall be construed to (a) limit, impair, or otherwise affect
the Company’s or its Subsidiary’s right or power to make adjustments, reclassifications, reorganizations, or changes
of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of
its business or assets, or (b) limit the right or power of the Company or its Subsidiary to take any action which such entity
deems to be necessary or appropriate.

 

14.12      Successors. 
All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business or assets of the Company.

 

14.13      Governing
Law.  The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts
or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive
law of another jurisdiction.

 

14.14      Effective
Date. The Plan shall be effective as of the date of adoption by the Board, which date is set forth below (the “Effective
Date”), provided that the Plan is approved by the stockholders of the Company at an annual meeting or any special meeting
of stockholders of the Company within 12 months of the Effective Date, and such approval of stockholders shall be a condition to
the right of each Participant to receive any Award hereunder. Any Award granted under the Plan prior to such approval of stockholders
shall be effective as of the date of grant, but no such Award may be exercised or settled and no restrictions relating to any Award
may lapse prior to such stockholder approval, and if stockholders fail to approve the Plan as specified hereunder, any such Award
shall be cancelled.

 

*                             
*                             
*

 

This Plan was duly adopted and approved
by the Board of Directors of the Company at a meeting of the Board of Directors duly called and held on the 20th day of February,
2018.

 

STR HOLDINGS, INC.

 

 

	/s/ Robert S. Yorgensen	 
	Name:	Robert S. Yorgensen	 
	Title:	President and Chief Executive OfficerExhibit 10.39

 

AMENDED
& RESTATED CREDIT FACILITY AGREEMENT

 

This AMENDED AND RESTATED
CREDIT FACILITY AGREEMENT (this “Agreement”), dated as of March 12, 2018 (the “A&R Agreement Date”),
is made by and among FORTRESS BIOTECH, INC., a Delaware corporation (the “Borrower”), and each of OPUS POINT
HEALTHCARE INNOVATIONS FUND, LP (“Opus”) and any other lenders listed on the signature pages hereto (Opus and
any other lenders, together with their successors and permitted assigns, the “Lenders” and, together with the
Borrower, the “Parties”).

 

W I T N E S S E T H:

 

WHEREAS, the Parties
are party to that certain Credit Facility Agreement (the “Original Agreement”), dated as of September 14, 2016
(the “Agreement Date”); and

 

WHEREAS, the Parties
desire to amend and restate the Original Agreement in order to extend the original maturity date stated therein by six months and
to permit the payment by the Borrower of principal and interest payments in-kind, subject to the provisions hereof.

 

NOW, THEREFORE, in
consideration of the foregoing, the mutual agreements set forth herein and other good and valuable consideration, the adequacy
of which are hereby acknowledged, the Parties agree as follows:

 

Article
1 

 

DEFINITIONS

 

Section 1.1            
General Definitions. Wherever used in this Agreement, or the Exhibits attached hereto, unless the context otherwise
requires, the following terms have the following meanings:

 

“1933 Act”
has the meaning set forth in Section 3.3(d).

 

“1934 Act”
has the meaning set forth in Section 3.3(d).

 

“A&R Agreement
Date” has the meaning ascribed to it in the preamble hereto.

 

“Accrued Interest
Amount” has the meaning set forth in Section 2.7.

 

“Affiliate”
means any Person or entity that, directly or indirectly through one or more intermediaries, owns more than 25% of the transferable
ownership of a Person, controls or is controlled by or is under common control with a Person, as such terms are used in and construed
under Rule 144 under the Securities Act. With respect to a Lender, any investment fund or managed account that is managed or advised
on a discretionary basis by the same investment manager as such Lender will be deemed to be an Affiliate of such Lender. As used
in this definition of “Affiliate,” the term “control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities
or partnership or other ownership interest, by contract, or otherwise.

 

     

     

    

 

“Agreement
Date” has the meaning ascribed to it in the recitals hereto.

 

“Applicable
Laws” means all statutes, rules and regulations of Governmental Authorities in the United States or elsewhere applicable
to the Borrower.

 

“Authorizations”
has the meaning set forth in Section 3.1(m).

 

“Business
Day” means a day on which banks are open for business in The City of New York.

 

“Change of
Control” means (a) any Person becomes the beneficial owner, directly or indirectly, of 50% or more of the outstanding
Equity Interests of the Borrower; or (b) individuals who constitute the Continuing Directors cease for any reason to constitute
at least a majority of the board of directors of the Borrower.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any Treasury Regulations promulgated thereunder.

 

“Commitment”
means the commitment of a Lender to make or otherwise fund a Loan and “Commitments” means such commitments of
all Lenders in the aggregate. The amount of each Lender’s Commitment is set forth on the signature page hereto, subject to
any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Commitments as of the Agreement
Date is $25,000,000.

 

“Commitment
Period” means the period from the Agreement Date to September 1, 2017.

 

“Commitment
Warrants” has the meaning set forth in Section 2.9(a).

 

“Common Stock”
means the common stock, par value $0.001 per share, of the Borrower.

 

“Continuing
Directors” means (i) the directors of the Borrower on the Agreement Date; and (ii) any other director, if, in each case,
such other director’s nomination for election to the board of directors of the Borrower is recommended by at least a majority
of the then-serving directors of the Borrower.

 

“Default”
means any event which, at the giving of notice, lapse of time or fulfillment of any other applicable condition (or any combination
of the foregoing), would constitute an Event of Default.

 

“Defaulting
Lender” has the meaning set forth in Section 2.2.

 

“Disbursement”,
“Disbursement Date”, and “Disbursement Request” have the meanings given to them in Section 2.2.

 

“Dollars”
and the “$” sign mean the lawful currency of the United States of America.

 

“Equity Interests”
means, with respect to any Person, all of the shares, interests, participations and other equivalents (however designated) of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase
or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the
securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all
of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting
or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

    2

     

    

 

“Event of
Default” has the meaning given to it in Section 5.3.

 

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

 

“Excluded
Taxes” means with respect to any Lender, (a) income or franchise taxes imposed by the United States, or by the jurisdiction
(or any political subdivision thereof) under the laws of which such Lender is organized or incorporated or in which its principal
office is located, or in which the applicable lending office of such Lender is located, or as a result of a present or former connection
between such Lender and the jurisdiction (or any political subdivision thereof) imposing such tax (other than a connection arising
from such Lender’s having a security interest under, having been a party to, having enforced or having engaged in any other
transaction pursuant to this Agreement or any other Loan Document), (b) any branch profits taxes imposed by the United States,
(c) any United States withholding Tax imposed on amounts payable to such Lender under a law in effect on the date such Lender
became a party to this Agreement, except to the extent that such Lender is a direct or indirect assignee of a Lender that was entitled,
immediately prior to such assignment, to receive payments under Section 2.5 on account of such Tax, (d) any United
States withholding Tax imposed on amounts payable to such Lender, or (e) any United States withholding Tax imposed on amounts
payable to such Lender under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Code, any regulations or official interpretations thereof, any agreements entered into
pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to
any intergovernmental agreement entered into in connection with the foregoing.

 

“Funding Warrants”
has the meaning set forth in Section 2.9(b).

 

“GAAP”
means generally accepted accounting principles consistently applied as set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession).

 

“Governmental
Authority” means any government, quasi-governmental agency, governmental department, ministry, cabinet, commission, board,
bureau, agency, court, tribunal, regulatory authority, instrumentality, judicial, legislative, fiscal, or administrative or public
body or entity, whether domestic or foreign, federal, state or local, having jurisdiction over the matter or matters and Person
or Persons in question.

 

“Indemnified
Person” has the meaning set forth in Section 6.11(a).

 

“Indemnified
Taxes” means all Taxes including Other Taxes, other than Excluded Taxes.

