Document:

Exhibit
4.1 

 

[Form of
Global Note]

 

TOYOTA
MOTOR CREDIT CORPORATION

INCOMEDRIVER
GLOBAL NOTE

 

REGISTERED

No. R-1

 

Issue Date:

 

TOYOTA
MOTOR CREDIT CORPORATION, a California corporation (the “Company,” which terms include any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to the Persons in whose names the Company’s
IncomeDriver NotesTM (the “Notes”) are identified as the owners thereof (the “Holders”) on
the records of the Company (the “Underlying Records”) maintained by The Bank of New York Mellon, as agent (the “Agent
Bank”) on demand of the Holders (in the manner specified in the Operating Guidelines (as defined below) or at the direction
of the Company in its sole discretion and judgment (which demand or direction may relate to all or a portion of the principal
amount of the Notes of a Holder), the principal amount specified in the Underlying Records. Interest on the Notes shall accrue
daily at the rate per annum determined by the Company from time to time, shall be computed on the basis of a 365/366-day year,
shall be credited to the Notes on the last business day of each calendar month and shall be reinvested. The Agent Bank will act
as the Company’s paying agent and will make all payments of principal and interest on the Notes on the Company’s behalf.
All payments shall be made in accordance with the Demand Notes Program Services Agreement, dated as of June 6, 2018, between the
Company and the Agent Bank, including the Operating Guidelines attached thereto as Schedule A, as amended from time to time (the
“Operating Guidelines”), the terms of which are incorporated herein by reference.

 

Reference
is hereby made to the further provisions of this Note set forth below, and in the Underlying Records, the Indenture, any Supplemental
Indenture thereto, the Operating Guidelines and the pricing supplements filed with the Securities and Exchange Commission from
time to time, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by or on behalf of The Bank of New York Mellon Trust Company, N.A.,
the Trustee for this Note under the Indenture, or its successor thereunder, by the manual signature of one of its authorized officers,
this Note will not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Note
is one of a duly authorized series of Securities (hereinafter called the “Securities”) of the Company designated as
its IncomeDriver NotesTM (the “Notes”). The Notes are issued and to be issued under an Indenture, dated
as of August 1, 1991 (the “Original Indenture” and, as amended and supplemented by the First Supplemental Indenture
(as defined below), the Second Supplemental Indenture (as defined below) and the Third Supplemental Indenture (as defined below),
the “Indenture”), between the Company and The Chase Manhattan Bank, N.A. (“Chase”), as trustee, as amended
and supplemented by the First Supplemental Indenture, dated as of October 1, 1991 (the “First Supplemental Indenture”),
among the Company, Deutsche Bank Trust Company Americas (“DBTCA”) (formerly known as Bankers Trust Company) and Chase,
the Second Supplemental Indenture, dated as of March 31, 2004 (the “Second Supplemental Indenture”), among the Company,
JPMorgan Chase Bank (as successor to Chase) and DBTCA and the Third Supplemental Indenture, dated as of March 8, 2011 (the “Third
Supplemental Indenture”), among the Company, The Bank of New York Mellon Trust Company, N.A.

 

    	 

    	 

    

(as successor to The Bank of
New York Mellon as successor to Chase) and DBTCA, to which Indenture, and all indentures supplemental thereto, reference is hereby
made for a statement of the respective rights thereunder of the Company, the Trustee (as defined below) and the Holders of the
Notes, and the terms upon which the Notes are to be authenticated and delivered. The Bank of New York Mellon Trust Company, N.A.
shall act as Trustee with respect to the Notes (herein called the “Trustee”, which term includes any successor Trustee
with respect to the Notes under the Indenture). The Agent Bank shall act as Security Registrar and Paying Agent for the Notes.

 

For purposes
of the Notes, a “Business Day” means any day other than Saturday, Sunday or any other day on which banks are authorized
or required by federal, Pennsylvania, New York or Texas law, regulation or executive order to close.

 

The
Notes are not limited in aggregate principal amount.

 

The
Notes are not subject to any sinking fund.

 

The
Notes are issuable only in registered form without coupons. There shall be no minimum denominations applicable to the Notes.

 

The
Notes are not transferable, assignable or negotiable (other than by operation of law).

 

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

 

The
Indenture permits, subject to certain exceptions provided therein, the Company and the Trustee to enter into supplemental indentures
for a series of Securities with the consent of the Holders of 66 2/3% of the Outstanding principal amount of that series, for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Holders of each such series affected by such modification or amendment. The Indenture
also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all the Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.

 

No
reference herein to the Indenture and no provision of this Note or of the Indenture will alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and
in the coin or currency, herein prescribed.

 

The
Company and the Trustee and any agent of the Company or the Trustee may treat the Persons identified on the Underlying Records
as the owners of the Notes as of the owners thereof for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

By investing
in the Notes, each Holder agrees that any dispute or controversy between the Holder and the Company shall be subject to, and shall
be exclusively submitted to, binding arbitration under the

 

    2 

    	 

    

Consumer Arbitration Rules of
the American Arbitration Association. Arbitration is final and binding on the parties. By choosing arbitration, the Holder and
the Company each agree to waive their respective rights to seek remedies in court, including the right to jury trial. The foregoing
provisions of this paragraph shall not (a) affect or impair the right of any Holder of this Note to receive the payment of the
principal of and interest on this Note, on or after the respective due dates expressed in this Notes, or to institute suit for
the enforcement of any such payment on or after such respective dates, or (b) apply to the Trustee.

 

By investing
in the Notes, each Holder agrees that in no event shall the Company or the Agent Bank be liable to a Holder for any indirect,
incidental, special, consequential, exemplary, or punitive damages, government fines or penalties, attorneys’ fees or amounts
for loss of income, profits or savings arising out of a delay or failure to process any transaction or the Holder’s failure
to promptly report to the Agent Bank any other error on the Holder’s quarterly statement. The Company shall have all the
rights of a “drawee” under the New York Uniform Commercial Code.

 

By investing
in the Notes, each Holder agrees that neither the Company nor the Agent Bank shall be liable for any loss or expense to a Holder
arising out of a delay or failure to process any transaction if the delay or failure is the result of an event or occurrence beyond
the reasonable control of the Company or the Agent Bank, as the case may be, and without its fault or negligence, including, but
not limited to, acts of God, actions by any governmental authority, strikes, fires, floods, windstorms, explosions, riots, natural
disasters, or a material adverse change in conditions caused by acts of terrorism or war (whether or not declared) which impairs
the Company’s or the Agent Bank’s, as the case may be, ability to process any transaction nor shall the Company or
the Agent Bank have any obligation to contest any legal proceeding brought against a Note by any third party nor be liable for
any payment of redemption proceeds from a Note to anyone other than the Holder as a result of a legal proceeding or governmental
action.

