Document:

EX-10.1

 Exhibit 10.1 

CONFIDENTIAL - SUBJECT TO FRE 408 

THIS RESTRUCTURING SUPPORT AGREEMENT IS NOT AN OFFER OR ACCEPTANCE WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN
THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS RESTRUCTURING SUPPORT AGREEMENT SHALL BE AN
ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE SUPPORT EFFECTIVE DATE ON THE TERMS DESCRIBED IN THIS RESTRUCTURING SUPPORT AGREEMENT, DEEMED BINDING ON ANY OF THE PARTIES HERETO. 

THIS RESTRUCTURING SUPPORT AGREEMENT IS THE PRODUCT OF SETTLEMENT DISCUSSIONS AMONG THE PARTIES THERETO. ACCORDINGLY, THIS RESTRUCTURING SUPPORT AGREEMENT IS
PROTECTED BY RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND ANY OTHER APPLICABLE STATUTES OR DOCTRINES PROTECTING THE USE OR DISCLOSURE OF CONFIDENTIAL SETTLEMENT DISCUSSIONS. 

THIS RESTRUCTURING SUPPORT AGREEMENT DOES NOT PURPORT TO SUMMARIZE ALL OF THE TERMS, CONDITIONS, REPRESENTATIONS, WARRANTIES AND OTHER PROVISIONS WITH RESPECT
TO THE TRANSACTIONS DESCRIBED HEREIN, WHICH TRANSACTIONS WILL BE SUBJECT TO THE COMPLETION OF DEFINITIVE DOCUMENTATION INCORPORATING THE TERMS SET FORTH HEREIN AND THE CLOSING OF ANY SUCH TRANSACTION SHALL BE SUBJECT TO THE TERMS AND CONDITIONS SET
FORTH IN SUCH DEFINITIVE DOCUMENTATION AND THE APPROVAL RIGHTS OF THE PARTIES HERETO AS SET FORTH HEREIN AND IN SUCH DEFINITIVE DOCUMENTATION. 

RESTRUCTURING SUPPORT AGREEMENT 

This RESTRUCTURING SUPPORT AGREEMENT (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof,
this “Agreement”), dated as of October 7, 2020, is entered into by and among: 

(i)    Pennsylvania Real Estate Investment Trust (“PREIT”), PREIT Associates, L.P.
(“PREIT Associates”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”), and each of the subsidiary guarantors and affiliates identified on the signature pages hereto (together with PREIT, PREIT Associates and PREIT-RUBIN, each a
“Company Party” and collectively, the “Company”); 
 (ii)    Wells
Fargo Bank, National Association, as Administrative Agent under the Credit Agreements and the Bridge Facility Credit Agreement (each as defined below) (the “Agent”); and 

(iii)    each of the lenders identified on the signature pages hereto (together with each of their
respective successors and permitted assigns under this Agreement, each, a “Consenting Lender” and, collectively, the “Consenting Lenders”). 

 The Company, the Agent, each Consenting Lender, and any subsequent person or entity that
becomes a party hereto in accordance with the terms hereof are referred herein as the “Parties” and individually as a “Party.” 

RECITALS 

WHEREAS, the Parties have engaged in good faith, arm’s length negotiations and have agreed to enter into certain transactions in
furtherance of a restructuring of the Company’s indebtedness (the “Restructuring”), which is anticipated to be effected through either (i) an
out-of-court restructuring on the terms set forth in the Out-of-Court Restructuring Term
Sheet attached hereto as Exhibit A (the “Out-of-Court Restructuring Term Sheet” and the transactions contemplated thereby, the “Out-of-Court Transactions”) or (ii) a prepackaged plan of reorganization on the terms set forth in the Plan Term Sheet attached hereto as Exhibit B
(the ”Plan Term Sheet” and the plan of reorganization described therein, the “Plan”), a solicitation of votes therefor (the “Solicitation”), and the commencement by the Company of voluntary
cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”), in the United States Bankruptcy
Court for the District of Delaware (the “Bankruptcy Court”); 
 WHEREAS, as of the date hereof, the Consenting
Lenders hold, in the aggregate, approximately (i) 74.43933823% of the aggregate outstanding principal amount of the indebtedness under that certain Seven-Year Term Loan Agreement, dated as of January 8, 2014, by and among PREIT, PREIT
Associates and PREIT-RUBIN, as Borrowers, each of the financial institutions from time to time party thereto (collectively, the “7-Year TL Lenders”), and the Agent (as amended through the date
hereof, the “7-Year Term Loan Agreement”), (ii) 83.03571429% of the aggregate outstanding principal amount of the indebtedness under that certain Amended and Restated Credit Agreement, dated
as of May 24, 2018, by and among PREIT, PREIT Associates and PREIT-RUBIN, as borrowers, each of the financial institutions from time to time party thereto (collectively, the “Revolver/TL Lenders”, and together with the 7-Year TL Lenders, collectively, the “Lenders”), and the Agent (as amended through the date hereof, the “Revolver/TL Credit Agreement”, and together with the 7-Year Term Loan Agreement, each a “Credit Agreement” and collectively, the “Credit Agreements”), and (iii) 100% of the aggregate outstanding principal amount of the indebtedness
under that certain Credit Agreement, dated as of August 11, 2020, among the Borrowers and certain of the Lenders (as amended through the date hereof, the “Bridge Credit Agreement” and the credit facility issued thereunder, the
“Bridge Credit Facility”); 
 WHEREAS, the Parties desire to express to each other their mutual support and
commitment in respect of the matters discussed in the Out-of-Court Restructuring Term Sheet or, in the alternative, the Plan Term Sheet and hereunder; and 

WHEREAS, the Parties have agreed to take certain actions in furtherance of the Restructuring on the terms and conditions set forth in
this Agreement. 

  
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 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

 

	 	1.	 Certain Definitions 

As used in this Agreement, the following terms have the following meanings: 

(a)    “Agent Advisors” means Agent Counsel and FTI Consulting, Inc., as financial advisor to the Agent.

 (b)    “Agent Counsel” means Jones Day, as counsel to the Agent. 

(c)    “Bridge Facility Indebtedness” means the indebtedness incurred by the Company under the Bridge
Credit Agreement and any documents ancillary thereto. 
 (d)    “Claims” has the meaning set forth in
section 101(5) of the Bankruptcy Code and shall include, for the avoidance of doubt, any claims arising from the Indebtedness, Bridge Facility Indebtedness or Derivative Transactions. 

(e)    “Company Counsel” means DLA Piper LLP as counsel to the Company. 

(f)    “Closing Date” means the date on which the Out-of-Court Transactions are consummated. 
 (g)    “Confirmation
Order” means the order of the Bankruptcy Court approving the Disclosure Statement and confirming the Plan in the Chapter 11 Cases, which order will be in form and substance satisfactory to the Requisite Consenting Lenders, the Requisite
Consenting Bridge Lenders and the Company. 
 (h)    “Derivative Transaction” means a “swap
agreement” as defined in Section 101 of the Bankruptcy Code. 
 (i)    “Disclosure Statement”
means the disclosure statement in respect of the Plan, including, without limitation, the ballots and all other exhibits and schedules thereto, as supplemented from time to time. 

(j)    “Effective Date” means the date upon which all conditions to the effectiveness of the Plan have
been satisfied or waived in accordance with the terms thereof and the Plan becomes effective. 
 (k)    “Exit
Facility” means a $150 million first lien senior secured revolving credit facility, which shall include a $10 million letter of credit sub-facility, the proceeds of which shall be used to,
among other things, repay the Bridge Facility on the Effective Date. 
 (l)    “Exit Facility
Documents” means the credit agreement documenting the Exit Facility and any related security agreement, mortgages, deeds of trust, collateral agreement or other ancillary documents. 

(m)    “Financing Orders” means, to the extent a debtor-in-possession financing is sought, (i) an interim order of the Bankruptcy Court authorizing the Company to enter into a
debtor-in-possession financing facility on an interim basis, which shall be in form and substance acceptable 

  
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to the agent and lenders under the debtor-in-possession financing facility and (ii) the final order of the
Bankruptcy Court authorizing the Company to enter into the a debtor-in-possession financing facility, which shall be in form and substance acceptable to the agent and
lenders under the debtor-in-possession financing facility. 

(n)    “In-Court Definitive Documents” means, if the Plan
Transactions are being pursued, (i) the Plan (including any ballots, supplements, or other material documents directly relating thereto not specified herein), (ii) the Disclosure Statement, (iii) the Financing Orders, to the extent a debtor-in-possession financing is sought, (iv) the motion seeking approval of the Financing Orders, (v) the Confirmation Order, (vi) the Exit Facility
Documents, (vii) the Senior Term Loan Facility Documents, (viii) the Second Lien Term Loan Facility Documents and (ix) all first day pleadings or papers, in each of case (i), (ii), (iii), (iv), (v) and (ix), which are satisfactory in
form and substance to the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders, and in each of case (vi), (vii) and (xiii), which are satisfactory in form and substance the Consenting Lenders holding at least two-thirds of the aggregate principal amount outstanding of the Indebtedness held by all Consenting Lenders and the Requisite Consenting Bridge Lenders. 

(o)    “Indebtedness” means the indebtedness incurred by the Company under the Credit Agreements and any
documents ancillary thereto. 
 (p)    “Interest” means any equity security (as defined in section
101(16) of the Bankruptcy Code) of a Company Party, including all shares, common stock, preferred stock, or other instrument evidencing any fixed or contingent ownership interest in any Company Party, including any option, warrant, or other right,
contractual or otherwise, to acquire any such interest in a Company Party, whether or not transferable and whether fully vested or vesting in the future. 

(q)    “Out-of-Court Definitive
Documents” means, if the Out-of-Court Transactions are being pursued, (i) the Senior Term Loan Facility Documents, (ii) the Revolving Facility
Documents, and (iii) the Second Lien Term Loan Facility Documents, in each case, which are satisfactory in form and substance to the Consenting Lenders holding at least two-thirds of the aggregate
principal amount outstanding of the Indebtedness held by all Consenting Lenders and the Requisite Consenting Bridge Lenders. 

(r)    “Outside Support Period Termination Date” means December 31, 2020. 

(s)    “Petition Date” means the date on which the Company files with the Bankruptcy Court voluntary
petitions for relief under chapter 11 of the Bankruptcy Code and any and all other documents necessary to commence the Chapter 11 Cases of the Company. 

(t)    “Plan Transactions” means the restructuring transactions described in the Plan Term Sheet, which
shall be effectuated pursuant to the Chapter 11 Cases. 
 (u)     “Requisite Consenting Bridge Lenders”
means, as of the date of determination, Consenting Lenders holding at least a majority of the aggregate principal amount outstanding of the Bridge Facility Indebtedness held by all Consenting Lenders. 

  
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 (v)    “Requisite Consenting Lenders” means, as of the
date of determination, Consenting Lenders holding at least a majority of the aggregate principal amount outstanding of the Indebtedness held by all Consenting Lenders. 

(w)    “Revolving Facility Documents” means the credit agreement documenting the Revolving Facility (as
defined in the Out-of-Court Restructuring Term Sheet) and any related security agreement, mortgages, deeds of trust, collateral agreement or other ancillary document.

 (x)    “Second Lien Term Loan Facility Documents” means the credit agreement documenting the Second
Lien Term Loan Facility (as defined in the Plan Term Sheet and Out-of-Court Restructuring Term Sheet, as applicable) and any related security agreement, mortgages, deeds
of trust, collateral agreement or other ancillary document. 
 (y)    “Securities Act” means the
Securities Act of 1933, as amended. 
 (z)    “Senior Term Loan Facility Documents” means the credit
agreement documenting the Senior Term Loan Facility (as defined in the Plan Term Sheet and Out-of-Court Restructuring Term Sheet, as applicable) and any related security
agreement, mortgages, deeds of trust, collateral agreement or other ancillary document. 
 (aa)    “Solicitation
Materials” means all solicitation materials in respect of the Plan together with the Disclosure Statement, which Solicitation Materials shall be in accordance with this Agreement and the
In-Court Definitive Documents. 
 (bb)    “Support Effective
Date” means the date on which: 
 (i)    counterpart signature pages to this Agreement shall
have been executed and delivered by (A) the Company (B) the Agent and (C) Consenting Lenders holding (I) at least 662⁄3% in aggregate principal
amount outstanding of the Indebtedness and (II) at least 662⁄3% in aggregate principal amount outstanding of the Bridge Facility Indebtedness, in accordance
with Section 10; 
 (ii)    all of the reasonable and documented fees and
expenses of the Agent Advisors (including any applicable local counsel) incurred and outstanding as of the day immediately prior to the Support Effective Date shall have been paid in full in cash (except as otherwise agreed by the applicable Agent
Advisor) to the extent invoiced at least one (1) business day prior to the anticipated Support Effective Date; and 

(cc)     “Support Period” means the period commencing on the Support Effective Date and ending on the
earlier of the (i) date on which this Agreement is terminated in accordance with Section 5 hereof, (ii) Effective Date (in the event the Plan Transactions are consummated) or Closing Date (in the event the Out-of-Court Transactions are consummated), and (iii) the Outside Support Period Termination Date. 

  
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	 	2.	 Certain Interpretations 

For purposes of this Agreement: 

(a)    when a reference is made in this Agreement to a Section, Exhibit or Schedule, such reference shall be to a Section,
Exhibit or Schedule, respectively, of or attached to this Agreement unless otherwise indicated; 
 (b)    the headings
of the sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation hereof or, for any purpose, be deemed a part of this Agreement; 

(c)    unless the context of this Agreement otherwise requires, (i) words using the singular or plural also include
the plural or singular, respectively, (ii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (iii) the words “include,” “includes” and
“including” when used herein shall be deemed in each case to be followed by the words “without limitation,” (iv) the word “or” shall not be exclusive and shall be read to mean “and/or” and (v) any
reference to dollars or “$” shall be to United States dollars; 
 (d)    capitalized terms defined only in the
plural or singular form shall nonetheless have their defined meanings when used in the opposite form; and 
 (e)    the
Parties agree that they have been represented by legal counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an
agreement or other document shall be construed against the party drafting such agreement or document. 
  

	 	3.	 Agreements of the Consenting Lenders 

(a)    Each Consenting Lender agrees that, during the Support Period, such Consenting Lender shall: 

(i)    support and take all commercially reasonable actions necessary or reasonably requested by the
Company, Agent or any other Consenting Lender in order to facilitate the finalization, implementation and consummation of the Out-of-Court Transactions or Plan
Transactions, as applicable, and refrain from taking any actions inconsistent with, and not fail or omit to take an action that is required by this Agreement, applicable law, or the In-Court Definitive
Documents or Out-of-Court Definitive Documents, as applicable; 

(ii)    give any notice, order, instruction or direction to the Agent necessary or appropriate to give
effect to the Restructuring Transactions; 
 (iii)    not directly or indirectly object to, delay,
impede, or take any other action that may reasonably be expected to interfere with the implementation and consummation of the Out-of-Court Transactions or Plan
Transactions, including, for the avoidance of doubt and without limitation, declaring any default under the Credit Agreements or accelerating the Company’s obligations under the Credit Agreements, in each case, as a result of the Out-of-Court Transactions or Plan Transactions; 

(iv)    not direct the Agent (or any successor thereto) to take any action inconsistent with such
Consenting Lender’s or Agent’s obligations under this Agreement; 

  
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 (v)    negotiate in good faith each of the In-Court Definitive Documents and Out-of-Court Definitive Documents, as applicable, and execute, deliver and perform thereunder to
implement the Out-of-Court Transactions or Plan Transactions, as applicable; 

(vi)    in the event the
Out-of-Court Transactions are pursued, on the Closing Date (and thereafter on the terms provided in the Revolving Facility Documents), timely fund its pro rata share of
the Revolving Facility (as defined in the Out-of-Court Restructuring Term Sheet); 

(vii)    in the event the Chapter 11 Cases are pursued: 

(1)    (A) timely vote or cause to be voted its Claims (including, without limitation, all claims arising
under the Credit Agreements and Bridge Credit Agreement) that are solicited to accept the Plan by delivering its duly executed and completed ballot or ballots, as applicable, accepting the Plan on a timely basis, and (B) not change or withdraw
such vote (or cause or direct such vote to be changed or withdrawn); 
 (2)    support and take all
reasonable actions necessary or appropriate to implement and consummate the Exit Facility, including by exercising the Exit Facility Option (as defined in the Plan Term Sheet); provided that the Exit Facility Documents are in form and
substance reasonably acceptable to the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders; 

(3)    not file, or have filed, any motion, pleading, objection, complaint commencing an adversary
proceeding or other document with the Bankruptcy Court or any other court (including any modifications or amendments thereof) that, in whole or in part, is materially inconsistent with this Agreement or the Plan; 

(4)    timely vote (or cause to be voted) its Claims against any plan, plan proposal, restructuring
proposal, offer of dissolution, assignment for the benefit of creditors, winding up, liquidation, sale or disposition, reorganization, merger, business combination, joint venture, debt or equity financing or
re-financing, recapitalization or other restructuring of the Company other than the Plan (each, an “Alternative Restructuring”); and 

(5)    not directly or indirectly, through any person or entity (including, without limitation, any
administrative agent or collateral agent), seek, solicit, propose, support, assist, engage in negotiations in connection with or participate in the formulation, preparation, filing or prosecution of any Alternative Restructuring or object to or take
any other action that is inconsistent with or that would reasonably be expected to prevent, interfere with, delay or impede the Solicitation or the confirmation and consummation of the Plan and the consummation of the Restructuring. 

(b)    Transfers. Each Consenting Lender agrees that, during the Support Period, such Consenting Lender shall not
sell, transfer, loan, issue, pledge, hypothecate, assign, permit a 

  
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participation in or otherwise dispose of (each, a “Transfer”), directly or indirectly, in whole or in part, any ownership (including any beneficial ownership, as this term is
defined in the Rule 13d-3 under the Exchange Act) of its Claims or any option thereon or any right or interest therein or any other claims against or interests in the Company (including the grant of any proxy
or the deposit of any Claims against or interests in the Company into a voting trust or the entry into a voting agreement with respect thereto), unless the transferee thereof either (i) is a Consenting Lender or (ii) prior to such
Transfer, agrees in writing for the benefit of the Parties to become a Consenting Lender and to be bound by all of the terms of this Agreement applicable to Consenting Lenders (including with respect to any and all claims or interests it already may
hold against or in the Company prior to such Transfer) by executing a joinder agreement, a form of which is attached hereto as Exhibit C (a “Joinder Agreement”), and delivering an executed copy thereof within two
(2) business days of such execution, to (A) Company Counsel and (B) Agent Counsel, in which event (x) the transferee (including the Consenting Lender transferee, if applicable) shall be deemed to be a Consenting Lender hereunder
and (y) the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Agreement to the extent of such transferred rights and obligations. 