 

“Indemnity”
has the meaning set forth in Section 6.11(a).

 

“Interest
Payment Date” has the meaning set forth in Section 2.7.

 

“Interest
Rate” means 12.00% interest per annum.

 

“IRS”
means the United States Internal Revenue Service.

 

“Lender”
has the meaning given to it in the preamble of this Agreement. A third party may become an additional “Lender” (and
thereby become subject to the all the provisions hereof applicable to Lenders) upon the mutual consent of the Borrower and the
Required Lenders, which mutual consent shall specify the Commitment Amount of any such additional Lender.

 

    3

     

    

 

“Lien”
means any lien, pledge, preferential arrangement, mortgage, security interest, deed of trust, charge, assignment, hypothecation,
title retention, or other encumbrance on or with respect to property or interest in property having the practical effect of constituting
a security interest, in each case with respect to the payment of any obligation with, or from the proceeds of, any asset or revenue
of any kind.

 

“Loan Documents”
means this Agreement, the Notes, the Warrants, the Pledge and Security Agreement and any other document or instrument delivered
in connection with any of the foregoing and dated as of the Agreement Date or subsequent thereto, whether or not specifically mentioned
herein or therein.

 

“Loans”
means the loans made available by the Lenders to the Borrower pursuant to Section 2.2 in the maximum aggregate amount
of the Commitments or, as the context may require, the principal amount thereof from time to time outstanding.

 

“Loan Securities”
has the meaning set forth in Section 3.3(d).

 

“Loss”
has the meaning set forth in Section 6.11(a).

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, financial condition or assets of
the Borrower, taken as a whole, (b) the validity or enforceability of any provision of any Loan Document, (c) the ability
of the Borrower to timely perform the Obligations or (d) the rights and remedies of the Lenders under any Loan Document; provided,
however, that none of the following shall be deemed either alone or in combination to constitute, and none of the following shall
be taken into account in determining whether there has been or would be, a Material Adverse Effect: (A) any adverse effect
that results directly or indirectly from general economic, business, financial or market conditions; and (B) any adverse effect
arising directly or indirectly from or otherwise relating to any of the industries or industry sectors in which the Borrower operates.

 

“Maturity
Date” has the meaning set forth in Section 2.3(a).

 

“Necessary
Documents” has the meaning set forth in Section 3.1(i).

 

“Notes”
means the Convertible Secured Promissory Notes issued to the Lenders evidencing the Loans substantially in the form attached hereto
as Exhibit A. The Notes shall be senior to any current and future indebtedness of the Borrower, except for the secured indebtedness
currently owing to the Israel Discount Bank (“IDB”) (which is currently secured by cash) pursuant to: (i) that
certain Assignment and Pledge of Money Market Account, dated as of February 2014, executed by the Borrower in favor of IDB; (ii)
that certain Assignment and Pledge of Time Deposit, dated as of July 31, 2015, executed by the Borrower in favor of IDB; and (iii)
any other agreement, certificate or other document executed in connection with the foregoing clauses (i) and (ii); in each case
(i), (ii) and (iii), as such document may be amended from time to time in accordance with the terms thereof.

 

“Obligations”
means all obligations (monetary or otherwise) of the Borrower owing to the Lenders and arising under or in connection with the
Loan Documents

 

“Organizational
Documents” means the Certificate of Incorporation, Bylaws, or similar documents, each as amended to date, of the Borrower.

 

“Other Taxes”
means any and all present or future stamp or documentary taxes or any other excise or property taxes, duties, other charges or
similar levies, and all liabilities with respect thereto, together with any interest, additions to tax or penalties applicable
thereto (including by reason of any delay in payment) arising from any payment made hereunder or from the execution, delivery,
registration or enforcement of, or otherwise with respect to, any Loan Document, except any such Taxes that are imposed with respect
to an assignment (other than an assignment made in connection with the exercise of remedies following an Event of Default).

 

    4

     

    

 

“Permitted
Liens” of the Borrower means (a) Liens and security interests in favor of the Lenders; (b) Liens for taxes being contested
in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established (and
as to which the property subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof); (c) Liens
existing on the Agreement Date; (d) Liens incidental to the conduct of business or the ownership of properties and assets (including
Liens in connection with worker’s compensation, unemployment insurance and other like laws (excluding Liens imposed by ERISA
or the substantial equivalent under foreign law (including any statutory Liens for profit sharing plans imposed by foreign law)),
warehousemen’s mechanic’s materialmen’s and attorneys’ Liens, and statutory or common law landlords’
Liens (or the substantial equivalent under foreign law)) and Liens and pledges or deposits to secure the performance of bids, tenders
or trade contracts, or to secure statutory obligations, surety or appeal bonds or other Liens of like general nature incurred in
the ordinary course of business and not in connection with the borrowing of money, provided, in each case, that the obligation
secured is not more than 30 days overdue or, if so overdue, is being contested in good faith by appropriate actions or proceedings
and that adequate reserves have been established in accordance with GAAP; (e) Liens of or resulting from any judgment or award
not constituting an Event of Default; (f) minor survey exceptions or minor encumbrances, easements or reservations, or rights of
others for rights-of-way, utilities and other similar purposes, or zoning or other restrictions as to the use of real properties,
which are necessary for the conduct of the activities of the Borrower or which customarily exist on properties of companies engaged
in similar activities and similarly situated and which do not in any event materially impair their use in the operation of the
business of the Borrower; (g) Liens or set-off rights arising by contract in the ordinary course of business or by law and in connection
with cash management and banking arrangements entered into in the ordinary course of business; and (h) Liens placed upon equipment
or component materials (and the proceeds thereof) of a Borrower for short-term trade payable arrangements with vendors of such
Borrower to secure all or a portion of the purchase price of such equipment or materials, provided that (i) any such lien shall
not encumber any other property of any Borrower, (ii) the amount of indebtedness secured thereby is not increased, (iii) the principal
amount of indebtedness secured by any such Lien shall at no time exceed one hundred percent (100%) of the original price for the
purchase of such property at the time of purchase and (iv) such Liens are made in the ordinary course of business and consistent
with prior practices.

 

“Person”
means and includes any natural person, individual, partnership, joint venture, corporation, trust, limited liability company, limited
company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or
any other entity.

 

“PIK Shares”
means shares of common stock of the Borrower and/or shares of common stock of the Borrower’s subsidiaries that are: (i) publicly-traded
on either NASDAQ or the NYSE MKT, (ii) in good standing in regard to both corporate and financial reporting and (iii) have minimum
share prices of at least $1. The value of the PIK Shares will be determined based on the volume-weighted average price for such
PIK Shares over the 10 trading days preceding the applicable Interest Payment Date or Maturity Date on which such PIK Shares are
to be paid in accordance with Section 2.4.

 

“Pledge and
Security Agreement” means the Pledge and Security Agreement dated as of the Agreement Date pursuant to which the Borrower
(and any other grantors party to such agreement) granted a first priority security interest in shares in certain of its subsidiaries
as collateral for the Loans, as set forth in the Pledge and Security Agreement.

 

“Pledged Shares”
shall have the meaning set forth in the Pledge and Security Agreement.

 

“Pro Rata
Share” means, with respect to all payments, computations and other matters relating to the Commitment or Loans of any
Lender, the percentage obtained by dividing (a) the Commitment of that Lender, by (b) the aggregate Commitments of all
Lenders. If the commitment of each Lender to make Loans has terminated or expired, then the Pro Rata Share of each Lender shall
be determined based on the Pro Rata Share of such Lender most recently in effect, giving effect to subsequent assignments.

 

“Register”
has the meaning set forth in Section 1.4(b).

 

“Required
Lenders” means, at any time, Lenders holding Loans representing more than 50% of the sum of the Loans outstanding.