 

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

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile, and an imprint or facsimile of
its corporate seal to be imprinted hereon.

 

[Remainder
of page intentionally left blank; signatures appear on next page]

 

    3 

    	 

    

TOYOTA
MOTOR CREDIT CORPORATION

 

 By:
____________________________

 

 

 

 

Attest:

 

 

By: _________________________

 

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities
of the series

designated therein referred to
in the

within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee

 

 

 

By: ____________________________

Authorized
Signatory

 

Dated:___________________

 

    4Exhibit 10.1

 

STANDBY EQUITY DISTRIBUTION AGREEMENT

 

THIS STANDBY EQUITY
DISTRIBUTION AGREEMENT dated as of January 22, 2021 (this “Agreement”) is made by and between YA
II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and ASHFORD HOSPITALITY
TRUST, INC., a company incorporated under the laws of the State of Maryland (the “Company”).

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to issue and
sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to 13,718,319
shares of common stock of the Company, par value $0.01 per share (the “Common Shares”); and

 

WHEREAS, the
Common Shares are listed for trading on the New York Stock Exchange under the symbol “AHT;” and

 

WHEREAS, the
offer and sale of the Common Stock issuable hereunder will be made in reliance upon Section 4(a)(2) under the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or
upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all
of the transactions to be made hereunder.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article I. Certain Definitions

 

Section 1.01      “Additional
Shares” shall have the meaning set forth in Section 2.01(d)(ii).

 

Section 1.02      “Adjusted
Advance Shares” shall have the meaning set forth in Section 2.01(d)(i).

 

Section 1.03      “Advance
Date” shall mean the 1st Trading Day after expiration of the applicable Pricing Period for each Advance.

 

Section 1.04      “Advance
Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer
of the Company and setting forth the Advance Shares that the Company desires to issue and sell to the Investor.

 

Section 1.05      “Advance
Notice Date” shall mean each date the Company delivers (in accordance with Section 2.01(b) of this Agreement)
to the Investor an Advance Notice, subject to the terms of this Agreement.

 

Section 1.06      “Advance
Shares” shall mean the number of Common Shares that the Company desires to issue and sell to the Investor as requested
by the Company in an Advance Notice.

 

Section 1.07      “Advances”
shall mean any issuance and sale from the Company to the Investor pursuant to Article II hereof.

 

Section 1.08      “Affiliate”
shall have the meaning set forth in Section 3.06.

 

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Section 1.09      “Agreement”
shall have the meaning set forth in the preamble of this Agreement.

 

Section 1.10     “Applicable
Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines
and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation
(i) all applicable laws that relate to money laundering, terrorist financing, financial record keeping and reporting, (ii) all
applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States
Foreign Corrupt Practices Act of 1977, and (iii) any Sanctions laws.

 

Section 1.11      “Basket”
shall have the meaning set forth in Section 5.04.

 

Section 1.12      “Black
Out Period” shall have the meaning set forth in Section 6.02

 

Section 1.13      “Closing”
shall have meaning set forth in Section 2.02.

 

Section 1.14      “Commitment
Amount” shall mean 13,718,319 Common Shares, provided that, the Company shall not affect any sales under this
Agreement and the Investor shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only
to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares issued under this Agreement
would exceed 19.9% of the outstanding Common Shares as of the date of this Agreement.

 

Section 1.15      “Commitment
Period” shall mean the period commencing on the date hereof and expiring upon the date of termination of this Agreement
in accordance with Section 11.02.

 

Section 1.16      “Common
Shares” shall have meaning set forth in the recitals of this Agreement.

 

Section 1.17      “Company”
shall have the meaning set forth in the preamble of this Agreement.

 

Section 1.18      “Company
Indemnitees” shall have the meaning set forth in Section 5.02.

 

Section 1.19      “Condition
Satisfaction Date” shall have the meaning set forth in Section 7.01

 

Section 1.20      “Environmental
Laws” shall have the meaning set forth in Section 4.08.

 

Section 1.21      “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

Section 1.22      “Excluded
Day” shall have the meaning set forth in Section 2.01(d)(i).

 

Section 1.23      “Hazardous
Materials” shall have the meaning set forth in Section 4.08.

 

Section 1.24      “Indemnified
Liabilities” shall have the meaning set forth in Section 5.01.

 

Section 1.25      “Investor”
shall have the meaning set forth in the preamble of this Agreement.

 

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Section 1.26      “Investor
Indemnitees” shall have the meaning set forth in Section 5.01.

 

Section 1.27      “Lincoln
Park Agreement” means the purchase agreement dated December 7, 2020 by and among the Company, Ashford Hospitality
Limited Partnership, and Lincoln Park Capital Fund, LLC (“Lincoln Park”).

 

Section 1.28      “Market
Price” shall mean the lowest daily VWAP of the Common Shares during the relevant Pricing Period, other than the daily
VWAP on any Excluded Days.

 

Section 1.29      “Material
Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have (i) a
material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein,
(ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the
Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under this Agreement.

 

Section 1.30      “Material
Outside Event” shall have the meaning set forth in Section 6.08.

 

Section 1.31      “Maximum
Advance Shares” in respect of each Advance Notice means 5,000,000 Common Shares.

 

Section 1.32      “Minimum
Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in
each Advance Notice, if applicable.

 

Section 1.33      “OFAC”
shall mean the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

Section 1.34      “Ownership
Limitation” shall have the meaning set forth in Section 2.01(c)(i).

 

Section 1.35      “Person”
shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof.

 

Section 1.36      “Plan
of Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.

 

Section 1.37      “Pricing
Period” shall mean the 5 consecutive Trading Days commencing on the Trading Day immediately following the Advance Notice
Date.

 

Section 1.38      “Principal
Market” shall mean the New York Stock Exchange.

 

Section 1.39      “Purchase
Price” shall mean the price per Share obtained by multiplying the Market Price by 95%.

 

Section 1.40     “Registrable
Securities” shall mean (i) the Shares, and (ii) any securities issued or issuable with respect to any of the
foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise.

 

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Section 1.41      “Registration
Limitation” shall have the meaning set forth in Section 2.01(c)(ii).

 

Section 1.42      “Registration
Statement” ” shall mean a registration statement on Form S-11 or Form S-3 or on such other form promulgated
by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall
be available for the registration of the resale by the Investor of the Registrable Securities under the Securities Act.

 

Section 1.43      “Regulation
D” shall mean the provisions of Regulation D promulgated under the Securities Act.

 

Section 1.44     “Sanctions”
means any sanctions administered or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European
Union, Her Majesty’s Treasury, or other relevant sanctions authority.