(c)    Additional Claims or Interests. To the extent any Consenting Lender (i) acquires additional
Indebtedness, Bridge Facility Indebtedness or other Claims, (ii) holds or acquires any other claims against the Company entitled to vote on the Plan (in the event the Plan Transactions are pursued), (iii) holds or acquires any Interests in
the Company or (iv) Transfers any Claims, then, in each case, each such Consenting Lender shall promptly (in no event less than three (3) business days following such acquisition or transaction) notify Company Counsel and Agent Counsel of
such transaction (including the aggregate principal amount of additional Claims acquired) in writing and each such Consenting Lender agrees with respect to (i) through (iii) above that such additional Indebtedness, Bridge Facility Indebtedness,
Claims or other claims or Interests shall be subject to this Agreement (automatically and immediately upon acquisition by a Consenting Lender, regardless of when or whether notice of such acquisition is given to the Company), and that, for the
duration of the Support Period, should the Company pursue the Chapter 11 Cases, such Consenting Lender shall vote (or cause to be voted) any such additional Claims or other claims or Interests entitled to vote on the Plan in a manner consistent with
Section 3(a) hereof (and in the event the Solicitation has already commenced, no later than two (2) business days following the acquisition of such Claim, claims or Interests). 

 

	 	4.	 Agreements of the Company 

(a)    Covenants. The Company agrees that, during the Support Period, the Company shall (subject in all respects to
its right to terminate pursuant to Section 5(c) in compliance with Section 4(e), herein): 

(i)    negotiate in good faith each of the In-Court Definitive
Documents and Out-of-Court Definitive Documents, as applicable, and execute, deliver and perform thereunder to implement the Out-of-Court Transactions or Plan Transactions, as applicable; 

(ii)    use commercially reasonable efforts to obtain any and all required regulatory approvals for the
Restructuring, if any; 

  
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 (iii)    not take any action that is inconsistent with
or that would reasonably be expected to prevent, interfere with, delay or impede the consummation of the Restructuring; 

(iv)    not, directly or indirectly, through any person or entity, take any action that is materially
inconsistent with, or that would reasonably be expected to prevent, interfere with, delay or impede, consummation of the Restructuring, including, to the extent the Plan Transactions are pursued, the Solicitation and the confirmation and
consummation of the Plan; 
 (v)    to the extent that any legal or structural impediment arises that
would prevent, hinder, or delay the consummation of the transactions contemplated in this Agreement, negotiate in good faith appropriate and commercially reasonable additional or alternative provisions to address any such impediment, in consultation
with the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders; 
 (vi)     maintain
good standing under the laws of the state or other jurisdiction in which they are incorporated or organized; 

(vii)    as soon as reasonably practicable, notify the Consenting Lenders in writing of any governmental or
third-party complaints, litigations, investigations, or hearings (or communications indicating that the same may be contemplated or threatened), relating to or involving or otherwise affecting, in each case in any material respect, the
Restructuring; 
 (viii)    if the Company Parties know of a material breach by any Company Party or any
Consenting Lender of the obligations, representations, warranties, or covenants of the Company Parties as set forth in this Agreement, furnish prompt written notice (and in any event within one (1) business day of such actual knowledge) to the
Consenting Lenders and, with respect to a material breach by any Company Party, promptly take all reasonable and practicable remedial action necessary to cure such material breach by any such Company Party; 

(ix)    (A) pay in cash all reasonable and documented fees and out-of-pocket expenses for which invoices or receipts are furnished by Agent Advisors (including any applicable local counsel) incurred on and after the Support Effective Date from time to time, but in any
event within seven (7) days of delivery to the Company of any applicable invoice or receipt and (B) on the Effective Date (in the event the Plan Transactions are consummated) or the Closing Date (in the event the Out-of-Court Transactions are consummated), pay in cash all reasonable and documented fees and
out-of-pocket expenses of the Agent Advisors (including any applicable local counsel) incurred and outstanding in connection with the Restructuring; 

(x)    to the extent the Plan Transactions are being pursued, deliver draft copies of all material motions
or applications and other material documents related to the Plan Transactions that the Company intends to file with the Bankruptcy Court to Agent Counsel, at least two (2) business days prior to the date when the Company intends to file any
such document (provided that if delivery of such document at least two (2) business days in 

  
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advance is not reasonably practicable under the circumstances, such document shall be delivered as soon as otherwise practicable prior to filing) and shall consult in good faith with Agent
Counsel regarding the form and substance of any such proposed filing with the Bankruptcy Court; 

(b)    Commencement of Solicitation. The Company hereby agrees that, unless the Out-of-Court Transactions have been consummated, no later than October 8, 2020 (the “Outside Solicitation Date”), the Company shall commence Solicitation. 

(c)    Commencement of the Chapter 11 Cases. The Company further agrees that, as soon as reasonably practicable,
but in no event later than ten (10) calendar days after the commencement of Solicitation, the Company shall commence the Chapter 11 Cases by filing voluntary petitions seeking relief under chapter 11 of the Bankruptcy Code with the Bankruptcy
Court. In the event the Chapter 11 Cases are commenced, (i) the Company shall file the Plan along with the Disclosure Statement, each in form and substance reasonably satisfactory to the Requisite Consenting Lenders and the Requisite Consenting
Bridge Lenders, on the Petition Date and (ii) the Company shall use its commercially reasonable efforts to obtain confirmation of the Plan as soon as reasonably practicable following the Petition Date in accordance with the Bankruptcy Code and
on terms consistent with this Agreement, and each Consenting Lender shall use its commercially reasonable efforts to cooperate fully in connection therewith. 

(d)    Actions of the Company during the Chapter 11 Cases. The Company agrees that during the Support Period, if
the Solicitation and Chapter 11 Cases are commenced, the Company shall (subject in all respects to its right to terminate pursuant to Section 5(c) in compliance with Section 4(e), herein): 

(i)    timely file a formal objection to any motion filed with the Bankruptcy Court by a third party
seeking the entry of an order (A) directing the appointment of a trustee or examiner (with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code), (B) converting the Chapter 11 Cases to cases under
chapter 7 of the Bankruptcy Code, (C) dismissing the Chapter 11 Cases, (D) modifying or terminating the debtors’ exclusive right to file and/or solicit acceptances of a plan of reorganization, as applicable, or (E) challenging
the validity, enforceability, perfection, or priority of, or seeking avoidance or subordination of, any portion of the Indebtedness, Bridge Facility Indebtedness, or asserting any other cause of action against and/or with respect or relating to such
Claims or the prepetition liens securing such Claims; and 
 (ii)    not seek, solicit, or support any
Alternative Restructuring, other than the Restructuring, or cause or allow any of their agents or representatives to solicit any Alternative Restructuring. 

(e)    Fiduciary Duties. Notwithstanding anything to the contrary contained in this Agreement, until the entry of
the Confirmation Order, nothing in this Agreement shall restrict the Company or any director or officer of the Company (in such person’s capacity as a director or officer) from considering or accepting any alternative transaction that the
Company has determined in good faith (after consultation with its legal and financial advisors and the receipt of advice from each of them) (A) can be consummated on the terms proposed, taking into account all

  
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financial, regulatory, legal, and other aspects (including certainty of closing), (B) to the extent financing is required, involves financing that is then fully committed, and (C) is on
terms more favorable to the Company than the transactions contemplated by this Agreement, if the failure to solicit or consummate such alternative transaction would reasonably be expected to (based on the written advice of the Company’s legal
advisors) constitute a breach of the Company’s, the directors’, and the officers’ fiduciary duties under applicable law. Prior to the earlier of (x) making a public announcement regarding their intention to accept an Alternative
Restructuring or (y) entering into a definitive agreement with respect to an Alternative Restructuring, the Company shall have terminated this Agreement pursuant to Section 5(c). The Company shall, to the extent
practicable and consistent with their fiduciary duties, give Agent Counsel not less than three (3) business days’ prior written notice before exercising such termination right in accordance with this Agreement. At all times prior to the
date on which the Company enters into a definitive agreement in respect of such an Alternative Restructuring or makes a public announcement regarding its intention to do so, the Company shall provide to Agent Counsel a copy of any written offer or
proposal (and notice and a description of any oral offer or proposal) for such Alternative Restructuring within two (2) calendar days of the Company or its advisors’ receipt of such offer or proposal. No action or inaction pursuant to this
Section 4(e) shall be deemed to constitute a breach of this Agreement. 
 (f)    Automatic
Stay. The Company acknowledges and agrees and shall not dispute that after the commencement of the Chapter 11 Cases, the giving of notice of default or termination of this Agreement by any Party pursuant to this Agreement or the exercising or
any rights under this Agreement by any Party shall not be a violation of the automatic stay under section 362 of the Bankruptcy Code (and the Company hereby waives, to the fullest extent permitted by law, the applicability of the automatic stay to
the giving of such notice); provided that nothing herein shall prejudice any Party’s rights to argue that the giving of notice of default or termination or the exercising of any rights was not proper under the terms of this Agreement.

  

	 	5.	 Termination of Agreement 

(a)    This Agreement shall terminate three (3) business days following the delivery of notice, delivered in
accordance with Section 21 hereof, from the Requisite Consenting Lenders or the Requisite Consenting Bridge Lenders to the other Parties at any time after and during the continuance of any Lender Termination Event. In addition, this Agreement
shall terminate three (3) business days following the delivery of notice, delivered in accordance with Section 21 hereof, from the Company to the other Parties at any time after the occurrence and during the
continuance of any Company Termination Event (defined below). No Party may exercise any of its respective termination rights as set forth herein if (i) such Party is in breach of this Agreement (unless such failure to perform or comply arises
as a result of another Party’s actions or inactions), (ii) such breach has caused, or resulted in, the occurrence of a Lender Termination Event or Company Termination Event (as applicable), and (iii) such breach is continuing when such
Party seeks to exercise any of its respective termination rights. In addition, this Agreement shall terminate automatically on the Effective Date or Closing Date (as applicable). 

  
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 (b)    A “Lender Termination Event” shall mean any of
the following: 
 (i)    the material breach by the Company of any of the undertakings, representations,
warranties or covenants of the Company set forth herein which remains uncured for a period of five (5) business days after the receipt of written notice and a description of such breach pursuant to Sections 5(a) and 21 hereof (as
applicable); 
 (ii)    the issuance by any governmental authority, including any regulatory authority or
court of competent jurisdiction, of any ruling, judgment or order, enjoining or reasonably expected to prevent the consummation of or render illegal the Restructuring, that remains in effect for ten (10) business days after such issuance;
provided, however, that this termination right may not be exercised by any Party that sought or requested such ruling or order in contravention of this Agreement; 

(iii)    any Out-of-Court
Definitive Document or In-Court Definitive Document (as applicable) is either (I) materially inconsistent with the material terms of (A) this Agreement, (B) the Out-of-Court Restructuring Term Sheet or (C) the Plan Term Sheet or (II) not in form and substance satisfactory to the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders; 

(iv)    In the event that the
Out-of-Court Transactions are pursued, if as of 11:59 p.m. (prevailing Eastern Time) on October 31, 2020, or such later date determined by the Requisite Consenting
Lenders, and the Requisite Consenting Bridge Lenders, the Closing Date has not occurred; 
 (v)    the
entry by the Company into any material non-ordinary course transaction or payment by the Company of any material non-ordinary course payment in either case inconsistent
with this Agreement or the Plan; 
 (vi)    the Company terminates its obligations under and in
accordance with Section 5(c) of this Agreement; and 
 (vii)    In the event the Plan Transactions
are pursued (and subject in all respects to its right to terminate pursuant to Section 5(c) in compliance with Section 4(e), herein): 

(1)    if, as of 11:59 p.m. (prevailing Eastern Time) on the Outside Solicitation Date, the Company has not
commenced the Solicitation; 
 (2)    if, as of 11:59 p.m. (prevailing Eastern Time) on the date that is
14 calendar days after the date Solicitation was commenced, the Chapter 11 Cases have not been filed; 

(3)    if, as of 11:59 p.m. (prevailing Eastern Time) on the date that is three business days after the
Petition Date, the Financing Order has not been entered by the Bankruptcy Court on an interim basis; 

(4)    if, as of 11:59 p.m. (prevailing Eastern Time) on the date that is 28 days after the Petition Date,
the Financing Order has not been entered by the Bankruptcy Court on a final basis; 

  
 12 

 (5)    if, as of 11:59 p.m. (prevailing Eastern Time) on
the date that is 30 days after the Petition Date, the Confirmation Order has not been entered by the Bankruptcy Court; 

(6)    if, as of 11:59 p.m. (prevailing Eastern Time) on the date that is 35 days after the Petition Date,
the Effective Date has not occurred; 
 (7)    the Company withdraws the Plan or Disclosure Statement, or
the Company files any motion or pleading with the Bankruptcy Court that is materially inconsistent with this Agreement or the Plan and such motion or pleading has not been withdrawn prior to the earlier of (A) five (5) business days after the
Company receives written notice from the Requisite Consenting Lenders or the Requisite Consenting Bridge Lenders that such motion or pleading is materially inconsistent with this Agreement or the Plan and (B) entry of an order of the Bankruptcy
Court approving such motion or pleading; 
 (8)    the Company files any motion for the
(A) conversion of one or more of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code; (B) appointment of an examiner with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy
Code or a trustee or receiver in one or more of the Chapter 11 Cases, or (C) dismissal of one or more of the Chapter 11 Cases; 

(9)    the Bankruptcy Court enters an order (A) directing the appointment of a trustee in the Chapter
11 Cases, (B) converting any of the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, (C) dismissing any of the Chapter 11 Cases (D) appointment of an examiner with expanded powers beyond those set forth in section
1106(a)(3) and (4) of the Bankruptcy Code or a trustee or receiver in one or more of the Chapter 11 Cases, or (E) invalidating or otherwise holding that this Agreement or material term thereof is unenforceable.; 

(10)    the Company (A) files any motion seeking to avoid, disallow, subordinate, or recharacterize
any Indebtedness and/or the Bridge Facility Indebtedness or (B) shall have affirmatively supported any application, adversary proceeding, or cause of action referred to in the immediately preceding clause (A) filed by a third party, or
expressly consents to the standing of any such third party to bring such application, adversary proceeding or cause of action; 

(11)    the Bankruptcy Court grants relief that (A) is inconsistent with this Agreement in any
material respect or (B) would, or would reasonably be expected to, materially frustrate the purposes of this Agreement, including by preventing the consummation of the Plan Transactions, unless the Company has sought a stay of such relief
within five business days after the date of such issuance, and such order is stayed, reversed, or vacated within fifteen business days after the date of such issuance; 

  
 13 

 (12)    the Company files, propounds, or otherwise
supports any plan of reorganization other than the Plan or any other Alternative Restructuring; 

(13)    on the date that an order is entered by the Bankruptcy Court or a court of competent jurisdiction
denying confirmation of the Plan or refusing to approve the Disclosure Statement; 
 (14)    the Company
loses the exclusive right to file a Plan; 
 (15)    any Company Party (A) amending, or modifying,
or filing a pleading seeking authority to amend or modify, any In-Court Definitive Document in a manner that is materially inconsistent with this Agreement; (B) suspending or revoking the Plan
Transactions; or (C) publicly announcing its intention to take any such action listed in the foregoing clauses (A) and (B) of this subsection; 

(16)    any Company Party filing any motion or application seeking authority to sell any assets having a
fair market value in excess of $1 million without the prior written consent of the Requisite Consenting Creditors and the Requisite Consenting Bridge Lenders; 

(17)    entry of an order granting relief from the automatic stay imposed by section 362 of the Bankruptcy
Code authorizing any party to proceed against any material asset of the Company or that would materially and adversely affect the Company’s ability to operate its businesses in the ordinary course; 

(18)    the entry of any order authorizing the use of cash collateral of the Consenting Bridge Lenders or
the entry into a financing arrangement that is not in the form of the Financing Orders or otherwise consented to by the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders; 

(19)    if (A) any of the Financing Orders are reversed, stayed, dismissed, vacated, reconsidered,
modified, or amended without the consent of the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders or (B) a motion for reconsideration, reargument, or rehearing with respect to any such order has been filed and the Company
has failed to object timely to such motion; and 
 (20)    if (A) the Confirmation Order is
reversed, stayed, dismissed, vacated, reconsidered, modified, or amended without the consent of the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders or (B) a motion for reconsideration, reargument, or rehearing with
respect to any such order has been filed and the Company has failed to timely object to such motion. 
 (c)    A
“Company Termination Event” shall mean any of the following: 
 (i)    the breach by one
or more of the Consenting Lenders of any of the undertakings, representations, warranties or covenants of the applicable Consenting Lenders set forth herein in any material respect which remains uncured for a period of five (5) business days
after the receipt of written notice of such breach pursuant to Sections 7(a)  

  
 14 

 
and 21 hereof (as applicable), but only if the remaining non-breaching Consenting Lenders do not hold at least
662⁄3% of the aggregate principal amount of Claims arising from the Indebtedness and Bridge Facility Indebtedness; 

(ii)    subject to the terms and provisions of Section 4(e), herein, the board of
directors, trustees, managers, members or partners (or comparable governing body), as applicable, of any Company Party pursues an Alternative Transaction; 

(iii)    if the Plan Transactions are being pursued and, as of 11:59 p.m. prevailing Eastern Time on
October 31, 2020, the Exit Facility Documents are not agreed upon by the Parties. 
 (iv)    if, as
of 11:59 p.m. prevailing Eastern Time on December 31, 2020, the Closing Date or Effective Date shall not have occurred; 

(v)    the issuance by any governmental authority, including any regulatory authority or court of competent
jurisdiction, of any ruling, judgment or order enjoining the consummation of or rendering illegal the Plan or the Restructuring, and such ruling, judgment or order has not been stayed, reversed or vacated within ten (10) business days after
such issuance; 
 (vi)    any Consenting Lender terminating its obligations under and in accordance with
Section 5(b) of this Agreement, but only if the remaining Consenting Lenders do not hold more than 662⁄3% of the aggregate principal
amount of Claims arising from each of the Indebtedness and Bridge Facility Indebtedness; or 

(vii)    in the event the Chapter 11 Cases have been filed, the Bankruptcy Court enters an order
(A) directing the appointment of an examiner with expanded powers or a trustee in the Chapter 11 Cases, (B) converting any of the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, (C) dismissing any of the
Chapter 11 Cases or (D) invalidating or otherwise holding that this Agreement or material term thereof is unenforceable. 

