Document:

SECURITIES PURCHASE AGREEMENT

This Securities
Purchase Agreement (this “Agreement”) is dated as of December 20, 2019, between Rocky Mountain High Brands,
Inc., a Nevada corporation (the “Company”), and the purchaser identified on the signature page hereto (including
its successors and assigns, the “Purchaser”).

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser,
and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser agrees as follows:

 

ARTICLE I.

DEFINITIONS

1.1       Definitions.
In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have
the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have the meanings
set forth in this Section 1.1:

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

“Additional
Closing Date(s)” means, for so long as the Agreement remains in effect and/or until the entire Subscription Amount has
been paid, the Purchaser shall purchase at least 100 Preferred Shares every thirty (30) calendar days.

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

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

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

“Certificate
of Designation” means the Certificate of Designation to be filed prior to the Closing by the Company with the Secretary
of State of the State of Nevada, in the form of Exhibit A attached hereto.

    	 		 

    	 

    

 

“Closing
Dates” means the Trading Days on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto in connection with each Closing, and, to the extent applicable, all conditions precedent to (i) the Purchaser’s
obligations to pay the Subscription Amount as to the Closing and (ii) the Company’s obligations to deliver the Securities
as to the Closing, in each case, have been satisfied or waived.

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1, which shall occur on the First Closing Date,
and/or any Additional Closing Dates. The Closing on the First Closing Date will be for the purchase of 100 Preferred Shares at
the purchase price of $100,000. Any Additional Closing Dates will be for the purchase of at least 100 Preferred Shares at the Purchase
Price of at least $100,000 or $1,000 per Preferred Share.

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

“Commitment
Shares” means thirty (30) Preferred Shares issued upon the First Closing as an equity incentive.

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

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

“Company
Counsel” means Laxague Law, Inc., 1 East Liberty, Suite 600, Reno, NV 89501.

“Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

“Dividend”
means twelve percent (12%) of the stated value of any purchased Preferred Share, paid quarterly by the Company, and at the Company’s
discretion in cash or in Preferred Stock...

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(r).

 

“Event
of Default” means any of the following events: (i)the suspension, cessation from trading or delisting of the Company's
Common Stock on the Principal Market for a period of two (2) consecutive trading days or more; (ii) the failure by the Company
to timely comply with the reporting

 

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requirements of the Exchange Act (including applicable extension periods); (iii) the failure
for any reason by the Company to issue Commitment Shares, Dividends or Conversion Shares to the Purchaser within the required time
periods; (iv) the Company breaches any representation, warranty, covenant or other term of condition contained in the definitive
agreements between the parties; (v) the Company files for Bankruptcy or receivership or any money judgment writ, liquidation or
a similar process is entered by or filed against the Company for more than $50,000 and remains unvacated, unbonded or unstayed
for a period of twenty (20) calendar days; (vi) any cessation of operations by the Company or failure by the Company to maintain
any assets, intellectual, personal or real property or other assets which are necessary to conduct its business (vii) the Company
shall lose the "bid" price for its Common stock on the Principal Market; or (viii) if at any time the Common Stock is
no longer DWAC eligible.

 

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

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“First
Closing Date” means the date on which the first Closing hereunder occurs, which shall be the date of the execution and
delivery of this Agreement.

“GAAP”
means generally accepted accounting principles in the U.S.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred
Stock” means, for each Closing, 100 shares of the Company’s Series F Preferred Stock issued hereunder having the
rights, preferences and privileges set forth in the Certificate of Designation, in the form of Exhibit A hereto, and up
to 1,680 shares of Preferred Stock in the aggregate.

 

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“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.7.

 

“Registration
Statement” means any Registration Statement under which the shares of the Company’s common stock is registered.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

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

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(g).

 

“Securities”
means the Preferred Stock or the common shares into which the Preferred Stock is Converted.

 

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

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Stated
Value” means $1,200 per share of Series F Preferred Stock.

 

“Subscription
Amount” shall mean the aggregate amount to be paid for the Preferred Stock purchased hereunder as specified on the signature
page under the heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

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“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, the OTCQB or the OTC Markets (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Certificate of Designation, all exhibits and schedules thereto and hereto and any
other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Action Stock Transfer the current transfer agent of the Company, with a mailing address of 2469 E. Fort
Union Blvd, Suite 214, Salt Lake City, UT 84121 and any successor transfer agent of the Company.

ARTICLE II.

PURCHASE AND SALE

2.1             
Closings. Upon the terms and subject to the conditions set forth herein, the Company
agrees to sell, and the Purchaser agrees to purchase, in each Closing, up to 100 shares of Preferred Stock at price of $1,000 per
share of Preferred Stock. The initial Closing shall be substantially concurrent with the execution and delivery of this Agreement
by the parties hereto. Additional Closings shall occur, at the option of the Company, upon delivery by the Company to the Purchaser
of the Form of Closing Notice attached hereto. Each Closing Notice may be transmitted to the Purchaser not less than thirty (30)
days after the prior Closing. The Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available
funds equal to the Purchaser’s Subscription Amount as set forth on the signature page hereto executed by the Purchaser, and
the Company shall deliver to the Purchaser such number of shares of the Preferred Stock purchased, as determined pursuant to Section
2.2(a) and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of
the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Company Counsel or such
other location as the parties shall mutually agree. 

(a)        If
the Company’s average trading volume for the thirty (30) trading days preceding a relevant Closing equals at least fifty
thousand dollars ($50,000) per day, the Company, at its discretion, may increase the subscription amount for the relevant Closing
to one hundred and fifty (150) Preferred Shares.

		2.2	Deliveries.

(a)               
On or prior to each Closing Date (or as otherwise indicated below), the Company shall deliver
or cause to be delivered to the Purchaser the following:

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(i)                
At the First Closing, this Agreement duly executed by the Company; and, a certificate evidencing
130 shares of Preferred Stock, representing the Purchased Shares and the Commitment Shares;

(ii)              
At each Closing, a certificate evidencing a number of shares of Preferred Stock equal to the
Purchaser’s Subscription Amount divided by $1,000, registered in the name of the Purchaser and evidence of the filing and
acceptance of the Certificate of Designation from the Secretary of State of Nevada; and

(iii)            
An irrevocable letter of instruction to the Company's Transfer Agent, instructing the Transfer
agent to maintain for the benefit of the Purchaser two and a half times (2.5x) the number of common shares needed to by the Purchaser
to convert all shares of Preferred Stock held by the Purchaser. This delivery requirement will be delayed for a period of sixty
(60) days from the date of this Agreement to allow the Company to appropriately increase its number of authorized shares of common
stock. 

 

(b)              
On or prior to each Closing Date, the Purchaser shall deliver or cause to be delivered to
the Company, as applicable, the following:

(i)                
At the first Closing, this Agreement duly executed by the Purchaser; and

(ii)       the
Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company together with the subscription
form attached as an Exhibit below.

 

		2.3	Closing Conditions.

(a)               
The obligations of the Company hereunder in connection with each Closing are subject to the
following conditions being met:

(i)                
the accuracy in all material respects on the applicable Closing Date of the representations
and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as
of such date);

(ii)              
all obligations, covenants and agreements of the Purchaser required to be performed at or
prior to the applicable Closing Date shall have been performed; and

(iii)            
the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

(b)              
The obligations of the Purchaser hereunder in connection with each Closing are subject to
the following conditions being met:

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(i)                
the accuracy in all material respects when made and on the applicable Closing Date of the
representations and warranties of the Company contained herein (unless as of a specific date therein);

(ii)              
all obligations, covenants and agreements of the Company required to be performed at or prior
to the applicable Closing Date shall have been performed;

(iii)            
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

(iv)            
there shall have been no Material Adverse Effect with respect to the Company since the date
hereof; and

(v)              
from the date hereof to the applicable Closing Date, trading in the Common Stock shall not
have been suspended by the Commission or the Company’s principal Trading Market and, at any time prior to the applicable
Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum
prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall
a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred
any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect
on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, makes
it impracticable or inadvisable to purchase the Securities at the Closing.

(c)               
The obligations of the Purchaser hereunder in connection with each Additional Closing are
further subject to the following conditions being met:

(i)                
There are no uncured Events of Default; 

(ii)              
The Company’s average daily dollar volume for the thirty (30) Trading Days preceding
the date of such Closing is not less than ($25,000) per day. If the foregoing contingency is not met at any relevant Closing, the
Company may postpone said Closing until such a time at which the average daily trading volume for the preceding thirty (30) trading
days is equal to or greater than twenty five thousand dollars ($25,000) per day; 

(iii)            
The Company’s Closing Price remains above one cent ($.01) for each of the thirty (30)
trading days preceding the relevant Closing; and 

 

(d)              
No Closing shall occur (i) after the two year anniversary of the date hereof; (ii) after the
entire Subscription Amount has been funded; and/or (iii) at any time an Event of Default exists and remains uncured.

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1       Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to the Purchaser:

(a)               
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth
on Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each
Subsidiary, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid,
non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries,
all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

(b)              
Organization and Qualification. The Company and each of the Subsidiaries is an entity
duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective
certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries
is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in
which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material
adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results
of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the 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 any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and
no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail
such power and authority or qualification.

(c)               
Authorization; Enforcement. The Company has the requisite corporate power and authority
to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and
otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the
other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of the Company and no further action is required by

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the Company, the Board of Directors
or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This
Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by
the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)              
No Conflicts. The execution, delivery and performance by the Company of this Agreement
and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it
of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s
or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the
creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt
or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

(e)               
Filings, Consents and Approvals. The Company has timely filed all quarterly and annual
reports required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934,
as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference
therein, being hereinafter referred to herein as the “SEC Documents”). The Company has delivered to Purchaser true
and complete copies of the SEC Documents, except for such exhibits and incorporated documents, and except as such Documents are
available EDGAR filings on the SEC’s sec.gov website. As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the 1934 Act and the rules and 

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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
light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is,
or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated
in subsequent filings prior the date hereof). 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 United States
generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material
respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated
results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments). Except as set forth in the financial statements of the Company included in the SEC Documents, the
Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent
to November 1, 2019, and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not required
under generally accepted accounting principles to be reflected in such financial statements, which, individually or in the aggregate,
are not material to the financial condition or operating results of the Company. The Company is subject to the reporting requirements
of the 1934 Act. For the avoidance of doubt, filing of the documents required in this Section 3(g) via the SEC’s Electronic
Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall satisfy all delivery requirements of this Section 3(g).

The Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section
4.4 of this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the
Securities, and (iii) such filings as are required to be made under applicable state and federal securities laws (collectively,
the “Required Approvals”).

(f)               
Issuance of the Securities. The Securities are duly authorized and, when issued and
paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

(g)              
Capitalization. The capitalization of the Company is as set forth on Schedule 3.1(g),
which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates
of the Company as of the date hereof. Except as set forth on Schedule 3.1(g), the Company has not issued any capital stock
since its most recently filed periodic report under

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the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s
employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the
date of the most recently filed periodic report under the Exchange Act (“SEC Reports”). No Person has any right of
first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by
the Transaction Documents. Except as set forth on Schedule 3.1(g) and except as a result of the purchase and sale of the
Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any
right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The
issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price
under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities.
There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital
stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

(h)              
Intentionally omitted.

(i)                
Intentionally omitted.

(j)                
Litigation. Except as disclosed in Schedule 3.1(j), there is no action, suit,
inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting
the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which
(i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act.

    	 	11	 

    	 

    

 

(k)              
Labor Relations. Except as disclosed in Schedule 3.1(k), no labor dispute exists
or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be
expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of
a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any
of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships
with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is
now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information
agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party,
and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability
with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state,
local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and
wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

(l)                
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation
of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by
the Company or any Subsidiary under), other than the Company being materially in default of all of its outstanding securities by
virtue of the fact the Company is not current with its SEC filings, nor has the Company or any Subsidiary received notice of a
claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived) except as disclosed in Schedule 3.1(l), (ii) is in violation of any judgment, decree or order of any court,
arbitrator or other governmental authority, except as set forth on Schedule 3.1(l) or (iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, other than tax payments related to payroll that are late, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably
be expected to result in a Material Adverse Effect. 

(m)            
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective
businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected
to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has
received any notice of proceedings relating to the revocation or modification of any Material Permit.