 

    5

     

    

 

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

 

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

 

“Taxes”
means all present or future taxes, levies, imposts, stamp or other duties, deductions, charges or withholdings imposed by any Governmental
Authority, and all liabilities with respect thereto (including by reason of any delay in payment).

 

“Warrant Shares”
has the meaning set forth in Section 3.1(p).

 

“Warrants”
has the meaning set forth in Section 2.9(b).

 

Section 1.2           
Interpretation. In this Agreement, unless the context otherwise requires, all words and personal pronouns relating
thereto shall be read and construed as the number and gender of the party or parties require, and all verbs shall be read and construed
as agreeing with their corresponding nouns and pronouns; the division of this Agreement into Articles and Sections (and the use
of headings and captions) is for convenience of reference only and shall not modify or affect the interpretation or construction
of this Agreement or any of its provisions; the words “herein,” “hereof,” “hereunder,” “hereinafter”
and “hereto” and words of similar import refer to this Agreement as a whole and not to any particular Article or Section
hereof; the words “include,” “including,” and derivations thereof shall be deemed to have the phrase “without
limitation” attached thereto unless otherwise expressly stated; references to a specified Article, Exhibit or Section shall
be construed as a reference to that specified Article, Exhibit or Section of this Agreement; and any reference to any of the Loan
Documents means such document as the same shall be amended, supplemented or modified and from time to time in effect.

 

Section 1.3           
Business Day Adjustment. If the day by which any payment or other performance is due to be made is not a Business
Day, that payment or performance shall be made by the next succeeding Business Day unless that next succeeding Business Day falls
in a different calendar month, in which case that payment or other performance shall be made by the Business Day immediately preceding
the day by which such payment or other performance is due to be made.

 

Section 1.4           
Register.

 

(a)               
The Borrower shall record on its books and records the amount of each Loan, the Interest Rate applicable thereto, all payments
of principal and interest thereon and the principal balance thereof from time to time outstanding.

 

(b)              
The Borrower shall establish and maintain, at its address referred to in Section 6.1: (i) a record of ownership
(the “Register”) in which the Borrower agrees to register by book entry the interests (including any rights
to receive payment hereunder) of each Lender in the Loans, and any assignment of any such interest, and (ii) accounts in the
Register in accordance with its usual practice in which it shall record (1) the names and addresses of the Lenders (and any
change thereto pursuant to this Agreement), (2) the amount of the Loans and each funding of any participation therein, (3) the
amount of any principal or interest due and payable or paid, and (4) any other payment received by the Lenders from the Borrower
and its application to the Loans.

 

(c)               
Notwithstanding anything to the contrary contained in this Agreement: (i) the Loans (including any Notes evidencing the
Loans) are registered obligations, (ii) the right, title and interest of the Lenders and their assignees in and to the Loans shall
be transferable only upon notation of such transfer in the Register, (iii) and no assignment thereof shall be effective until recorded
therein. This Section 1.4 shall be construed so that the Loans are at all times maintained in “registered form”
within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

 

(d)               
The Borrower and the Lenders shall treat each Person whose name is recorded in the Register as a Lender for all purposes
of this Agreement. Information contained in the Register with respect to any Lender shall be available for access by the Borrower
or such Lender at any reasonable time and from time to time upon reasonable prior notice.

 

    6

     

    

 

Article
2 

 

AGREEMENT
FOR THE LOAN

 

Section 2.1            Use of Proceeds. The proceeds of the Loans will be used for working capital and for other general corporate purposes.

 

Section
2.2           Commitments;
Disbursement of Loans; Pro Rata Shares.  During the Commitment Period, subject to the terms and conditions hereof,
each Lender severally agrees to make Loans to the Borrower in an aggregate amount up to but not exceeding such Lender’s
Commitment. Any amounts borrowed under this Section 2.2 and subsequently repaid or prepaid may not be re-borrowed.
Subject to Section 2.3(b), all amounts owed hereunder with respect to the Loans shall be paid in full on the Maturity
Date.

 

Whenever the Borrower
desires that the Lenders disburse a Loan to the Borrower (each, a Disbursement”), the Borrower shall deliver to the
Lenders a written request (a “Disbursement Request”) for a Disbursement at least fifteen (15) Business Days
in advance of the proposed disbursement date (the “Disbursement Date”); provided, however, that the first Disbursement
Notice shall be deemed delivered on the Agreement Date simultaneously with the execution and delivery hereof. Each Disbursement
shall be in an aggregate minimum amount of $500,000 (five hundred thousand dollars) and integral multiples of $100,000 (one thousand
dollars) in excess of that amount. Upon satisfaction or waiver of the conditions set forth in Article 4 hereof, each Lender shall
fund its Pro Rata Share of the Disbursement.

 

All Disbursements pertaining
to a given Disbursement Request shall be made by Lenders simultaneously and proportionately to their respective Pro Rata Shares,
it being understood that no Lender shall be responsible for any default by any other Lender of such other Lender’s obligation
to make a Disbursement requested hereunder nor shall any Commitment of any Lender be increased or decreased as a result of a default
by any other Lender of such other Lender’s obligation to make a Disbursement requested hereunder. If any Lender (a “Defaulting
Lender”) fails for any reason or no reason to fund 100% of a Disbursement Request by the Disbursement Date, then such
Lender shall be in default under this Agreement and shall forfeit its right to the Commitment Warrants.

 

Section 2.3           
Payment.

 

(a)               
The Borrower shall pay the outstanding principal of all Loans and any Accrued Interest Amounts thereon on September 14,
2019 (the “Maturity Date”).

 

(b)              
The Borrower may prepay all or a portion of the outstanding Disbursements upon five (5) days’ notice to the Lenders
pertaining to such Disbursement(s), without any prepayment penalty and subject only to the repayment obligations contained in this
Section 2.3(b). Each prepayment by the Borrower shall be applied first, to all expenses and indemnification payments then
owing to the Lenders (if any), second, to accrued and unpaid interest on the Loans, and third, to the principal balance of the
Loans, and shall be allocated among the Lenders in accordance with their Pro Rata Shares. The amount of any prepayment to be applied
to principal shall be applied to the payments required under Section 2.3(a) in direct order of maturity. For the avoidance
of doubt, in the event that the Borrower provides prepayment notice pursuant to this Section 2.3(b), the Lenders shall retain
any conversion rights to which they are entitled under outstanding Notes during the aforementioned five (5)-day period.

 

Section 2.4           
Payments. The Borrower shall pay to each Lender such Lender’s Pro Rata Share of all principal, interest and
other amounts due and owing under the Loan Documents. All payments by the Borrower under any of the Loan Documents shall be made
without setoff or counterclaim. Payments of any amounts due to the Lenders under this Agreement shall be made prior to 11:00 a.m.
New York City time on such date that any such payment is due, at such bank or places as the Lenders shall from time to time designate
to the Borrower in writing at least five (5) Business Days prior to the date such payment is due and shall be payable in:
(i) Dollars in immediately available funds; (ii) PIK Shares; or (iii) any combination of the foregoing clauses (i) and (ii). The
Borrower shall pay all and any costs (administrative or otherwise) imposed by banks, clearing houses, or any other financial institution,
in connection with making any payments under any of the Loan Documents, except for any costs imposed by the Lenders’ banking
institutions.

 

    7

     

    

 

Section 2.5           
Taxes.