 

Section 1.45      “Sanctions
Programs” means any OFAC economic sanction program (including, without limitation, programs related to Crimea, Cuba, Iran,
North Korea, Sudan and Syria).

 

Section 1.46      “SEC”
shall mean the U.S. Securities and Exchange Commission.

 

Section 1.47      “SEC
Documents” shall have the meaning set forth in Section 4.04.

 

Section 1.48      “Securities
Act” shall have the meaning set forth in the recitals of this Agreement.

 

Section 1.49      “Settlement
Document” shall have the meaning set forth in Section 2.02(a).

 

Section 1.50      “Shares”
shall mean the Common Shares to be issued from time to time hereunder pursuant to Advances.

 

Section 1.51      “Subsidiaries”
shall have the meaning set forth in Section 4.01.

 

Section 1.52      “Trading
Day” shall mean any day during which the Principal Market shall be open for business.

 

Section 1.53      “Transaction
Documents” shall have the meaning set forth in Section 4.02.

 

Section 1.54      “VWAP”
means, for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the Principal
Market as reported by Bloomberg L.P. during regular trading hours.

 

Article II. Advances

 

Section 2.01      Advances;
Mechanics. Subject to the terms and conditions of this Agreement (including, without limitation, the provisions of Article VII
hereof), the Company, at its sole and exclusive option, may issue and sell to the Investor, and the Investor shall purchase from
the Company, Common Shares on the following terms:

 

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		(a)	Advance Notice. At any time during the Commitment Period the Company may require the Investor
to purchase Shares by delivering an Advance Notice to the Investor, subject to the conditions set forth in Section 7.01, and
in accordance with the following provisions:

 

		(i)	The Company shall, in its sole discretion, select the Advance Shares, not to exceed the Maximum
Advance Shares, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance
Notice.

 

		(ii)	There shall be no mandatory minimum Advances and no non-usages fee for not utilizing the Commitment
Amount or any part thereof.

 

		(b)	Date of Delivery of Advance
                                         Notice. Advance Notices shall be delivered in accordance with the instructions set
                                         forth on the bottom of Exhibit A. An Advance Notice shall be deemed delivered on
                                         (i) the day it is received by the Investor if such notice is received by email prior
                                         to 6:00 p.m. Eastern Time in accordance with the instructions set forth on the bottom
                                         of Exhibit A, or (ii) the immediately succeeding day if it is received by email
                                         after 6:00 p.m. Eastern Time, in each case in accordance with the instructions set
                                         forth on the bottom of Exhibit A.

 

		(c)	Advance Limitations. Regardless of the number of Advance Shares requested by the Company
in the Advance Notice, the final number of Shares to be issued and sold pursuant to an Advance Notice shall be reduced in accordance
with each of the following limitations:

 

		(i)	Ownership Limitation; Commitment Amount. In no event shall the number of Common Shares issuable
to the Investor pursuant to an Advance cause the aggregate number of Common Shares beneficially owned (as calculated pursuant to
Section 13(d) of the Exchange Act) by the Investor and its affiliates as a result of previous issuances and sales of
Common Shares to Investor under this Agreement to exceed 4.99% of the then outstanding Common Shares (the “Ownership Limitation”).
In connection with each Advance Notice delivered by the Company, any portion of the Advance Shares that would (i) cause the
Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and sold to the Investor hereunder
to exceed the Commitment Amount shall automatically be withdrawn with no further action required by the Company, and such Advance
Notice shall be deemed automatically modified to reduce the number of Advance Shares requested by an amount equal to such withdrawn
portion; provided that in the event of any such automatic withdrawal and automatic modification, Investor will promptly notify
the Company of such event.

 

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		(ii)	Registration Limitation. In no event shall an Advance exceed the amount registered under
the Registration Statement then in effect (the “Registration Limitation”). In connection with each Advance Notice,
any portion of an Advance that would exceed the Registration Limitation shall automatically be withdrawn with no further action
required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested
Advance by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such
automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event.

 

		(d)	Minimum Acceptable Price.

 

		(i)	With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect
to such Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in
effect in connection with such Advance. Each Trading Day during a Pricing Period for which (A) with respect to each Advance
Notice with a MAP, the VWAP of the Common Shares is below the Minimum Acceptable Price in effect with respect to such Advance Notice,
or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the
amount of the Advance Shares set forth in such Advance Notice by 20% (the resulting amount of each Advance being the “Adjusted
Advance Shares”), and each Excluded Day shall be excluded from the Pricing Period for purposes of determining the Market.

 

		(ii)	The total Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted
Advance Shares) shall be automatically increased by such number of Common Shares (the “Additional Shares”) equal
to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share for each Additional
Share shall be equal to the MAP in effect with respect to such Advance Notice (without any further discount), provided that this
increase shall not cause the total Advance Shares to exceed the amount set forth in the original Advance Notice or any limitations
set forth in Section 2.01(c).

 

		(e)	Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge
and agree that upon the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an
unconditional contract binding on both parties for the purchase and sale of Shares pursuant to such Advance Notice in accordance
with the terms of this Agreement and subject to Applicable Law and (ii) subject to Section 3.08 (Trading Activities),
the Investor may sell Common Shares of the Company during the Pricing Period.

 

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Section 2.02      Closings.
The closing of each Advance and each sale and purchase of Advance Shares (each, a “Closing”) shall take place
as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. The parties acknowledge
that the Purchase Price is not known at the time the Advance Notice is delivered (at which time the Investor is irrevocably bound)
but shall be determined on each Closing based on the daily prices of the Common Stock that are the inputs to the determination
of the Purchase Price as set forth further below. In connection with each Closing, the Company and the Investor shall fulfill each
of its obligations as set forth below:

 

		(a)	On each Advance Date, the Investor shall deliver to the Company a written document, in the form
attached hereto as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to
be purchased by the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price, the
Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the
VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another reporting service
reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement. The final number
of Shares to be purchased by the Investor at the Closing for such Advance shall equal the sum of (i) the Adjusted Advance
Shares which shall be purchased at the Purchase Price, plus (ii) the aggregate number of Additional Shares elected to be purchased
by the Investor on Excluded Days during such Pricing Period (as contemplated by Section 2.01(d)(ii)) which shall be purchased
at the applicable MAP.

 

		(b)	Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event,
not later than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer
such number of Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the Investor’s
account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian System or by
such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit notification to the Investor that
such share transfer has been requested. Promptly upon receipt of such notification, the Investor shall pay to the Company the aggregate
purchase price of the Shares (as set forth in the Closing Statement) in cash in immediately available funds to an account designated
by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares
shall be issued, and any fractional amounts shall be rounded to the next higher whole number of shares. Any certificates evidencing
Common Shares delivered pursuant hereto shall be free of restrictive legends. To facilitate the transfer of the Common Shares by
the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering
such Common Shares.