    	 	12	 

    	 

    

 

(n)              
Title to Assets. Except as disclosed in Schedule 3.1(n), the Company and the Subsidiaries
have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property
owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except
for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed
to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes,
for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent
nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them
under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

(o)              
Intellectual Property. The Company and the Subsidiaries have, or have rights to use,
all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights,
licenses and other intellectual property rights and similar rights as described in the SEC Reports as necessary or required for
use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively,
the “Intellectual Property Rights”). Except as disclosed on Schedule 3.1(o), none of, and neither the
Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this
Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included
within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate
or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.
To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(p)              
Insurance. Except as set forth on Schedule 3.1(p), the Company and the Subsidiaries
are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors
and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary has
any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

    	 	13	 

    	 

    

 

(q)              
Transactions With Affiliates and Employees. Except as set forth in the SEC Reports,
none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees
of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (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, providing for the borrowing of money from or lending of
money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee,
stockholder, member or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including
stock option agreements under any stock option plan of the Company. Except as set forth on Schedule 3.1(q), all employee
salaries and contractor fees have been paid to date and no such amounts are outstanding or past due.

(r)                
Sarbanes-Oxley; Internal Accounting Controls. Except as may be disclosed in the SEC
Reports, the Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act
of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission
thereunder that are effective as of the date hereof and as of each Closing Date. Except as disclosed in the SEC Reports, the Company
and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of
the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers
about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since
the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the
Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect,
the internal control over financial reporting of the Company and its Subsidiaries.

    	 	14	 

    	 

    

 

(s)               
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents, other than fees or commissions owed
to Moody Capital Solutions, Inc., if any. The Purchaser shall have no obligation with respect to any fees or with respect to any
claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with
the transactions contemplated by the Transaction Documents.

(t)                
Private Placement. Assuming the accuracy of the Purchaser’s representations and
warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities
by the Company to the Purchaser as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the
rules and regulations of the Trading Market.

(u)              
Investment Company. The Company is not, and is not an Affiliate of, and immediately
after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not
become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

(v)              
Registration Rights. No Person has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

(w)            
Listing and Maintenance Requirements. The Company has not in the 12 months preceding
the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect
that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and
has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance
requirements.

(x)              
[RESERVED] 

(y)              
Disclosure. Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has
provided the Purchaser or its agents or counsel with any information that it believes constitutes or might constitute material,
non-public information. The Company understands and confirms that the Purchaser will rely on the foregoing representation in effecting
transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding
the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure
Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were
made, not misleading. The press releases disseminated by the Company during the twelve months preceding

    	 	15	 

    	 

    

 

the date of this Agreement taken as a whole do
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.
The Company acknowledges and agrees that the Purchaser does not make and has not made any representations or warranties with respect
to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(z)               
No Integrated Offering. Assuming the accuracy of the Purchaser’s representations
and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes
of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

(aa)           
Tax Status. Except for matters that would not, individually or in the aggregate, have
or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all
United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required
by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material
in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision
reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports
or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Company or of any Subsidiary know of no basis for any such claim. Immediately after closing of this transaction,
the Company covenants to pay to the Past Due Taxes.

(bb)          
No General Solicitation. Neither the Company nor any person acting on behalf of the
Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered
the Securities for sale only to the Purchaser.

(cc)           
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge
of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly
or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or
domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any
foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made
by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation
of law or (iv) violated in any material respect any provision of FCPA.

    	 	16	 

    	 

    

 

(dd)         
Accountants. The Company’s accounting firm is set forth on Schedule 3.1(ee)
of the Disclosure Schedules. To the knowledge and belief of the Company, such accounting firm: (i) is a registered public accounting
firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included
in the Company’s Annual Report for the fiscal year ending December 31, 2019.

(ee)           
Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges
and agrees that the Purchaser is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction
Documents and the transactions contemplated thereby. The Company further acknowledges that the Purchaser is not acting as a financial
advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions
contemplated thereby and any advice given by the Purchaser or any of its representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchaser’s purchase of the Securities. The
Company further represents to the Purchaser that the Company’s decision to enter into this Agreement and the other Transaction
Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

(ff)            
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement
or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that: (i) the Purchaser has
not been asked by the Company to agree, nor has the Purchaser agreed, to desist from purchasing or selling, securities of the Company,
or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term,
(ii) past or future open market or other transactions by the Purchaser, specifically including, without limitation, “derivative”
transactions, before or after a closing of this or future private placement transactions, may negatively impact the market price
of the Company’s publicly-traded securities (iii) Omit and (iv) the Purchaser shall not be deemed to have any affiliation
with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) the Purchaser may engage in hedging activities at various times during the period that the Securities
are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests
in the Company at and after the time that the hedging activities are being conducted.  The Company acknowledges that such
aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

(gg)          
Regulation M Compliance.  The Company has not, and to its knowledge no one acting
on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased,
or paid any compensation for soliciting purchases of,

    	 	17	 

    	 

    

 

any of the Securities, or (iii) paid or agreed to pay to any Person any compensation
for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation
paid to the Company’s placement agent in connection with the placement of the Securities.

(hh)          
Reserved.

(ii)              
Stock Option Plans. Each stock option granted by the Company under the Company’s
stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise
price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under
GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has
not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or
otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information
regarding the Company or its Subsidiaries or their financial results or prospects.

(jj)              
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the
Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject
to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

(kk)          
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S.
real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company
shall so certify upon Purchaser’s request.

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

(mm)      
Money Laundering. The operations of the Company and its Subsidiaries are and have
been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations
thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

    	 	18	 

    	 

    

 

3.2       Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Dates
to the Company as follows (unless as of a specific date therein):

(a)       Organization;
Authority. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction
Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

(b)       Own
Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to
distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting the Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

(c)       Purchaser
Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is and on each date on
which it converts any shares of Preferred Stock, either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in
Rule 144A(a) under the Securities Act.

    	 	19	 

    	 

    

 

(d)       Experience
of the Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

(e)               
General Solicitation. The Purchaser is not purchasing the Securities as a result of
any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar
media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

The Company acknowledges
and agrees that the representations contained in Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely
on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transaction contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

4.1       Transfer
Restrictions.

(a)               
The Securities may only be disposed of in compliance with state and federal securities laws.
In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of the Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the
transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the
Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration of such transferred Securities under the Securities Act. The Company shall have two (2) business
days to raise any objections with respect to such counsel or the form or substances of such opinion. As a condition of transfer,
any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations
of the Purchaser under this Agreement.

(b)              
The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend
on any of the Securities in the following form:

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN

    	 	20	 

    	 

    

AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER
LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company
acknowledges and agrees that the Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement
and, if required under the terms of such arrangement, the Purchaser may transfer pledged or secured Securities to the pledgees
or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel
of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such
pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee
or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if
the Securities are registered under a registration statement, the preparation and filing of any required prospectus supplement
under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list
of selling stockholders thereunder.

4.2       Acknowledgment
of Dilution of Voting Power. The Company acknowledges that the issuance of the Securities will result in dilution of the voting
power of the outstanding shares of Common Stock, which dilution will be substantial.

4.3       Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require
the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the
Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior
to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

4.4       Securities
Laws Disclosure; Publicity. The Company and the Purchaser shall consult with each other in issuing any other press releases
with respect to the transactions contemplated hereby including for the initial press release pursuant to Section 4.8, and neither
the Company nor the Purchaser shall issue any such press release nor otherwise make any such public statement without the prior
consent of the Company, with respect to any press release of the Purchaser, or without the prior consent of the Purchaser, with
respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such

    	 	21	 

    	 

    

disclosure
is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public
statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Purchaser, or
include the name of the Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior
written consent of the Purchaser, except: (a) as required by federal securities law in connection with the filing of final Transaction
Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which
case the Company shall provide the Purchaser with prior notice of such disclosure permitted under this clause (b).

4.5       Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that the
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchaser.

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

4.7       Indemnification
of Purchaser. Subject to the provisions of this Section 4.7, the Company will indemnify and hold the Purchaser and their respective
directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is
not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based

    	 	22	 

    	 

    

upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may
be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any
Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or such defense once started is subsequently delayed owing to lack of timely payment
by the Company of legal fees and expenses or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict
on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall
be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to
any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior
written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss,
claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants
or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required
by this Section 4.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of
action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to
pursuant to law.

4.8       Certain
Transactions and Confidentiality. The Purchaser, covenants that neither it, nor any Affiliate acting on its behalf or pursuant
to any understanding with it will (i) execute any Short Sales, of any of the Company’s securities during the period commencing
with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.4 or (ii) from the date hereof until the earlier of
the 12 month anniversary of the date hereof and the date that the Preferred Stock is no longer outstanding, execute any Short
Sales of the Common Stock (a “Prohibited Short Sale”). The Purchaser covenants that until such time as the
transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
in Section 4.4, the Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information
included in the Transaction Documents and the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything
contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) the Purchaser does not make
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the

    	 	23	 

    	 

    

initial press release as described
in Section 4.4, (ii) except for a Prohibited Short Sale, the Purchaser shall not be restricted or prohibited from effecting any
transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and
(iii) the Purchaser shall have no duty of confidentiality to the Company or its Subsidiaries after the issuance of the initial
press release as described in Section 4.4. 

4.9             
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to
the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of the Purchaser. The Company
shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify
the Securities for, sale to the Purchaser under applicable securities or “Blue Sky” laws of the states of the United
States, and shall provide evidence of such actions promptly upon request of the Purchaser.

4.10       Redemption.

The Company shall
have the right to redeem the Securities, in accordance with the following schedule:

		i.	If all of the Securities are redeemed within ninety (90) calendar
days from the issuance date thereof, the Company shall have the right to redeem the Securities upon three (3) business days’
of written notice at a price equal to one hundred ten percent (110%) of the Stated Value together with any accrued but unpaid dividends;

		ii.	If all of the Securities are redeemed after ninety (90) calendar
days and within one hundred twenty (120) calendar days from the issuance date thereof, the Company shall have the right to redeem
the Securities upon three (3) business days of written notice at a price equal to one hundred and fifteen percent (115%) of the
Stated Value together with any accrued but unpaid dividends; 

		iii.	If all of the Securities are redeemed after one hundred and twenty
(120) calendar days and within one hundred eighty (180) calendar days from the issuance date thereof, the Company shall have the
right to redeem the Securities upon three (3) business days of written notice at a price equal to one hundred and twenty percent
(120%) of the Stated Value together with any accrued but unpaid dividends; and

		iv.	If all of the Securities are redeemed after one hundred eighty (180)
calendar days from the issuance date thereof, the Company shall have the right to redeem the Securities upon three (3) business
days of written notice at a price equal to one hundred and twenty percent (135%) of the Stated Value together with any accrued
but unpaid dividends; and

    	 	24	 

    	 

    

4.11Dividends
The Company shall pay a dividend of twelve percent (12%) per annum on any purchased Preferred Shares, for as long as the relevant
Preferred Shares have not been redeemed or converted. Dividends shall be paid quarterly, and at the Company’s discretion,
in cash or Preferred Stock.

4.12Registration
RightsThe Purchaser shall have the right, but not the obligation, to have the Company include on the next or any subsequent
registration statement, all shares issuable upon conversion of any Purchased Preferred Stock.

ARTICLE V.

MISCELLANEOUS

5.1       Termination. 
This Agreement may be terminated by the Purchaser, as to the Purchaser’s obligations hereunder, if the Closing has not been
consummated within five (5) Business Days of the date hereof; provided, however, that such termination will not affect
the right of any party to sue for any breach by any other party (or parties).

5.2       Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company),
stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

5.3       Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

5.4       Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City
time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

5.5       Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the holders of at least 67% in interest of the Securities then outstanding or,
in the case of a waiver, by the

    	 	25	 

    	 

    

party against whom enforcement of any such waived provision is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

5.6       Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

5.7       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom
the Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to
the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchaser.”

5.8       No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.7 and this Section 5.8.

5.9       Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state or federal courts sitting in the Borough of Manhattan, New York, New York Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan, New York,
New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such action, suit or
proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.

    	 	26	 

    	 

    

 

5.10       Survival.
The representations and warranties contained herein shall survive each Closing and the delivery of the Securities.

5.11       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

5.12       Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

5.13       Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then the Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

5.14       Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

5.15       Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy
at law would be adequate.