(d)    Mutual Termination. This Agreement may be terminated by mutual agreement of the Company, the Requisite
Consenting Bridge Lenders and the Requisite Consenting Lenders upon the receipt of written notice delivered in accordance with Section 21 hereof. 

(e)    Effect of Termination. Upon the termination of this Agreement in accordance with this
Section 5, and except as provided in Section 13 hereof, this Agreement shall forthwith become void and of no further force or effect and each Party shall, except as provided otherwise in this
Agreement, be immediately released from its liabilities, obligations, commitments, undertakings and agreements under or related to this Agreement and shall have all the rights and remedies that it would have had and shall be entitled to take all
actions, whether with respect to the Restructuring or otherwise, that it would have been entitled to take had it not entered into this Agreement, including all rights and remedies available to it under applicable law; provided,
however, that in no event shall any such termination relieve a Party from liability for its breach or non-performance of its obligations hereunder prior to the date of such termination. For the
avoidance of doubt, 

  
 15 

 
nothing in this Agreement shall be construed as prohibiting a Company Party or any of the Consenting Lenders from contesting whether any such termination is in accordance with its terms or to
seek enforcement of any rights under this Agreement that arose or existed before the date of such termination. Upon a termination of this Agreement, each Consenting Lender may, upon written notice to the Company and the other Parties, revoke its
vote or any consents given prior to such termination, whereupon any such vote or consent shall be deemed, for all purposes, to be null and void ab initio and shall not be considered or otherwise used in any manner by the Parties in connection
with the Restructuring and this Agreement. If this Agreement has been terminated as to any Consenting Lender in accordance with Section 5 hereof at a time when permission of the Bankruptcy Court shall be required for a
change or withdrawal (or cause to change or withdraw) of its vote to accept the Plan, the Company shall not oppose any attempt by such Consenting Lender to change or withdraw (or cause to change or withdraw) such vote at such time. 

(f)    Individual Termination. Any Consenting Lender may terminate this Agreement as to itself only, upon written
notice to the other Parties in accordance with Section 21 hereof, in the event that: (i) such Consenting Lender has transferred all (but not less than all) of its Claim, in accordance with
Section 3(b) of this Agreement (such termination shall be effective on the date on which such Consenting Lender has effected such transfer, satisfied the requirements of Section 3(b) and provided
the written notice required), or (ii) this Agreement or the Plan Term Sheet or Out-of-Court Restructuring Term Sheet is amended without its consent in such a way as
to alter any of the material terms hereof in a manner that is disproportionately adverse to such Consenting Lender as compared to similarly situated Consenting Lender by giving ten (10) business days’ written notice to the other Parties in
accordance with Section 21; provided, that such written notice shall be given by the applicable Consenting Lender within five (5) business days of such amendment, filing, or execution. 

 

	 	6.	 Definitive Documents; Good Faith Cooperation; Further Assurances 

(a)    Each Party, severally and not jointly, hereby covenants and agrees to cooperate with each other in good faith in
connection with, and shall exercise commercially reasonable efforts with respect to the pursuit, approval, negotiation, execution, delivery, implementation and consummation of the Restructuring, as well as the negotiation, drafting, execution and
delivery of the Out-of-Court Definitive Documents and In-Court Definitive Documents (as applicable) which will, after the Support
Effective Date, remain subject to negotiation, including any motions or orders related thereto, and shall, upon completion, contain terms, conditions, representations, warranties and covenants consistent in all material respects with the terms of
this Agreement (including the Exhibits and Schedules) and be in form and substance satisfactory to the Company, the Requisite Consenting Bridge Lenders and the Requisite Consenting Lenders. 

(b)    Subject to the terms hereof, each of the Parties shall take such action as may be reasonably necessary or
reasonably requested by the other Parties to carry out the purposes and intent of this Agreement, including making and filing any required regulatory filings, and shall, subject to the Company’s right to terminate pursuant to Section 5(c)
due to its “fiduciary out” pursuant to Section 4(e) of this Agreement, refrain from taking any action that would frustrate the purposes and intent of this Agreement. 

  
 16 

 (c)    The Company shall provide to the Agent Advisors, and shall direct
its employees, officers, advisors, and other representatives to provide the Agent Advisors, (i) reasonable access (without any material disruption to the conduct of the Company’s businesses and upon reasonable prior notice) during normal
business hours to (A) the Company’s books and records and (B) the management and advisors of the Company; and (ii) reasonable responses to all reasonable diligence requests, in each case, for the purposes of evaluating the
Company’s assets, liabilities, operations, businesses, finances, strategies, prospects and affairs or entry into the Out-of-Court Transactions or Plan Transactions.

  

	 	7.	 Representations and Warranties 

(a)    Each Party, severally and not jointly, represents and warrants to the other Parties that the following statements
are true and correct as of the date hereof (or as of the date a Consenting Lender becomes a party hereto): 

(i)    such Party is validly existing and in good standing under the laws of its jurisdiction of
incorporation or organization, and has all requisite corporate, partnership, limited liability company or similar authority to enter into this Agreement and carry out the transactions contemplated hereby and perform its obligations contemplated
hereunder; and the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder have been duly authorized by all necessary corporate, limited liability company, partnership or other similar action on its
part; 
 (ii)    the execution, delivery and performance by such Party of this Agreement does not and
will not (A) violate any material provision of law, rule or regulation applicable to it or any of its subsidiaries or its charter or bylaws (or other similar governing documents) or those of any of its subsidiaries, or (B) conflict in
material way with, result in a material breach of or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to which it or any of its subsidiaries is a party except, in the case of the Company, for
the filing of the Chapter 11 Cases to the extent the Plan Transactions are being pursued; 
 (iii)    the
execution, delivery and performance by such Party of this Agreement does not and will not require any material registration or filing with, consent or approval of, or notice to, or other action, with or by, any federal, state or governmental
authority or regulatory body, except such (i) filings as may be necessary or required by the U.S. Securities and Exchange Commission or other securities regulatory authorities under applicable securities laws or (ii) approval as may be
necessary or required by the Bankruptcy Court pursuant to the Bankruptcy Code in connection with the effectuation of the Plan Transactions; 

(iv)    this Agreement is the legally valid and binding obligation of such Party, enforceable against it in
accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to
enforceability or a ruling of the Bankruptcy Court (to the extent the Company commences the Chapter 11 Cases); and 

  
 17 

 (v)    it is not party to any restructuring or similar
agreements or arrangements with the other Parties to this Agreement that have not been disclosed to all Parties to this Agreement. 

(b)    Each Consenting Lender severally (and not jointly) represents and warrants to the Company that, as of the date
hereof (or as of the date such Consenting Lender becomes a party hereto), such Consenting Lender (i) is the beneficial owner of the principal amount of the Indebtedness and Bridge Facility Indebtedness set forth on its signature page hereto (or
below its name on the signature page of a Joinder Agreement for any Consenting Lender that becomes a party hereto after the date hereof) and does not beneficially own any other indebtedness, (ii) has, with respect to the beneficial owners of
such Indebtedness or Bridge Facility Indebtedness, (A) sole investment or voting discretion with respect thereto, (B) full power and authority to vote on and consent to matters concerning such Indebtedness, or Bridge Facility Indebtedness
or to exchange, assign and transfer such Indebtedness or Bridge Facility Indebtedness, and (C) full power and authority to bind or act on the behalf of, such beneficial owners, and (iii) otherwise holds Claims that are free and clear of
any pledge, lien, security interest, charge, claim, equity, option, proxy, voting restriction, right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind that would adversely affect in any way such Consenting
Lender’s ability to perform any of its obligations under this Agreement at the time such obligations are required to be performed. 

(c)    Each Consenting Lender severally (and not jointly) makes the representations and warranties, in each case, to the
other Parties that it (i) is (A) a “qualified institutional buyer” as such term is defined in Rule 144A of the Securities Act, (B) a non-US person participating in the offering outside the
United States in reliance on Regulation S under the Securities Act or (C) an “accredited investor” as such term is defined in Rule 501 of Regulation D of the Securities Act, (ii) understands that if it is to acquire any
securities, as defined in the Securities Act, pursuant to the Restructuring, such securities have not been registered under the Securities Act and that such securities are, to the extent not acquired pursuant to section 1145 of the Bankruptcy Code,
being offered and sold pursuant to an exemption from registration contained in the Securities Act, based in part upon such Consenting Lender’s representations contained in this Agreement and cannot be sold unless subsequently registered under
the Securities Act or an exemption from registration is available, (iii) has such knowledge and experience in financial and business matters that such Consenting Lender is capable of evaluating the merits and risks of the securities to be
acquired by it (if any) pursuant to the Restructuring and understands and is able to bear any economic risks with such investment and (iv) has made its own analysis and decision to enter into this Agreement. 

 

	 	8.	 Disclosure; Publicity 

The Company shall deliver drafts of any press releases that constitute disclosure of the existence or terms of this Agreement or any amendment
to the terms hereof to the Consenting Lenders and Agent Advisors at least one (1) business day prior to making any such disclosure. Except as required by applicable law or otherwise permitted under the terms of any other agreement between the
Company and any Consenting Lender, no Party or its advisors shall disclose to any person (including, for the avoidance of doubt, any other Party), other than advisors to the Company, the principal amount or percentage of any Indebtedness, or Bridge
Facility Indebtedness or any other Claims against, or Interests in, the Company held by any Consenting 

  
 18 

 
Lender, in each case, without such Consenting Lender’s consent; provided, however, that (i) if such disclosure is required by law, subpoena, or other legal process or
regulation, the disclosing Party shall afford the relevant Consenting Lender a reasonable opportunity to review and comment in advance of such disclosure and shall take all reasonable measures to limit such disclosure (the expense of which, if any,
shall be borne by the relevant Consenting Lender) and (ii) the foregoing shall not prohibit the disclosure of the aggregate percentage or aggregate principal amount of Indebtedness, or Bridge Facility Indebtedness held by all the Consenting
Lenders, collectively. Any public filing of this Agreement, with the Bankruptcy Court or otherwise, and any version of this Agreement shared with Consenting Lenders generally, shall omit the Indebtedness, and Bridge Facility Indebtedness holdings of
each individual Consenting Lender as set forth on such Consenting Lender’s signature page hereto or shall include such signature page only in redacted form with respect to the Indebtedness, and Bridge Facility Indebtedness holdings of each
Consenting Lender (provided that the Indebtedness, and Bridge Facility Indebtedness holdings on such signature page(s) may be filed in unredacted form with the Bankruptcy Court under seal). 

 

	 	9.	 Amendments and Waivers 

(a)    Other than as set forth in Section 9(b), this Agreement, including any exhibits or
schedules hereto, may not be modified, amended or supplemented or the performance of any obligation thereunder waived except with the written consent of the Company, the Requisite Consenting Bridge Lenders and the Requisite Consenting Lenders; 

(b)    Notwithstanding Section 9(a): 

(i)    any waiver, modification, amendment or supplement to this Section 9 shall
require the written consent of all of the Parties; 
 (ii)    any modification, amendment or change to
the definition of “Requisite Consenting Lenders” shall require the written consent of each Consenting Lender; 

(iii)    any modification, amendment or change to the definition of “Requisite Consenting Bridge
Lenders” shall require the written consent of each Consenting Lender that holds Bridge Facility Indebtedness; 

(iv)    any change, modification or amendment to this Agreement or the Plan that treats or affects any
Consenting Lender in a manner that is materially and adversely disproportionate, on an economic basis, to the manner in which any of the other Consenting Lenders are treated (after taking into account each of the Consenting Lenders’ respective
Claims and Interests (as in effect on the date hereof)) shall require the written consent of such materially adversely and disproportionately affected Consenting Lender. 

(v)    Any modification, amendment or change to the Outside Support Period Termination Date shall require
the written consent of each Consenting Lender; and 
 (vi)    Any material modification, amendment or
change to the terms of the Out-of-Court Restructuring Term Sheet or the Plan Term Sheet shall require the written consent of each Consenting Lender. For the avoidance of
doubt, a material modification, amendment or change shall include, without limitation, any modification, amendment or change to the term or amount of the Revolving Exit Facility or the Revolving Facility. 

  
 19 

 (c)    In the event that a materially adversely and disproportionately
affected Consenting Lender (“Non-Consenting Lender”) does not consent to a waiver, change, modification or amendment to this Agreement requiring the consent of such Non-Consenting Lender, but such waiver, change, modification or amendment receives the consent of Consenting Lenders owning at least
662⁄3% of the outstanding Indebtedness, and Bridge Facility Indebtedness (as applicable), this Agreement shall be deemed to have been terminated only as to such Non-Consenting Lender, but this Agreement shall continue in full force and effect in respect to all other Consenting Lenders. 

(d)    Any proposed modification, amendment, waiver or supplement that does not comply with this
Section 9 shall be ineffective and void ab initio. 
  

	 	10.	 Effectiveness 

This Agreement shall become effective and binding upon each Party on the Support Effective Date; provided, however, that
(a) signature pages executed by Consenting Lenders shall be delivered to other Consenting Lenders in a form that does not contain the details of the Consenting Lenders’ holdings and (b) the amount of Indebtedness, and Bridge Facility
Indebtedness held by each Consenting Lender, as set forth on such Consenting Lender’s signature page hereto, which shall be delivered to Agent Counsel and Company Counsel on behalf of the Company, shall be kept strictly confidential by the
Company (and to be held by Company Counsel on a professionals’ eyes only basis); provided, however, that the Company may disclose publicly the aggregate principal amount of Indebtedness, and Bridge Facility Indebtedness set forth
on the signature pages hereto. 
  

	 	11.	 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL 

(a)    This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York applicable to contracts made and to be performed in such state, without giving effect to the conflict of laws principles thereof. 

(b)    Each of the Parties irrevocably agrees that any legal action, suit or proceeding arising out of or relating to this
Agreement brought by any party or its successors or assigns shall be brought and determined in any federal or state court in Delaware (“DE Courts”) and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of
the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such proceeding arising out of or relating to this Agreement or the
Out-of-Court Transactions or Plan Transactions. Each of the Parties agrees not to commence any proceeding relating hereto or thereto except in the DE Courts other than
proceedings in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any DE Courts. Each of the Parties further agrees that notice as provided herein shall constitute sufficient service of process and the Parties
further waive any argument that such service is insufficient. Each of the Parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any proceeding arising out of
or relating to this Agreement or the Restructuring, (i) any claim that it is not personally subject to the jurisdiction of the DE Courts for any reason, 

  
 20 

 
(ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) that (A) the proceeding in any such court is brought in an inconvenient forum, (B) the venue of such proceeding is improper or
(C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. Notwithstanding the foregoing consent to jurisdiction in DE Courts, upon the commencement of the Chapter 11 Cases, each Party hereby agrees that, if the
Chapter 11 Cases are pending, the Bankruptcy Court shall have exclusive jurisdiction over all matters arising out of or in connection with this Agreement. Each Party further agrees that it shall bring any action or proceeding contemplated by this
Section 11(b) in the Bankruptcy Court, and solely in connection with claims arising under this Agreement: (i) irrevocably submits to the exclusive jurisdiction of the Bankruptcy Court; (ii) waives any objection to
laying venue in any such action or proceeding in the Bankruptcy Court; and (iii) waives any objection that the Bankruptcy Court is an inconvenient forum or does not have jurisdiction over any Party hereto. 

(c)    EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

 

	 	12.	 Specific Performance/Remedies 

It is understood and agreed by the Parties that money damages would not be a sufficient remedy for any breach of this Agreement by any Party
and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief (including attorneys’ fees and costs) as a remedy of any such breach, without the necessity
of proving the inadequacy of money damages as a remedy, including an order of the Bankruptcy Court requiring any Party to comply promptly with any of its obligations hereunder. Each Party also agrees that it will not seek, and will waive any
requirement for, the securing or posting of a bond in connection with any Party seeking or obtaining such relief. 
  

	 	13.	 Survival 

Notwithstanding the termination of this Agreement pursuant to Section 5 hereof, the agreements and obligations of the
Parties in this Section 13 and Sections 5(e), 11, 12, 14, 15, 16, 17, 18, 19 and 23 hereof (and any defined terms used in any such Sections) shall survive such termination and shall continue in full force and effect in
accordance with the terms hereof; provided, however, that any liability of a Party for failure to comply with the terms of this Agreement shall survive such termination. 

 

	 	14.	 Successors and Assigns; No Third-Party Beneficiaries 

This Agreement is intended to bind and inure to the benefit of the Parties and their respective successors, permitted assigns, heirs,
executors, administrators and representatives; provided, however, that, during the Support Period, nothing contained in this Section 14 shall be deemed to permit Transfers of the Indebtedness, or Bridge
Facility Indebtedness or claims arising 

  
 21 

 
under the Indebtedness, or Bridge Facility Indebtedness other than in accordance with the express terms of this Agreement. Unless expressly stated herein, there are no third-party beneficiaries
under this Agreement. 
  

	 	15.	 Severability; Several Obligations 

If any provision of this Agreement, or the application of any such provision to any person or entity or circumstance, shall be held invalid or
unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision hereof and this Agreement shall continue in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon any such determination of invalidity, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

 

	 	16.	 Relationship Among Parties 

Notwithstanding anything herein to the contrary, (i) the duties and obligations of the Parties under this Agreement shall be several, not
joint and several; (ii) no Party shall have any responsibility by virtue of this Agreement for any trading by any other entity; (iii) no prior history, pattern, or practice of sharing confidences among or between the Parties shall in any
way affect or negate this Agreement; (iv) the Parties hereto acknowledge that this Agreement does not constitute an agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring, holding, voting, or
disposing of any equity securities of the Company Parties and the Parties do not constitute a “group” within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended;
(v) none of the Consenting Lenders shall have any fiduciary duty, any duty of trust or confidence in any form, or other duties or responsibilities in any kind or form to each other, the Company Parties or any of the Company Parties’ other
lenders or stakeholders, including as a result of this Agreement or the transactions contemplated herein or in any exhibit hereto; and (vi) no action taken by any Party pursuant to this Agreement shall be deemed to constitute or to create a
presumption by any of the Parties that the Parties are in any way acting in concert or as a “group.” 
  

	 	17.	 Trading Wall 

The Parties understand that the Consenting Lenders are engaged in a wide range of financial services and businesses. In furtherance of the
foregoing, the Parties acknowledge and agree that, to the extent a Consenting Lender expressly indicates on its signature page hereto that it is executing this Agreement on behalf of specific trading desk(s) and/or business group(s) of the
Consenting Lender, the obligations set forth in this Agreement shall only apply to such trading desk(s) and/or business group(s) and shall not apply to any other trading desk or business group of the Consenting Lender so long as they are not acting
at the direction or for the benefit of such Consenting Lender or such Consenting Lender’s investment in the Company; provided, that the foregoing shall not diminish or otherwise affect the obligations and liability therefor of any legal
entity that (i) executes this Agreement or (ii) on whose behalf this Agreement is executed by a Consenting Lender. 