 

		(c)	On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other
all documents, instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order
to implement and effect the transactions contemplated herein.

 

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		(d)	Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period
(i) the Company notifies Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor
of a Black Out Period, the parties agree that the pending Advance shall end and the final number of Shares to be purchased by the
Investor at the Closing for such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable
Pricing Period prior to the notification from the Company of a Material Outside Event or Black Out Period.

 

Section 2.03      Hardship.

 

		(a)	In the event the Investor sells Common Shares after receipt of an Advance Notice and the Company
fails to perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled
at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss,
claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such
default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed
that the Investor shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically
enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security,
the terms and provisions of this Agreement.

 

		(b)	In the event the Company provides an Advance Notice and the Investor fails to perform its obligations
as mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set
forth in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity, including,
without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Investor and acknowledges
that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled
to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities
Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of
this Agreement.

 

Section 2.04      Completion
of Resale Pursuant to the Registration Statement. After the Investor has purchased the full Commitment Amount and has completed
the subsequent resale of the full Commitment Amount pursuant to the Registration Statement, Investor will notify the Company
that all subsequent resales are completed and the Company will be under no further obligation to maintain the effectiveness of
the Registration Statement.

 

Article III. Representations and
Warranties of Investor

 

Investor hereby represents
and warrants to, and agrees with, the Company that the following are true and correct as of the date hereof and as of each Advance
Notice Date and each Advance Date:

 

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Section 3.01      Organization
and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands
and has all requisite power and authority to execute, deliver and perform this Agreement, including all transactions contemplated
hereby. The decision to invest and the execution and delivery of this Agreement by the Investor, the performance by the Investor
of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have been duly authorized
and require no other proceedings on the part of the Investor. The undersigned has the right, power and authority to execute and
deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly executed
and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute
the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms.

 

Section 3.02      Evaluation
of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating
the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting
its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment
in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment.

 

Section 3.03      No
Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this
Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor
is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the Company’s
representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common
Shares hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the Investor acknowledges
that the Investor may lose all or a part of its investment.

 

Section 3.04    Investment
Purpose. The Common Shares purchased by the Investor hereunder are being or will be purchased for its own account, for investment
purposes, and without any view or intention to distribute such shares in violation of the Securities Act or any other applicable
securities laws. The Investor agrees not to assign or in any way transfer the Investor’s rights to the securities or any
interest therein or its obligations under this Agreement and acknowledges that the Company will not recognize any purported assignment
or transfer except in accordance with applicable Federal and state securities laws. No other Person has or will have a direct or
indirect beneficial interest in the securities. The Investor agrees not to sell, hypothecate or otherwise transfer the Investor’s
Common Shares unless the sale of such shares is registered under Federal and applicable state securities laws or unless, in the
opinion of counsel satisfactory to the Company, an exemption from such registration is available.

 

Section 3.05      Accredited
Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of
Regulation D.

 

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Section 3.06      Information.
The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances
and operations of the Company and information the Investor deemed material to making an informed investment decision. The Investor
and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management
and have received answers to such questions. Neither such inquiries nor any other due diligence investigations conducted by such
Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s
right to rely on the Company’s representations and warranties contained in this Agreement. The Investor acknowledges and
agrees that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations
and warranties of the Company, its employees or any third party other than the representations and warranties of the Company contained
in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting,
legal and tax advice, as it has considered necessary to make an informed investment decision with respect to the transactions
contemplated hereby.

 

Section 3.07      Not
an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with the Company or any “affiliate” of the Company
(as that term is defined in Rule 405 promulgated under the Securities Act).

 

Section 3.08      Trading
Activities. The Investor’s trading activities with respect to the Common Shares shall be in compliance with all applicable
federal and state securities laws, rules and regulations and the rules and regulations of the Principal Market. Neither
the Investor nor its affiliates has any open short position in the Common Shares, nor has the Investor entered into any hedging
transaction that establishes a net short position with respect to the Common Shares, and the Investor agrees that it shall not,
and that it will cause its affiliates not to, engage in any short sales or hedging transactions with respect to the Common Shares;
provided that the Company acknowledges and agrees that upon receipt of an Advance Notice the Investor has the right to
sell (a) the Shares to be issued to the Investor pursuant to the Advance Notice prior to receiving such Shares, or (b) other
Common Shares sold by the Company to Investor pursuant to this Agreement and which the Company has continuously held as a long
position.

 

Section 3.09      General
Solicitation. Neither the Investor, nor any of its affiliates, nor any person acting on its or their behalf, has engaged or
will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with
any offer or sale of the Common Shares by the Investor.

 

Article IV. Representations and
Warranties of the Company

 

Except as set forth
in the SEC Documents, or in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify
any representation or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of
the Disclosure Schedules or in another Section of the Disclosure Schedules, to the extent that it is reasonably apparent
on the face of such disclosure that such disclosure is applicable to such Section, the Company represents and warrants to the
Investor that, as of the date hereof, each Advance Notice Date and each Advance Date (other than representations and warranties
which address matters only as of a certain date, which shall be true and correct as written as of such certain date), that:

 

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Section 4.01      Organization
and Qualification. Each of the Company and its Subsidiaries (as defined below) is an entity duly organized and validly existing
under the laws of its state of organization or incorporation, and has the requisite power and authority to own its properties and
to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and
is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes
such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a
Material Adverse Effect. “Subsidiaries” means any Person (as defined below) in which the Company, directly or
indirectly, (x) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (y) controls
or operates all or any part of the business, operations or administration of such Person, and each of the foregoing, is individually
referred to herein as a “Subsidiary.”

 

Section 4.02      Authorization,
Enforcement, Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the
terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction Documents, and
the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
of the Common Shares) have been or (with respect to consummation) will be duly authorized by the Company’s board of directors
and no further consent or authorization will be required by the Company, its board of directors or its shareholders. This Agreement
and the other Transaction Documents to which it is a party have been (or, when executed and delivered, will be) duly executed and
delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when
duly executed and delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company
in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by
federal or state securities law. “Transaction Documents” means, collectively, this Agreement and each of the
other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated
hereby and thereby, as may be amended from time to time.

 

Section 4.03      No
Conflict. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not
(i) result in a violation of the articles of incorporation or other organizational documents of the Company or its Subsidiaries
(with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby
are consummated), (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or its Subsidiaries is a party, including without limitation the Lincoln Park Agreement,
or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations) applicable to the Company or its Subsidiaries or by which any property or asset of the Company or its Subsidiaries
is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not
reasonably be expected to have a Material Adverse Effect.