 

(a)               
Any and all payments hereunder or under any other Loan Document shall be made, in accordance with this Section 2.5,
free and clear of and without deduction for any and all present or future Indemnified Taxes except as required by Applicable Law.
If Borrower shall be required by law to deduct any Indemnified Taxes from or in respect of any sum payable hereunder or under any
other Loan Document, (i) the sum payable shall be increased by as much as shall be necessary so that after making all required
deductions (including deductions for Indemnified Taxes applicable to additional sums payable under this Section 2.5),
each Lender shall receive an amount equal to the sum it would have received had no such deductions been made (any and all such
additional amounts payable shall hereafter be referred to as the “Additional Amounts”), (ii) Borrower shall
make such deductions, and (iii) Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance
with Applicable Law. Borrower shall promptly furnish to the applicable Lender the original or a certified copy of a receipt evidencing
payment thereof or other evidence of such payment reasonably satisfactory to such Lender.

 

(b)              
Borrower agrees to pay, and each Lender authorizes Borrower to pay in its name (but without duplication), all Other Taxes.
Borrower shall promptly furnish to the applicable Lender the original or a certified copy of a receipt evidencing payment thereof
or other evidence of such payment reasonably satisfactory to such Lender.

 

(c)               
Borrower shall reimburse and indemnify, within 10 days after receipt of written demand therefor, each Lender for all Indemnified
Taxes (including all Indemnified Taxes imposed on amounts payable under this Section 2.5(c)) paid by such Lender. A
reasonably detailed certificate of the applicable Lender(s) setting forth the amounts to be paid thereunder and delivered to Borrower
shall be conclusive, absent manifest error.

 

(d)               
If a payment to a Lender under this Agreement would be subject to U.S. withholding tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA, such Lender shall deliver to Borrower, at the times prescribed
by law or as reasonably requested by Borrower, such documentation as is required in order for Borrower to comply with its obligations
under FATCA, to determine that such Lender has or has not complied with its obligations under FATCA, or to determine the amount
to deduct and withhold from such payment.

 

(e)               
If a Lender determines in good faith that it has received a refund from a Governmental Authority of any Indemnified Taxes
previously paid or reimbursed by Borrower, such Lender shall promptly pay the amount so paid or reimbursed by the Borrower (not
to exceed the amount so refunded) to the Borrower, net of all out-of-pocket expense (including any Taxes imposed thereon) of such
Lender incurred in obtaining such refund or making such payment to the Borrower, provided that the Borrower, upon the request of
such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to such Lender if such Lender is required to repay such refund to such Governmental Authority.
Nothing in this Section shall require any Lender to disclose any information it deems confidential (including, without limitation,
its tax returns) to any Person, including Borrower.

 

Section 2.6           
Costs, Expenses and Losses. If, as a result of any failure by the Borrower to pay any sums due under this Agreement
(other than pursuant to Section 2.3(b)) on the due date therefor (after the expiration of any applicable grace periods),
the Lenders shall, after applying reasonable mitigation efforts, incur costs, expenses and/or losses, by reason of the liquidation
or redeployment of deposits from third parties or in connection with obtaining funds to make or maintain the Commitments, the Loans
or any Disbursement, the Borrower shall pay to the Lenders (within 15 days after receipt by it of a certificate from the Lenders
setting forth in reasonable detail such costs, expenses and/or losses incurred with supporting documentation) the amount of such
costs, expenses and/or losses. For the purposes of the preceding sentence, “costs, expenses and/or losses” shall include,
without limitation, any interest paid or payable to carry any unpaid amount and any loss, premium, penalty or expense which may
be incurred in obtaining, liquidating or employing deposits of or borrowings from third parties in order to make, maintain or fund
the Loans or any portion thereof.

 

    8

     

    

 

Section 2.7           
Interest. The outstanding principal amount of the Notes shall bear interest at the Interest Rate (calculated on
the basis of a year of 365 days and the actual number of days elapsed). Interest shall be paid quarterly in arrears commencing
on December 1, 2016 and on the first Business Day of each September, December, March and June thereafter (each, an “Interest
Payment Date”) until the Maturity Date. Upon notice from the Borrower to the Lenders prior to any of the first five Interest
Payment Dates applicable to any Disbursement, all or a portion of the interest (as otherwise payable on such Interest Payment Date)
for the applicable Interest Payment Date or Interest Payment Dates shall not be paid in cash but shall be added to the then outstanding
amount of said Disbursement (the aggregate amount of all such interest so added, the “Accrued Interest Amount”).
The Borrower may provide such notice for any Disbursement on one or more occasions. The Accrued Interest Amount with respect to
each Disbursement shall be paid in cash not later than the last Business Day of the sixth calendar quarter following the date of
such Disbursement.

 

Section 2.8           
Default Interest. Upon the occurrence and during the continuance of an Event of Default,
the outstanding principal balance of the Loans and, to the extent permitted by Applicable Law, any overdue interest payments on
the Loans or any other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding
under the United States Bankruptcy Code or other applicable bankruptcy laws) payable on demand at a rate that is two percent (2%)
in excess of the Interest Rate.

 

Section 2.9           
Issuance of Warrants.

 

(a)               
Within 15 (fifteen) days after termination of the Commitment Period, Borrower shall issue to Lenders their Pro Rata Shares
of warrants to purchase in the aggregate 1,500,000 shares of Common Stock, in substantially the form set forth on Exhibit B-1
hereto (the “Commitment Warrants”).

 

(b)              
Within 15 (fifteen) days after termination of the Commitment Period, Borrower shall issue to all non-Defaulting Lenders,
on a pro rata basis based on their actual Loan amount to the principal amount of all Notes issued, warrants to purchase a number
of shares of Common Stock, in substantially the form set forth on Exhibit B-2 hereto in an amount equal to the product of: (i)
1,000,000; times (ii) the principal amount of all Notes issued pursuant to this Agreement divided by 25,000,000 (such warrants,
the “Funding Warrants” and, collectively with the Commitment Warrants, the “Warrants”). For
the avoidance of doubt, the early termination by the Borrower pursuant to Section 6.14 shall not relieve the Borrower of
its obligations to issue the Warrants contained in this Section 2.9.

 

Article
3 

 

REPRESENTATIONS
AND WARRANTIES

 

Section 3.1           
Representations and Warranties of the Borrower.  The Borrower represents and warrants to the Lenders that, as of
the Agreement Date and each Disbursement Date:

 

(a)               
The Borrower is conducting its business in compliance with its Organizational Documents, which are in full force and effect.

 

(b)              
No Default or Event of Default has occurred.

 

(c)               
The Borrower (i) is not bankrupt and (ii) has not taken action, and no such action has been taken by a third party,
for the Borrower’s winding up, dissolution, or liquidation or similar executory or judicial proceeding or for the appointment
of a liquidator, custodian, receiver, trustee, administrator or other similar officer for the Borrower or any or all of its assets
or revenues.

 

(d)               
The obligation of the Borrower to make any payment under this Agreement (together with all charges in connection therewith)
is absolute and unconditional.

 

    9

     

    

 

(e)               
The Borrower is validly existing as a corporation in good standing under the laws of the state of Delaware. The Borrower
has full power and authority to own its properties, conduct its business and enter into the Loan Documents to which it is a party
and to consummate the transactions contemplated under such Loan Documents, and is duly qualified to do business as a foreign entity
and is in good standing in each jurisdiction where the failure to be so qualified could reasonably be expected to result in a Material
Adverse Effect.

 

(f)                
There is not pending or, to the knowledge of the Borrower, threatened in writing, any action, suit or other proceeding before
any Governmental Authority that would reasonably be expected to have a Material Adverse Effect (i) to which the Borrower a
is a party, or (ii) which has as the subject thereof any assets owned by the Borrower. There are no current or, to the knowledge
of the Borrower, pending, legal, governmental or regulatory enforcement actions, suits or other proceedings to which the Borrower
or any of its assets is subject that would reasonably be expected to have a Material Adverse Effect.