    	 	27	 

    	 

    

 

5.16       Payment
Set Aside. To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction Document
or the Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

5.17       Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

5.18Saturdays,
Sundays, Holidays, etc.If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

5.19       Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

5.20       WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    	 	28	 

    	 

    

 

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

 

	ROCKY MOUNTAIN HIGH BRANDS, INC.	
        Address for Notice: 

        9101 LBJ Freeway, Suite 200 Dallas, TX  75243

         

         

         

	
        By: /s/ Michael Welch    

        Name: Michael Welch

        Title: CEO

         

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

        Laxague Law, Inc.

        Attn: Joe Laxague

        Fax: (775) 996-3283

         

         
	 

  

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

    	 	29	 

    	 

    

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE
AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

Name of Purchaser: GHS Investments, LLC

Signature of Authorized Signatory of Purchaser: /s/
Matthew L. Schissler 

Name of Authorized Signatory: Matthew L. Schissler

Title of Authorized Signatory: Member

Address for Notice to Purchaser: 420 Jericho Turnpike,
Jericho, NY 11753

 

 

 

Address for Delivery of Securities to Purchaser (if not same as
address for notice):

 

 

 

Facsimile Number:

 

Subscription Amount: $

Subscription Date:

Shares of Preferred Stock:

    	 	30	 

    	 

    

 

Exhibit A

Certificate of Designations

    	 	31	 

    	 

    

 

[list of Disclosure Schedules: content to be provided by Company]:

(please read each section for specific content, topic below
listed for convenience only)

Schedule 3.1(a) - subsidiaries

 

Rocky Mountain High Brands, Inc., an active Nevada corporation (parent)

 

Wellness For Life Colorado, Inc., (f/k/a Rocky Mountain Hemp Company
and Wellness For Life, Inc.), an active Colorado corporation (100%-owned subsidiary)

 

Eagle Spirit Land & Water Company, an active
Oklahoma corporation (100%-owned subsidiary)

 

Rocky Mountain High Water Company, LLC, an active
Delaware limited liability company (49%-owned by Eagle Spirit Land & Water Company)

 

FitWhey Brands Inc., an active Nevada corporation
(100%-owned subsidiary)

 

Sweet Rock, LLC, an active Michigan limited liability
company (51%-owned Subsidiary)

 

Rocky Mountain High Clothing Company, Inc., an
inactive Texas corporation (100%-owned subsidiary)

 

Smarterita, LLC, an inactive Texas limited liability
company (100%-owned subsidiary)

 

Schedule 3.1(g) - capitalization as of December 19, 2019

 

	Convertible Notes Payable-GHS Investments, LLC	 $   1,004,750 	 
	Convertible Notes Payable-LSW Holdings, LLC	         179,000 
	Notes Payable	           30,000 
	TOTAL DEBT	 $   1,213,750 
	 	 
	
         

        PREFERRED AND COMMON SHARES OUTSTANDING-AT PAR
	 	 
	Preferred Stock - Series A - Par Value of $.001;  1,000,000 shares designated;	 	 
	No shares issued and outstanding	 $                 - 	 
	Preferred Stock - Series B - Par Value of $.001;  7,000,000 shares designated;	 	 
	No shares issued and outstanding	                     - 	 
	Preferred Stock - Series C - Par Value of $.001;  2,000,000 shares designated;	 	 
	No shares issued and outstanding	                     - 	 
	Preferred Stock - Series D - Par Value of $.001;  2,000,000 shares designated;	 	 
	No shares issued and outstanding	                     - 	 
	Preferred Stock - Series E - Par Value of $.001;  789,474 shares designated;	 	 
	No shares issued and outstanding	                     - 	 
	Common Stock - Par Value of $.001;  200,000,000 shares authorized; 94,580,869 issued	 
	and outstanding as of December 31, 2018; 108,979,991 issued and outstanding as of 	 
	June 30, 2019; and 137,914,630 issued and outstanding as of December 19, 2019	          137,915 	 
	TOTAL PREFERRED AND COMMON STOCK OUTSTANDING-AT PAR	 $       137,915 	 

 

    	 	32	 

    	 

    

 

Schedule 3.1(j) - litigation

 

None

 

 

Schedule 3.1(k) - labor disputes

 

None

 

 

Schedule 3.1(l) - compliance

 

None

 

 

Schedule 3.1(n) - title to assets

 

None

 

 

Schedule 3.1(o) -intellectual property 

 

None

 

 

Schedule 3.1(p) - insurance

 

None

 

Schedule 3.1(q) -transactions with affiliates and employees

 

As of November 30, 2019, the Company has accrued approximately $33,846
related to deferred salary for Charles Smith, Director and Chief Operating Officer.

 

As of November 30, 2019, the Company has accrued $11,000 related
to deferred board fees for Winton Morrison, Director.

 

Schedule 3.1(aa) - tax status

 

None

 

Schedule 3.1(ee) - accountants

 

Prager Metis CPA’s LLC

401 Hackensack Ave., 4th Floor

Hackensack, NJ 07601

 

    	 	33	 

    	 

    

 

FORM OF CLOSING NOTICE

TO:

DATE: _________________ 

We refer to the
Securities Purchase Agreement, dated December 20, 2019 (the “Agreement”), entered into by and between Rocky
Mountain High Brands and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same
meaning when used herein.

We hereby:

1)       Give
you notice that we require you to purchase _____ shares of Series F Preferred Stock; and

2)       The
purchase price per share, pursuant to the terms of the Agreement, is $1,000; and

3)       Certify
that, as of the date hereof, the conditions set forth in Section 2.3 of the Agreement, as related to the obligations of
the Company, are satisfied.

Closing will occur in accordance with
the terms and conditions of Section 2 of the Agreement.

ROCKY MOUNTAIN
HIGH BRANDS, INC.

By: ______________________

Name:    

Title:        

 

    	 	34Exhibit 10.1

    

     

    

    	
            JPMORGAN CHASE BANK, N.A.

            383 Madison Avenue

            New York, New York 10179

          	
            BANK OF AMERICA, N.A.

            BOFA SECURITIES, INC.

            One Bryant Park 

            New York, New York 10036

          

    

    

    CONFIDENTIAL

     

      

    December 19, 2019

    

    

    F5 Networks, Inc.

    801 5th Avenue

    Seattle, Washington 98104

    Attention of Frank Pelzer, Chief Financial Officer

    

    

    Project Silhouette

    $400,000,000 Three-Year Term Facility

    Commitment Letter

    

    

    Ladies and Gentlemen:

    

    

    F5 Networks, Inc., a Washington corporation (the “Company” or “you”), has advised JPMorgan Chase Bank, N.A. (“JPMorgan”), Bank of America, N.A. (“BofA”) and BofA
      Securities, Inc. (or any of its affiliates designated to act in such capacity, “BofA Securities” and, together with JPMorgan and BofA, the “Commitment Parties”, “we” or “us”) that it intends to acquire (the “Acquisition”)

      the company previously identified to us under the code name “Silhouette” (the “Acquired Company”) and to consummate the other Transactions (such term and each other capitalized term used but not defined herein having the meaning assigned to it
      in the Term Sheet referred to below).  This commitment letter, together with the Exhibits hereto, is referred to as this “Commitment Letter”.

    

    

    We understand that the sources of funds required to finance the Acquisition and to pay fees and expenses in connection with the Transactions will consist of:

    

    

    
      
        
          	

                	(a)	
                  cash on hand of the Company and its subsidiaries and the Acquired Company and its subsidiaries; and

                

        

      

      

      

      
        
          	

                	(b)	
                  the borrowing by the Company under a newly established senior unsecured term loan facility (the “Term Facility”) in an aggregate principal amount of $400,000,000 and having the terms set forth in Exhibit A hereto (the “Term
                      Sheet”).

                

        

      

      

      

    

    
      
        	1.	
                Commitment.

              

      

    

    

    

    In connection with the foregoing, (a) JPMorgan is pleased to advise you of its commitment to provide 55.0% of the aggregate principal amount of the Term Facility and (b) BofA is pleased to advise you
      of its commitment to provide 45.0% of the aggregate principal amount of the Term Facility, in each case on the terms set forth in this Commitment Letter and subject only to the satisfaction or waiver (by each of the Commitment Parties) of the
      conditions expressly set forth in Exhibit B hereto.  The commitments and other obligations of the Commitment Parties hereunder are several and not joint.

    
      1

      
        

    

    
    
      
        	2.	
                Titles and Roles.

              

      

    

    

    

    You hereby appoint (a) each of JPMorgan and BofA Securities to act, and each of JPMorgan and BofA Securities hereby agrees to act, as a joint lead arranger and joint bookrunner for the Term Facility
      (in such capacities, the “Arrangers”), (b) JPMorgan to act, and JPMorgan hereby agrees to act, as the sole administrative agent for the Term Facility (in such capacity, the “Administrative Agent”) and (c) BofA to act, and BofA hereby
      agrees to act, as the sole syndication agent for the Term Facility (in such capacity, the “Syndication Agent”), in each case on the terms set forth in this Commitment Letter.  It is understood and agreed that JPMorgan will have “top left”
      designation, and will hold the roles and responsibilities customarily associated with such designation.  You agree that no other agents, co-agents, arrangers, co-arrangers, bookrunners, managers or co-managers will be appointed, no other titles will
      be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter or the Fee Letters (as defined below)) will be paid by you or your subsidiaries in connection with the Term Facility, in each case, unless you
      and we shall so agree.

    

    

    
      
        	3.	
                Syndication.

              

      

    

    

    

    It is acknowledged and agreed that we do not intend to syndicate our commitments hereunder with respect to the Term Facility, except as may be otherwise agreed by you and us in connection with the
      syndication of the Revolving Facility.  We acknowledge and agree that, if you and we agree to syndicate our commitments hereunder with respect to the Term Facility as set forth above, (a) neither the commencement nor the completion of syndication of
      the Term Facility is a condition to the commitments hereunder with respect to the Term Facility, including to the funding of the Term Facility on the Closing Date, and (b) except as expressly set forth in Section 9 hereof or with your prior written
      consent, (i) no Commitment Party shall be relieved, released or novated from its obligations hereunder (including its obligation to fund its commitment with respect to the Term Facility on the Closing Date upon the satisfaction or waiver (by each of
      the Commitment Parties) of the conditions expressly set forth in Exhibit B hereto) in connection with any syndication, assignment or participation of the Term Facility until after the funding of the Term Facility on the Closing Date, (ii) no
      assignment or novation shall become effective (as between you and us) with respect to all or any portion of any Commitment Party’s commitment with respect to the Term Facility until after the funding of the Term Facility on the Closing Date and (iii)
      each Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitment hereunder and the Commitment Letter, including all rights with respect to consents, modifications, supplements, waivers and
      amendments, until after the funding of the Term Facility on the Closing Date.

    

    

    
      
        	4.	
                Information.

              

      

    

    

    

    You hereby represent and warrant that (a) all written information (excluding any projections or forward-looking statements and general economic or industry specific information) that has been or will
      be made available to us by or on behalf of the Company in connection with the Transactions (the “Information”) does not or will not, when furnished and taken as a whole after giving effect to all supplements and updates theretofore furnished,
      contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made, provided
      that, with respect to any Information prepared by or on behalf of or relating to the Acquired Company or its subsidiaries, the foregoing representation and warranty is made only to your knowledge, and (b) the projections, if any, that have been or
      will be made available to us by or on behalf of the Company have been or will be prepared in good faith based upon assumptions that are believed by the Company to be reasonable at the time made and at the time any such projections are made available
      to us (it being recognized that projections are subject to significant uncertainties and contingencies, many of which are beyond your control and are not to be viewed as facts, that actual results during the period or periods covered by the
      projections may differ from the projected results, that such differences may be material, and that no assurance can be given that any projection will be realized).  You agree that if at any time prior to the termination of this Commitment Letter you
      become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and, if applicable, the projections were being furnished, and such representations and warranties were
      being made, at such time, then you will promptly supplement (or use commercially reasonable efforts to supplement, in the case of Information relating to the Acquired Company and its subsidiaries) the Information and/or the projections, as
      applicable, so that such representations and warranties will be correct in all material respects under those circumstances.  We will be entitled to use and rely primarily on the Information and, if applicable, the projections without responsibility
      for independent verification thereof.  Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters, it is understood and agreed that none of the making of any representation or warranty under this Section 4, the
      provision of any supplement to any Information or the projections or the accuracy of any such representation, warranty or supplement shall constitute a condition precedent to the commitment of any Commitment Party with respect to the Term Facility or
      the funding of the Term Facility on the Closing Date.