 

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Section 4.04       SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the SEC pursuant to Section 15(d) of the Exchange Act for the two years preceding the date hereof
(or such shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within
two years preceding the date hereof or amended after the date hereof, or filed after the date hereof, and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements
filed by the Company under the Securities Act, being hereinafter referred to as the “SEC Documents”). The Company
has made available to the Investor through the SEC’s website at http://www.sec.gov, true and complete copies of the SEC Documents.
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act or
the Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company
included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally
accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated
in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they
may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position
of the Company as of the respective dates thereof and the results of its operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments).

 

Section 4.05       Equity
Capitalization. As of the date hereof, the authorized capital of the Company consists of 400,000,000 authorized Common Shares
and 50,000,000 authorized preferred shares. As of the date hereof, (i) 68,936,277 Common Shares are issued and outstanding,
(ii) 1,791,461 shares of 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, are issued and
outstanding, (iii) 2,776,971 shares of 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, are issued
and outstanding, (iv) 4,341,723 shares of 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, are
issued and outstanding, (v) 2,578,417 shares of 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share,
are issued and outstanding, and (vi) 3,268,504 shares of 7.50% Series I Cumulative Preferred Stock, par value $0.01 per
share, are issued and outstanding.

 

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Section 4.06       Intellectual
Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and rights, if any, necessary to conduct their respective businesses as
now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written
notice of any infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights,
inventions, licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a
Material Adverse Effect. To the knowledge of the Company, there is no claim, action or proceeding being made or brought against,
or to the Company’s knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name,
patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret
or other infringement; and, except as would not cause a Material Adverse Effect, the Company is not aware of any facts or circumstances
which might give rise to any of the foregoing.

 

Section 4.07       Employee
Relations. Neither the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company
or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse
Effect.

 

Section 4.08      Environmental
Laws. The Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in all material
respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required
of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received written notice
alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing
clauses (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws
relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand
letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder.

 

Section 4.09       Title.
Except as would not cause a Material Adverse Effect, the Company (or its Subsidiaries) have indefeasible fee simple or leasehold
title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim
or equitable interest other than such as are not material to the business of the Company. Any real property and facilities held
under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company
and its Subsidiaries.

 

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Section 4.10      Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.

 

Section 4.11      Regulatory
Permits. Except as would not cause a Material Adverse Effect, the Company and its Subsidiaries possess all material certificates,
authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective
businesses, and neither the Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permits.

 

Section 4.12      Internal
Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general
or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

 

Section 4.13      Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Company’s
Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.

 

Section 4.14    Subsidiaries.
The Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, association
or other business entity.

 

Section 4.15      Tax
Status. Each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and
all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid
all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
The Company has not received written notification any unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to
pay would cause a Material Adverse Effect.

 

    - 14 -

     

    

 

Section 4.16      Certain
Transactions. Except as not required to be disclosed pursuant to Applicable Law, none of the officers or directors of the
Company is presently a party to any transaction with the Company (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge
of the Company, any corporation, partnership, trust or other entity in which any officer or director has a substantial interest
or is an officer, director, trustee or partner.

 

Section 4.17     Rights
of First Refusal. The Company is not obligated to offer the Common Shares offered hereunder on a right of first refusal basis
or otherwise to any third parties including, but not limited to, current or former shareholders of the Company, underwriters, brokers,
agents or other third parties.

 

Section 4.18      Dilution.
The Company is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to existing shareholders and
could significantly increase the outstanding number of Common Shares.

 

Section 4.19      Acknowledgment
Regarding Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the
capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company
further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives
or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s
purchase of the Shares hereunder. The Company is aware and acknowledges that it shall not be able to request Advances under this
Agreement if the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate
any rules of the Principal Market.

 

Section 4.20      Sanctions
Matters. Neither the Company, nor any Subsidiary of the Company, nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary of the Company, is a Person that is, or is owned or controlled by
a Person that is:

 

		(a)	on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC from time
to time;

 

		(b)	the subject of any Sanctions; or

 

		(c)	has a place of business in, or is operating, organized, resident or doing business in a country
or territory that is, or whose government is, the subject of Sanctions Programs (including without limitation Crimea, Cuba, Iran,
North Korea, Sudan and Syria).

 

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Article V. Indemnification

 

The Investor and the
Company represent to the other the following with respect to itself:

 

Section 5.01       Indemnification
by the Company. In consideration of the Investor’s execution and delivery of this Agreement, and in addition to all of
the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the
Investor, and all of its officers, directors, partners, employees and agents (including, without limitation, those retained in
connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party
to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising
out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the Investor specifically for inclusion
therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company
in this Agreement or any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach
of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate,
instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable
under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities, which is permissible under Applicable Law.

 

Section 5.02       Indemnification
by the Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of
the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the
Company and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in
connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”)
from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising
out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf
of the Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement
or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or
breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby
or thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor(s) contained
in this Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To
the extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Law, the Investor shall make the
maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable
Law.

 

    - 16 -

     

    

 

Section 5.03       Notice
of Claim. Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or
Company Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made against any
indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but
the failure to so notify the indemnifying party will not relieve it of liability under this Article V except to the extent
the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company
Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain
its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee
or Company Indemnitee to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other
party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with
the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which
relates to such action or claim. The indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised
as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the Investor Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or
Company Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification
required by this Article V shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received and payment therefor is due.

 

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Section 5.04       Remedies.
The remedies provided for in this Article V are not exclusive and shall not limit any right or remedy which may be available
to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V
shall survive expiration or termination of this Agreement for a period of three years. Notwithstanding anything to the contrary
under this Agreement or Applicable Law, no party shall be entitled to any indemnification pursuant to this Article V (other
than claims for any damages resulting from fraud) until the aggregate amount of all such damages that would otherwise be indemnifiable
to such party equals or exceeds $25,000 (the “Basket”), at which time such party shall be entitled to indemnification
for the full amount of all damages (including all damages incurred prior to exceeding the Basket).

 

Section 5.05    Limitation
of liability. Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive, indirect,
incidental or consequential damages.

 

Article VI.

Covenants of the Company

 

Section 6.01       Registration
Statement.

 

		(a)	Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration
Statement, or multiple Registration Statements for the resale by the Investor of Registrable Securities. The Company in its sole
discretion may chose when to file such Registration Statements; provided, however, that the Company shall not have the ability
to request any Advances until the effectiveness of a Registration Statement.

 

		(b)	Maintaining a Registration Statement. The Company shall maintain the effectiveness of any
Registration Statement that has been declared effective at all times during the Commitment Period, provided, however, that if the
Company has received notification pursuant to Section 2.04 that the Investor has completed resales pursuant to the Registration
Statement for the full Commitment Amount, then the Company shall be under no further obligation to maintain the effectiveness of
the Registration Statement. Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that,
when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus
(including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary
to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading.
During the Commitment Period, the Company shall notify the Investor promptly if (i) the Registration Statement shall cease
to be effective under the Securities Act, (ii) the Common Shares shall cease to be authorized for listing on the Principal
Market, (iii) the Common Shares cease to be registered under Section 12(b) or Section 12(g) of the Exchange
Act or (iv) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company
under the Exchange Act.