 

(g)               
The Loan Documents, as and when executed and delivered, have been duly authorized, executed and delivered by the Borrower
and constitute a valid, legal and binding obligation of the Borrower enforceable against the Borrower in accordance with their
terms, except as such enforceability may be limited by (i) applicable bankruptcy, reorganization, moratorium or other similar
laws affecting creditors’ rights generally and (ii) applicable equitable principles. The execution, delivery and performance
of the Loan Documents by the Borrower and the consummation of the transactions therein contemplated will not (A) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any Lien (other than pursuant to the Loan Documents) upon any assets of the Borrower pursuant to any agreement
to which the Borrower is a party or by which the Borrower is bound or to which any of the assets of the Borrower is subject, (B) result
in any violation of or conflict with the provisions of the Organizational Documents of the Borrowers, (C) result in the violation
of any Applicable Law or (D) result in the violation of any judgment, order, rule, regulation or decree of any Governmental
Authority, except, with respect to the foregoing clauses (A), (C) and (D), as could not reasonably be expected to have
a Material Adverse Effect. No consent, approval, authorization or order of, or registration or filing with, any Governmental Authority
is required for the execution, delivery and performance of any of the Loan Documents or for the consummation by the Borrower of
the transactions contemplated thereby, except for such registrations and filings in connection with the issuance of the Warrants
and Warrant Shares pursuant to the Loan Documents that are necessary to comply with federal and state securities laws, rules and
regulations. The Borrower has the power and authority to enter into the Loan Documents and to consummate the transactions contemplated
under the Loan Documents.

 

(h)              
Other than has been obtained or shall be obtained pursuant to the terms hereof, no Authorization is required for (i) the
execution and delivery by the Borrower of this Agreement, the Warrants and the other Loan Documents, or (ii) the consummation
of the transactions contemplated hereby and thereby, including but not limited to the issuance and exercise of the Warrants.

 

(i)                 
The Borrower holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations,
licenses, permits, easements, consents, certificates and orders of any Governmental Authority (collectively, “Necessary
Documents”) material to its business, and all such required Necessary Documents are valid and in full force and effect;
the Borrower has not received written notice of any revocation or modification of any of the Necessary Documents, and the Borrower
has no reason to believe that any of the Necessary Documents will not be renewed in the ordinary course of business (to the extent
applicable); and the Borrower is in compliance in all material respects with all applicable federal, state, local and foreign laws,
regulations, orders and decrees applicable to the conduct of its business, except for such instances of non-compliance as would
not reasonably be expected to have a Material Adverse Effect.

 

(j)                 
The Borrower has good and marketable title to all of its material assets. The property held under lease by the Borrower
is held under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not
interfere in any material respect with the conduct of the business of the Borrower.

 

    10

     

    

 

(k)               
The Borrower is not in violation of its Organizational Documents, and no event has occurred which, with notice or lapse
of time or both, would constitute such breach or other default in the performance of any agreement or condition contained in any
agreement under which it may be bound, or to which any of its assets is subject, except for such breaches or defaults as would
not reasonably be expected to have a Material Adverse Effect.

 

(l)                 
As of the Agreement Date, no income, franchise or other material Tax Return of the Borrower is under audit or examination
by any Governmental Authority.

 

(m)            
The Borrower: (A)  except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, has not received any warning letter or other correspondence or notice from any Governmental Authority alleging
or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits
and supplements or amendments thereto required in connection with the business of the Borrower by any Applicable Laws (together,
the “Authorizations”); (B) except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect possesses and complies with the Authorizations, which are valid and in full force and effect;
(C) except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, has not
received written notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify
or revoke any Authorization and has no knowledge that any Governmental Authority is considering such action; and (D) except
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect has filed, obtained, maintained
or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as
required by any Applicable Laws or Authorizations.

 

(n)              
The audited financial statements of the Borrower as of December 31, 2015, together with the related notes included
therein, fairly present the financial condition of the Borrower as of such date and the results of operations and changes in cash
flows for the periods therein specified in conformity with GAAP consistently applied throughout the periods involved, and, as of
the Agreement Date, there are no material off-balance sheet arrangements or any other relationships with unconsolidated entities
or other persons that may have a material current or, to the Borrower’s knowledge, material future effect on the Borrower’s
financial condition, results of operations, liquidity, capital expenditures, capital resources or significant components of revenue
or expenses.

 

(o)              
The Borrower maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access
to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for material assets is compared with existing assets at reasonable intervals, and appropriate action is taken with
respect to any differences.

 

(p)              
All of the issued and outstanding shares of capital stock of the Borrower are duly authorized and validly issued, fully
paid and nonassessable, have been issued in compliance with all federal and state securities laws, were not issued in violation
of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing;
the Warrants and the shares of Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”) have
been duly authorized, and the Warrant Shares, when issued, delivered and paid for in accordance with the terms of the Warrants,
will have been validly issued and will be fully paid and nonassessable. The issuance and delivery of the Warrants does not and,
assuming full exercise of the Warrants, the exercise of the Warrants will not, require approval from any Governmental Authority
other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable
state and federal securities laws and the rules and regulations of NASDAQ.

 

(q)               
The Borrower has, upon issuance of the Warrant, reserved for issuance a number of shares of Common Stock sufficient to cover
all Warrant Shares.

 

    11

     

    

 

Section 3.2           
Borrower Acknowledgment. The Borrower acknowledges that it has made the representations and warranties in Section 3.1
with the intention of persuading the Lenders to enter into the Loan Documents and that the Lenders have entered into the Loan Documents
on the basis of, and in full reliance on, each of such representations and warranties.

 

Section 3.3           
Representations and Warranties of the Lenders. Each Lender, severally and not jointly, represents and warrants
to the Borrower as of the Agreement Date and as of each date that any Note, Warrant or Common Stock is issued to a Lender, that:

 

(a)               
Such Lender is duly organized and validly existing under the laws of the jurisdiction of its formation.

 

(b)              
Each Loan Document to which it is a party has been duly authorized, executed and delivered by such Lender and constitutes
the valid and legally binding obligation of such Lender, enforceable in accordance with its terms, except as such enforceability
may be limited by (i) applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting creditors’
rights generally, and (ii) applicable equitable principles (whether considered in a proceeding at law or in equity).

 

(c)               
Such Lender has full power and authority to make each Disbursement, enter into and perform its other obligations under each
of the Loan Documents and carry out the other transactions contemplated thereby.

 

(d)               
Each of the Notes, the Warrants and the Warrant Shares (collectively the “Loan Securities”) to be received
by such Lender hereunder will be acquired for such Lender’s own account, and not with a view to the resale or distribution
of any part thereof in violation of the Securities Act of 1933, as amended (“1933 Act”), except pursuant
to sales registered or exempted under the 1933 Act, and such Lender has no present intention of selling, granting any participation
in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Lender’s right at
all times to sell or otherwise dispose of all or any part of such Loan Securities in compliance with applicable federal and state
securities laws. Nothing contained herein shall be deemed a representation or warranty by such Lender to hold the Loan Securities
for any period of time, and such Lender reserves the right to dispose of the Loan Securities at any time in accordance with or
pursuant to a registration statement or an exemption under the 1933 Act. Such Lender is not a broker-dealer registered with the
SEC under the Securities Exchange Act of 1934, as amended (“1934 Act”), or an entity engaged in a business that
would require it to be so registered.

 

(e)               
Such Lender can bear the economic risk and complete loss of its investment in the Loan Securities and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated
hereby.

 

(f)                
Such Lender has had an opportunity to receive, review and understand all information related to the Borrower requested by
it and to ask questions of and receive answers from the Borrower regarding the Borrower, its business and the terms and conditions
of the offering of the Loan Securities, and has conducted and completed its own independent due diligence. Such Lender acknowledges
receipt of copies of the Borrower’s filings pursuant to the 1934 Act. Based on the information such Lender has deemed appropriate,
it has independently made its own analysis and decision to enter into the Loan Documents. Neither such inquiries nor any other
due diligence investigation conducted by such Lender shall modify, limit or otherwise affect such Lender’s right to rely
on the Borrower’s representations and warranties contained in this Agreement.