  
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	 	18.	 Administrative Agent 

Except to the extent required by the terms of the Credit Agreements or applicable law, the Agent shall be permitted to exercise its duties and
obligations under the Credit Agreements, and Bridge Credit Agreement in accordance with this Agreement. The Agent shall grant or withhold any consent or approval under this Agreement in accordance with the directions of the Required Lenders (as
defined in each of the Credit Agreements, and Bridge Credit Agreement) under and in accordance with the Credit Agreements, and Bridge Credit Agreement as applicable, and each Consenting Lender shall act reasonably in so instructing the Agent;
provided that, subject to its obligations under this Agreement, the Agent may grant or withhold its consent or approval without such instructions to the extent that the same shall affect the rights or liabilities of the Agent. 

 

	 	19.	 Prior Negotiations; Entire Agreement 

This Agreement, including the exhibits and schedules hereto (including the Plan Term Sheet and Out-of-Court Restructuring Term Sheet), constitutes the entire agreement of the Parties and supersedes all other prior negotiations, with respect to the subject matter hereof and thereof, except that the
Parties acknowledge that any confidentiality agreements (if any) heretofore executed between the Company and each Consenting Lender shall continue in full force and effect solely with respect to any then-continuing obligations thereunder. 

 

	 	20.	 Reservation of Rights; No Admission 

(a)    Except as expressly provided in this Agreement or the Out-of-Court Restructuring Term Sheet or Plan Term Sheet, nothing herein is intended to, or does, in any manner waive, limit, impair, or restrict the ability of any Party to protect and preserve its rights,
remedies and interests, including its claims against any of the other Parties (or their respective affiliates or subsidiaries). 

(b)    Without limiting clause (a) of this Section 19 in any way, if the
Out-of-Court Transactions or Plan Transactions are not consummated, or if this Agreement is terminated for any reason, nothing herein shall be construed as a waiver by
any Party of any or all of such Party’s rights, remedies, claims and defenses, and the Parties expressly reserve any and all of their respective rights, remedies, claims and defenses. Pursuant to Federal Rule of Evidence 408 and any other
applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms. This Agreement, the Plan, and any related document shall in no
event be construed as or be deemed to be evidence of an admission or concession on the part of any Party of any claim or fault or liability or damages whatsoever. Each of the Parties denies any and all wrongdoing or liability of any kind and does
not concede any infirmity in the claims or defenses which it has asserted or could assert. 
  

	 	21.	 Counterparts 

This Agreement may be executed and delivered in several counterparts, each of which shall be deemed to be an original, and all of which
together shall be deemed to be one and the same agreement. Execution copies of this Agreement may be delivered by electronic mail or otherwise, which shall be deemed to be an original for the purposes of this paragraph. 

  
 23 

	 	22.	 Notices 

All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier or by registered or certified mail (return
receipt requested) to the following addresses (or at such other addresses as shall be specified by like notice): 

(1)    If to the Company, to: 

PREIT Associates, L.P. 
 2005
Market Street, Suite 1000 
 Philadelphia, PA 19103 

Attention: Andrew Ioannou 

Telephone:     (215) 875-0700 

Telecopy:       (215) 546-7311 

With a copy to: 
 PREIT
Associates, L.P. 
 2005 Martket Street, Suite 1000 

Philadelphia, PA 19103 

Attention: Lisa Most 

Telephone:     (215) 875-0700 

Telecopy:       (215) 546-7311 

and 
 DLA Piper LLP (US) 

444 West Lake Street, Suite 900 

Chicago, IL 60606 
 Attn: Richard
Chesley 
          Daniel Simon 

         Oksana Koltko Rosaluk 

Richard.Chesley@us.dlapiper.com 

Daniel.Simon@us.dlapiper.com 

Oksana.Koltko@us.dlapiper.com 

(2)    If to the Agent, to: 

Wells Fargo Bank, National Association 

10 South Wacker Drive, 32nd Floor 

Chicago, IL 60606 
 Attention:
Brandon Barry 
 Telecopy: (312) 782-0969 

 

  
 24 

 with copies to: 

Wells Fargo Bank, National Association 

10 South Wacker Drive, 32nd Floor 

Chicago, IL 60606 
 Attention:
Karen Turnbull Skutt 
 Telephone: (312) 269-4809 

Telecopy: (312) 782-0969 

Wells Fargo Bank, National Association 

600 South 4th Street, 9th Floor 

Minneapolis, MN 55415 
 MAC N9300-091 
 Attention: Anthony J. Gangelhoff 

Telephone: (612) 316-0109 

Telecopy: (877) 410-5023 

and 
 Jones Day 

250 Vesey Street 
 New York, NY
10281 
 Attn: Ben Rosenblum 

         Stacey Corr-Irvine 

brosenblum@jonesday.com 

scorrirvine@jonesday.com 

(3) If to a Consenting Lender, or a transferee thereof, to the addresses set forth below following the Consenting Lender’s signature (or
as directed by any transferee thereof), as the case may be. 
 Any notice given by delivery, mail or courier shall be effective when
received. Any notice given by electronic mail shall be effective upon oral, machine or electronic mail (as applicable) confirmation of transmission. 
  

	 	23.	 No Solicitation 

This Agreement is not and shall not be deemed to be a solicitation for votes in favor of the Plan in the Chapter 11 Cases from the Consenting
Lenders. In the event the Plan Transactions are pursued, the acceptances of the Consenting Lenders with respect to the Plan will not be solicited until such Consenting Lenders have received the Solicitation Materials. 

 

	 	24.	 Independent Due Diligence; Adequate Information; Counsel Representation 

Each Party acknowledges and confirms that (i) its decision to execute this Agreement has been based upon its independent investigation of
the operations, businesses, financial and other conditions and prospects of the Company, (ii) it has had an opportunity to receive adequate information from the Company and (iii) it has been represented by counsel in connection with this

  
 25 

 
Agreement and the transactions contemplated hereby, and therefore any rule of law or any legal decision that would provide any Party with a defense to the enforcement of the terms of this
Agreement against such Party based upon lack of legal counsel shall have no application and is expressly waived. 
  

	 	25.	 Other Support Agreements 

During the Support Period, no Company Party shall enter into any other restructuring support agreement related to a partial or total
restructuring of the Company unless such support agreement is consistent in all respects with the Plan Term Sheet or Out-of-Court Restructuring Term Sheet and is
acceptable to the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders. 
  

	 	26.	 Other Agents 

For the avoidance of doubt, nothing herein shall bind U.S. Bank National Association in its capacity as agent under that certain Loan Agreement
dated April 8, 2016, as amended, by and between PR Woodland Limited Partnership, U.S. Bank National Association, as administrative agent, and certain lenders. 

[Remainder of Page Intentionally Left Blank] 

  
 26 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and
delivered by their respective duly authorized officers, solely in their respective capacity as officers of the undersigned and not in any other capacity, as of the date first set forth above. 

 

					
	“COMPANY PARTIES”
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner

 
					
			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PREIT-RUBIN, INC.

 
					
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	Andrew Ioannou
	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

 
					
		
	By:	 	 /s/ Andrew Ioannou

	 Name:
	 	Andrew Ioannou
	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continue on Following Page] 

  
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Restructuring Support Agreement 

 
							
	PR CHERRY HILL OFFICE GP, LLC
	By:	 	PREIT Associates, L.P., sole member
	BALA CYNWYD ASSOCIATES, L.P.
	By:	 	PR Cherry Hill Office GP, LLC, general partner
		 	 By:
	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN ANCHOR-M, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN LIMITED PARTNERSHIP
	By:	 	PR Moorestown LLC, general partner
		 	 By:
	 	PREIT Associates, L.P., sole member
	MOORESTOWN MALL LLC
	By:	 	PR Moorestown Limited Partnership, sole member
		 	 By:
	 	PR Moorestown LLC, general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PLYMOUTH GROUND ASSOCIATES LLC
	By:	 	PREIT Associates, L.P., sole member
	PLYMOUTH GROUND ASSOCIATES LP
	By:	 	Plymouth Ground Associates LLC, general partner
		 	 By:
	 	PREIT Associates, L.P., sole member
	PR AEKI PLYMOUTH LLC
	By:	 	PREIT Associates, L.P., sole member
	PR AEKI PLYMOUTH, L.P.
	By:	 	PR AEKI Plymouth LLC, general partner
		 	 By:
	 	PREIT Associates, L.P., sole member
	PR BVM, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR CUMBERLAND OUTPARCEL LLC
	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY VIEW OP-DSG/CEC, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR MOORESTOWN ANCHOR-L&T, LLC
	By:	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

	          	 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
									
	 PR EXTON LLC

	 By:
	 	 PREIT Associates, L.P., sole member

	 PR EXTON LIMITED PARTNERSHIP

	 By:
	 	 PR Exton LLC, general partner

		 	 By:
	 	 PREIT Associates, L.P., sole member

	 PR EXTON OUTPARCEL GP, LLC

	 By:
	 	 PREIT Associates, L.P., sole member

	 PR EXTON OUTPARCEL HOLDINGS, LP

	 By:
	 	 PR Exton Outparcel GP, LLC, general partner

		 	 By:
	 	 PREIT Associates, L.P., sole member

	 PR EXTON OUTPARCEL LIMITED PARTNERSHIP

	 By:
	 	 PR Exton Outparcel GP, LLC, general partner

		 	 By:
	 	 PREIT Associates, L.P., sole member

	 XGP LLC

	 By:
	 	 PR Exton Limited Partnership, sole member

		 	 By:
	 	 PR Exton LLC, general partner

		 	 By:
	 	 PREIT Associates, L.P., sole member

	 PR EXTON SQUARE PROPERTY L.P.

	 By:
	 	 XGP LLC, general partner

		 	 By:
	 	 PR Exton Limited Partnership, sole member

		 		 	 By:
	 	 PR Exton LLC, general partner

		 		 		 	 By:
	 	 PREIT Associates, L.P., sole member

	 PR FIN DELAWARE, LLC

	 By:
	 	 PREIT Associates, L.P., sole member

	 PR FINANCING II LLC

	 By:
	 	 PREIT Associates, L.P., sole member

	 PR FINANCING I LLC

	 By:
	 	 PREIT Associates, L.P., member and

		 	 By:
	 	 PR Financing II LLC, member

		 		 	 By:
	 	 PREIT Associates, L.P., sole member

	 PR FINANCING LIMITED PARTNERSHIP,

	 By:
	 	 PR Financing I LLC, general partner

		 	 By:
	 	 PREIT Associates, L.P., member and

		 	 By:
	 	 PR Financing II, LLC, member

		 		 	 By:
	 	 PREIT Associates, L.P., sole member

		
	 By:
	 	 Pennsylvania Real Estate Investment Trust, general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
	          	 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
									
	PR GAINESVILLE LLC
	By:	 	PREIT Associates, L.P., sole member
	PR GAINESVILLE LIMITED PARTNERSHIP
	By:	 	PR Gainesville LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR GV LLC
	By:	 	PREIT Associates, L.P., sole member
	PR GV LP
	By:	 	PR GV LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PRINCE GEORGE’S PLAZA LCC
	By:	 	PREIT Associates, L.P., sole member
	PR HYATTSVILLE LLC
	By:	 	PR Prince George’s Plaza LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR JK LLC
	By:	 	PREIT Associates, L.P., sole member
	PR JACKSONVILLE LLC
	By:	 	PREIT Associates, L.P. member and
		 	By:	 	PR JK LLC, member
	By: PREIT Associates, L.P., sole member
	PR JACKSONVILLE LIMITED PARTNERSHIP
	By:	 	PR Jacksonville LLC, general partner
		 	By:	 	PREIT Associates, L.P., member and
		 		 	By:	 	PR JK LLC, member
		 		 		 	By:	 	PREIT Associates, sole member
	PR MAGNOLIA LLC
	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-S, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR WOODLAND ANCHOR-S, LLC
	By:	 	PREIT Services, LLC, manager
		 	By:	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
	           	 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
							
	PR PLYMOUTH ANCHOR-M, LLC
	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH ANCHOR-M, L.P.
	By:	 	PR Plymouth Anchor-M, LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PM PC ASSOCIATES LLC
	By:	 	PREIT Services, LLC, non-member manager
		 	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING ASSOCIATES PC LP
	By:	 	PR PM PC Associates LLC, general partner
		 	By:	 	PREIT Services, LLC, non-member manager
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING LLC
	By:	 	PREIT Associates, L.P., sole member
	PR PLYMOUTH MEETING LIMITED PARTNERSHIP
	By:	 	PR Plymouth Meeting LLC, general partner
		 	By:	 	PREIT Associates, L.P., sole member
	PR PM PC ASSOCIATES LP
	By:	 	PR PM PC Associates LLC, general partner
		 	By:	 	PREIT Services, LLC, non-member manager
		 		 	 By:
	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

	           	 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
							
	PR SPRINGFIELD TOWN CENTER LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR SWEDES SQUARE LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR TP LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR TP LP
		 	By:	 	 PR TP LLC, general partner

		 		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-M, LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY ANCHOR-M LIMITED PARTNERSHIP
		 	By:	 	PR Valley Anchor-M, LLC, general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY LIMITED PARTNERSHIP
		 	By:	 	PR Valley LLC, its general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY VIEW ANCHOR-M, LLC
		 	By:	 	PREIT Associates, L.P., sole member
	PR VALLEY VIEW ANCHOR-M LIMITED PARTNERSHIP
		 	By:	 	PR Valley View Anchor-M, LLC, its general partner
		 		 	By:	 	PREIT Associates, L.P., sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

	           	 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
					
	PR MONROE OLD TRAIL, LLC
	PR MONROE OLD TRAIL LIMITED PARTNERSHIP
		 	By:	 	PR Monroe Old Trail, LLC, general partner
	PR MONROE OLD TRAIL HOLDINGS, LLC
	PR MONROE OLD TRAIL HOLDINGS, L.P.
		 	By: 	 	PR Monroe Old Trail Holdings, LLC, general partner
	PR SUNRISE OUTPARCEL 2, LLC
	PR VALLEY SOLAR LLC
			
	 

    
	 	By:	 	PREIT – RUBIN, Inc., sole member

  

					
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	Andrew Ioannou
	          	 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer
	
	PREIT – RUBIN, INC.
	PREIT – RUBIN OP, INC.
		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	 Andrew Ioannou

	Title:	 	 Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

  
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Restructuring Support Agreement 

 
									
	PR CAPITAL CITY LIMITED PARTNERSHIP
	By:	 	PR Capital City LLC, general partner
		 	By:	 	PREIT Associates, L.P., its member
		 		 	By:	 	PR CC II LLC, its member
		 		 		 	By:	 	PREIT Associates, L.P.,
		 		 		 		 	its sole member
	PR CC LIMITED PARTNERSHIP
	By:	 	PR CC I LLC, general partner
		 	By:	 	PREIT Associates, L.P., its member
		 		 	By:	 	PR CC II LLC, its member
		 		 		 	By:	 	PREIT Associates, L.P.,
		 		 		 		 	its sole member
	PR CAPITAL CITY LLC
	By:	 	PREIT Associates, L.P., its member
	By:	 	PR CC II LLC, its member
		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CC I LLC
	By:	 	PREIT Associates, L.P., its member
		 	By:	 	PR CC II LLC, its member
		 		 	By:	 	PREIT Associates, L.P., its sole member
	PR CC II LLC
	By:	 	PREIT Associates, L.P., its sole member
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner

  

					
		 	By:	 	 /s/ Andrew Ioannou

	           	 	Name:	 	Andrew Ioannou
		 	Title:	 	Executive Vice President, Finance & Acquisitions and Treasurer

  
 Signature Page to
Restructuring Support Agreement 

 
			
	“AGENT”
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, solely in its capacity as Administrative Agent under the Credit Agreements, and Bridge Credit Agreement
		
	By:	 	 /s/ Ryan Sansavera

	Name:	 	Ryan Sansavera
	Title:	 	Senior Vice President

 [Signatures Continue on Following Page] 

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		
	By:	 	 /s/ Ryan Sansavera

	Name:	 	Ryan Sansavera
	Title:	 	Senior Vice President
	
	Notice Address:
	
	Wells Fargo Bank, National Association
	10 South Wacker Drive, 32nd Floor
	Chicago, IL 60606
	Attention: Brandon Barry
	Email: brandon.barry@wellsfargo.com
	
	With a copy to:
	
	Wells Fargo Bank, National Association
	600 South 4th Street, 9th Floor
	Minneapolis, MN 55415
	MAC N9300-091
	Attention: Anthony J. Gangelhoff
	Email: anthony.gangelhoff@wellsfargo.com

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	CITIZENS BANK, N.A.
		
	By:	 	 /s/ Adrienne Bain

	Name:	 	Adrienne Bain
	Title:	 	Authorized Signer
	
	Notice Address:
	
	Attention:
	Email:

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	MANUFACTURERS AND TRADERS TRUST COMPANY
		
	By:	 	 /s/ Glenn L.
Best                            

	Name:	 	Glenn L. Best
	Title:	 	Vice President
	
	Notice Address:
	
	Attention:
	Email:

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	MUFG UNION BANK, N.A.
		
	By:	 	 /s/ Mark
Menda                        

	Name:	 	Mark Menda
	Title:	 	Director
	
	Notice Address:
	
	Attention:
	Email:

  
 Signature Page to
Restructuring Support Agreement 

 CONSENTING LENDER 

JPMORGAN CHASE BANK, N.A., (“JPMC”) solely in respect of its Commercial Banking Corporate Client Banking & Specialized Industries unit
(“CCBSI”) and not any other unit, group, division or affiliate of JPMC and solely in respect of CCBSI’s PREIT Loan Claims and any Swap Claim holdings. For the avoidance of doubt, and notwithstanding anything to the contrary contained
in this Agreement, this Agreement shall not apply to JPMC (other than with respect to Claims arising from the PREIT Loan Claims and any Swap Claim held by CCBSI). 
  