 

    - 18 -

     

    

 

		(c)	Filing Procedures. Not
                                         less than one business days prior to the filing of a Registration Statement and not less
                                         than one business day prior to the filing of any related amendments and supplements to
                                         any Registration Statements (except for any amendments or supplements caused by the filing
                                         of any annual reports on Form 10-K, quarterly reports on Form 10-Q, current
                                         reports on Form 8-K, and any similar or successor reports), the Company shall furnish
                                         to the Investor copies of all such documents proposed to be filed, which documents (other
                                         than those filed pursuant to Rule 424 promulgated under the Securities Act) will
                                         be subject to the reasonable and prompt review of the Investor. The Investor shall furnish
                                         comments on a Registration Statement and any related amendment and supplement to a Registration
                                         Statement to the Company within 24 hours of the receipt thereof. If the Investor fails
                                         to provide comments to the Company within such 24-hour period, then the Registration
                                         Statement, related amendment or related supplement, as applicable, shall be deemed accepted
                                         by the Investor in the form originally delivered by the Company to the Investor.

 

		(d)	Delivery of Final Documents. The Company shall furnish to the Investor without charge, (i) at
least one copy of each Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) at
the request of the Investor, at least one copy of the final prospectus included in such Registration Statement and all amendments
and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents
as the Investor may reasonably request from time to time in order to facilitate the disposition of the Common Shares owned by the
Investor pursuant to a Registration Statement. Filing of the forgoing with the SEC via its EDGAR system shall satisfy the requirements
of this section.

 

		(e)	Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a Registration Statement and the related prospectus used
in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the
Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period, and
prepare and file with the SEC such additional Registration Statements in order to register for resale under the Securities Act
all of the Registrable Securities; (ii) cause the related prospectus to be amended or supplemented by any required prospectus
supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424 promulgated
under the Securities Act; (iii) provide the Investor copies of all correspondence from and to the SEC relating to a Registration
Statement (provided that the Company may excise any information contained therein which would constitute material non-public information,
and (iv) comply with the provisions of the Securities Act with respect to the disposition of all Common Shares of the Company
covered by such Registration Statement until such time as all of such Common Shares shall have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant
to this Section 6.01(e)) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K
or any analogous report under the Exchange Act, the Company shall file such report in a Prospectus Supplement filed pursuant to
Rule 424 promulgated under the Securities Act to incorporate such filing into the Registration Statement, if applicable, or
shall file such amendments or supplements with the SEC either on the day on which the Exchange Act report is filed which created
the requirement for the Company to amend or supplement the Registration Statement, if feasible, or otherwise promptly thereafter.

 

    - 19 -

     

    

 

		(f)	Blue-Sky. The Company shall use its commercially reasonable efforts to, if required by Applicable
Law, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue
sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as
may be necessary to maintain the effectiveness thereof during the Commitment Period, (iii) take such other actions as may
be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take
all other actions reasonably necessary or advisable to qualify the Common Shares for sale in such jurisdictions; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Articles
of Incorporation or Bylaws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 6.01(f), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company
of any notification with respect to the suspension of the registration or qualification of any of the Common Shares for sale under
the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

Section 6.02       Suspension
of Registration Statement.

 

		(a)	Establishment of a Black Out Period. During the Commitment Period, the Company from time
to time may suspend the use of the Registration Statement by written notice to the Investor in the event that the Company determines
in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material nonpublic information
concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests
of the Company or (B) amend or supplement the Registration Statement or prospectus so that such Registration Statement or
prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (a “Black
Out Period”).

 

    - 20 -

     

    

 

		(b)	No Sales by Investor During the Black Out Period. During such Black Out Period, the Investor
agrees not to sell any Common Shares of the Company.

 

		(c)	Limitations on the Black Out Period. The Company shall not
impose any Black Out Period that is longer than 45 days or in a manner that is more restrictive (including, without limitation,
as to duration) than the comparable restrictions that the Company may impose on transfers of the Company’s equity securities
by its directors and senior executive officers. In addition, the Company shall not deliver any Advance Notice during any Black
Out Period. If the public announcement of such material, nonpublic information is made during a Black Out Period, the Black Out
Period shall terminate immediately after such announcement, and the Company shall immediately notify the Investor of the termination
of the Black Out Period.

 

Section 6.03       Listing
of Common Shares. As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been
registered under Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official
notice of issuance.

 

Section 6.04       Opinion
of Counsel. Prior to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received
an opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor.

 

Section 6.05       Exchange
Act Registration. The Company will file in a timely manner all reports and other documents required of it as a reporting company
under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder)
to terminate or suspend its reporting and filing obligations under the Exchange Act.

 

Section 6.06       Transfer
Agent Instructions. For any time while there is a Registration Statement in effect for this transaction, the Company shall
(if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent
for the Common Shares (with a copy to the Investor) instructions to issue Common Shares to the Investor free of restrictive legends
upon each Advance if the delivery of such instructions are consistent with Applicable Law.

 

Section 6.07       Corporate
Existence. The Company will use commercially reasonable efforts to preserve and continue the corporate existence of the Company
during the Commitment Period.

 

    - 21 -

     

    

 

Section 6.08       Notice
of Certain Events Affecting Registration; Suspension of Right to Make an Advance. The Company will promptly notify the Investor,
and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement
or related prospectus relating to an offering of Common Shares (in each of which cases the information provided to Investor will
be kept strictly confidential): (i) except for requests made in connection with SEC investigations disclosed in the SEC Documents,
receipt of any request for additional information by the SEC or any other Federal or state governmental authority during the period
of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related
prospectus; (ii) the issuance by the SEC or any other Federal governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction
or the initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement
made in the Registration Statement or related prospectus of any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, related prospectus or
documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in
the case of the related prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or of the necessity to amend the Registration Statement or supplement a related prospectus to comply with
the Securities Act or any other law; and (v) the Company’s reasonable determination that a post-effective amendment
to the Registration Statement would be appropriate; and the Company will promptly make available to the Investor any such supplement
or amendment to the related prospectus. The Company shall not deliver to the Investor any Advance Notice, and the Company shall
not sell any Shares pursuant to a Registration Statement (other than as required pursuant to Section 2.02(d)), during the
continuation of any of the foregoing events (each of the events described in the immediately preceding clauses (i) through
(v), inclusive, a “Material Outside Event”).