 

(g)               
Such Lender understands that the Loan Securities are characterized as “restricted securities” under the U.S.
federal securities laws inasmuch as they are being acquired from the Borrower in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only
in certain limited circumstances.

 

(h)              
Such Lender is an “accredited investor” as defined in Regulation D promulgated under the 1933 Act.

 

(i)                 
Such Lender did not learn of the investment in the Loan Securities as a result of any general solicitation or general advertising.

 

    12

     

    

 

(j)                 
No Person will have, as a result of the transactions contemplated by the Loan Documents, any valid right, interest or claim
against or upon the Borrower or any Lender for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of such Lender.

 

(k)               
Such Lender understands that no United States federal or state agency, or similar agency of any other country, has reviewed,
approved, passed upon, or made any recommendation or endorsement of the Borrower or the purchase of the Loan Securities.

 

(l)                 
Such Lender has no present intent to effect a “change of control” of the Borrower as such term is understood
under the rules promulgated pursuant to Section 13(d) of the 1934 Act.

 

(m)            
No source of funds used by such Lender to make any Disbursement constitutes “plan assets” within the meaning
of the Employee Retirement Income Security Act of 1974, the Code or any of the respective regulations promulgated thereunder.

 

Article
4 

 

CONDITIONS
OF DISBURSEMENT

 

Section 4.1           
Conditions to the First Disbursement. The obligation of the Lenders to make the first Disbursement shall be subject
to the fulfillment of the following conditions on or before the date of the first Disbursement: The Lenders shall have received:
(i) counterparts of this Agreement executed by the Borrower and each Lender; (ii) the Notes executed by the Borrower;
and (iii) the Pledge and Security Agreement executed by the Borrower and FBIO Acquisition, Inc.

 

Section 4.2           
Conditions to All Disbursements. The obligation of the Lenders to make any Disbursement shall be subject to the
fulfillment of the following conditions:

 

(a)               
No Default or Event of Default shall have occurred or would result from the Disbursement; and

 

(b)              
Receipt by the Lenders of a Disbursement Request (which Disbursement Request shall include a representation that all conditions
contained in this Article 4 to any such Disbursement have been satisfied).

 

    13

     

    

 

Article
5 

 

PARTICULAR
COVENANTS AND EVENTS OF DEFAULT

 

Section 5.1           
Affirmative Covenants. Unless the Required Lenders shall otherwise agree:

 

(a)               
The Borrower shall maintain its existence and shall qualify and remain qualified to do its business as currently conducted,
except where the failure to maintain such qualification would not reasonably be expected to have a Material Adverse Effect.

 

(b)              
The Borrower shall comply with all Applicable Laws, except where the failure to comply would not reasonably be expected
to have a Material Adverse Effect.

 

(c)               
The Borrower shall obtain and keep in full force and effect all Authorizations, except where the failure to do so would
not reasonably be expected to have a Material Adverse Effect.

 

(d)               
The Borrower shall promptly notify the Lenders of the occurrence of (i) any Default or Event of Default and (ii) any
litigation, arbitration, mediation or administrative or regulatory proceedings that are instituted or threatened in writing against
the Borrower after the Agreement Date which could reasonably be expected to have a Material Adverse Effect.

 

(e)               
The Borrower shall maintain and keep in force, for each business in which Borrower is engaged, insurance of the types and
in amounts customarily carried in similar lines of business, including but not limited to fire, liability and property damage,
in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such
terms and conditions as shall be customary for companies similarly situated in the industry.

 

(f)                
The Borrower shall pay and discharge before they become delinquent any and all material taxes, assessments and governmental
charges or levies, including without limitation federal and state income taxes and state and local property taxes and assessments,
except (a) such as Borrower may in good faith contest or as to which a bona fide dispute may arise, and (b) for which Borrower
has made provision, to the Required Lenders’ reasonable satisfaction, for eventual payment thereof in the event Borrower
is obligated to make such payment.

 

Section
5.2           
Negative Covenants. The Borrower covenants that so long as any Lender remains committed
to extend credit to Borrower pursuant hereto, or any amounts payable under the Loan Documents remain outstanding, and until payment
in full of all Obligations, Borrower will not, without the Required Lenders’ prior written consent:

 

(a)               
create, incur or assume any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or
unsecured, matured or unmatured, liquidated or unliquidated, joint or several that is pari passu or senior to the Loans;
provided, however, that no provision contained herein or in any of the Loan Documents shall prohibit or be construed
to prohibit the Borrower from (x) extending, renewing, refinancing or replacing any existing indebtedness of the Borrower, (y)
issuing new indebtedness that is designed to, and is used to, repay the Loans or (z) issuing new indebtedness that is substantially
similar to any issued under or in connection with that certain Note Purchase Agreement, dated as of February 27, 2015, by and between
the Borrower and NSC Biotech Venture Fund I LLC.

 

    14

     

    

 

(b)              
Declare or pay any dividend or distribution in cash or any other property (other than dividends or distributions payable
solely in capital stock of the Borrower) on Borrower’s capital stock now or hereafter outstanding.

 

(c)               
Mortgage, pledge, grant or permit to exist any Lien upon all or any portion of Borrower’s assets now owned or hereafter
acquired, except for Permitted Liens.

 

(d)               
Cause, permit, or suffer any Change of Control without repaying all outstanding Loans prior to the closing of such Change
of Control.

 

Section 5.3           
Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under
this Agreement:

 

(a)               
The Borrower shall fail to pay, when due, any principal or interest payable in respect of the Loans, or any other amounts
payable under the Loan Documents.

 

(b)              
The Borrower shall have failed to comply with the due observance or performance of any covenant contained in: (i) Sections
5.1(d) or (f) or Section 5.2, or (ii) any Loan Document (other than the covenants described in clauses (a) and
(b)(i) above) and such failure shall not have been cured by the Borrower within 30 days after the earlier of (A) the date
the Chief Executive Officer of the Borrower first becomes aware of such failure or (B) the date the Borrower receives written notice
of such failure from the Lenders.

 

(c)               
Any representation or warranty made by the Borrower in any Loan Document shall have been incorrect, false or misleading
in any material respect which results in a Material Adverse Effect.

 

(d)               
 (i) The Borrower shall generally be unable to pay its debts as such debts become due, or shall admit in a duly authorized
writing executed by an officer of the Borrower its inability to pay its debts as they come due or shall make a general assignment
for the benefit of creditors; (ii) the Borrower shall declare a moratorium on the payment of its debts; (iii) the commencement
by the Borrower of proceedings to be adjudicated bankrupt or insolvent, or the consent by it to the commencement of bankruptcy
or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, intervention
or other similar relief under any Applicable Law, or the consent by it to the filing of any such petition or to the appointment
of an intervenor, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of all or substantially all
of its assets; (iv) the commencement against the Borrower of a proceeding in any court of competent jurisdiction under any
bankruptcy or other Applicable Law (as now or hereafter in effect) seeking its liquidation, winding up, dissolution, reorganization,
arrangement, adjustment, or the appointment of an intervenor, receiver, liquidator, assignee, trustee, sequestrator (or other similar
official), and any such proceeding shall continue undismissed, or any order, judgment or decree approving or ordering any of the
foregoing shall continue unstayed or otherwise in effect, for a period of forty-five (45) days; or (v) any other event
shall have occurred which under any Applicable Law would have an effect analogous to any of those events listed above in this subsection.

 

(e)               
Any Authorization of a Government Authority necessary for the execution, delivery or performance of any Loan Document or
for the validity or enforceability of any of the Obligations under any Loan Document is not given or is withdrawn or ceases to
remain in full force or effect.