			
	By:	 	 /s/ Dianne M. Stark

	Name:	 	Dianne M. Stark
	Title:	 	Authorized Officer
	
	Notice Address:
	
	Attention:
	Email:

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Shari L. Reams-Henofer

	Name:	 	Shari L. Reams-Henofer
	Title:	 	Senior Vice President
	
	Notice Address:
	
	Attention:
	Email:	 	

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	ASSOCIATED BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Adam Harding

	Name:	 	Adam Harding
	Title:	 	Vice President
	
	Notice Address:
	
	Attention:
	Email:	 	

  
 Signature Page to
Restructuring Support Agreement 

			
	CONSENTING LENDER
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Christopher J. Albano

	Name:	 	Christopher J. Albano
	Title:	 	Authorized Signatory
	
	Notice Address:
	
	Attention:
	Email:	 	

  
 Signature Page to
Restructuring Support Agreement 

 EXHIBIT A 

Out-of-Court Restructuring Term Sheet 

  
 Exhibit A 

 Subject to FRE 408 

Privileged and Confidential 

Attorney Work Product 
  

 RESTRUCTURING TERM SHEET 

 
  

Reference is made to (i) that certain Seven-Year Term Loan Agreement, dated as of January 8, 2014, by and among PREIT
ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (collectively, the
“Borrowers”), each of the financial institutions a party thereto together with their assignees pursuant to Section 11.6(b) therein (collectively, the “7-Year
TL Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for itself and the 7-Year TL Lenders (in such capacity, and in its capacity as the Administrative Agent for the
Revolver/TL Lenders (defined below), “Administrative Agent”) (as amended through the date hereof, the “7-Year Term Loan Agreement”); and (ii) that certain Amended and
Restated Credit Agreement, dated as of May 24, 2018, by and among Borrowers, each of the financial institutions a party thereto together with their assignees pursuant to Section 11.6(b) therein (collectively, the
“Revolver/TL Lenders”, and together with the 7-Year TL Lenders, collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for itself
and the Revolver/TL Lenders (as in effect prior to the amendments thereto, the “Original Revolver/TL Credit Agreement” and as amended through the date hereof, the “Revolver/TL Credit Agreement”, and together with
the 7-Year Term Loan Agreement, each a “Credit Agreement” and collectively, the “Credit Agreements”). Unless otherwise defined herein, each capitalized term used herein shall
have the meaning given to such term in the Revolver/TL Credit Agreement. 
 Reference is also made to that certain Credit Agreement, dated
as of August 11, 2020, among the Borrowers and certain of the Lenders (the “Bridge Credit Agreement” and the credit facility issued thereunder, the “Bridge Credit Facility”). 

This non-binding indicative term sheet (the “Term Sheet”) sets forth the principal
terms of a proposed restructuring of the Credit Agreements and a proposed new revolving credit facility. This Term Sheet is not intended to be and should not be construed as an offer, commitment or agreement to enter into an agreement to or to
provide financing. Neither Wells Fargo Bank, National Associate nor any of its affiliates shall have any obligation to commence or thereafter continue any negotiations to enter into definitive agreement, and no person or entity should rely on an
eventual formation of any agreement. 
 THE TRANSACTIONS DESCRIBED HEREIN WILL BE SUBJECT TO THE NEGOTIATION AND COMPLETION OF DEFINITIVE
DOCUMENTS INCORPORATING THE TERMS SET FORTH HEREIN AND THE CLOSING OF ANY TRANSACTION SHALL BE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN SUCH AGREED DEFINITIVE DOCUMENTS. 

 
  

			
	Borrowers:	  	Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P. and PREIT-RUBIN, Inc. (collectively, the “Borrowers”).
		
	Guarantors:	  	Each owner of a property listed on Exhibit A, and each other Subsidiary of Borrower, other than Excluded Subsidiaries (collectively, the “Guarantors”).
		
	Lenders:	  	The Lenders under the Credit Agreements.
		
	Agent:	  	Wells Fargo Bank, National Association, as administrative agent.
		
	Target Closing Date:	  	September 30, 2020.
		
	Restructured Facilities:	  	 (i) A $[150] million first lien senior secured revolving credit facility (the
“Revolving Facility”), which shall include a $10 Million letter of credit sub-facility. Subject to the terms of the Facilities documentation, the Borrower may borrow, repay and re-borrow amounts under the Revolving Facility;

  
 Page 1 

 Subject to FRE 408 

Privileged and Confidential 

Attorney Work Product 
  

			
		  	 (ii)  Subject to adjustment as set forth below, a $[600] million first lien senior
secured term loan facility (the “Senior Term Loan Facility” and, together with the Revolving Facility, the “Senior Facility”). The Senior Term Loan Facility, to the extent repaid, may not be re-borrowed; and

 
 (iii)  Subject to adjustment as set
forth below, a [$319] million second lien secured term loan facility (the “Second Lien Term Loan Facility”; together with the Senior Term Loan Facility and the Revolving Facility, the “Facilities”). The Second Lien
Term Loan Facility, to the extent repaid, may not be re-borrowed.
  
 The aggregate
principal amount of the Senior Term Loan Facility on the closing date will be decreased such that the aggregate principal amount of the Senior Facility (including undrawn commitments under the Revolving Facility) on the closing date does not exceed
the lesser of (a) 85% LTV, and (b) a Senior Debt Yield (which, solely for the purposes of determining the aggregate principal amount of the Senior Term Loan Facility on the closing date, shall include undrawn commitments under the Revolving
Facility) of 9.00%. Any principal amount by which the Senior Term Loan Facility is decreased (or increased) will result in a corresponding dollar for dollar increase (or decrease) of the Second Lien Term Loan Facility. The foregoing adjustment
to the amount of the Senior Term Loan Facility shall be referred to as the “Senior Term Loan Facility Adjustment Mechanism”.

		
	Purpose	  	 The proceeds of the Senior Term Loan Facility and Second Lien Term Loan Facility will be used to refinance indebtedness under the Credit
Agreements.
  
 The proceeds of the Revolving Facility will be used (i) to
refinance indebtedness under the Bridge Credit Agreement and (ii) for working capital, general corporate purposes and other permitted uses consistent with the Approved Annual Business Plan (defined below); provided, however,
that:
  
 (a)   No proceeds of
the Revolving Facility will be available at any time that the Borrowers or Guarantors have available Designated Collateral Proceeds (defined below);
  

(b)   Other than to the limited extent noted below, no proceeds of the Revolving Facility will be
available to fund costs and expenses of non-Borrowing Base properties including, without limitation, operating deficiencies, debt service deficiencies or maintenance capex with respect to such properties;
and
  
 (c)   An amount equal
to $20 Million of the Revolving Facility (the “Remargin Subfacility”) shall only be available, subject to Requisite Lender approval, to fund remargin payments in connection with the refinancing of
non-Borrowing Base Properties.
  
 As used
herein, “Approved Annual Business Plan” means an annual financial and business plan prepared by the Borrowers for each

  
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		  	calendar year through the maturity of the Facilities delivered on the closing date and subject to reasonable approval by Requisite Lenders. The annual business plan may be updated by the Borrowers within 45 days after
the end of any fiscal quarter subject to the reasonable approval of such update by the administrative agent, and in any event shall be updated on annual basis within 120 days after the end of each fiscal year.
			
	Interest Rate Spread:	  	 Senior Facility:
  

Second Lien Term Loan:
	  	 3.50% for LIBOR Loans and 2.50% for Base Rate Loans, with a LIBOR Floor of 0.50%

 
 8.00% for LIBOR Loans and 7.00% for Base Rate Loans, with a LIBOR Floor of
0.50%

		
		  	The interest rate applicable to the Senior Term Loan Facility will be increased (or decreased) as a result of the Senior Term Loan Facility Adjustment Mechanism such that the total debt service on the Senior Term Loan
Facility is the same before and after giving effect to the Senior Term Loan Facility Adjustment Mechanism.
		
	Interest Payments:	  	 Interest on the Senior Facility will be paid on the last day of each applicable interest period (rolling 30-day interest periods).
  
 Interest on the Second
Lien Term Loan shall be paid in kind (“PIK Interest”) on the last day of each applicable interest period (rolling 30-day interest periods) but no longer than quarterly by adding the accrued
and unpaid amount thereof to the principal balance of the Second Lien Term Loan and then accruing interest on such increased principal amount.

		
	 Unused Fee:
	  	The Unused Fee Rate shall equal 0.35% if average usage is less than 50% and shall equal 0.25% if average usage is greater than or equal to 50%.
		
	Collateral:	  	 The Facilities will be secured by, in each case subject to limitations and exceptions TBD (i) the same collateral package as
currently secures the Bridge Loan Facility (which includes Liens on all personal property of the Borrowers and the Guarantors, including deposit account control agreements, direct and indirect equity interests in entities owning the real property
listed on Exhibit A hereto (collectively, the “Borrowing Base Properties”), and first-lien mortgages on the Borrowing Base Properties), and (ii) an additional pledge of direct and indirect ownership interests in
each Borrower and all Subsidiaries and Joint Ventures of Borrower, to the extent not already pledged, other than to the extent such pledge is prohibited by secured property level debt documents or the organizational documents of any Subsidiary or
Joint Venture (collectively, the “Collateral”).
  
 The Senior Facility
will be secured by a first lien on the Collateral, and the Second Lien Term Loan Facility will be secured by a second lien on the Collateral.

  
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		  	Additionally, Specified Derivatives Providers will be secured pari pasu with the Senior Facility, subordinate in the payment waterfall to payment in full of the obligations under the Senior Facility.
		
	Release of Collateral:	  	 Provided that no Default or Event of Default, or except with respect to the Existing Sale Agreements (as hereinafter defined), an Event of
Default, then exists, the Borrowers and/or Guarantors will have the right to have the lien released on portions of the real property Collateral upon the disposition thereof to an unaffiliated third party on an arms’-length basis (or, solely in
the case of the Woodland Anchor Parcel described below, the refinancing thereof with an unaffiliated third party lender on and arms’-length basis) of such real property Collateral subject to the following release procedures and application of
the proceeds thereof as set forth below:
  

•   Existing Sale Agreements. Upon consummation of the sale of the Collateral properties
subject to and in compliance with sale agreements either (a) in existence as of August 21, 2020 and listed on Exhibit B, or (b) entered into after August 21, 2020 and prior the closing date and approved by Administrative Agent (as such
agreements under (a) and (b) may be amended from time to time, other than to permit a price reduction thereunder in excess of 20% of the stated purchase price as of August 21, 2020 under each such agreement or other price reductions approved by
Administrative Agent (as so amended, the “Existing Sale Agreements”), the net proceeds thereof will be applied in repayment of the Facilities consistent with the bullet points below, without being subject to a minimum release
price.
  
 •   Income
Producing Properties. Upon consummation of the sale of any Collateral generating net operating income (each, an “Income Producing Property”), including without limitation, any of the Borrowing Base Properties (other than the
Required Borrowing Base Properties which will not be permitted to be sold without Super Majority Lender consent), 100% of the net proceeds thereof will be applied in repayment of the Facilities. The sale of any Income Producing Property will be
subject to a minimum release price equal to the greater of (a) 120% of the allocated amount of the Senior Facility and (b)100% of the net sales proceeds. Allocated amounts of the Senior Facility shall be set on or before the closing date based upon
appraised values of the Collateral properties.
  
 “Required
Borrowing Base Properties” shall mean (i) The Mall at Prince Georges, (ii) Springfield Town Center, (iii) Jacksonville Mall, (iv) Magnolia Mall, and (v) Capital City Mall.

 
 As used herein, “Requisite Lenders” means (a)
Lenders having more than 50.0% of the aggregate amount of the revolving commitments and the outstanding term loans of all Lenders, or (b) if the revolving commitments have been terminated or reduced to zero, Lenders holding more than 50.0% of the
principal amount of the aggregate outstanding loans and Letter of Credit Liabilities.

  
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		 	 As used herein, “Super Majority Lenders” means (a) Lenders having more than 66 and 2/3% of the
aggregate amount of the revolving commitments and the outstanding term loans of all Lenders, or (b) if the revolving commitments have been terminated or reduced to zero, Lenders holding more than 66 and 2/3% of the principal amount of the aggregate
outstanding loans and Letter of Credit Liabilities.
  

•   Non-Income Producing Properties. Upon
consummation of the sale of any Collateral not generating net operating income (each, an “Non-Income Producing Property”), including without limitation,
out-parcels and other unimproved land constituting either all or a portion of a Borrowing Base Property, 70% of the net proceeds thereof will be applied in repayment of the Facilities and the remaining 30% of
such net proceeds thereof to either (a) used to repay the Revolving Facility or (b) be retained by the Borrowers and/or the Guarantors, as applicable, in a blocked and pledged collateral account with Agent (such amounts, “Designated
Collateral Proceeds”), with any Designated Collateral Proceeds to be re-advanced by Agent prior to any further advances under the Revolving Facility and used by the Borrowers and/or Guarantors solely
in accordance with the Approved Annual Business Plan. There will be no minimum release price for the sale of Non-Income Producing Properties so long as such sale is to an unaffiliated third party on an
arms’-length basis.
  

•   Woodland Anchor Parcel. In the case of the Woodland Anchor parcel only, such parcel
shall be released for no consideration in order to permit the encumbrance of such parcel in connection with and to facilitate a non-recourse refinancing of indebtedness secured by the Woodland Mall, but only
so long as such refinancing includes (a) an extension of the maturity thereof by not less than 2 years, (b) covenant waivers for at least 12 months, (c) release of repayment recourse to any of the Borrowers or Guarantor, and (d) no required
principal remargin payment from sources other than cash flow of the Woodland Mall.
  

Any mandatory prepayments required pursuant to the foregoing shall be applied as follows (the “Proceeds Waterfall”):

 
 (a)   first, to repay
the principal of the Senior Term Loan Facility to zero, at which time any remaining unfunded commitment1 under the Revolving Facility will be cancelled (any such cancelled amount, the
“Unfunded Revolving Commitment”) and the funded amounts under the Revolving Facility shall convert to non-revolving term loans (the “Converted Loans”);

 
 (b)   second; to repay
the Converted Loans to zero;

  

	1 	 When determining “remaining unfunded commitment,” for these purposes, the Remargin Subfacility shall
only be included in the total commitment amount if its utilization has previously (i.e, before the date of calculation of the “Unfunded Revolving Commitment”) been approved by the Requisite Lenders, and any outstanding letters of credit
shall be deemed outstanding amounts for the purposes of such calculation. 

  
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		  	 (c)   third, to cash collateralize any issued and outstanding letters of
credit;
  

(d)   fourth, at Borrower’s election, to fund a blocked and pledged reserve account with
Administrative Agent in an equal to the amount, if any, of the Unfunded Revolving Commitment, with such reserve to be available, on a non-revolving basis, for disbursement on the same basis as Designated Collateral Proceeds;

 
 (e)   fifth, to cash
collateralize any swap exposure of Specified Derivatives Providers;
  

(f)   sixth, to repay the principal amount of the Second Lien Term Loan Facility.

 
 TBD release provisions with respect to to-be-subdivided portions of the real property
Collateral and existing pad sites or out-parcels generating net operating income.
  

At all times the Collateral value, determined as of the closing date based upon the appraisals, shall exceed the amount of the Revolving Loan Commitment.

 
 Non-real property Collateral may be released in accordance with the Facilities
documentation, subject to the Mandatory Prepayments provision below.

		
	Commitment Fee:	  	0.50% paid at closing and 0.25% paid on the date of any extension of the maturity, with such amounts payable to each Lender based upon on the aggregate principal amount of each Lender’s total outstanding loans under the
Facilities and undrawn commitments under the Revolving Facility.
		
	Maturity:	  	Two years, subject to extension as set forth below.
		
	Extension Option:	  	One one-year extension at Borrowers’ option, subject to minimum liquidity of $35,000,000 and a minimum Corporate Debt Yield of 8.0%.
		
	Amortization:	  	 Senior Term
Loan:                       None.
  

Second Lien Term Loan:             None.

		
	Mandatory Prepayments:	  	 Except with respect to proceeds of Collateral addressed in the “Release of Collateral” section above, the Facilities will
be subject to the following mandatory prepayment provisions (subject to customary exceptions and other exceptions to be agreed):
  

•   Asset Sales. Upon the sale, lease or other disposition of any property or other
assets by a Borrower or any Guarantor, 70% of the net proceeds thereof will be applied to repay the Facilities.
  

•   Incurrence of Indebtedness. Upon the incurrence by a Borrower or any Guarantor of
any additional indebtedness (excluding extensions, renewals or refinancings of existing property level indebtedness), 100% of the net proceeds thereof will be applied to repay the Facilities.

  
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		  	 •   Issuance of Equity. Upon the
receipt by a Borrower or any Guarantor of the proceeds of any issuance of equity (including the issuance of any common or preferred equity), 50% of the net proceeds thereof will be applied to repay the Facilities.

 

•   Insurance Proceeds. Upon receipt by a Borrower or any Guarantor of any
casualty insurance proceeds, unless reinvested in or used for reconstruction of property constituting Collateral on terms TBD, 100% of such proceeds will be applied to repay the Facilities.

 
 Any mandatory prepayments required pursuant to the foregoing shall be applied in
accordance with the Proceeds Waterfall set forth above. Additionally, to the extent that any Subsidiary of a Borrower or Guarantor, or any unconsolidated joint venture thereof (to the extent that a Borrower or Guarantor has the ability to require a
distribution from such joint venture of its portion of such net cash proceeds) receives net cash proceeds from any of the forgoing capital events, the portion of such net cash proceeds distributed to a Borrower or any Guarantor), within three (3)
Business Days of such Borrower’s, such Guarantor’s, such Subsidiary’s or such joint venture’s receipt of such net cash proceeds, shall similarly be applied towards principal repayment to the extent required above and in
accordance with the Proceeds Waterfall.
  
 Any portion of any of the foregoing proceeds
that are permitted to be retained by the Borrowers or any Guarantor shall constitute “Designated Collateral Proceeds” to be held and used as set forth above, or otherwise applied to repay the Revolving Facility.

		
	Conditions Precedent:	  	 •   Standard and customary for a real estate secured transaction, provided,
that, as of the date hereof, pre-closing third-party real property diligence is contemplated to be limited to PZR or other zoning reports, appraisals, phase I environmental assessments (with follow-on phase II assessments, if required) and surveys for the Borrowing Base Properties.
  

•   Consent of all Lenders

 
 •   Delivery of the
Approved Annual Business Plan.
  

•   Satisfactory resolution of or amendment to the Fashion District loan.

		
	Representations and Warranties/Covenants/Events of Default:	  	 Based substantially upon the Credit Agreements (as adjusted to reflect the terms set forth herein), including:

 
 •   compliance with the
Financial Covenants set forth below;
  

•   restrictions on any additional indebtedness, investments, liens, affiliate transactions or
asset sales or acquisitions, subject in each case to carve-outs for identified transactions and agreements in existence on the closing date to be agreed and additional negotiated baskets, without the prior consent of the Requisite Lenders.

  
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		  	 •   No restricted payments other than the minimum amount necessary to
maintain REIT status2, and Borrower shall be obligated to pay the maximum amount possible in non-cash consideration.