    
      2

      
        

    

    
      
        	5.	
                Fees.

              

      

    

    

    

    As consideration for our commitments hereunder and our agreements to perform the services described herein, you agree to pay to us the fees set forth in this Commitment Letter and in the fee letters
      dated the date hereof and delivered herewith with respect to the Term Facility (the “Fee Letters”).

    

    

    
      
        	6.	
                Conditions Precedent.

              

      

    

    

    

    Our commitments hereunder and our agreements to perform the services described herein are subject solely to the satisfaction or waiver (by each of the Commitment Parties) of the conditions expressly
      set forth in Exhibit B hereto, it being understood that there are no conditions (implied or otherwise) to the commitments hereunder (including compliance with the terms of this Commitment Letter, the Fee Letters and the Term Loan Agreement or the
      accuracy of representations and warranties set forth herein or therein) other than those that are expressly set forth in Exhibit B hereto (and upon satisfaction or such waiver of such conditions, the funding under the Term Facility shall occur).

    

    

    Notwithstanding anything in this Commitment Letter, the Fee Letters, the Term Loan Agreement or any other agreement or undertaking relating to the Term Facility to the contrary, (a) the only
      representations and warranties the accuracy of which shall be a condition to the funding of the Term Facility on the Closing Date shall be (i) such of the representations and warranties made by or with respect to the Acquired Company and its
      subsidiaries in the Acquisition Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that the Company (or any of its affiliates) has the right (determined without regard to any notice
      requirements) to terminate its obligations under the Acquisition Agreement or the right to elect not to consummate the Acquisition as a result of a breach of such representations and warranties in the Acquisition Agreement (the “Acquisition
        Agreement Representations”), and (ii) the Specified Representations and (b) the terms of the Term Loan Agreement shall be in a form such that they do not impair the funding of the Term Facility on the Closing Date if the conditions expressly
      set forth in Exhibit B hereto are satisfied.  For purposes hereof, “Specified Representations” means the representations and warranties of the Company set forth in the Term Loan Agreement relating to due organization and existence of the
      Company; organizational power and authority of the Company to enter into the Term Loan Agreement; due authorization, execution and delivery by, and enforceability with respect to, the Company of the Term Loan Agreement; no conflicts of the Term Loan
      Agreement with the Company’s organizational documents; Investment Company Act; Federal Reserve margin regulations; solvency as of the Closing Date (after giving effect to the Transactions) of the Company and its subsidiaries on a consolidated basis
      (in form and substance consistent with the solvency certificate to be delivered pursuant to paragraph 9 of Exhibit B hereto); use of proceeds not in violation of the PATRIOT Act; and use of proceeds not in violation of anti-money laundering laws,
      anti-corruption laws and sanctions.  The provisions of this paragraph are referred to as the “Funds Certain Provisions”.  Without limiting the conditions precedent set forth in Exhibit B hereto, we will cooperate with you as reasonably
      requested in coordinating the timing and procedures for the funding of the Term Facility in a manner consistent with the Acquisition Agreement.

     

    

    
      3

      
        

    

    
      
        	7.	
                Indemnification; Expenses.

              

      

    

    

    

    You agree (a) to indemnify and hold harmless the Commitment Parties and their respective affiliates, and each of the officers, directors, employees, agents, trustees, managers, advisors and
      representatives of any of the foregoing (each, an “Indemnified Person”), from and against any and all losses (excluding loss of profits), claims, damages, liabilities and reasonable and documented expenses, joint or several, to which any
      Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letters, the Transactions, the Term Facility, the use of proceeds thereof or any related transaction or any actual or prospective claim,
      litigation, investigation, arbitration or proceeding relating to any of the foregoing (a “Proceeding”), regardless of whether based in contract, tort or any other theory, and regardless of whether any Indemnified Person is a party thereto (and
      regardless of whether such Proceeding is initiated by a third party or by the Company, the Acquired Company or any of their respective subsidiaries, affiliates or equity holders or any other person), and to reimburse each Indemnified Person within 30
      days after receipt of written demand (together with reasonably detailed backup documentation) for any reasonable and documented out-of-pocket legal or other expenses incurred in connection with investigating or defending any of the foregoing; provided
      that the foregoing indemnity and expense reimbursement will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found in a final, non-appealable judgment of a court of competent
      jurisdiction to have resulted from (A) the willful misconduct, gross negligence or bad faith of such Indemnified Person or its Related Indemnified Persons (as defined below), (B) a material breach by such Indemnified Person or its Related Indemnified
      Persons of their obligations under this Commitment Letter, any Fee Letter or the Term Loan Agreement or (C) claims of one or more Indemnified Persons against another Indemnified Person (other than against an Arranger, the Administrative Agent, the
      Syndication Agent or another named agent or title holder, in each case, acting in its capacity or fulfilling its role as such) and not involving any act or omission of the Company or its affiliates; provided further that (x) such legal
      expenses shall be limited to the reasonable and documented fees, disbursements and other charges of one firm of counsel to the Indemnified Persons, taken as a whole, and, if reasonably deemed necessary by the Indemnified Persons, one firm of local
      counsel to the Indemnified Persons, taken as a whole, in each relevant jurisdiction (and, in the case of an actual or perceived (in good faith) conflict of interest where the Indemnified Person affected by such conflict informs the Company of such
      conflict and thereafter retains its own single firm of counsel (or, if reasonably deemed necessary by such affected Indemnified Person, its own single firm of local counsel in each relevant jurisdiction), of such conflict counsel for such affected
      Indemnified Person and all similarly situated Indemnified Persons, taken as a whole), and (y) each Indemnified Person shall promptly repay to you all amounts previously paid by you pursuant to the foregoing provisions to the extent that such
      Indemnified Person is found in a final, non-appealable judgment of a court of competent jurisdiction not to be entitled to indemnification hereunder as contemplated by the immediately preceding proviso; and (b) to reimburse the Commitment Parties and
      their respective affiliates within 30 days after receipt (or, if such demand is received at least two business days prior to the Closing Date, then on the Closing Date) of written demand (together with reasonably detailed backup documentation) for
      any reasonable and documented out-of-pocket legal or other expenses (including reasonable and documented expenses of our due diligence investigation, travel expenses and reasonable fees, charges and disbursements of counsel to the Commitment Parties
      and their affiliates), in each case, incurred in connection with the Term Facility and the preparation, negotiation, amendment, modification, waiver and enforcement of this Commitment Letter, the Fee Letters, the Term Loan Agreement and any ancillary
      documents in connection therewith; provided that (i) such legal expenses shall be limited to the reasonable and documented fees, disbursements and other charges of the counsel to the Commitment Parties identified in the Term Sheet and, if
      reasonably deemed necessary by the Commitment Parties, one firm of local counsel to the Commitment Parties, taken as a whole, in each relevant jurisdiction, (ii) any such expenses incurred in connection with the matters described in clause (a) above
      shall be subject to the limitations set forth in such clause on your obligation to pay such expenses and (iii) if the Closing Date does not occur your reimbursement obligations pursuant to this clause (b) and any corresponding expense reimbursement
      with respect to the Revolving Facility shall not exceed $400,000 in the aggregate.  For purposes of the foregoing, a “Related Indemnified Person” means, with respect to any Indemnified Person, (i) any controlled affiliate of such Indemnified
      Person, (ii) the respective officers, directors and employees of such Indemnified Person or any of its controlling persons or controlled affiliates and (iii) the respective agents and representatives of such Indemnified Person or any of its
      controlling persons or controlled affiliates, in the case of this clause (iii), acting on behalf of, or at the express instructions of, such Indemnified Person or its controlling person or controlled affiliate; provided that each reference to
      a controlling person, controlled affiliate, officer, director or employee in this sentence pertains to a controlling person, controlled affiliate, officer, director or employee involved in the negotiation of this Commitment Letter, the Fee Letters or
      the Term Facility.

    

    

    You shall not be liable for any settlement of any Proceeding (or expenses related thereto) effected without your written consent (which consent shall not be unreasonably withheld, conditioned or
      delayed, it being understood that the withholding of consent due to non-satisfaction of any of the conditions described in clauses (a) and (b) of the succeeding sentence (with “you” being substituted for “Indemnified Person” in each such clause)
      shall be deemed reasonable), but if settled with your written consent, or if there is a final judgment in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person to the extent and in the manner set forth above.  You
      shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened (in writing)
      Proceeding against an Indemnified Person in respect of which indemnity has been or could have been sought hereunder by such Indemnified Person unless such settlement (a) includes an unconditional release of such Indemnified Person, in form and
      substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such Proceeding and (b) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
      behalf of such Indemnified Person or any injunctive relief or other non-monetary remedy.  You acknowledge that any failure to comply with your obligations under the preceding sentence may cause irreparable harm to the Commitment Parties and the other
      Indemnified Persons.

    

    

    Notwithstanding any other provision of this Commitment Letter, (a) no Indemnified Person shall be liable for any damages directly or indirectly arising from the use by others of Information or other
      materials obtained through electronic, telecommunications or other information transmission systems or otherwise through the internet, provided that the foregoing shall not apply as to any Indemnified Person to the extent such damages are
      found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (x) the willful misconduct, gross negligence or bad faith of such Indemnified Person or its Related Indemnified Persons or (y) the material breach by
      such Indemnified Person or its Related Indemnified Persons of their obligations under this Commitment Letter, any Fee Letter or the Term Loan Agreement, and (b) neither you (or any of your affiliates) nor any Indemnified Person shall be liable for
      any indirect, special, punitive or consequential damages in connection with this Commitment Letter, the Fee Letters, the Transactions, the Term Facility, the use of proceeds thereof or any related transaction (including, without limitation, any loss
      of profits, business, or anticipated savings), provided that the foregoing shall not limit your indemnification obligations under the foregoing provisions of this Section 7 or the Term Loan Agreement with respect to any such damages claimed
      against any Indemnified Person.  Each of the Commitment Parties and the Company agrees, to the extent permitted by applicable law, to not assert any claims against the Company (or its affiliates) or any Indemnified Person, as applicable, with respect
      to any such damages.

    

    

    In case any Proceeding is instituted involving any Indemnified Person for which indemnification will be sought hereunder by such Indemnified Person, then such Indemnified Person will use commercially
      reasonable efforts to notify you promptly of the commencement of such Proceeding; provided that the failure to so notify you will not relieve you from any liability that you may have to such Indemnified Person pursuant to this Section 7,
      unless your rights and defense of such matter are materially adversely affected by such failure to notify you.

    
      4

      
        

    

    
      
        	8.	
                Absence of Fiduciary Relationship; Sharing of Information; Affiliate Activities.

              

      

    

    

    

    You acknowledge and agree that we and, if applicable, our respective affiliates will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter will be
      deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between us and our respective affiliates, on the one hand, and you and your affiliates, on the other hand.  You also acknowledge and agree that (a) the
      transactions contemplated by this Commitment Letter are arm’s-length commercial transactions among us and, if applicable, our respective affiliates, on the one hand, and you, on the other hand, (b) in connection therewith and with the process leading
      to such transactions, we and, if applicable, our respective affiliates, are acting solely as a principal and has not been, are not and will not be acting as an advisor, agent or fiduciary of the Company, the Acquired Company, their respective
      management, equity holders, creditors, subsidiaries or other affiliates or any other person and (c) with respect to the transactions contemplated hereby or the process leading thereto, we and, if applicable, our respective affiliates have not assumed
      (i) an advisory or fiduciary responsibility in favor of you or your affiliates (irrespective of whether any of us or our respective affiliates has advised or is currently advising you or your affiliates on other matters) or (ii) any other obligation
      except the obligations expressly set forth in this Commitment Letter.  You further acknowledge and agree that (A) you are responsible for making your own independent judgment with respect to the transactions contemplated hereby and the process
      leading thereto, (B) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and neither we nor any of our respective affiliates will have any responsibility or liability to you
      with respect thereto, and (C) neither we nor our respective affiliates are advising you as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction, and you shall consult with your own advisors to the extent you
      deem appropriate concerning such matters and you shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby.  Any review by us or any of our respective affiliates of the Company, the
      Acquired Company, their respective subsidiaries, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for our benefit and shall not be on behalf of or for the benefit of the Company.  You agree
      that you will not claim that any of us or our respective affiliates has rendered any advisory services in respect of this Commitment Letter or the transactions contemplated hereby, or assert any claim against us or any of our respective affiliates
      based on an alleged breach of fiduciary duty by us or our respective affiliates in connection with this Commitment Letter and the transactions contemplated hereby or assert any claim based on any actual or potential conflict of interest that might be
      asserted to arise or result from the engagement of any Commitment Party or any of its affiliates acting as a financial advisor to the Company or any of its affiliates, on the one hand, and the engagement of such Commitment Party hereunder and the
      transactions contemplated hereby, on the other hand.