 

(f)                
The validity of any material provision of any Loan Document shall be contested in writing by the Borrower, or any Applicable
Law shall render any material provision of any Loan Document invalid or unenforceable or shall prevent or materially delay the
performance or observance by the Borrower of the Obligations.

  

(g)               
The Borrower shall breach or default with respect to any other material term of one or more items of indebtedness in the
individual or aggregate principal amounts in excess of $1,000,000, if the effect of such breach or default is to cause, or to permit
the holder or holders of that indebtedness (or a trustee on behalf of such holder or holders), to cause that indebtedness to become,
or be declared by a court of competent jurisdiction, due and payable prior to its stated maturity.

 

    15

     

    

 

Section 5.4           
Remedies. Upon the occurrence of any Event of Default, and at any time thereafter unless
and until such Event of Default has been waived by the Required Lenders: (a) all indebtedness of Borrower under each of the Loan
Documents, any term thereof to the contrary notwithstanding, shall at Required Lenders’ option become immediately due and
payable without presentment, demand, protest or notice of dishonor, all of which are hereby expressly waived by Borrower; (b) the
obligation, if any, of Lenders to extend any further credit under any of the Loan Documents shall immediately cease and terminate;
and (c) each Lender shall have all rights, powers and remedies available under each of the Loan Documents, or accorded by law,
including without limitation the right to resort to any or all security (if any) for any credit subject hereto or as specified
under the Pledge and Security Agreement and to exercise any or all of the rights of a beneficiary or secured party (if applicable)
pursuant to Applicable Law. All rights, powers and remedies of Lenders after the occurrence of an Event of Default are cumulative
and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or equity.

 

Section 5.5           
Automatic Acceleration on Dissolution or Bankruptcy. Notwithstanding any other provisions of this Agreement, if an Event
of Default under Section 5.2(b) shall occur, the principal of the Notes (together with any other amounts accrued or payable
under this Agreement) shall thereupon become immediately due and payable without any presentment, demand, protest or notice of
any kind, all of which are hereby expressly waived by the Borrower.

 

Section 5.6           
Recovery Amounts Due. If any amount payable hereunder is not paid as and when due, the Borrower hereby authorizes the
Required Lenders to proceed, to the fullest extent permitted by Applicable Law, without prior notice, by right of set-off, banker’s
lien or counterclaim, against any moneys or other assets of the Borrower to the full extent of all amounts payable to the Lenders.

 

Article
6

MISCELLANEOUS

 

Section 6.1           
Notices. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered
mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or, if
to the Borrower, by electronic mail and shall be effective five (5) days after being placed in the mail, if mailed by regular
United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service),
or when received by electronic mail in each case addressed to a Party. The addresses for such communications shall be:

 

If to the Borrower:

 

Fortress Biotech, Inc.

2 Gansevoort, 9th Floor

New York, NY 10014

E-mail: sberry@fortressbiotech.com

Attention: Samuel W. Berry, Corporate Counsel

 

With a copy to:

 

Alston & Bird, LLP

90 Park Avenue

New York, New York 10016

Email: mark.mcelreath@alston.com

Attn: Mark F. McElreath, Esq.

 

If to a Lender:

 

To the address of such
Lender set forth on the signature page hereto.

 

A Party may designate
a different address for communications in a written notice to the other Parties delivered in compliance with this Section.

 

    16

     

    

 

Section 6.2           
Waiver of Notice. Whenever any notice is required to be given to the Lenders or the Borrower under any of the Loan
Documents, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such notice.

 

Section 6.3           
Reimbursement of Legal and Other Expenses.  Borrower shall pay to the Lenders the full amount of all reasonable
attorneys’ fees, actually expended or incurred by the Lenders in connection with the negotiation and preparation of this
Agreement and the other Loan Documents up to $25,000. In addition, if any amount owing to the Lenders under any Loan Document shall
be collected through enforcement of this Agreement, any Loan Document or restructuring of the Loans in the nature of a work-out,
settlement, negotiation, or any process of law, or shall be placed in the hands of third Persons for collection, the Borrower shall
pay (in addition to all monies then due in respect of the Loan or otherwise payable under any Loan Document) all reasonable and
documented external attorneys’ and other fees and out-of-pocket expenses incurred in respect of such collection.

 

Section 6.4           
Governing Law. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED IN SUCH STATE. Each Party agrees that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement (whether brought against a Party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting
in the City of New York. Each Party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each Party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such Party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The Parties hereby waive all
rights to a trial by jury.

 

Section 6.5           
Successors and Assigns. This Agreement shall bind and inure to the respective successors and permitted assigns
of the Parties, except that (a) the Borrower may not assign or otherwise transfer all or any part of its rights under the
Loan Documents without the prior written consent of the Lenders and (b) so long as no Event of Default has occurred and is
continuing, no Lender may assign or otherwise transfer all or part of its rights or obligations under the Loan Documents without
the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Upon a Lender’s
assignment of a Note such Lender shall provide notice of the transfer to Borrower for recordation in the Register pursuant to Section 1.4.
Upon receipt of a notice of a transfer of an interest in a Note, Borrower shall record the identity of the transferee and other
relevant information in the Register, and the transferee shall (to the extent of the interests transferred to such transferee)
have all the rights and obligations of, and shall be deemed, a Lender hereunder. Notwithstanding anything to the contrary contained
in any Loan Document, no Lender shall assign or otherwise transfer any of its rights under the Loan Documents to a Person that
is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) without the prior written consent of
the Borrower.

 

Section 6.6           
Entire Agreement. The Loan Documents contain the entire understanding of the Parties with respect to the matters
covered thereby and supersede any and all other written and oral communications, negotiations, commitments and writings with respect
thereto. The provisions of this Agreement may be waived, modified, supplemented or amended only by an instrument in writing signed
by the authorized officer of each Party; provided, however, that Lenders with Pro Rata Shares in excess of 50% shall
have the right to amend, modify or waive any provision of this Agreement on behalf of all Lenders.

 

Section 6.7           
Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable in any respect under
any Applicable Law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

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Section 6.8           
Counterparts. This Agreement may be executed in several counterparts, and by each Party on separate counterparts,
each of which and any photocopies and facsimile copies thereof shall be deemed an original, but all of which together shall constitute
one and the same agreement.

 

Section 6.9           
Survival.

 

(a)               
This Agreement and all agreements, representations and warranties made in the Loan Documents, and in any document, certificate
or statement delivered pursuant thereto or in connection therewith, shall be considered to have been relied upon by the other Parties
and shall survive the execution and delivery of this Agreement and the making of the Loans hereunder regardless of any investigation
made by any such other Party or on its behalf, and shall continue in force until all amounts payable under the Loan Documents shall
have been fully paid in accordance with the provisions thereof; the Lenders shall not be deemed to have waived, by reason of making
the Loans, any Event of Default that may arise by reason of such representation or warranty proving to have been false or misleading,
notwithstanding that the Lenders may have had notice or knowledge of any such Event of Default or may have had notice or knowledge
that such representation or warranty was false or misleading at the time the Disbursement was made.

 

(b)              
The obligations of the Borrower under Sections 1.4 and 2.5 and the obligations of the Borrower and the
Lenders under this Article 6 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, or the termination of this Agreement or any provision hereof.

 

Section 6.10       
No Waiver. Neither the failure of, nor any delay on the part of, any Party in exercising any right, power or privilege
hereunder, or under any Loan Document, shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege hereunder, or under any Loan Document, preclude other or further exercise thereof or the exercise of any other
right, power or privilege; nor shall any waiver of any right, power, privilege or default hereunder, or under any Loan Document,
constitute a waiver of any other right, power, privilege or default or constitute a waiver of any default of the same or of any
other term or provision. No course of dealing and no delay in exercising, or omission to exercise, any right, power or remedy accruing
to the Lenders upon any default under this Agreement or any other Loan Document shall impair any such right, power or remedy or
be construed to be a waiver thereof or an acquiescence therein; nor shall the action of the Lenders in respect of any such default,
or any acquiescence by it therein, affect or impair any right, power or remedy of the Lenders in respect of any other default.
All rights and remedies herein provided are cumulative and not exclusive of any rights or remedies otherwise provided by law.