 
 •   Other than with
respect to the fashion district asset (with respect to which the following limits shall not apply):
  

•   No more than $75 Million (in the aggregate over the term of the Facilities) of the
Revolving Facility may be spent on maintenance capex, redevelopment costs (including repositioning and retenanting costs for dark anchors and other tenant spaces); and
  

•   Up to $25 Million (in the aggregate over the term of the Facilities) of such $75 Million
may be spent on maintenance capex, redevelopment costs (including repositioning and retenanting costs for dark anchors and other tenant spaces), operating deficiencies or debt service deficiencies to support
non-Borrowing Base Properties, in each case, plus the amount of any cash flow received from non-Guarantors which own the applicable
non-Borrowing Base properties; and
  

•   Up to $10 Million (in the aggregate over the term of the Facilities) of such $25 Million sub-bucket may be used to refinance existing mortgages on non-Borrowing Base Properties to the extent contemplated in the then current Approved Annual Business Plan.

 
 •   Other than in the case
of the $10 Million sub sub-bucket set forth above, or to the extent Requisite Lenders approve using all or a portion of the Remargin Subfacility for such purpose, Borrower and Guarantors shall not be permitted
to make investments in non-Guarantors to refinance existing indebtedness, provided that such non-Guarantor may use cash flow from the applicable non-Borrowing Base property to fund remargin payments.

		
	Financial Covenants:	  	 •   Minimum liquidity of $25,000,000, which liquidity amount shall not
include any portion of the Remargin Subfacility.
  

•   Anti-cash hoarding of $40,000,000.

 
 •   Cash Trap at 8.50%
Senior Debt Yield (based on NOI (excluding tenant improvement costs and leasing commissions) of properties included in the Collateral / Senior Facilities) (which, for the purposes of the financial covenants, shall include only drawn commitments
under the Revolving Facility and outstanding amounts under the Senior Term Loan Facility), starting in year 2, with an annualization ramp up (i.e., starting with 1 quarter annualized, then 2 quarters annualized, then 3 quarters annualized, and
finally a trailing 12 month test).

  

	2 	 Subject to discussions amongst tax professionals. 

  
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		  	 •   Minimum Senior Debt Yield test 7.50% (based on NOI (excluding tenant
improvement costs and leasing commissions) of properties included in the Collateral / Senior Facilities) starting in year 2 with an annualization ramp up as set forth above.
  

•   Minimum Corporate Debt Yield of 7.25% (based on consolidated NOI/consolidated total debt)
starting in year 2 with an annualization ramp up as set forth above.

		
	Reporting:	  	Consistent with the Credit Agreements, with additional reporting TBD.
		
	Fees and Expenses:	  	Payment of all reasonable out of pocket fees and expenses of the Administrative Agent (including Jones Day and FTI fees and expenses).

  
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 Exhibit A – Borrowing Base Properties 

 

	1.	 Plymouth Meeting Mall (excluding Plymouth Commons parcel) – Plymouth Meeting, PA 

 

	2.	 Springfield Town Center – Springfield, VA 

 

	3.	 Moorestown Mall – Moorestown, NJ 

 

	4.	 Exton Square Mall – Exton, PA 

 

	5.	 Capital City Mall – Camp Hill, PA 

 

	6.	 Jacksonville Mall – Jacksonville, NC 

 

	7.	 Magnolia Mall – Florence, SC 

 

	8.	 Valley Mall – Hagerstown, MD 

 

	9.	 One Cherry Hill Plaza – Cherry Hill, NJ 

 

	10.	 Woodland Anchor – Prior Sears Parcel – Grand Rapids, MI 

 

	11.	 Valleyview Outparcel – Lacrosse, WI 

 

	12.	 Mall at Prince Georges - Hyattsville, MD 

  
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 Exhibit B –Sale Agreements 

[SUBJECT TO BORROWER REVIEW AND COMMENT] 
  

	1.	 Purchase and Sale Agreement between PR Exton Square Property, L.P., as seller and Hanover R.S. Limited
Partnership, as buyer, dated January 27, 2020, as amended 

  

	2.	 Purchase and Sale Agreement between PR Plymouth Meeting Associates PC, L.P., PR AEKI Plymouth, L.P., PR
Plymouth Meeting Limited Partnership, as seller, and Hanover R.S. Limited Partnership, as buyer, dated February 10, 2020, as amended 

  

	3.	 Purchase and Sale Agreement between PR Springfield Town Center LLC, as seller and Hanover R.S. Limited
Partnership, as buyer, dated February 25, 2020, as amended 

  

	4.	 Real Estate Purchase and Sale Agreement between PR Prince George’s Plaza, LLC, as seller and Avalonbay
Communities, Inc., as buyer, dated February 25, 2020, as amended 

  

	5.	 Purchase and Sale Agreement between WG Park, L.P., as seller, and Bel Canto Asset Growth Fund LLC, as buyer,
dated February 25, 2020, as amended 

  

	6.	 Purchase and Sale Agreement between PR Moorestown Anchor – M, LLC and PR Moorestown Anchor – L&T,
LLC, as seller, and Briad Development, LLC, as buyer, dated September 6, 2019, as amended 

  

	7.	 Real Estate Purchase and Sale Agreement between PR Woodland Limited Partnership, a seller, and Development
Link, LLC, as buyer, dated January 31, 2019, as amended 

  

	8.	 Purchase and Sale Agreement between PR Sunrise Outparcel 2 LLC, as seller, and 2020 Equities, LLC, as buyer,
dated July 21, 2020, as amended 

  

	9.	 Contract of the Purchase of Real Property between Moorestown Mall, LLC, as seller, and NRP Properties LLC, a
buyer, dated August 12, 2020. 

  
 Page 11 

 

 
  

	
	 Commercial Real Estate Notices

 
 Appraisal Notices

 
 In connection with an application for credit that is to be secured by a first lien on a
“dwelling” (as defined in 12 CFR Section 1002.14(b)(2)), which is defined as a residential structure that contains one to four family units whether or not that structure is attached to real property, including but not limited to an
individual condominium, cooperative unit, mobile home or other manufactured home, you as an applicant have a right under 12 CFR Section 1002.14(a), to receive a copy of all written appraisals or other written valuations developed in connection with
the application. The appraisal or valuation must be provided to you promptly upon completion, or the earlier of three business days prior to consummation of the transaction for closed-end credit, or at account
opening for open-end credit. You may waive these timing requirements and agree to receive a copy of the appraisal or valuation at or before consummation of an extension of credit, except where prohibited by
law, provided such waiver is obtained at least three business days prior to consummation of an extension of credit. If you provide such a waiver and consummation or an extension of credit does not occur, you must be provided a copy of the appraisal
or valuation no later than 30 calendar days after it is determined that consummation will not occur or the extension of credit will not be made. For credit requests secured by a first lien on a “dwelling”, Wells Fargo may charge you a
reasonable fee to reimburse the bank’s costs of appraisals or valuations, but must timely deliver copies to you whether or not the costs are paid. Wells Fargo may not charge for photocopy, postage, or other costs incurred in providing a copy of
an appraisal or other written valuation to you, and the permitted reasonable fee for appraisal or valuation costs may not include such copy and/or delivery costs.
  

In connection with an application for credit that is to be secured by nonresidential real property in California, you have a right under California Business
and Professions Code Section 11423(c) to receive a copy of the written appraisal used in connection with the application, upon satisfaction of the following conditions precedent: (i) your submittal of a written request for such copy to your
Relationship Manager, at the address where the application was submitted, not more than 90 days after: (a) delivery to you of notice of the action taken on the application, including a notice of incompleteness; or (b) your withdrawal of the
application; and (ii) your payment of all appraisal fees and other costs incurred in producing the appraisal and all actual copying costs. 
  

USA Patriot Act Customer Identification Program (CIP) Disclosure Notice:

 
 To help the government fight the funding of terrorism and money laundering activities,
U. S. Federal law requires financial institutions to obtain, verify, and record information that identifies all parties defined as a “customer” as well as, in certain cases, individuals or entities who have control over or are associated
with an account. What this means for you: When you open an account or add any additional service for an institution, we will ask for the entity’s name, address, tax identification number, affiliations and ownership. We may ask to see certified
articles of incorporation or other identifying documents on the entity. Additionally, we may request identifying information on the individuals or entities that have control over or are associated with an account.

 
 Equal Credit Opportunity Act – Notice (Regulation B)

 
 The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against
credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the Applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public
assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency, which administers compliance with this law concerning Wells Fargo Bank, N.A. is the Consumer
Financial Protection Bureau (CFPB), 1700 G Street NW., Washington, DC 20552. http://www.consumerfinance.gov.
  

Credits Secured by Real Property in Florida - Insurance
  

The following Statement of Anti-Coercion (Florida Regulations 69B-124.013) is required under Rule 69B-124.002, F.A.C., of the rules and regulations promulgated by the Chief Financial Officer relative to anti-coercion:
  

The Insurance Laws of this state provide that the lender may not require the borrower to take insurance through any particular insurance
agent or company to protect the mortgaged property.
  
 The
borrower, subject to the rules adopted by the Chief Financial Officer, has the right to have the insurance placed with an insurance agent or company of its choice, provided the company meets the requirements of the lender. The lender has the right
to designate reasonable financial requirements as to the company and the adequacy of the coverage.
  

I have read the foregoing statement or the Rules of the Chief Financial Officer relative thereto, and understand my rights and privileges
and those of the lender relative to the placing of such insurance.
  

I have selected the
                     Insurance Agency, or
                     Insurance Company to write the hazard insurance covering property located at:

  

	
	  
  

    

	      

	Name of Borrower 

	
	  

	Name of Borrower
	
	  

	Date

 For information regarding Wells Fargo’s privacy and security policies, please visit
https://www.wellsfargo.com/privacy-security 

  
 Page 12 

 EXHIBIT B 

Plan Term Sheet 

  
 Exhibit B 

  

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 

SUMMARY OF PRINCIPAL TERMS FOR PLAN OF REORGANIZATION 

October 7, 2020 
  

This summary of principal terms, together with the exhibits and schedules attached hereto, each as may be amended, restated, supplemented or otherwise
modified from time to time in accordance with the terms hereof (this “Term Sheet”), dated as of October 7, 2020, sets forth the principal terms of an in-court financial restructuring (the
“In-Court Restructuring”) of the existing funded debt and other obligations of Pennsylvania Real Estate Investment Trust and certain of its direct and indirect subsidiaries (the
“Debtors,” or, collectively, the “Company”) to be included in definitive documents, including a prepackaged chapter 11 plan of reorganization for the Debtors (the “Plan”) under chapter 11 of title
11 of the United States Code (the “Bankruptcy Code”) to be filed in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). This Term Sheet is the “Plan Term Sheet”
referenced as Exhibit B in that certain Restructuring Support Agreement, dated as of October 7, 2020 (as the same may be amended, modified or supplemented, the “Restructuring Support Agreement”), by and among the Company, the
Agent and each Consenting Lender party thereto. Capitalized terms used but not otherwise defined in this Term Sheet shall have the meanings given to such terms in the Restructuring Support Agreement, including in the
Out-of-Court Restructuring Term Sheet, annexed to the Restructuring Support Agreement as Exhibit A. This Term Sheet supersedes any proposed summary of terms or
conditions regarding the subject matter hereof and dated prior to the date hereof. 
 THIS TERM SHEET (AND ITS TERMS) IS CONFIDENTIAL, FOR DISCUSSION
PURPOSES ONLY AND IS NON-BINDING. THIS TERM SHEET IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF ANY CHAPTER 11 PLAN PURSUANT TO SECTION 1125 OF THE BANKRUPTCY CODE OR
OTHERWISE. ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY IN COMPLIANCE WITH ALL APPLICABLE LAW, INCLUDING THE PROVISIONS OF THE BANKRUPTCY CODE. 

THIS TERM SHEET IS THE PRODUCT OF SETTLEMENT DISCUSSIONS AMONG THE PARTIES THERETO AND, AS SUCH, IS PROTECTED BY RULE 408 OF THE FEDERAL RULES OF EVIDENCE
AND ANY OTHER APPLICABLE STATUTES OR DOCTRINES PROTECTING THE USE OR DISCLOSURE OF CONFIDENTIAL SETTLEMENT DISCUSSIONS. NOTHING IN THIS TERM SHEET SHALL CONSTITUTE OR BE CONSTRUED AS AN ADMISSION OF ANY FACT OR LIABILITY, A STIPULATION OR A WAIVER,
AND EACH STATEMENT CONTAINED HEREIN IS MADE WITHOUT PREJUDICE, WITH A FULL RESERVATION OF ALL RIGHTS, REMEDIES, CLAIMS AND DEFENSES OF EACH PARTY. 

EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT (A) THIS TERM SHEET DOES NOT INCLUDE A DESCRIPTION OF ALL OF THE TERMS, CONDITIONS AND OTHER PROVISIONS THAT
ARE TO BE CONTAINED IN THE DEFINITIVE DOCUMENTATION, WHICH REMAIN SUBJECT TO DISCUSSION, NEGOTIATION AND EXECUTION AND (B) NO DISCUSSION OF THE TERMS SET FORTH BELOW, NOR ANY EXCHANGE OF COMMENTS CONCERNING SUCH TERMS, BETWEEN OR AMONG THE PARTIES
SHALL CONSTITUTE A CONTRACT AMONG ANY OF THEM UNTIL DEFINITIVE DOCUMENTATION IS SIGNED BY EACH PARTY AND THE CONDITIONS PRECEDENT SET FORTH THEREIN ARE SATISFIED OR WAIVED. 

FOR THE AVOIDANCE OF DOUBT, NOTHING HEREIN SHALL BIND U.S. BANK NATIONAL ASSOCIATION IN ITS CAPACITY AS AGENT UNDER THAT CERTAIN LOAN AGREEMENT DATED APRIL
8, 2016, AS AMENDED, BY AND BETWEEN PR WOODLAND LIMITED PARTNERSHIP, U.S. BANK NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT, AND CERTAIN LENDERS. 

 Confidential Settlement Discussions - Subject to FRE 408 

 

 OVERVIEW 
  

			
	 Term
	  	 Description

	Restructuring Summary	  	 The In-Court Restructuring will be implemented in accordance with the Restructuring Support
Agreement through prepackaged voluntary cases (the “Chapter 11 Cases”) commenced under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. Votes on the Plan will be solicited from the Holders of (i) the Unsecured
Credit Facility Claims, (ii) Specified Derivatives Claims and (iii) Derivatives Claims.
  

As reorganized pursuant to the In-Court Restructuring, the Company shall be referred to herein, collectively, as the “Reorganized Company” or
“Reorganized Debtors.”

		
	Bankruptcy Court	  	The United States Bankruptcy Court for the District of Delaware.
		
	Debtors	  	Pennsylvania Real Estate Investment Trust and certain of its direct and indirect subsidiaries, including the borrowers, guarantors and mortgagors, among others, under the Prepetition Credit Agreements and Bridge Credit Agreement
as well as in connection with certain Secured Property-Level Debt.
		
	Funding of the Chapter 11 Cases	  	The Chapter 11 Cases will be financed by either a debtor-in-possession facility (the “DIP Financing”) provided on market terms,
subject to approval by the Bankruptcy Court, or Cash on hand form the proceeds of the Secured Bridge Facility. To the extent the DIP Financing is extended, the DIP Financing shall refinance the Secured Bridge Facility in full and be subject to an
agreed-upon DIP budget.
		
	Debt to Be Restructured	  	 As of the date of this Term Sheet, the outstanding secured and unsecured indebtedness of the Company that will be repaid, restructured or
satisfied pursuant to the In-Court Restructuring includes:
  

i.   All claims held by the lenders party to that certain Seven-Year Term Loan Agreement,
dated as of January 8, 2014, by and among PREIT, PREIT Associates and PREIT-RUBIN, as Borrowers, each of the financial institutions from time to time party thereto (collectively, the “7-Year
TL Lenders”), and Wells Fargo Bank, National Association, as Administrative Agent (the “Agent”) (as amended through the date hereof, the “7-Year TL Agreement”) in the
approximate aggregate amount of $[        ] million, including claims for all principal amounts outstanding, interest, fees, expenses, costs and other charges arising thereunder (the “7-Year TL Facility Claims”);
  

ii.  All claims held by lenders party to that certain that certain Amended and Restated Credit Agreement,
dated as of May 24, 2018, by and among PREIT, PREIT Associates and PREIT-RUBIN, as Borrowers, each of the financial institutions from time to time party thereto (collectively, the “Revolver/TL Lenders” and together with
the 7-Year TL Lenders, the

  
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	 Term
	  	 Description

		  	 “Lenders”) and the Agent (as amended through the date hereof, the “Revolver/TL Credit
Agreement, and together with the 7-Year TL Agreement, the “Prepetition Credit Agreements”) in the approximate aggregate amount of $[        ]
million, including claims for all principal amounts outstanding, interest, fees, expenses, costs and other charges arising thereunder (the “Revolver/TL Credit Facility Claims” and together with the
7-Year TL Facility Claims, the “Unsecured Credit Facility Claims”);
  

iii.   All claims held by the lenders party to that certain Credit Agreement, dated as of August 11,
2020, among the Borrowers and certain of the Lenders (the “Bridge Credit Agreement” and the credit facility issued thereunder, the “Secured Bridge Facility”), in the approximate aggregate amount of
$[        ] million, derived from, based upon, or secured by the documents ancillary to the Bridge Credit Agreement, including claims for all principal amounts outstanding, interest, fees, expenses, costs and
other charges arising thereunder or related thereto (the “Secured Bridge Facility Claims”); and
  

iv.   All claims arising from the Derivatives and Specified Derivatives.

		
	Effective Date	  	The date upon which all conditions to the effectiveness of the Plan have been satisfied or waived in accordance with the terms thereof and the Plan becomes effective.
		
	Reorganized Company Capital Structure	  	 The capital structure of the Reorganized Company upon the Effective Date will consist of the following:

 
 i.   Subject to and on the
terms set forth in the Out-of-Court Restructuring Term Sheet, a $[150] million first lien senior secured revolving credit facility (the “Revolving Exit
Facility”), which shall include a $10 million letter of credit sub-facility, to be issued pursuant to the Revolving Facility Documents upon exercise of the Revolving Exit Facility Option;

 
 ii.  Subject to and on the terms set
forth in the Out-of-Court Restructuring Term Sheet, a $[600] million first lien senior secured term loan facility (the “Senior Term Loan
Facility” and together with the Revolving Exit Facility, the “Senior Facilities”) to be issued pursuant to the Senior Term Loan Facility Documents;
  

iii.   Subject to and on the terms set forth in the Out-of-Court Restructuring Term Sheet, a [$319] million second lien secured term loan facility (the “Second Lien Term Loan Facility” and together with the Senior Facilities, the
“Secured Facilities”) to be issued pursuant to the Second Lien Term Loan Facility Documents;
  

iv.   Reinstated Secured Property-Level
Debt;

  
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	 Term
	  	 Description

		  	 v.  Assumed (or reinstated, as the case may be) general unsecured debt payable in the
ordinary course of business of the Reorganized Company;
  

vi.   Reinstated Specified Derivatives;

 
 vii.  Reinstated Derivatives or,
alternatively, incremental loans under the Second Lien Term Loan Facility equal to the termination value of the Derivatives not held by Consenting Lenders and that do not elect to reinstate their swap transactions; and

 
 viii.  Reissued Equity in the
Reorganized PREIT.