    

    

    You acknowledge that we and our respective affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which
      the Company, the Acquired Company or their respective subsidiaries or other affiliates may have conflicting interests regarding the transactions described herein and otherwise.  We will not use confidential information obtained from you by virtue of
      the transactions contemplated hereby or our other relationships with you in connection with the performance by us of services for other companies, or furnish any such information to other companies.  You also acknowledge that we have no obligation to
      use in connection with the transactions contemplated hereby, or to furnish to you, confidential information obtained from other companies.

    

    

    You further acknowledge that we, together with our respective affiliates, are a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing
      investment banking and other financial services.  In the ordinary course of business, we and our respective affiliates may provide investment banking and other financial services to, and/or acquire, hold or sell, for our own accounts or the accounts
      of our respective affiliates and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Company, the Acquired Company, their respective subsidiaries or other
      affiliates and other companies with which the Company, the Acquired Company or their respective subsidiaries or affiliates may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by us, any of
      our respective affiliates or any of our customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

    
      5

      
        

    

    
      
        	9.	
                Assignments; Amendments; Governing Law, Etc.

              

      

    

    

    

    This Commitment Letter, and your rights and obligations hereunder, shall not be assignable by you without the prior written consent of each of the Commitment Parties (and any attempted assignment
      without such consent shall be null and void).  This Commitment Letter, and its rights, commitments and obligations hereunder, shall not be assignable by any of the Commitment Parties without the prior written consent of the Company (and any attempted
      assignment without such consent shall be null and void); provided that (a) each Commitment Party may assign its commitments and agreements hereunder, in whole or in part, to any of its affiliates (including, in the case of JPMorgan, to J.P.
      Morgan Securities LLC), provided that no Commitment Party shall be released from the portion of its commitment so assigned to the extent such affiliate fails to fund the portion of the commitment assigned to it on the Closing Date
      notwithstanding the satisfaction or waiver (by each of the Commitment Parties) of the conditions to such funding expressly set forth in Exhibit B hereto, and (b) any and all obligations of and services to be provided by each Commitment Party
      hereunder (other than the funding of its commitments) may be performed, and any and all rights of each Commitment Party hereunder may be exercised, by or through its affiliates (including, in the case of JPMorgan, by or through J.P. Morgan Securities
      LLC) or branches and, in connection with such performance or exercise, such Commitment Party may exchange with such affiliates or branches information concerning the Company, the Acquired Company, their respective subsidiaries or other affiliates and
      the Transactions (subject to such affiliates or branches being bound by the provisions of Section 11 hereof) and, to the extent so employed, such affiliates and branches shall be entitled to the benefits afforded to the applicable Commitment Party
      hereunder (including, without limitation, the indemnity and expense reimbursement provisions hereof).  This Commitment Letter is intended to be solely for the benefit of the parties hereto (and the Indemnified Persons), and is not intended to confer
      any benefits upon, or create any rights in favor of or be enforceable by, any person other than the parties hereto (and the Indemnified Persons).

    

    

    This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of us and you.  This Commitment Letter may be executed in any
      number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or other
      electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof.  This Commitment Letter and the Fee Letters are the only agreements that have been entered into among the
      parties hereto with respect to the Term Facility and set forth the entire understanding of the parties hereto with respect thereto, and supersede all prior understandings, whether written or oral, between the parties hereto with respect to the Term
      Facility.  Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter. 
      Notwithstanding anything in Section 11 hereof to the contrary, each Commitment Party may, after the Closing Date and at its own expense, place advertisements in financial and other newspapers, journals, home page or otherwise, describing its services
      to you hereunder or otherwise describing the name of the Company and the amount, type and closing date of the Term Facility, and use your trademark logos on any such advertisements.

    

    

    THIS COMMITMENT LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
      THE STATE OF NEW YORK; PROVIDED THAT (A) THE INTERPRETATION OF THE DEFINITION OF “COMPANY MATERIAL ADVERSE EFFECT” (AS DEFINED IN EXHIBIT B HERETO) AND/OR WHETHER OR NOT A  COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED THAT IS CONTINUING, (B)
      THE DETERMINATION OF THE ACCURACY OF ANY ACQUISITION AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY BREACH OR INACCURACY THEREOF THE COMPANY (OR ANY OF ITS AFFILIATES) HAS THE RIGHT TO TERMINATE ITS (OR ANY OF ITS AFFILIATE’S) OBLIGATIONS
      UNDER THE ACQUISITION AGREEMENT OR THE RIGHT TO ELECT NOT TO CONSUMMATE THE ACQUISITION AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ALL MATERIAL RESPECTS IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT, IN
      EACH CASE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

    

    

    Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the jurisdiction of any Federal court of the United States of America sitting in the
      Borough of Manhattan and any New York State court sitting in the Borough of Manhattan, and any appellate court from any thereof, in any Proceeding arising out of or relating to this Commitment Letter, the Fee Letters, the Term Facility, the
      Transactions or the other transactions contemplated hereby, and agrees, for itself and its affiliates, that any such Proceeding brought by it or any of its affiliates will be tried exclusively in such Federal court or, if that court does not have
      subject matter jurisdiction, in such New York State court, (b) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any Proceeding arising out of or relating to
      this Commitment Letter, the Fee Letters, the Term Facility, the Transactions or the other transactions contemplated hereby in any such Federal court or any such New York State court, (c) waives, to the fullest extent permitted by law, the defense of
      an inconvenient forum to the maintenance of such Proceeding in any such court, and (d) agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
      provided by law.  Service of any process, summons, notice or document by registered mail addressed to any party hereto at the address for it first set forth above shall be effective service of process against such party for any such Proceeding
      brought in any such court.

    
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        	10.	
                Waiver of Jury Trial.

              

      

    

    

    

    EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY HERETO RELATED TO OR ARISING OUT
      OF THIS COMMITMENT LETTER, THE FEE LETTERS OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

    

    

    
      
        	11.	
                Confidentiality.

              

      

    

    

    

    You agree that neither this Commitment Letter nor the Fee Letters nor any of their terms or substance shall be disclosed, directly or indirectly, by you to any other person without our prior written
      consent (such consent not to be unreasonably withheld, conditioned or delayed), except (a) to your officers, directors, employees, agents, advisors and accountants (collectively, with respect to any person, such person’s “Representatives”) on
      a need-to-know basis who have been advised by you of the confidential nature of such information and either are subject to customary confidentiality obligations of employment or professional practice or have agreed to treat such information
      confidentially in accordance with the terms of this paragraph (or provisions substantially similar to this paragraph), (b) pursuant to a subpoena or order issued by a court or by a judicial, administrative or legislative body or commission or
      otherwise as required by applicable law or compulsory legal process or in connection with any legal proceeding (in which case you agree to inform us promptly thereof to the extent practical and not prohibited by law, rule or regulation), (c) in the
      case of this Commitment Letter, the Fee Letters and their terms and substance (provided that, until after the Closing Date occurs, each Fee Letter is redacted in a customary manner reasonably satisfactory to the Commitment Parties that are
      party thereto), to the Acquired Company, so long as it shall have agreed to treat such information confidentially, and its Representatives who have been advised of the confidential nature of such information and either are subject to customary
      confidentiality obligations of employment or professional practice or have agreed to treat such information confidentially in accordance with the terms of this paragraph (or provisions substantially similar to this paragraph), (d) in the case of this
      Commitment Letter and its terms and substance, (i) in any marketing materials relating to any debt financing or (ii) to the extent you reasonably determine that such disclosure is customary or advisable to comply with your obligations under
      securities and other applicable laws, in any public filing in connection with the Transactions or the financing thereof, (e) in the case of the aggregate fee amounts contained in the Fee Letters, as part of projections, pro forma information or
      generic disclosure of aggregate sources and uses related to the Transactions (but without disclosing any specified fees set forth in any Fee Letter), (f) to the extent such information becomes publicly available other than by reason of disclosure by
      you or your Representatives in violation of this paragraph, (g) in connection with the exercise of any remedies under this Commitment Letter, any Fee Letter or the Term Loan Agreement or any Proceeding relating to this Commitment Letter, the Fee
      Letters or the Term Loan Agreement and (h) in the case of the Term Sheet and its terms and substance, to potential Lenders.

    

    

    Each Commitment Party will keep confidential all information provided or made available to it by or on behalf of the Company or any of its Representatives in connection with the Transactions; provided
      that nothing herein shall prevent any Commitment Party from disclosing any such information (a) to any of its affiliates and its and their respective Representatives on a need-to-know basis who have been advised of the confidential nature of such
      information and either are subject to customary confidentiality obligations of employment or professional practice or have agreed to treat such information confidentially in accordance with the terms of this paragraph (or provisions substantially
      similar to this paragraph), (b) pursuant to a subpoena or order issued by a court or by a judicial, administrative or legislative body or commission, or otherwise as required by applicable law or compulsory legal process (in which case such
      Commitment Party agrees to inform you promptly thereof to the extent practicable and not prohibited by law, rule or regulation), (c) upon the request or demand of any regulatory authority (including any self-regulatory organization) purporting to
      have jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees to inform you promptly thereof to the extent practicable and not prohibited by law, rule or regulation, except with respect to any audit
      or examination conducted by bank accountants or any regulatory authority), (d) to other Commitment Parties, prospective Lenders, participants and any direct or indirect contractual counterparties (or advisors thereto) to any swap or derivative
      transaction relating to the Company or its subsidiaries (other than, in each case, any person that at such time is a Disqualified Institution (as defined in the Term Sheet)), in each case, subject to the acknowledgment and acceptance by such
      prospective Lenders, participants or counterparties (or advisors), as applicable, that such information is being provided on a confidential basis (on substantially the terms as set forth in this paragraph or as is otherwise reasonably acceptable to
      you and the applicable Commitment Party) in accordance with our market standards for dissemination of such type of information, which shall in any event require “click through” or other affirmative action on the part of the recipient to access such
      confidential information, (e) to market data collectors, such as league table, or similar service providers to the lending industry and service providers to the Commitment Parties and the Lenders in connection with the administration and management
      of the Term Facility, in each case, limited to information regarding the closing date, size, type and purpose of, and parties to, but not pricing or fees of, the Term Facility, (f) received by such Commitment Party, its affiliates or its or their
      respective Representatives on a non-confidential basis from a source (other than the Company, the Acquired Company or their respective Representatives) not known by such Commitment Party or its affiliates to be prohibited from disclosing such
      information to us or our affiliates by a legal, contractual or fiduciary obligation, (g) to the extent that such information was already in such Commitment Party’s, its affiliates’ or its or their respective Representatives’ possession or is
      independently developed by such Commitment Party, its affiliates or its or their respective Representatives, (h) for purposes of establishing a “due diligence” defense, (i) to the extent such information becomes publicly available other than by
      reason of disclosure by such Commitment Party or its Representatives in violation of this paragraph or (j) in connection with the exercise of any remedies hereunder or under the Fee Letters or any Proceeding relating to this Commitment Letter or the
      Fee Letters.  The obligations of the Commitment Parties under this paragraph shall remain in effect until the earlier of (i) two years from the date hereof and (ii) the date the Term Loan Agreement is executed, at which time any confidentiality
      undertaking in the Term Loan Agreement shall supersede the confidentiality undertaking set forth in this paragraph.

    
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        	12.	
                Surviving Provisions.