 

Section 6.11        
Indemnity.

 

(a)               
The Borrower shall, at all times, indemnify and hold each Lender harmless (the “Indemnity”) and each
of their respective directors, partners, officers, employees, agents, counsel and advisors (each, an “Indemnified Person”)
in connection with any losses, claims (including the reasonable attorneys’ fees incurred in defending against such claims),
damages, liabilities, penalties, or other expenses arising out of, or relating to, the Loan Documents, the extension of credit
hereunder or the Loans or the use or intended use of the Loans, which an Indemnified Person may incur or to which an Indemnified
Person may become subject, but excluding Excluded Taxes (each, a “Loss”). The Indemnity shall not apply to the
extent that a court or arbitral tribunal of competent jurisdiction issues a final judgment that such Loss resulted from the gross
negligence or willful misconduct of the Indemnified Person. The Indemnity is independent of and in addition to any other agreement
of Borrower under any Loan Document to pay any amount to the Lenders, and any exclusion of any obligation to pay any amount under
this subsection shall not affect the requirement to pay such amount under any other section hereof or under any other agreement.
For the avoidance of doubt, this Section 6.11 shall not apply to Indemnified Taxes (which are otherwise addressed in
Section 2.5 hereof).

 

(b)              
Promptly after receipt by an Indemnified Person of notice of the commencement of any action (including any governmental
action), such Indemnified Person shall, if it intends to submit a claim for indemnification under this Section 6.11,
deliver to Borrower a written notice of the commencement thereof, and Borrower shall have the right to participate in, and, to
the extent Borrower so desires, to assume control of the defense thereof with counsel mutually satisfactory to Borrower and the
Indemnified Person, as the case may be.

 

    18

     

    

 

(c)               
An Indemnified Person shall have the right to retain its own counsel with the documented reasonable fees and out-of-pocket
expenses to be paid by the Borrower, if, in the reasonable opinion of counsel for the Indemnified Person, the representation by
counsel selected by Borrower would be inappropriate due to actual or potential differing interests between such Indemnified Person
and any other party represented by such counsel in such proceeding. The Borrower shall pay for only one separate legal counsel
for each Indemnified Person. The failure of an Indemnified Person to deliver written notice to the Borrower within a reasonable
time of the commencement of any such action shall not relieve the Borrower of any liability to the Indemnified Person under this
Section 6.11, except to the extent that Borrower is actually prejudiced in its ability to defend such action.

 

Section 6.12         No
Usury.  The Loan Documents are hereby expressly limited so that in no contingency or event whatsoever, whether by reason
of acceleration or otherwise, shall the amount paid or agreed to be paid to the Lenders for the Loans exceed the maximum amount
permissible under Applicable Law. If from any circumstance whatsoever fulfillment of any provision hereof, at the time performance
of such provision shall be due, shall involve transcending the limit of validity prescribed by law, then, ipso facto, the
obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstance the Lenders shall
ever receive anything which might be deemed interest under Applicable Law that would exceed the highest lawful rate, such amount
that would be deemed excessive interest shall be applied to the reduction of the principal amount owing on account of the Loans,
or, if such deemed excessive interest exceeds the unpaid balance of principal of the Loan, such deemed excess shall be refunded
to the Borrower. All sums paid or agreed to be paid to the Lenders for the Loans shall, to the extent permitted by Applicable
Law, be deemed to be amortized, prorated, allocated and spread throughout the full term of the Loans until payment in full so
that the deemed rate of interest on account of the Loans is uniform throughout the term thereof. The terms and provisions of this
Section shall control and supersede every other provision of this Agreement and the other Loan Documents.

 

Section 6.13       
Further Assurances. From time to time, the Borrower shall perform any and all acts and execute and deliver to the
Lenders such additional documents as may be necessary or as reasonably requested by the Lenders to carry out the purposes of any
Loan Document or any or to preserve and protect the Lenders’ rights as contemplated therein.

 

Section 6.14         Termination.
The Borrower may upon 15 days’ notice to the Lenders terminate this Agreement, and the other Loan Documents (other than
the Warrants) upon payment in full of the Obligations (other than under the Warrants).

 

Section 6.15       
Lenders’ ObligationsSection 6.16. The obligations of the Lenders hereunder are
several, and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained
herein or in any other Loan Document, and no action taken by the Lenders pursuant hereto or thereto, shall be deemed to constitute
the Lenders as a partnership, an association, a joint venture or any other kind of entity. Anything in this Agreement or any other
Loan Document to the contrary notwithstanding, each Lender hereby agrees with each other Lender that each Lender shall be permitted
to take any action to protect or enforce its rights arising out of this Agreement or any Note or otherwise with respect to the
Obligations without first obtaining the prior written consent of the other Lender, it being the intent of the Lenders that any
such action to protect or enforce rights under this Agreement and any Note or otherwise with respect to the Obligations shall be
independent rights of action. Any Lenders that are Affiliates as of any date of determination shall constitute one (1) creditor
holding a single claim for purposes of determining whether a class of claims has made an election pursuant to § 1111(b) of
the Bankruptcy Code and for determining whether a class of claims has accepted or rejected a plan pursuant to § 1126 (c) of
the Bankruptcy Code. In the event of a bankruptcy of the Borrower, the Lenders that are Affiliates of one another shall not take
or agree to take actions inconsistent with their agreement to be deemed one (1) creditor holding a single claim.

 

Section 6.17       
Amendment and Restatement. This Agreement amends, restates, supersedes and replaces the
Original Agreement in its entirety. As of the A&R Agreement Date, the Original Agreement shall have no further force or effect.

 

[SIGNATURE
PAGE FOLLOWS]

 

    19

     

    

IN WITNESS WHEREOF,
the Lenders and the Borrower have caused this Agreement to be duly executed as of the date first written above.

 

	 	BORROWER:
	 	 	 	 
	 	FORTRESS BIOTECH, INC.
	 	 	 	 
	 	By:	 /s/ Lindsay A. Rosenwald, MD	 
	 	 	Name:	Lindsay A. Rosenwald, MD	 
	 	 	Title:	President & CEO	 
	 	 	 	 
	 	 	 	 
	 	LENDERS:	 
	 	 	 	 
	 	OPUS POINT HEALTHCARE INNOVATIONS FUND, LP
	 	 	 	 
	 	By: Opus Point Healthcare Fund GP, LLC,
	 	its general partner
	 	 	 
	 	By:	/s/ Michael S. Weiss	 
	 	 	Name:	Michael S. Weiss	 
	 	 	Title:	Manager	 
	 	 
	 	Commitment Amount: $25,000,000.00	 
	 	Address: 	2 Gansevoort, 9th Floor	 
	 	 	 	New York, NY 10014	 
	 	 	 
	 	 	 
	 	[                                                                   ]
	 	 	 	 
	 	By: 	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	 
	 	 
	 	Commitment Amount: $
	 	Address:	 

 

 

[Signature
Page to Amended & Restated Credit Facility Agreement]

     

     

    

 

EXHIBIT A – FORM OF NOTE

 

[See attached.]

 

     

     

    

 

EXHIBIT B-1 – FORM OF COMMITMENT
WARRANTS

 

[See attached.]

 

     

     

    

 

EXHIBIT B-2 – FORM OF FUNDING WARRANTS

 

[See attached.]

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