		
	Collateral for Postpetition Secured Facilities	  	 The Postpetition Secured Facilities will be secured by, in each case subject to certain limitations and exceptions to be agreed upon by
and among the Parties, (i) the same collateral package as currently secures the Secured Bridge Facility (which includes liens on all personal property of the Borrowers and the Guarantors, including deposit account control agreements, direct and
indirect equity interests in the Borrowing Base Properties, and first-lien mortgages on the Borrowing Base Properties, and (ii) an additional pledge of direct and indirect ownership interests in each Borrower and all Subsidiaries and Joint Ventures
of Borrower, to the extent not already pledged, other than to the extent such pledge is prohibited by secured property level debt documents or the organizational documents of any of the Debtors or their subsidiary or joint venture, as the case may
be (collectively, the “Collateral”).
  
 The Senior Facilities will be
secured by a first lien on the Collateral, and the Second Lien Term Loan Facility will be secured by a second lien on the Collateral.
  

Additionally, the obligations under (i) the Derivatives who elected the Derivatives Option and (i) the Specified Derivatives providers will be secured pari
pasu with the Senior Facilities, subordinated in the payment waterfall to payment in full of the obligations under the Senior Facilities.

		
	Revolving Exit Facility Option	  	Each Lender under the Prepetition Credit Agreements shall be granted the option to commit itself for all, but not less than all, of its full pro rata share (based on its holdings of loans under the Prepetition Credit Agreements)
of the Revolving Exit Facility (the “Revolving Exit Facility Option”).
		
	Derivatives Option	  	All claims arising from the Derivatives that are not held by the Consenting Lenders) will be given the option to (i) reinstate such Derivatives and be secured pari passu with the Senior Facilities or (ii) terminate the
transactions relating to such Derivatives and receive in satisfaction of such Derivatives Claims notes under the Second Lien Term Loan Facility in a principal amount equal to the termination value of such Derivatives. All Specified Derivatives that
are held by Consenting Lenders will be reinstated and be secured pari passu with the Senior Facilities.

  
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	  	 Description

	Exit Commitment Fee:	  	0.50% to paid in Cash on the Effective Date based upon the aggregate principal amount of all Lenders’ total outstanding loans under the Postpetition Secured Facilities and undrawn commitments under the Exit Revolving Facility,
with such amounts payable to each Lender that exercises the Revolving Exit Facility Option pro rata based on its share of the Revolving Exit Facility.
		
	Extension Fee:	  	0.25% paid in Cash on the date of any extension of the maturity, with such amounts payable to each Lender based on the aggregate principal amount of each Lender’s total outstanding loans under the Postpetition Secured
Facilities and undrawn commitments under the Exit Revolving Facility.

 TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN 

 

			
	 Term
	  	 Description

	Administrative Claims	  	Except to the extent that a Holder of an Allowed Administrative Expense Claim agrees to a less favorable treatment, each Holder of an Allowed Administrative Claim against any of the Debtors shall be paid in full in Cash by the
Reorganized Company on the later of (i) five (5) business days after the Effective Date and (ii) five (5) business days after such claim is Allowed, provided that Administrative Claims incurred by any Debtor in the ordinary course of such
Debtor’s business will be paid in the ordinary course of business by such applicable Debtor, consistent with past practice and in accordance with such applicable terms and conditions relating thereto.
		
	Professional Fee Claims	  	Each Holder of an Allowed professional fee claim against any of the Debtors shall be paid in full in Cash by the Reorganized Company on the later of the Effective Date or the date upon which such claim is approved by the Bankruptcy
Court.
		
	DIP Claims	  	To the extent the DIP Financing was extended to the Debtors, on the Effective Date, all amounts outstanding under the DIP Financing shall (i) be paid in full or (ii) receive such other treatment agreed upon between the Company and
the DIP Lenders, which may include assumption by Reorganized Company as part of the Revolving Exit Facility.
		
	Priority Tax Claims	  	Except to the extent that a Holder of an Allowed Priority Tax Claim agrees to a less favorable treatment, each Holder of an Allowed Priority Tax Claim, shall be paid in full in Cash on the later of (i) five (5) business days after
the Effective Date, (ii) five (5) business days after the date such Allowed Priority Tax Claim becomes Allowed, and (iii) the date such Allowed Priority Tax Claim is payable under applicable non-bankruptcy
law.

  
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	 Term
	  	 Description

	Other Priority Claims	  	Except to the extent that a Holder of an Allowed Other Priority Tax Claim agrees to a less favorable treatment, each Holder of an Allowed Other Priority Claim, including all employee priority claims, against any of the Debtors
shall be paid in full in Cash by the Reorganized Company on the later of (i) five (5) business days after the Effective Date and (ii) five (5) business days after the date such claim is Allowed.
		
	Derivatives Claims	  	 Except to the extent that a Holder of an Allowed Derivatives Claim agrees to a less favorable treatment, on the Effective Date, in full
and final satisfaction of such Allowed Derivatives Claim, each Holder (that is not a Consenting Lender) shall elect to either (a) reinstate such Holder’s swap agreement, with such reinstated swap agreement being secured pari passu
with the Senior Facilities, or (b) receive the principal amount of loans under the Second Lien Term Loan in an amount equal to the amount of its Allowed Specified Derivatives Claim.

 
 Impaired; entitled to vote on the Plan

 
 Estimated total: $[        ]
million

		
	Specified Derivatives Claims	  	 Except to the extent that a Holder of an Allowed Specified Derivatives Claim agrees to a less favorable treatment, on the Effective Date,
each Holder of an Allowed Specified Derivatives Claim (that is a Consenting Lender) shall have such Holder’s swap agreement reinstated and secured pari passu with the Senior Facilities.

 
 Impaired; entitled to vote on the Plan

 
 Estimated total: $[        ]
million

		
	Secured Property-Level Debt Claims	  	 To the extent that a Debtor in the Chapter 11 Cases is a borrower of Secured Property-Level Debt, except to the extent that a Holder of an
Allowed Secured Property-Level Debt Claim agrees to a less favorable treatment, such Holder’s Secured Property-Level Debt shall be reinstated to the position, so as to render it unimpaired under the Plan, as of immediately prior to the Petition
Date.
  
 Unimpaired; conclusively deemed to accept the Plan

 
 Estimated total: $[        ]
million

		
	Unsecured Credit Facility Claims	  	 On the Effective Date, except to the extent that a Holder of an Allowed Unsecured Credit Facility Claim agrees to a less favorable
treatment, in full and final satisfaction of its Allowed Unsecured Credit Facility Claim:
  

(i) each Holder of an Allowed Unsecured Credit Facility Claim that exercises the Exit Facility Option shall
receive:
  
     first, on
a dollar-for-dollar basis on account of such Holder’s Allowed Unsecured Credit Facility Claim its pro rata
share

  
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	 Term
	  	 Description

		  	 (calculated based on such Holder’s commitment of loans under the Revolving Exit Facility) of the principal amount
of loans under the Senior Term Loan Facility; and
  

    second, on a
dollar-for-dollar basis on account of such Holder’s remaining Allowed Unsecured Credit Facility Claim (if any), the principal amount of loans under the Second Lien
Term Loan Facility in a principal amount equal to such Holder’s remaining Allowed Unsecured Credit Facility Claim.
  

(ii)  each Holder of an Allowed Unsecured Credit Facility Claim that does not exercise the Revolving Exit
Facility Option shall receive on a dollar-for-dollar basis on account of such Holder’s Allowed Unsecured Credit Facility Claim, the principal amount of loans under
the Second Lien Term Loan Facility in a principal amount equal to such Holder’s Allowed Unsecured Credit Facility Claim.
  

On the Effective Date, (i) the Prepetition Credit Agreements shall be cancelled and (ii) each Holder of an Allowed Unsecured Credit Facility Claims shall
become bound by the Senior Term Loan Facility Documents and/or Second Lien Term Loan Facility Documents (as applicable per the above terms).
  

Impaired; entitled to vote on the Plan
  

The Unsecured Credit Facility Claims shall be Allowed in the amount of $[        ].

		
	General Unsecured Claims	  	 Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment, each Holder of an Allowed
General Unsecured Claim shall receive, in full and final satisfaction of such Claim payment in full in Cash on (A) the Effective Date or (B) the date due in the ordinary course of business in accordance with the terms and conditions of the
particular transaction giving rise to such Allowed General Unsecured Claim.
  

Unimpaired; conclusively deemed to accept the Plan
  

Estimated total: $[        ] million

		
	Intercompany Claims	  	 All Intercompany Claims shall be reinstated, so as to render them unimpaired under the Plan.

 
 Unimpaired; conclusively deemed to accept the Plan

		
	Intercompany Interests	  	 All Intercompany Interests shall be reinstated, so as to render them unimpaired under the Plan.

 
 Unimpaired; conclusively deemed to accept the
Plan

  
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	 Term
	  	 Description

	Existing Equity Interests	  	 On the Effective Date, because all classes senior to the class of the Existing Equity Interests are satisfied in full or assumed or
reinstated by the Reorganized Company, or such classes vote to accept the Plan, the Holders of the Allowed Existing Equity Interests will be entitled to receive 100% of the equity in the Reorganized Company on a share-per-share basis.
  
 Unimpaired;
conclusively deemed to accept the Plan

 OTHER GENERAL PROVISIONS 
  

			
	 Term
	  	 Description

	Releases/Indemnification and Exculpation:	  	 To the fullest extent permitted by applicable law of the Third Circuit, the Plan shall provide for comprehensive mutual release and
exculpation provisions from and for the benefit of the Company Parties, their subsidiaries, the Consenting Lenders, the Agent and each of their respective affiliates, predecessors, successors, assigns, current officers and directors, trustees,
principals, equity holders, members, partners, managers, employees (and former officers, directors, agents, and/or employees to the extent such persons served in such roles on or after the Petition Date), agents, financial advisors, attorneys,
accountants, investment bankers, consultants, representatives, and other professionals, and such Persons’ respective heirs, executors, estates, and nominees (collectively, the “Released Parties” and each, a
“Released Party”), in each case in their capacity as such.
  

On the Effective Date, other than as expressly provided in the Plan or the Confirmation Order, (i) the rights afforded in the Plan and the treatment of
all claims and equity interests therein shall be in exchange for and in complete satisfaction, discharge and release of all claims, liens, and equity interests of any nature whatsoever, including any interest accrued on such claims from and after
the Petition Date, any of the Debtors’ respective assets, property or estates; (ii) subject to the fullest extent allowed by applicable law, the Plan shall bind all persons or entities that hold claims and equity interests notwithstanding
whether any such holders failed to vote to accept or reject the Plan or voted to reject the Plan; (iii) all claims against and equity interests in the Debtors shall be satisfied, discharged and released in full, and the Debtors’ liability
with respect thereto shall be extinguished completely; and (iv) all entities shall be precluded from asserting against the Debtors, each of their successors and assigns, and each of their respective assets, properties and estates, any other
claims or equity interests based upon any documents, instruments or any act or omission, transaction or other activity of any kind or nature that occurred prior to the Effective Date. Without limiting the generality of the foregoing, to the fullest
extent possible under

  
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	  	 Description

		  	 applicable law, the Confirmation Order shall expressly release each of the Debtors and all of their respective affiliates, and all of
their respective officers, directors, shareholders, partners, members, agents and employees from any and all claims or causes of action arising out of, or relating to, any purchase and sale agreement related to any assets previously owned by the
Debtors (including, without limitation, any claims relating to alleged errors and/or omissions in the offering materials used to market and sell the assets and any claims related to alleged non-registration or
other alleged non-compliance with applicable laws), without regard to whether such claims or causes of action were asserted as of the Petition Date, and notwithstanding whether the holders of such claims or
causes of action voted to reject the Plan, provided, however, that any third party releases shall be subject to standard “opt-out” procedures.

 
 Notwithstanding anything contained herein to the contrary, the foregoing release does
not release (i) any obligations of any party under the Plan or any document, instrument or agreement executed to implement the Plan, (ii) any claims related to any act or omission that is determined in a Final Order to have constituted
willful misconduct, gross negligence or actual fraud, (iii) the rights of any current employee of the Debtors under any employment agreement or plan, (iv) the rights of the Debtors with respect to any confidentiality provisions or
covenants restricting competition in favor of the Debtors under any employment agreement with a current or former employee of the Debtors, or (v) the rights of Holders of Allowed Claims or Interests to receive distributions under the Plan.

 
 The following exculpation provision shall appear in the Plan:

 
 Except as otherwise specifically provided in the Plan, no Exculpated Party shall have or
incur liability for, and each Exculpated Party is hereby released and exculpated from any Cause of Action for any claim related to any act or omission in connection with, relating to, or arising out of, the Chapter 11 Cases, the formulation,
preparation, dissemination, negotiation, or filing of the Restructuring Support Agreement and related prepetition transactions, the Disclosure Statement, the Plan, the plan supplement, or any transaction related to the
In-Court Restructuring, any contract, instrument, release or other agreement or document created or entered into before or during the Chapter 11 Cases, including but not limited to the Postpetition Secured
Facilities, any preference, fraudulent transfer, or other avoidance claim arising pursuant to chapter 5 of the Bankruptcy Code or other applicable law, the filing of the Chapter 11 Cases, the pursuit of confirmation, the pursuit of consummation, the
administration and implementation of the Plan, including the issuance of securities pursuant to the Plan, or the distribution of property under the Plan or any other related agreement, except for claims related to any act or omission that is
determined in a Final Order to have constituted actual fraud, gross negligence or willful misconduct, but in all respects such Exculpated Parties shall be entitled to reasonably rely upon the advice of counsel with respect to their duties and
responsibilities pursuant to the Plan.

  
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	  	 Description

		  	The Plan shall include customary discharge and injunction provisions.
		
	Timing and Milestones	  	 The Debtors shall endeavor to satisfy each of the deadlines set forth below (the “Milestones”):

 
 •   The Company shall
commence Solicitation no later than October 8, 2020;
  

•   The Company Parties shall commence the Chapter 11 Cases ten (10) calendar days after the
commencement of Solicitation (the “Petition Date”);
  

•   The Debtors shall file with the Bankruptcy Court the Plan, the Disclosure Statement and a
motion seeking approval of the Disclosure Statement and confirmation of the Plan on the Petition Date;
  

•   The interim Financing Orders shall be entered within three (3) business days following the
Petition Date;
  
 •   The
final Financing Orders shall be entered within twenty-eight (28) calendar days following the Petition Date unless the Bankruptcy Court has previously entered the Confirmation Order;

 
 •   The Bankruptcy Court
shall enter the Confirmation Order no later than thirty (30) days following the Petition Date; and
  

•   The Effective Date of the Plan shall occur no later than thirty-five (35) days following
the Petition Date.

		
	Chapter 5 Causes of Action	  	All actions under chapter 5 under the Bankruptcy Code shall be released by the Debtors and shall not vest in the Reorganized Company.
		
	Conditions to the Effective Date	  	 The following conditions shall be satisfied or waived by the Debtors, the Requisite Consenting Lenders and the Requisite Consenting Bridge
Lenders prior to the Effective Date:
  

i.   The Restructuring Support Agreement shall have been executed and shall continue to be in full
force and effect through the Effective Date;
  

ii.  Each of the In-Court Definitive Documents shall be in form
and substance consistent with the Restructuring Support Agreement and acceptable to the Debtors, the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders (as applicable), as set forth in the Restructuring Support Agreement;

 
 iii.   The Confirmation Order
shall have been entered in form and substance consistent with the Restructuring Support Agreement and this Term Sheet and acceptable to the Debtors, the Requisite Consenting Lenders and the Requisite Consenting Bridge Lenders (as applicable), as set
forth in the Restructuring Support Agreement;

  
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	  	 Description

		  	 iv.   There shall be no stay, injunction or appeal in effect with respect to
the Confirmation Order, which such Confirmation Order shall contain approval of the releases provided for herein;
  

v.  Receipt of all necessary and legally required government approvals, clearances and consents, if any,
under applicable non-bankruptcy law;
  

vi.   Receipt of all material third-party consents and approvals, if any;

 
 vii.  All statutory fees and
obligations then due and payable to the Office of the U.S. Trustee shall have been paid and satisfied;
  

viii.  To the extent invoiced at least one (1) business days before the Effective Date, all amounts
on account of invoiced and unpaid fees and expenses of professionals retained in the Chapter 11 Cases are paid in full;
  

ix.   The Postpetition Secured Facilities and any related documents shall have been executed,
delivered and be in full force and effect (with all conditions precedent thereto having been satisfied or waived (other than the occurrence of the Effective Date or certification by the Debtors that the Effective Date has occurred));

 
 x.  The Equity Interest contemplated
to be issued, reissued and reinstated, as the case may be, pursuant to the Plan shall have been so issued;
  

xi.   The Revolving Exit Facility, including all documentation related thereto, shall be in form and
substance satisfactory to the Consenting Lenders required under the Restructuring Support Agreement, and shall have been consummated;
  

xii.  Standard and customary for a real estate secured transaction, provided, that, as of the date hereof,
pre-closing third-party real property diligence is contemplated to be limited to PZR or other zoning reports, appraisals, phase I environmental assessments (with
follow-on phase II assessments, if required) and surveys for the Borrowing Base Properties;
  

xiii.  Satisfactory resolution of or amendment to the Fashion District Facility; and

 
 xiv.  Delivery of the Approved Annual
Business Plan.

  
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 OTHER TERMS RELATED TO THE OPERATIONS AND GOVERNANCE 

 

			
	 Term
	  	 Description

	Governance	  	It is contemplated that the Reorganized Company’s governance shall remain substantially unchanged after the Petition Date.
		
	Constituent Documents	  	The documentation evidencing the corporate governance for each Reorganized Company, including trust agreements, indentures, charters, bylaws, limited liability company agreements, shareholder agreements, and/or other organizational
documents of each Debtor shall be amended to the extended necessary to effectuate the terms of the In-Court Restructuring, consistent with the terms of the Restructuring Support Agreement, this Term Sheet and
the Plan (the “Amended Organizational Documents”). The Amended Organizational Documents will become effective as of the Effective Date.
		