              

      

    

    

    

    The provisions of Sections 5, 7, 8, 9, 10 and 11 hereof and of the Fee Letters and shall, except as expressly provided in Section 11 hereof, remain in full force and effect regardless of whether the
      Term Loan Agreement shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Commitment Parties’ commitments hereunder and agreements to perform the services described herein.  Subject to the provisions of
      the preceding sentence, you may terminate the Commitment Parties’ commitments hereunder, in whole or in part (and, in the case of partial termination, on a pro rata basis as among the Commitment Parties based on the amount of their commitments in
      respect of the Term Facility), in each case, upon written notice to the Commitment Parties at any time.

    

    

    
      
        	13.	
                Certain Notices.

              

      

    

    

    

    We hereby notify you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”) and the requirements of 31
      C.F.R. §1010.230 (the “Beneficial Ownership Regulation”), each Commitment Party and each Lender is required to obtain, verify and record information that identifies the Company, which information includes the name, address, tax identification
      number and other information regarding the Company that will allow such Commitment Party or such Lender to identify the Company in accordance with the PATRIOT Act and the Beneficial Ownership Regulation.  This notice is given in accordance with the
      requirements of the PATRIOT Act and the Beneficial Ownership Regulation and is effective as to each Commitment Party and each Lender.  You agree that we can share any information provided by you pursuant to this paragraph with each other Lender.

    

    

    
      
        	14.	
                Acceptance and Termination.

              

      

    

    

    

    If the foregoing correctly sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letters by returning (a) to us, an executed
      counterpart of this Commitment Letter, and (b) to the Commitment Parties that are party thereto, the Fee Letters, in each case, not later than 11:59 p.m., Pacific time, on December 19, 2019.  The Commitment Parties’ offers hereunder and agreements to
      perform the services described herein will expire automatically and without further action or notice and without further obligation to you at such time in the event that we have not received such executed counterparts in accordance with the
      immediately preceding sentence.  This Commitment Letter will become a binding agreement of the Commitment Parties only after it has been duly executed and delivered by you in accordance with the first sentence of this Section 14.

    

    

    The Commitment Parties’ commitments and agreements hereunder will automatically terminate upon the first to occur of (a) the date on which the Term Loan Agreement consistent with this Commitment
      Letter has been executed and delivered by each of the parties thereto, (b) the consummation of the Acquisition without using the Term Facility, (c) the termination of the Acquisition Agreement in accordance with its terms (and you hereby agree to
      notify us promptly thereof) and (d) 11:59 p.m., Pacific time, on April 15, 2020.

    

    

    Each of the parties hereto agrees that (a) this Commitment Letter, if accepted by you as provided above, is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency,
      fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) with respect to the subject matter contained
      herein, including an agreement to negotiate in good faith the Term Loan Agreement by the parties hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the funding of the Term Facility is subject solely to
      the satisfaction or waiver (by each of the Commitment Parties) of the conditions expressly set forth in Exhibit B hereto, and (b) each Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent
      conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)); provided that (x) it is acknowledged and agreed
      that the availability and funding of the Term Facility on the Closing Date are subject only to those conditions expressly set forth on Exhibit B hereto and (y) nothing contained in this Commitment Letter obligates you or any of your affiliates to
      consummate any portion of the Transactions.

    

    

    [Remainder of this page intentionally left blank]

    
      8

      
        

      

    

    We are pleased to have been given the opportunity to assist you in connection with the financing for the Acquisition.

    

    

    
      	 	Very truly yours,
	 	 
	 	
              JPMORGAN CHASE BANK, N.A.

            
	 	 
	 	
              By:

            	/s/ Matthew Cheung

            
	 	 	
              Name: Matthew Cheung

            
	 	 	
              Title: Vice President

              

            

      

      

      
        
          

          

          [Project Silhouette Commitment Letter (Term Facility)]

        

        9

        
          

        

      

      	 	
              BANK OF AMERICA, N.A.

            
	 	 
	 	
              By:

            	/s/ Timothy G. Holsapple

            
	 	 	
              Name: Timothy G. Holsapple

            
	  

            	 	
              Title: Senior Vice President

              

            

      

      

      	 	
              BOFA SECURITIES, INC.

            
	 	 
	 	
              By:

            	/s/ Brandon Kirkbride

            
	 	 	
              Name: Brandon Kirkbride

            
	 	 	
              Title: SVP, Commercial Credit Executive

              

            

      

      

      
        
          

          

          [Project Silhouette Commitment Letter (Term Facility)]

        

        10

        
          

        

      

      	
              Accepted and agreed as of the date first above written:

            	 
	 	 
	
              F5 NETWORKS, INC.

            	 
	 	 	 
	
              By:

            	/s/ François Locoh-Donou	 
	 	
              Name: François Locoh-Donou

            	 
	 	
              Title: CEO

              

            	 

    

    

    

    
      
        

        

        [Project Silhouette Commitment Letter (Term Facility)]

      

      11

      
        

      

    

    
     Exhibit A

    CONFIDENTIAL

      

    Project Silhouette

    $400,000,000 Three-Year Term Facility

    Summary of Principal Terms and Conditions

    

    

    Capitalized terms used but not defined in this Exhibit A have the meanings given to them in the Commitment Letter to which this Exhibit A is attached.

     

    

    	
            Borrower:

          	
            F5 Networks, Inc., a Washington corporation (the “Company”).

          
	 	 
	
            Administrative Agent:

          	
            JPMorgan Chase Bank, N.A. (“JPMorgan”) will act as sole administrative agent (in such capacity, the “Administrative Agent”) and will perform the duties customarily associated with such role.

          
	 	 
	
            Joint Lead Arrangers and Joint Bookrunners:

          	
            Each of JPMorgan and BofA Securities, Inc. will act as a joint lead arranger and joint bookrunner for the Term Facility (as defined below) (in such capacities, the “Arrangers”), and will perform the
              duties customarily associated with such roles.

          
	 	 
	
            Syndication Agent:

          	
            Bank of America, N.A. (“BofA” and, in such capacity, the “Syndication Agent”).

          
	 	 
	
            Lenders:

          	
            JPMorgan, BofA and, if applicable, one or more other financial institutions acceptable to the Company (collectively, the “Lenders”).

          
	 	 
	
            Transactions:

          	
            The Company intends to acquire (the “Acquisition”) the company previously identified to the Arrangers under the code name “Silhouette” (the “Acquired Company”), pursuant to Merger Agreement dated
              as of December 19, 2019, among the Company, Silhouette Merger Sub, Inc., a Delaware corporation, the Acquired Company and Shareholder Representative Services LLC, a Colorado limited liability company (including any schedules, exhibits,
              annexes and other attachments thereto, and as amended, supplemented, waived or otherwise modified from time to time, the “Acquisition Agreement”).  In connection with the foregoing, the Company (a) will obtain and borrow under the Term
              Facility, (b) may establish a revolving credit facility in an aggregate principal amount of $200,000,000 (as it may be increased to up to $350,000,000 as part of the syndication thereof) (the “Revolving Facility”), (c) will cause
              repayment in full of all principal, premium, if any, interest, fees and other amounts due or outstanding under the Existing Acquired Company Indebtedness (as defined below), terminate any commitments under the Existing Acquired Company
              Indebtedness and discharge and release all guarantees and liens existing in connection therewith (collectively, the “Acquired Company Debt Refinancing”) and (d) will pay the fees and expenses in connection with the Acquisition and the
              related transactions (the “Transaction Costs”). The transactions described in this paragraph are collectively referred to as the “Transactions”.  “Existing Acquired Company Indebtedness” means (i) the Loan and Security
              Agreement, dated as of May 18, 2017, between the Acquired Company and Silicon Valley Bank, as amended by the First Amendment to Loan and Security Agreement, dated as of October 4, 2017, the Second Amendment to Loan and Security Agreement,
              dated as of May 24, 2018, and the Third Amendment to Loan and Security Agreement, dated as of June 11, 2019, and (ii) the Amended and Restated Mezzanine Loan and Security Agreement, dated as of June 11, 2019, among the Acquired Company,
              Silicon Valley Bank and West River Innovation Lending Fund VIII, L.P.

          

    
      

      A-1

      
        

      

    

    
    	
            Term Facility:

          	
            A senior unsecured term loan facility in an aggregate principal amount of $400,000,000 (the “Term Facility”).  Loans under the Term Facility will be available in U.S. dollars.

          
	 	 
	
            Purpose:

          	
            The proceeds of the Term Facility, together with cash on hand of the Company and its subsidiaries and the Acquired Company and its subsidiaries, will be used by the Company on the Closing Date (as defined
              below) to pay the consideration for the Acquisition and the Transaction Costs.

          
	 	 
	
            Guarantors:

          	
            None.

          
	 	 
	
            Closing Date:

          	
            The date on which the borrowing under the Term Facility is made and the Acquisition is consummated (the “Closing Date”).

          
	 	 
	
            Availability:

          	
            The Term Facility will be available in a single drawing in U.S. dollars on the Closing Date. Amounts borrowed under the Term Facility that are repaid or prepaid may not be reborrowed. On the Closing Date, any
              undrawn commitments under the Term Facility shall automatically terminate.

          
	 	 
	
            Interest Rates:

          	
            As set forth on Annex I hereto.

          
	 	 
	
            Final Maturity and Amortization:

          	
            The Term Facility will mature on the third anniversary of the Closing Date. The Term Facility will amortize in equal quarterly installments (commencing with the first full fiscal quarter ended after the Closing
              Date) in aggregate annual amounts equal to 5.00% of the original principal amount of the Term Facility.

          

    
      

      A-2

      
        

      

    

    	
            Voluntary Commitment Reductions/Prepayments:

          	
            Voluntary reductions of the unutilized portion of the commitments under the Term Facility and prepayments of borrowings thereunder will be permitted at any time, in minimum principal amounts to be mutually
              agreed upon, and will be without premium or penalty, subject to customary reimbursement of the Lenders’ redeployment costs in the case of a prepayment of LIBOR (as defined below) borrowings other than on the last day of the relevant interest
              period.

          
	 	 
	
            Mandatory Commitment Reductions/Prepayments:

          	
            None.

          
	 	 
	
            Documentation:

          	
            The credit agreement for the Term Facility (the “Term Loan Agreement”) shall contain the terms set forth in this Exhibit A and shall include only the conditions expressly set forth in Exhibit B to the
              Commitment Letter and shall otherwise be usual and customary for financings of this kind and reflect, in a manner to be mutually agreed by the Company and the Arrangers, the business, operational and strategic matters relating to the Company
              and its subsidiaries in light of their business, size, industries and practices and matters disclosed in the Acquisition Agreement (collectively, the “Documentation Principles”).  The Term Loan Agreement shall contain only those
              payments, prepayments, conditions to borrowing, representations and warranties, covenants and events of default expressly set forth in this Exhibit A, in each case, applicable to the Company and (as applicable) its subsidiaries and with
              standards, qualifications, thresholds, exceptions, “baskets” and grace and cure periods, as applicable, consistent with the Documentation Principles.  It is understood that, subject to the foregoing and the Funds Certain Provisions, the Term
              Facility may, at the mutual determination of the Company and the Arrangers, be documented under a single credit agreement with the Revolving Facility.

          
	 	 
	
            Representations and Warranties:

          	
            The Term Loan Agreement will include only the following representations and warranties with respect to the Company and (as applicable) its subsidiaries (including (as applicable) the Acquired Company and its
              subsidiaries), which will be subject to materiality qualifications and qualifications and limitations for knowledge consistent with the Documentation Principles: due organization, existence and good standing of the Company; requisite power
              and authority of the Company; due authorization by the Company, execution and delivery by the Company and enforceability against the Company of the Term Loan Agreement; governmental approvals; no conflicts of the Term Loan Agreement with law,
              organizational documents of the Company or material contracts; historical financial statements of the Company; no material adverse change; material litigation; material environmental matters; Investment Company Act; Federal Reserve margin
              regulations; ERISA; accuracy of disclosure (including accuracy of Beneficial Ownership Certification); anti-money laundering laws, anti-corruption laws and sanctions; use of proceeds; not an EEA Financial Institution; and solvency of the
              Company and its subsidiaries on a consolidated basis after giving effect to the Transactions (solvency to be defined in a manner consistent with Exhibit C to the Commitment Letter).

             

            The failure of any representation or warranty (other than the Specified Representations and the Acquisition Agreement Representations) set forth in the Term Loan Agreement to be true and correct on the Closing
              Date will not constitute the failure of a condition precedent to the funding of the Term Facility on the Closing Date, it being understood that nothing in this sentence shall limit the applicability of the individual conditions expressly set
              forth in Exhibit B to the Commitment Letter.