 

Section 6.09       Consolidation.
If an Advance Notice has been delivered to the Investor, then the Company shall not effect any consolidation of the Company with
or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated
in such Advance Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance
have been received by the Investor.

 

Section 6.10       Issuance
of the Company’s Common Stock. The issuance and sale of the Common Shares hereunder shall be made in accordance with
the provisions and requirements of Section 4(a)(2) of the Securities Act and any applicable state securities law.

 

Section 6.11       Market
Activities. The Company will not, directly or indirectly, take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company under
Regulation M of the Exchange Act.

 

    - 22 -

     

    

 

Section 6.12      Expenses.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all
expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing
and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and
supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all
fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees
and disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under
securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the
printing and delivery of copies of any prospectus and any amendments or supplements thereto, (vi) the fees and expenses incurred
in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of
the SEC and the Principal Market.

 

Section 6.13      Current
Report. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers,
directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or
any of its Subsidiaries without the express prior written consent of the Investor (which may be granted or withheld in the Investor’s
sole discretion); it being understood that the mere notification of Investor required pursuant to Section 6.08(iv) hereof
shall not in and of itself be deemed to be material non-public information. Notwithstanding anything contained in this Agreement
to the contrary, the Company expressly agrees that it shall publicly disclose, no later than four 45 days following the date hereof,
but in any event prior to delivering the first Advance Notice hereunder, any information communicated to the Investor by or, to
the knowledge of the Company, on behalf of the Company in connection with the transactions contemplated herein, which, following
the date hereof would, if not so disclosed, constitute material, non-public information regarding the Company or its Subsidiaries.

 

Section 6.14      Advance
Notice Limitation. The Company shall not deliver an Advance Notice if a shareholder meeting or corporate action date, or the
record date for any shareholder meeting or any corporate action, would fall during the period beginning two Trading Days prior
to the date of delivery of such Advance Notice and ending two Trading Days following the Closing of such Advance.

 

Section 6.15      Use
of Proceeds. The Company will use the proceeds from the sale of the Common Shares hereunder for working capital and other general
corporate purposes or, if different, in a manner consistent with the application thereof described in the Registration Statement.
Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated herein,
or lend, contribute, facilitate or otherwise make available such proceeds to any Person (i) to fund, either directly
or indirectly, any activities or business of or with any Person that is identified on the list of Specially Designated Nationals
and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of such funding, is, or whose government
is, the subject of Sanctions or Sanctions Programs, or (ii) in any other manner that will result in a violation of Sanctions.

 

Section 6.16      Compliance
with Laws. The Company shall comply in all material respects with all Applicable Laws.

 

    - 23 -

     

    

 

Section 6.17          No
Lincoln Park Utilization. The Company shall not provide a Purchase Notice (as defined in the Lincoln Park Agreement) to Lincoln
Park or otherwise utilize the Lincoln Park Agreement or any future equity line agreement with Lincoln Park (including without
limitation completing any Regular Purchase, Accelerated Purchase, or Additional Accelerated Purchase (each as defined in the Lincoln
Park Agreement or any future equity line agreement with Lincoln Park, as applicable) or otherwise) during the period beginning
5 Trading Days immediately prior to the date of delivery of an Advance Notice hereunder and expiring 5 Trading Days following
the Closing of such Advance.

 

Article VII.

Conditions for Delivery of Advance Notice

 

Section 7.01          Conditions
Precedent to the Right of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice and
the obligations of the Investor hereunder with respect to an Advance is subject to the satisfaction by the Company, on each Advance
Notice Date (a “Condition Satisfaction Date”), of each of the following conditions:

 

		(a)	Accuracy of the Company’s Representations and Warranties. The representations and
warranties of the Company in this Agreement shall be true and correct in all material respects.

 

		(b)	Registration of the Common Shares with the SEC. There is an effective Registration Statement
pursuant to which the Investor is permitted to utilize the prospectus thereunder to resell all of the Common Shares issuable pursuant
to such Advance Notice. The Company shall have filed with the SEC in a timely manner all reports, notices and other documents required
under the Exchange Act and applicable SEC regulations during the twelve-month period immediately preceding the applicable Condition
Satisfaction Date.

 

		(c)	Authority. The Company shall have obtained all permits and qualifications required by any
applicable state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability
of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and regulations to
which the Company is subject.

 

		(d)	No Material Outside Event. No Material Outside Event shall have occurred and be continuing.

 

		(e)	Performance by the Company. The Company shall have performed, satisfied and complied in
all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by the Company at or prior the applicable Condition Satisfaction Date.

 

		(f)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that
prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.

 

    - 24 -

     

    

 

		(g)	No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted
trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading
on the Principal Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the shareholder
approval requirements of the Principal Market. The Company shall not have received any written notice threatening the continued
quotation of the Common Shares on the Principal Market.

 

		(h)	Authorized. There shall be a sufficient number of authorized but unissued and otherwise
unreserved Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice.

 

		(i)	Executed Advance Notice. The representations contained in the applicable Advance Notice
shall be true and correct in all material respects as of the applicable Condition Satisfaction Date.

 

		(j)	Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company
shall have delivered all Shares relating to all prior Advances, and at least 5 Trading Days shall have elapsed from the immediately
preceding Advance Date.

 

Article VIII.

Non-Disclosure of Non-Public Information

 

The Company covenants and agrees that,
other than as expressly required by Section 6.08 hereof, it shall refrain from disclosing, and shall cause its officers, directors,
employees and agents to refrain from disclosing, any material non-public information (as determined under the Securities Act, the
Exchange Act, or the rules and regulations of the SEC) to the Investor without also disseminating such information to the
public, unless prior to disclosure of such information the Company identifies such information as being material non-public information
and provides the Investor with the opportunity to accept or refuse to accept such material non-public information for review. Unless
specifically agreed to in writing, in no event shall the Investor have a duty of confidentially, or be deemed to have agreed to
maintain information in confidence, with respect to the delivery of any Advance Notices.

 

Article IX.

Non Exclusive Agreement

 

Notwithstanding anything
contained herein, this Agreement and the rights awarded to the Investor hereunder are non-exclusive, and, subject to the provisions
in Section 6.13, the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake
to issue and allot, any shares and/or securities and/or convertible notes, bonds, debentures, options to acquire shares or other
securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company,
and to extend, renew and/or recycle any bonds and/or debentures, and/or grant any rights with respect to its existing and/or future
share capital.

 

    - 25 -

     

    

 

Article X.

Choice of Law/Jurisdiction

 

This Agreement shall
be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflict
of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent
to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the United States District
Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant
to this Agreement.

 

Article XI. Assignment; Termination

 

Section 11.01        Assignment.
Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person.

 

Section 11.02        Termination.