          

    
      

      A-3

      
        

      

    

    	
            Conditions Precedent to Effectiveness and Borrowing:

          	
            The effectiveness of the Term Loan Agreement and the borrowing of loans under the Term Facility will be subject solely to the satisfaction or waiver (by each of the Commitment Parties) of the conditions
              precedent expressly set forth in Exhibit B to the Commitment Letter.

          
	 	 
	
            Covenants:

          	
            The Term Loan Agreement will include only the following financial, affirmative and negative covenants with respect to the Company and its subsidiaries, subject to qualifications, thresholds, exceptions and
              baskets consistent with the Documentation Principles:

          
	 	 
	
            - Financial Covenant:

          	
            The Company will not permit the ratio (such ratio, the “Leverage Ratio”) of Consolidated Total Indebtedness (which shall be limited to indebtedness for borrowed money, obligations evidenced by bonds,
              debentures, notes or similar instruments, obligations in respect of capital leases and purchase money indebtedness) as of the end of any fiscal quarter to Consolidated EBITDA (to be defined consistent with the Documentation Principles but
              which shall include addbacks for (i) non-cash charges (including, without limitation, stock option and other equity-based compensation charges), (ii) transition, integration and similar charges and expenses related to acquisitions or
              dispositions, (iii) cash restructuring charges, including retention and severance costs, systems establishment costs, contract termination costs, including future lease commitments, and charges and costs in connection with the  consolidation,
              exit and/or abandonment of facilities and relocation of employees, (iv) unusual or non-recurring charges related to payments or settlements of legal claims, (v) unusual or non-recurring charges with respect to retroactive effects of certain
              tax settlements, (vi) unusual or non-recurring charges related to significant effects of tax legislation and judicial or administrative interpretation of tax regulations and (vii) expenses with respect to non-routine shareholder activities; provided
              that (x) the aggregate amount of addbacks for cash charges, losses or expenses permitted pursuant to clauses (ii) through (vii) above shall not exceed, in any measurement period, 10% of Consolidated EBITDA (calculated without giving effect to
              such addbacks for cash charges, losses or expenses permitted by clauses (ii) through (vii) above) and (y) Consolidated EBITDA shall be determined disregarding the purchase accounting adjustments reducing acquired deferred revenue to fair
              value) for the period of four consecutive fiscal quarters then ended to exceed 3.50 to 1.00; provided that upon the consummation of a Qualified Material Acquisition (as defined below), with respect to the fiscal quarter in which such
              Qualified Material Acquisition is consummated and the subsequent three consecutive fiscal quarters, the maximum permitted ratio set forth above shall, at the election of the Company, be increased to 4.00 to 1.00; provided, further,
              that (a) following any such election by the Company, no subsequent election may be made by the Company unless the Consolidated Leverage Ratio has been at or below 3.50 to 1.00 as of the last day of at least two subsequent consecutive fiscal
              quarters, and (b) the Company may not make such an election more than two times during the term of the Term Facility.

             

            “Qualified Material Acquisition” means any acquisition of the equity interests in a person (if, as a result of such acquisition, such person shall become a subsidiary of the Company), or of all or
              substantially all the assets of any person (or of any business unit, division, product line or line of business of any person), by the Company or one of its subsidiaries that involves the incurrence by the Company or its subsidiaries of
              indebtedness to finance the acquisition consideration therefor (including refinancing of any indebtedness of such acquired person), or assumption by the Company or its subsidiaries of existing indebtedness of such acquired person (or such
              division or line of business), in an aggregate principal amount of $500,000,000 or more.

          

    
      

      A-4

      
        

      

    

    	
            - Affirmative Covenants:

          	
            Delivery of quarterly unaudited consolidated financial statements (other than with respect to the fourth quarter of any year), annual audited consolidated financial statements and certain other customary
              information; notices of default and other customary material events; existence; conduct of business; maintenance of properties; payment of taxes; insurance; books and records; inspection rights; compliance with laws; and use of proceeds
              (including not in violation of anti-money laundering laws, anti-corruption laws and sanctions).

          
	 	 
	
            - Negative Covenants:

          	
            Liens; subsidiary indebtedness (which shall permit intercompany indebtedness); sale and leaseback transactions; and mergers and other fundamental changes.

          
	 	 
	
            Events of Default:

          	
            The Term Loan Agreement will include only the following events of default (subject to materiality thresholds and grace periods consistent with the Documentation Principles) with respect to the Company and its
              subsidiaries:  nonpayment of principal when due; nonpayment of interest, fees or other non-principal amounts after 5 business days; inaccuracy of representations or warranties in any material respect; breach of covenants (subject to a 30-day
              grace period after notice by the Administrative Agent for all affirmative covenants other than the affirmative covenants to provide notice of default, to maintain the Company’s existence or as to use of proceeds, which will have no cure
              period); cross-event of default and cross-acceleration with respect to debt in the aggregate amount of $100,000,000 or more; bankruptcy and insolvency events; monetary judgments in an aggregate amount of $100,000,000 or more; certain ERISA
              events (subject to a “material adverse effect” standard); and Change in Control (to be defined consistent with the Documentation Principles and which shall not include a “continuing director” test).

          
	 	 
	
            Voting:

          	
            Amendments and waivers of the Term Loan Agreement will require the approval of the Required Lenders (as defined below); provided that (a) the consent of each Lender directly adversely affected thereby
              will be required with respect to customary matters, including (i) reductions in the amount or extensions of the scheduled dates for the payment of principal, (ii) reductions in interest rates or fees or extensions of the scheduled dates for
              payment thereof and (iii) increases in the amounts or extensions of the scheduled expiration date of the Lenders’ commitments and (b) the consent of 100% of the Lenders will be required with respect to (i) modifications to the pro rata
              provisions of the Term Loan Agreement and (ii) modifications to any of the voting percentages; provided further that no amendment or waiver shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
              without the prior written consent of the Administrative Agent.

             

            In connection with any waiver or amendment that requires the consent of all the Lenders or all affected Lenders and that has been approved by the Required Lenders, the Company shall have the right to replace
              any non-consenting Lender.

             

            “Required Lenders” means (a) if there are two Lenders, each of the Lenders and (b) if there are more than two Lenders, the Lenders that hold a majority of the aggregate amount of the commitments or loans
              under the Term Facility.

          

    
      

      A-5

      
        

      

    

    	
            Cost and Yield Protection:

          	
            The Term Loan Agreement will contain customary provisions (a) protecting the Administrative Agent and the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and
              capital or liquidity requirements (or their interpretation), illegality, unavailability and other requirements of law (including reserves with respect to liabilities or assets consisting of or including “Eurodollar liabilities”) and from the
              imposition of or changes in certain taxes and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any prepayment of a LIBOR loan on a day other than the last day of an interest period with
              respect thereto.  For all purposes of the Term Loan Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives promulgated thereunder and (ii) all requests, rules,
              guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant
              to Basel III, shall be deemed introduced or adopted after the date of the Term Loan Agreement. The Term Loan Agreement will provide that all payments are to be made free and clear of taxes (with customary exceptions).

          
	 	 
	
            Defaulting Lenders:

          	
            The Term Loan Agreement will contain customary provisions with respect to “Defaulting Lenders”.

          
	 	 
	
            Assignments and Participations:

          	
            The Lenders may assign all or, in an amount of not less than $10,000,000, any part of, their respective commitments or loans under the Term Facility to one or more eligible assignees, subject to the prior
              written consent of (a) the Administrative Agent and (b) except, after the Closing Date, when a payment or bankruptcy event of default has occurred and is continuing, the Company, each such consent not to be unreasonably withheld, delayed or
              conditioned; provided that, after the Closing Date, assignments made to a Lender or an affiliate or approved fund of a Lender will not be subject to the consent requirement set forth in clause (b) above.  The Company’s consent shall
              be deemed to have been given if the Company has not responded within 10 business days of a written request for an assignment.  Upon such assignment, the assignee will become a Lender for all purposes under the Term Loan Agreement. A $3,500
              processing fee will be required in connection with any such assignment.  The Lenders will also have the right to sell participations without restriction (other than to natural persons and other than to the Company and its subsidiaries and
              other affiliates) in their respective shares of the Term Facility, subject to customary limitations on voting rights. Notwithstanding the foregoing, in no event shall any loans or commitments, or any participation therein, be assigned to a
              Disqualified Institution (as defined below).

             

            “Disqualified Institution” shall mean (a) any person that is (directly or through a controlled subsidiary) a competitor of the Company or the Acquired Company and that is separately identified in writing
              by the Company to the Arrangers from time to time prior to the Closing Date (or, if after the Closing Date, that is identified in writing by the Company to the Administrative Agent), or (b) any affiliate of any person identified in clause (a)
              (other than any affiliate that is a bona fide debt fund, investment vehicle, regulated bank entity or unregulated lending entity that is engaged primarily in making, purchasing, holding or otherwise investing in loans, bonds and similar
              extensions of credit in the ordinary course of business for financial investment purposes and with respect to which no personnel involved with the investment in the relevant competitor, or the management, control or operation thereof,
              directly or indirectly, possesses the power to direct the investment policies of such fund, vehicle or entity) that is (i) identified in writing by the Company to the Arrangers from time to time prior to the Closing Date (or, if after the
              Closing Date, that is identified in writing by the Company to the Administrative Agent) or (ii) clearly identifiable as an affiliate on the basis of the similarity of its name to the name of such person referred to in clause (a); provided
              that (x) no designation of any person as a Disqualified Institution shall apply retroactively to disqualify any persons that have previously acquired an interest in loans or commitments under the Term Facility and (y) on and after the Closing
              Date, any such designation shall only become effective three business days after delivery thereof to the Administrative Agent via email to JPMDQ_Contact@jpmorgan.com.  The Administrative Agent will not have any duty to ascertain, monitor or
              enforce compliance with the list of Disqualified Institutions and will not have any liability with respect to any assignment or participation made to a Disqualified Institution.  The Administrative Agent will be authorized to disclose the
              list of Disqualified Institutions to the Lenders, and the Lenders will be authorized to disclose such list, on a confidential basis, to potential assignees and participants.

          

    
      

      A-6

      
        

      

    

    	
            Expenses and Indemnification:

          	
            The Term Loan Agreement will contain customary and appropriate provisions relating to indemnity, reimbursement, exculpation and related matters (with exceptions and limitations to such obligations consistent
              with the exceptions and limitations provided in Section 7 of the Commitment Letter).

          
	 	 
	
            EU Bail-in Provisions:

          	
            The Term Loan Agreement will contain a customary contractual recognition provision required under Article 55 of the Bank Recovery and Resolution Directive of the European Union.

          
	 	 
	
            Governing Law and Forum:

          	
            The Term Loan Agreement will provide that the parties thereto will submit to the exclusive jurisdiction and venue of the federal and state courts of the State of New York sitting in the Borough of Manhattan and
              will waive any right to trial by jury. New York law will govern the Term Loan Agreement; provided that (a) the interpretation of the definition of “Company Material Adverse Effect” (as defined in Exhibit B to the Commitment Letter)
              and/or whether or not a Company Material Adverse Effect has occurred that is continuing, (b) the determination of the accuracy of any Acquisition Agreement Representations and whether as a result of any breach or inaccuracy thereof the
              Company (or any of its affiliates) has the right to terminate its (or any of its affiliate’s) obligations under the Acquisition Agreement or the right to elect not to consummate the Acquisition and (c) the determination of whether the
              Acquisition has been consummated in all material respects in accordance with the terms of the Acquisition Agreement, in each case, shall be governed by, and construed in accordance with, the laws of the state of Delaware, regardless of the
              laws that might otherwise govern under applicable principles of conflicts of laws thereof.

          
	 	 
	
            Counsel to the Administrative Agent and the Arrangers:

          	
            Cravath, Swaine & Moore LLP.

          

    
      

      A-7

      
        

      

    

    
    SCHEDULE I

    

    

    

    
      	
              Interest Rates:

            	
              Interest will accrue at a rate per annum equal to, at the option of the Company, (a) Adjusted LIBOR plus the Applicable Margin or (b) the Alternate Base Rate plus the Applicable Margin.

               

              The “Applicable Margin” will be determined by reference to the Leverage Ratio as set forth in the Pricing Grid below.

               

              The Company may elect interest periods of 1, 2, 3 or 6 months (or such other period as is acceptable to each Lender) for LIBOR borrowings.  The Term Loan Agreement will contain customary provisions with
                respect to the replacement of LIBOR to be mutually agreed.

               

              Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans when determined on the basis of the Prime Rate)
                and interest shall be payable at the end of each interest period and, in any event, every three months.

               

              Interest on overdue amounts will accrue at the rates otherwise applicable plus 2% per annum or, in the case of amounts other than principal, interest accruing on ABR loans plus 2% per annum.

               

              “Adjusted LIBOR” means, with respect to any LIBOR borrowing for any interest period, an interest rate per annum equal to the LIBOR for such interest period, adjusted for customary statutory reserves.

               

              “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day; (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum;
                and (c) the Adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in US dollars with a maturity of one month plus 1%.  For purposes of clause (c) above, the Adjusted
                LIBOR on any day shall be based on the Screen Rate at approximately 11:00 a.m., London time, on such day for deposits in US dollars with a maturity of one month (or, if the Screen Rate is not available for a maturity of one month but is
                available for periods both longer and shorter than such period, the Interpolated Screen Rate as of such time); provided that if such rate shall be less than zero, such rate shall be deemed to be zero.  Any change in the Alternate
                Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBOR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBOR, as the case may be.  If the
                Alternate Base Rate is being used as an alternate rate of interest due to the unavailability of the Adjusted LIBOR, then for purposes of clause (c) above the Adjusted LIBOR shall be deemed to be zero.

               

              “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions, as determined in such manner as shall be
                set forth on the NYFRB Website from time to time, and published on the next succeeding business day by the NYFRB as the effective federal funds rate; provided that if such rate shall be less than zero, such rate shall be deemed to
                be zero.

               

              “Interpolated Screen Rate” means, with respect to any LIBOR borrowing for any interest period or clause (c) of the definition of Alternate Base Rate, a rate per annum that results from interpolating on
                a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter than the applicable period and (b) the applicable Screen Rate for the shortest maturity for which a Screen
                Rate is available that is longer than the applicable period, in each case as of the time the Interpolated Screen Rate is otherwise required to be determined in accordance with the Term Loan Agreement; provided that if such rate
                would be less than zero, such rate shall be deemed to be zero.

            

      
        A-1

        
          

      

      
      	 	
              “LIBOR” means, with respect to any LIBOR borrowing for any interest period, the Screen Rate as of 11:00 a.m., London time, on the day that is two business days prior to the first day of such interest
                period.

               

              “NYFRB” means the Federal Reserve Bank of New York.

               

              “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a
                business day, for the immediately preceding business day); provided that if none of such rates are published for any day that is a business day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00
                a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be
                less than zero, such rate shall be deemed to be zero.

               

              “NYFRB Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

               

              “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as
                such composite rate shall be determined by the NYFRB as set forth on the NYFRB Website from time to time, and published on the next succeeding business day by the NYFRB as an overnight bank funding rate.

               

              “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum
                interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as
                determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent).  Each change in the Prime Rate shall be effective from and including the date such change is publicly
                announced or quoted as being effective.

               

              “Reuters” means Thomson Reuters Corporation, a corporation incorporated under and governed by the Business Corporations Act (Ontario), Canada, Refinitiv or, in each case, a successor thereto.

               

              “Screen Rate” means, in respect of LIBOR for any interest period, or in respect of any determination of Alternate Base Rate pursuant to clause (c) of the definition of such term, a rate per annum equal
                to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other person that takes over the administration of such rate) for deposits in the applicable currency (for delivery on the first day of such
                interest period) with a term equivalent to the relevant period as displayed on the Reuters screen page that displays such rate (currently LIBOR01 or LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, on
                the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion); provided that (a) if any Screen Rate, determined as
                provided above, would be less than zero, such Screen Rate shall be deemed to be zero and (b) if no Screen Rate shall be available for a particular interest period but Screen Rates shall be available for maturities both longer and shorter
                than such interest period, than the Screen Rate for such interest period shall be the Interpolated Screen Rate.

            

    

    

    

    
      

      A-2

      
        

      

    

    
    Pricing Grid

     

      

    	
            Leverage Ratio

          	
            Adjusted LIBOR Applicable 

            Margin 

            (per annum)

          	
            Alternate Base Rate Applicable 

            Margin 

            (per annum)

          
	
            ≥ 3.50x

          	
            1.750%

          	
            0.750%

          
	
            ≥ 3.00x and < 3.50x

          	
            1.500%

          	
            0.500%

          
	
            ≥ 2.00x and < 3.00x

          	
            1.375%

          	
            0.375%

          
	
            ≥ 1.00x and < 2.00x

          	
            1.250%

          	
            0.250%

          
	
            < 1.00x

          	
            1.125%

          	
            0.125%

          

    
      

      A-3

      
        

      

    

    
     Exhibit B

    CONFIDENTIAL

      

     

      

    Project Silhouette

    $400,000,000 Three-Year Term Facility

    Summary of Conditions Precedent

    

    

    The funding of the Term Facility will be subject to the satisfaction or waiver (by each of the Commitment Parties) of solely the following conditions.  Capitalized terms used but not defined in this
      Exhibit B have the meanings given to them in the Commitment Letter to which this Exhibit B is attached.

    

    

    1.          The Acquisition shall have been (or, substantially concurrently with the funding under the Term Facility, shall be) consummated in all material respects in accordance with the terms of
      the Acquisition Agreement.  The Acquisition Agreement shall not have been amended or modified in any respect, or any provision or condition therein waived, or any consent granted thereunder (directly or indirectly), by the Company or any of its
      subsidiaries, if such amendment, modification, waiver or consent would be material and adverse to the interests of the Lenders or the Arrangers (in their capacities as such) without the prior written consent of the Arrangers (such consent not to be
      unreasonably withheld, delayed or conditioned), it being agreed that any amendment or modification to the definition of the term “Company Material Adverse Effect” in the Acquisition Agreement will be deemed to be material and adverse to the interests
      of the Lenders and the Arrangers; provided that (a) any reduction in the purchase price for the Acquisition shall be deemed not to be materially adverse to the Lenders or the Arrangers so long as any such reduction of the total purchase price
      for the Acquisition is applied to reduce the Term Facility and (b) any increase in the purchase price shall be deemed to be not materially adverse to the Lenders or the Arrangers so long as such increase is not funded with additional indebtedness.

    

    

    2.          No Company Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the date hereof) shall have occurred that is continuing.

    

    

    3.          Substantially concurrently with the consummation of the Acquisition, the Acquired Company Debt Refinancing shall be consummated, and the Arrangers shall receive customary payoff
      documentation in respect thereof.

    

    

    4.          The Arrangers shall have received (a) audited consolidated financial statements of the Company, prepared in accordance with U.S. GAAP, for the most recent fiscal year ended at least 60
      days prior to the Closing Date (and the related audit reports), (b) unaudited consolidated financial statements of the Company, prepared in accordance with U.S. GAAP, for any fiscal quarter (other than the fourth fiscal quarter) ended after the date
      of its most recent audited financial statements delivered pursuant to clause (a) above and more than 40 days prior to the Closing Date and (c) any Required Financial Statements (as defined in the Acquisition Agreement as in effect on the date hereof)
      received by the Company from the Acquired Company after the date hereof and prior to the Closing Date.  For purposes of clause (a) above, the Arrangers acknowledge that they have received the audited consolidated financial statements of the Company
      (and the related audit reports) for the fiscal year ended September 30, 2019 (provided that a subsequent Form 8-K, Item 4.02 has not been filed with respect to such financial statements).

    
      

      B-1

      
        

      

    

    
    5.          Subject to the Funds Certain Provisions, the execution and delivery by the Company of the Term Loan Agreement that is substantially consistent with the terms of the Commitment Letter.

    

    

    6.          The Arrangers shall have received (a) customary legal opinions, corporate documents of the Company, customary officer’s certificate of the Company (as to (x) the satisfaction of the
      closing conditions set forth in paragraphs 1 (solely as to the first sentence thereof) and 7(b) of this Exhibit B and (y) the absence of any amendment or modification of, or waiver or consent under, the Acquisition Agreement, in each case, that has
      not been publicly disclosed or otherwise made available to the Arrangers), customary secretary’s certificate of the Company, good standing certificate of the Company in its jurisdiction of organization and customary evidence of authority (including
      incumbency and resolutions) with respect to the Company and (b) a customary notice of borrowing (which notice of borrowing shall not include any representation or statement as to the absence (or existence) of any default or event of default or a
      bring-down of representations and warranties).

    

    

    7.          At the time of and upon giving effect to the borrowing and application of the loans under the Term Facility on the Closing Date, (a) the Acquisition Agreement Representations shall be
      true and correct and (b) the Specified Representations shall be true and correct in all material respects; provided that the condition under clause (a) above shall be deemed satisfied unless the Company has (or an affiliate of the Company
      has) the right (determined without regard to any notice requirement) to terminate its obligations under the Acquisition Agreement or the right to elect not to consummate the Acquisition as a result of a breach of representations and warranties
      referred to in the definition of the term “Acquisition Agreement Representations”.

    

    

    8.          The Company shall have paid  (or shall have authorized the deduction from the proceeds of the funding of the Term Facility for) all fees, expenses and other amounts payable by it under
      the Commitment Letter and the Fee Letters on or prior to the Closing Date (in the case of expenses and other amounts, solely to the extent invoiced at least two business days prior to the Closing Date).

    

    

    9.          The Administrative Agent shall have received a certificate substantially in the form of Exhibit C to the Commitment Letter from the Company executed by its chief financial officer.

    

    

    10.          The Lenders shall have received, at least five business days prior to the Closing Date, all documentation and other information with respect to the Company reasonably requested by the
      Lenders in writing to the Company at least 10 business days prior to the Closing Date that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the
      PATRIOT Act and the Beneficial Ownership Regulation.

  

  
    

    B-2

    
      

  

  
  
     Exhibit C

      

    CONFIDENTIAL

      

     

      

    SOLVENCY CERTIFICATE

    

    

    [________], 20[_]

    

    

    This Certificate (this “Certificate”) is being delivered pursuant to Section [●] of the Credit Agreement dated as of [●] (the “Credit
        Agreement”), among F5 Networks, Inc., a Washington corporation (the “Company”), the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.  Unless otherwise defined herein, terms used herein have
      the meanings provided in the Credit Agreement.

    

    

    The undersigned hereby certifies that [he][she] is the Chief Financial Officer of the Company and that [he][she] is knowledgeable of the
      financial and accounting matters of the Company and its subsidiaries and that, as such, [he][she] is authorized to execute and deliver this Certificate on behalf of the Company.

    

    

    The undersigned hereby further certifies, solely in [his][her] capacity as Chief Financial Officer of the Company and not in an
      individual capacity and without personal liability, that, on the date hereof, immediately after giving effect to the Transactions to occur on the Closing Date, including the making of the borrowing to be made on the Closing Date and the application
      of the proceeds thereof:

    

    

    1.          The fair value of
        the assets of the Company and its subsidiaries, on a consolidated basis, will exceed their debts and liabilities, subordinated, contingent or otherwise.

    

    

    2.          The present fair
        saleable value of the property of the Company and its subsidiaries, on a consolidated basis, will be greater than the amount that will be required to pay the probable liabilities on their debts and other liabilities, subordinated, contingent or
        otherwise, as such debts and other liabilities become absolute and matured.

    

    

    3.          The Company and
        its subsidiaries, on a consolidated basis, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured.

    

    

    4.          The Company and
        its subsidiaries, on a consolidated basis, will not have an unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and proposed to be conducted following the date hereof.

    

    

    In computing the amount of the contingent liabilities of the Company and its subsidiaries as of the date hereof, such liabilities have
      been computed at the amount that, in light of all the facts and circumstances existing as of the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability.

    

    

    [Remainder of this page intentionally left blank]

    

    

    
      C-1

      
        

      

    

    IN WITNESS WHEREOF, the undersigned has executed this Certificate solely in his/her capacity as Chief Financial Officer of the Company
      (and not in an individual capacity and without personal liability) as of the first date written above.

    

    

    	 	
            F5 NETWORKS, INC.

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	
            Title: Chief Financial Officer

          

    

    

    

  

  

  C-2

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