 

		(a)	Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
                                                                 on the earliest of (i) the first day of the month next following the 36-month anniversary of the date hereof or
                                                                 (ii) the date on which the Investor shall have made payment of Advances pursuant to this Agreement for Common Shares
                                                                 equal to the Commitment Amount.

 

		(b)	The Company may terminate this Agreement effective upon fifteen Trading Days’ prior written
notice to the Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet
to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may
be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent
unless otherwise provided in such written consent.

 

		(c)	Nothing in this Section 11.02 shall be deemed to release the Company or the Investor from
any liability for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance
by the other party of its obligations under this Agreement. The indemnification provisions contained in Article V shall survive
termination hereunder.

 

Article XII. Notices

 

Other than with respect
to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01(b), any notices,
consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile or e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5
days after being sent by U.S. certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications (except for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be:

 

    - 26 -

     

    

 

	If to the Company, to:	
        Ashford Hospitality Trust, Inc.

        14185 Dallas Parkway, Suite 1100

        Dallas, TX 75254

	 	Attention: Deric Eubanks
	 	
        Telephone: (972) 490-9600

        Email: rhaiman@ashfordinc.com

        Attention: Robert Haiman

	
         

        With a copy to (which shall not constitute notice or
delivery of process) to:
	 
	 	
        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, NY 10281

        Attention: Gregory P. Patti, Jr.

        Telephone: (212) 504-6780

        Email: greg.patti@cwt.com

 

	If to the Investor(s):	YA II PN, Ltd.
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: 	Mark Angelo      
	 		Portfolio Manager
	 	Telephone: 	(201) 985-8300 
	 	
        Email: mangelo@yorkvilleadvisors.com

         

	 	 
	
        With a Copy (which shall not constitute notice or delivery
        of process) to:
	
        David Fine, Esq.

        1012 Springfield Avenue

        Mountainside, NJ 07092

	 	Telephone: 	(201) 985-8300
	 	Email:	 legal@yorkvilleadvisors.com

 

Either may change its information contained
in this Article XII by delivering notice to the other party as set forth herein.

 

    - 27 -

     

    

 

Article XIII. Miscellaneous

 

Section 13.01        Counterparts.
This Agreement may be executed in identical counterparts, both which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically
scanned and delivered signatures, including by e-mail attachment, shall be deemed originals for all purposes of this Agreement.

 

Section 13.02        Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Investor, the Company,
their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement
contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth
herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement.

 

Section 13.03        Reporting
Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume
of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto.
The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity.

 

Section 13.04        Structuring
and Due Diligence Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants,
appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except
that the Company shall pay to YA Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000,
which has been previously received.

 

Section 13.05        Brokerage.
Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker
who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other
hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any person claiming brokerage
commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in
connection with this Agreement or the transactions contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Standby Equity Distribution Agreement to be executed by the undersigned, thereunto duly authorized,
as of the date first set forth above.

 

	 	COMPANY:
	 	Ashford Hospitality Trust, Inc.
	 	 
	 	By:	/s/ J. Robison Hays, III
	 	Name:	 J. Robison Hays, III
	 	Title: 	President and Chief Executive Officer

 

	 	INVESTOR:
	 	YA II PN,Ltd.
	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	 Investment Manager
	 	 
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 
	 	 	By:	/s/ Matt Beckman
	 	 	Name:	Matt Beckman
	 	 	Title:	Member

   

    - 29 -

     

    

 

EXHIBIT A

ADVANCE NOTICE

 

ASHFORD HOSPITALITY TRUST, INC.

 

		Dated: ________________	Advance
                                         Notice Number: _____

 

The undersigned, _______________________,
hereby certifies, with respect to the sale of Common Shares of ASHFORD HOSPITALITY TRUST, INC.
(the “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby
Equity Distribution Agreement, dated as of January 22, 2021 (the “Agreement”), as follows:

 

1.            The
undersigned is the duly elected ______________ of the Company.

 

2.            There
are no fundamental changes to the information set forth in the Registration Statement which would require the Company to file a
post-effective amendment to the Registration Statement.

 

3.         The
Company has performed in all material respects all covenants and agreements to be performed by the Company contained in this Agreement
on or prior to the Advance Notice Date. All conditions to the delivery of this Advance Notice are satisfied as of the date hereof.

 

4.            The
number of Advance Shares the Company is requesting is _____________________.

 

5.            The
Minimum Acceptable Price with respect to this Advance Notice is _________ (if left blank then no Minimum Acceptable Price will
be applicable to this Advance).

 

6.            The
number of Common Shares of the Company outstanding as of the date that is two days prior to the date hereof is ___________.

 

The undersigned has
executed this Advance Notice as of the date first set forth above.

 

	 	ASHFORD HOSPITALITY TRUST, INC.
	 	 
	 	By:	            

 

Please deliver this Advance Notice by
email to:

 

Email: Trading@yorkvilleadvisors.com

Attention: Trading Department and Compliance
Officer

Confirmation
Telephone Number: (201) 985-8300.

 

     

     

    

 

EXHIBIT B

 

 

FORM OF SETTLEMENT DOCUMENT

 

VIA EMAIL

 

ASHFORD HOSPITALITY TRUST, INC.

Attn:

Email:

 

	 	Below please find the settlement information with respect to the Advance Notice Date of:	 
	1.	Number of Advance Shares requested in the Advance Notice	 
	2.	Minimum Acceptable Price for this Advance (if any)	 
	3.	Number of Excluded Days (if any)	 
	4.	Adjusted Advance Shares (after taking into account any adjustments pursuant to Section 2.01):	 
	5.	Market Price	 
	6.	Purchase Price (Market Price x 95%) per share	 
	7.	Number of Shares due to Investor	 
	 

                                                                                                  If there were any Excluded Days then add the following (see Section 2.01(d)):

                                                                                 

	8.	Number of Additional Shares to be issued to Investor	 
	9.	Additional amount to be paid to the Company by the Investor (Additional Shares in number 8 x Minimum Acceptable Price)	 
	10.	Total Amount to be paid to Company (Purchase Price in number 6 + Additional amount in number 8):	 
	11.	Total Shares to be issued to Investor (Shares due to Investor in number 7 + Additional Shares in number 8):	 

 

Please issue the number of Shares due to the Investor to the account of the Investor as follows:

 

Investor’s
DTC participant #:

 

ACCOUNT NAME:

ACCOUNT NUMBER:

ADDRESS:

CITY:

COUNTRY:

Contact person:

Number and/or email:

 

    

     

    

 

	 	 	Sincerely,
	 
	 	 	YA II PN, LTD.
	 
	Approved By ASHFORD HOSPITALITY TRUST, INC.:
	 
	 	 	 
	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]