	Business Operations	  	It is contemplated that the business operations of the Reorganized Company shall be substantially unchanged after the Effective Date.
		
	Vesting of Assets	  	On the Effective Date, pursuant to section 1141(b)-(c) of the Bankruptcy Code, all operating assets of the Company will vest in the Reorganized Company free and clear of all liens, Claims, and encumbrances, except as otherwise
provided by the Plan.
		
	Assumption of Executory Contracts and Unexpired Leases	  	As of and subject to the occurrence of the Effective Date and the payment of any applicable Cure Amount, all executory contracts and unexpired leases to which any of the Debtors are parties shall be deemed assumed, unless such
contract or lease previously expired or terminated pursuant to its own terms or by agreement of the parties thereto.
		
	Employees; Employee Compensation and Benefits Programs	  	 Unless otherwise determined by the Reorganized Company, all current employees of the Debtors will be employed by the Reorganized Company upon
the Effective Date.
  
 All employment agreements and severance policies, and all
employment, compensation and benefit plans, policies, and programs of the Company applicable to any of its employees and retirees, including, without limitation, all workers’ compensation programs, savings plans, retirement plans, deferred
compensation plans, SERP plans, healthcare plans, disability plans, severance benefit plans, incentive plans, life and accidental death and dismemberment insurance plans, shall be assumed by or transferred to the Reorganized Company, as applicable,
as of the Effective Date.

		
	Tax Structure	  	As reasonably determined by the Company Parties, upon emergence from the Chapter 11 Cases, the Reorganized Company shall be structured as a real estate investment trust and the In-Court
Restructuring shall, subject to the terms and conditions of the Restructuring Support Agreement, be structured to achieve a tax-efficient structure, in a manner reasonably acceptable to the Company
Parties.

  
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	D&O Liability Insurance Policies, Tail Policies and Indemnifications	  	The obligations of each of the Company Parties pursuant to its certificate of incorporation, bylaws, trust indentures or other agreements to indemnify the current officers, directors, agents, and/or employees (and former officers,
directors, agents, and/or employees to the extent such persons served in such roles on or after the Petition Date) with respect to all present and future actions, suits, and proceedings against the Company Parties, or such directors, officers,
agents, and/or employees, based upon any act or omission relating to the Company Parties (collectively, the “Company Indemnity Obligations”), will not be released, waived discharged or impaired by the consummation of the In-Court Restructuring and, instead, will be assumed and shall become obligations of the Reorganized Company; provided, that the Reorganized Company shall not indemnify officers, directors, members or
managers, as applicable, of the Company Parties for any claims or causes of action arising out of or relating to any act or omission that is a criminal act or constitutes intentional fraud, gross negligence, or willful misconduct as determined by
final order of a court of competent jurisdiction.

 TERMS RELATED TO THE SEC REGISTRATION 

 

			
	 Term
	  	 Description

	Exemption from SEC Registration	  	The issuance of all securities in connection with the Plan will be exempt from registration with the U.S. Securities and Exchange Commission (the “SEC”) under section 1145 of the Bankruptcy Code.
		
	SEC Reporting and Stock Exchange Listing	  	Upon emergence from the Chapter 11 Cases, the Reissued Equity shall be listed or relisted, as the case may be, on the New York Stock Exchange (“NYSE”) or National Association of Securities Dealers Automated
Quotations (“NASDAQ”), either by retaining or succeeding to the Company’s existing listing or otherwise, so long as the Company is able to satisfy the initial listing requirements, or such alternative exchange as the Company
Parties reasonably determine if the Company is not able to satisfy the initial listing requirements of the NYSE or NASDAQ.
		
	Registration Rights	  	To the extent applicable, shall be determined in accordance with the applicable law and regulations and new governance documents.

  
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 ADDITIONAL DEFINITIONS 

 

			
	 Term
	  	 Description

	Administrative Expense Claim	  	Means any right to payment constituting a cost or expense of administration incurred during the Chapter 11 Cases of a kind specified under section 503(b) of the Bankruptcy Code and entitled to priority under sections 507(a)(2),
507(b) or 1114(e)(2) of the Bankruptcy Code, including, without limitation, (a) the actual and necessary costs and expenses incurred after the Petition Date and through the Effective Date of preserving the Estates and operating the businesses
of the Debtors other than (a) the Professional Fee Claims and (b) the DIP Claims.
		
	Allowed	  	With reference to any Claim or Interest, (i) any Claim or Interest arising on or before the Effective Date (a) as to which no objection to allowance has been interposed within the time period set forth in the Plan or
(b) as to which any objection has been determined by a Final Order of the Bankruptcy Court to the extent such objection is determined in favor of the respective holder, (ii) any Claim or Interest as to which the liability of the Debtors
and the amount thereof are determined by a Final Order of a court of competent jurisdiction other than the Bankruptcy Court, or (iii) any Claim or Interest expressly allowed under the Plan; provided, however, that notwithstanding
the foregoing, the Reorganized Company will retain all claims and defenses with respect to Allowed Claims that are reinstated or otherwise unimpaired pursuant to the Plan.
		
	Cash	  	Legal tender of the United States of America.
		
	Causes of Action	  	Any action, claim, cross-claim, third-party claim, cause of action, controversy, dispute, demand, right, lien, indemnity, contribution, guaranty, suit, obligation, liability, loss, debt, fee or expense, damage, interest, judgment,
cost, account, defense, remedy, offset, power, privilege, proceeding, license, and franchise of any kind or character whatsoever, known, unknown, foreseen or unforeseen, existing or hereafter arising, contingent or
non-contingent, matured or unmatured, suspected or unsuspected, liquidated or unliquidated, disputed or undisputed, secured or unsecured, assertable directly or derivatively (including any alter ego theories),
whether arising before, on, or after the Petition Date, in contract or in tort, in law or in equity or pursuant to any other theory of law (including under any state or federal securities laws). For the avoidance of doubt, Cause of Action also
includes (i) any right of setoff, counterclaim, or recoupment and any claim for breach of contract or for breach of duties imposed by law or in equity, (ii) the right to object to Claims or Interests, (iii) any claim pursuant to
section 362 or chapter 5 of the Bankruptcy Code, (iv) any claim or defense including fraud, mistake, duress, and usury and any other defenses set forth in section 558 of the Bankruptcy Code, and (v) any state law fraudulent transfer
claim.
		
	Derivatives	  	Those certain swap agreements entered into by and between a swap participant who is not a Consenting Lender, on the one hand, and the Debtors, on the other hand.

  
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	Entity	  	An “entity” as defined in section 101(15) of the Bankruptcy Code.
		
	Estate(s)	  	Individually or collectively, the estate or estates of the Debtors created under section 541 of the Bankruptcy Code.
		
	Exculpated Parties	  	Collectively, (i) the Debtors, (ii) the Reorganized Company, (iii) the Consenting Lenders, (iv) to the extent approved by the Bankruptcy Court, (A) the Agent under the Credit Facilities, (B) the Agent
under the Secured Bridge Facility, (C) the Agent under the DIP Financing, (D) the lenders under the DIP Financing, and (v) with respect to each of the foregoing in clauses (i) through (iv), their respective predecessors,
successors, assigns, subsidiaries, affiliates, current and former officers and directors, trustee, principals, equity holders, members, partners, managers, employees, agents, advisory board members, financial advisors, attorneys, accountants,
investment bankers, consultants, representatives, management companies, fund advisors, and other professionals, and such Person’s respective heirs, executors, estates, and nominees, in each case in their capacity as such.
		
	Existing Equity Interests	  	Any Interest in PREIT held immediately prior to the Petition Date.
		
	Fashion District Facility	  	That certain prepetition senior term loan facility in the aggregate principal amount of $350 million extended to PM Gallery LP as the borrower on the terms of and pursuant to the Term Loan Agreement, dated as of
January 22, 2018 (as subsequently amended and modified).
		
	Final Order	  	An order or judgment of a court of competent jurisdiction that has been entered on the docket maintained by the clerk of such court, which has not been reversed, vacated or stayed and as to which (i) the time to appeal,
petition for certiorari, or move for a new trial, reargument, or rehearing has expired and as to which no appeal, petition for certiorari or other proceedings for a new trial, reargument or rehearing shall then be pending, or
(ii) if an appeal, writ of certiorari, new trial, reargument or rehearing thereof has been sought, such order or judgment shall have been affirmed by the highest court to which such order was appealed, or certiorari shall have
been denied, or a new trial, reargument or rehearing shall have been denied or resulted in no modification.
		
	General Unsecured Claim	  	Any Claim against the Company that is not an Unsecured Credit Facility Claim, an Intercompany Claim or a Claim that is secured, subordinated or entitled to priority under the Bankruptcy Code.
		
	Holder	  	Any Entity that is the legal and/or beneficial owner of a Claim as of the applicable date of determination.
		
	Intercompany Claim	  	Any Claim against any of the Company’s entities held by another of the Company’s entities.
		
	Intercompany Interest	  	An Interest in any of the Company’s direct or indirect subsidiaries held by another of the Company’s entities or an Interest in the Company held by an affiliate of the Company, other than the Existing Equity
Interest.

  
 15 

 Confidential Settlement Discussions - Subject to FRE 408 

 

			
	Other Priority Claim	  	Means any Claim other than an Administrative Expense Claim or a Priority Tax Claim, entitled to priority in payment as specified in section 507(a) of the Bankruptcy Code.
		
	Other Secured Claim	  	Means a secured Claim, other than (i) an Administrative Expense Claim, (ii) a DIP Claim, to the extent the DIP Facility is provided, (iii) a Priority Tax Claim, (iv) a Secured Bridge Facility Claim, (v) a
Specified Derivatives Claim, (vi) a Derivatives Claim and (vii) a Secured Property-Level Debt Claim.
		
	Priority Tax Claim	  	Means any secured or unsecured Claim of a governmental unit of the kind entitled to priority in payment as specified in sections 502(i) and 507(a)(8) of the Bankruptcy Code.
		
	Reissued Equity	  	That certain number of shares (common and preferred) in the capital of PREIT, as the Reorganized Debtor, authorized pursuant to the Plan that shall be initially issued and outstanding or reinstated pursuant to the Plan as of the
Effective Date, in accordance with the applicable law.
		
	Secured Property- Level Debt	  	Certain project-level secured indebtedness of the Debtors, as memorialized in applicable loan agreements, guarantees, mortgages, deeds of trust, assignments of rents, liens or other security and related documents (including any
amendments, restatements, supplements or modifications of any of the foregoing) related to or executed in connection with such secured property-level debt, as may be amended, restated, supplemented or otherwise modified from time to time, the
acceleration of which or defaults related thereto may be triggered upon the bankruptcy filing of any of the Debtors. For the avoidance of doubt, the term “Secured Property-Level Debt” shall include any guaranty given by PREIT
Associates, or any other Debtor, in connection with any Secured Property-Level Debt.
		
	Specified Derivatives	  	Those certain swap agreements entered into by and between any of the applicable Consenting Lenders as swap participants, on the one hand, and the Debtors, on the other hand.

  
 16 

 EXHIBIT C 

FORM OF JOINDER AGREEMENT FOR CONSENTING LENDERS 

This Joinder Agreement to the Restructuring Support Agreement, dated as of [●] (as amended, supplemented or otherwise modified from time
to time, the “Agreement”), by and among the Company, the Agent and the Consenting Lenders is executed and delivered by [●] (the “Joining Party”) as of [●]. Each capitalized term used herein but
not otherwise defined shall have the meaning set forth in the Agreement. 
 1.    Agreement to be Bound. The
Joining Party hereby agrees to be bound by all of the terms of the Agreement, a copy of which is attached to this Joinder Agreement as Annex I (as the same has been or may be hereafter amended, restated or otherwise modified from time
to time in accordance with the provisions thereof). The Joining Party shall hereafter be deemed to be a “Consenting Lender” and a “Party” for all purposes under the Agreement and with respect to any and all Claims held by such
Joining Party. 
 2.    Representations and Warranties. With respect to the aggregate principal amount of
Indebtedness set forth below its name on the signature page hereto, the Joining Party hereby makes the representations and warranties of the Consenting Lenders set forth in Section 7 of the Agreement to each other Party to
the Agreement. 
 3.    Governing Law. This Joinder Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York, without regard to any conflict of laws provisions which would require the application of the law of any other jurisdiction. 

[Signature Page Follows] 

  
 Exhibit C 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be executed as of the date first written
above. 
  

					
	CONSENTING LENDER	  	

					
			
	By: 	 	
                     
                    
	  	
	Name:	 	
                     
                    
	  	
	Title: 	 	
                     
                    
	  	

					
	
	Principal Amount of Indebtedness: $                
	
	Principal Amount of Bridge Facility Indebtedness: $                
		
	Notice Address:	  	
	  
	  	
	  
	  	
	  
	  	
	Attention:
                                         
                                         
                  
	Email:
                                         
                                         
                  

  

			
	Acknowledged:
	
	[                                    
                                         
           ]

 
			
		
	By:	 	
                     
                    

	Name:	 	
                     
                    

	Title:	 	
                     
                    

  
 Exhibit CExhibit 10.1

 

Execution Version

 

MERGER
AGREEMENT

 

dated

 

October
10, 2020

 

by
and among

 

Hudson
Capital Inc. (f/k/a China Internet Nationwide Financial Services Inc.), a British Virgin Islands corporation,

 

as
the Parent,

 

Hudson
Capital Merger Sub I Inc., a Delaware corporation,

 

as
the Purchaser,

 

Hudson
Capital Merger Sub II Inc., a Delaware corporation,

 

as
the Merger Sub,

 

FreightHub,
Inc., a Delaware corporation,

 

as
the Company,

 

and
ATW Master Fund II, L.P.,

 

as
the Stockholders’ Representative

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE
    I DEFINITIONS	2
	 	 	 	 
	ARTICLE
    II REDOMESTICATION MERGER	8
	 	 	 	 
	 	2.1	Redomestication
    Merger	8
	 	2.2	Redomestication
    Effective Time	8
	 	2.3	Effect
    of the Redomestication Merger	8
	 	2.4	Memorandum
    and Articles of Association	9
	 	2.5	Directors
    and Officers of the Redomestication Surviving Corporation	9
	 	2.6	Effect
    on Issued Securities of Parent.	9
	 	2.7	Surrender
    of Parent Ordinary Shares	10
	 	2.8	Lost
    Stolen or Destroyed Certificates	11
	 	2.9	Section
    368 Reorganization	11
	 	2.10	Taking
    of Necessary Action; Further Action	11
	 	 	 	 
	ARTICLE
    III THE MERGER	11
	 	 	 	 
	 	3.1	The
    Merger	11
	 	3.2	Closing;
    Effective Time.	11
	 	3.3	Board
    of Directors	12
	 	3.4	Effects
    of the Merger	12
	 	3.5	Certificate
    of Incorporation; Bylaws	12
	 	3.6	No
    Further Ownership Rights in Company Common Stock	12
	 	3.7	Rights
    Not Transferable	12
	 	3.8	Taking
    of Necessary Action; Further Action	13
	 	3.9	Section
    368 Reorganization	13
	 	 	 	 
	ARTICLE
    IV CONVERSION OF SHARES; MERGER CONSIDERATION	13
	 	 	 	 
	 	4.1	Conversion
    of Shares	13
	 	4.2	Payment
    of Merger Consideration	15
	 	4.3	Contingent
    Merger Consideration.	16
	 	 	 	 
	ARTICLE
    V REPRESENTATIONS AND WARRANTIES OF THE COMPANY	17
	 	 	 	 
	 	5.1	Corporate
    Existence and Power	17
	 	5.2	Authorization	17
	 	5.3	Governmental
    Authorization	17
	 	5.4	Non-Contravention	18
	 	5.5	Capitalization	18
	 	5.6	Certificate
    of Incorporation and Bylaws	18
	 	5.7	Corporate
    Records	18
	 	5.8	Third
    Parties	19
	 	5.9	Assumed
    Names	19
	 	5.10	Subsidiaries	19

 

    	i

     

    

 

	 	5.11	Consents	20
	 	5.12	Financial
    Statements	20
	 	5.13	Books
    and Records	20
	 	5.14	Absence
    of Certain Changes	21
	 	5.15	Properties;
    Title to the Company’s Assets	23
	 	5.16	Litigation	23
	 	5.17	Contracts	23
	 	5.18	Insurance	25
	 	5.19	Licenses
    and Permits	25
	 	5.20	Compliance
    with Laws	25
	 	5.21	Intellectual
    Property	26
	 	5.22	Customers
    and Suppliers	27
	 	5.23	Accounts
    Receivable and Payable; Loans	27
	 	5.24	Pre-payments	28
	 	5.25	Employees	28
	 	5.26	Employment
    Matters	28
	 	5.27	Withholding	29
	 	5.28	Employee
    Benefits and Compensation	29
	 	5.29	Real
    Property	30
	 	5.30	Accounts	31
	 	5.31	Tax
    Matters	31
	 	5.32	Environmental
    Laws	32
	 	5.33	Finders’
    Fees	32
	 	5.34	Powers
    of Attorney and Suretyships	32
	 	5.35	Directors
    and Officers	32
	 	5.36	Other
    Information	32
	 	5.37	Certain
    Business Practices	33
	 	5.38	Money
    Laundering Laws	33
	 	5.39	OFAC	33
	 	5.40	Not
    an Investment Company	33
	 	 	 	 
	ARTICLE
    VI REPRESENTATIONS AND WARRANTIES OF PARENT, purchaser AND merger sub	34
	 	 	 	 
	 	6.1	Corporate
    Existence and Power	34
	 	6.2	Corporate
    Authorization	34
	 	6.3	Governmental
    Authorization	34
	 	6.4	Non-Contravention	34
	 	6.5	Finders’
    Fees	34
	 	6.6	Issuance
    of Shares	35
	 	6.7	Capitalization	35
	 	6.8	Information
    Supplied	36
	 	6.9	Listing	36
	 	6.10	Reporting
    Company	36
	 	6.11	Board
    Approval	36
	 	6.12	Parent
    SEC Documents and Purchaser Financial Statements	36

 

    	ii

     

    

 

	ARTICLE
    VII COVENANTS OF THE COMPANY PENDING CLOSING	37
	 	 	 	 
	 	7.1	Conduct
    of the Business	37
	 	7.2	Access
    to Information	39
	 	7.3	Notices
    of Certain Events	39
	 	7.4	Annual
    and Interim Financial Statements	40
	 	7.5	SEC
    Filings.	40
	 	7.6	Financial
    Information	41
	 	 	 	 
	ARTICLE
    VIII COVENANTS OF THE COMPANY	41
	 	 	 	 
	 	8.1	Reporting
    and Compliance with Laws	41
	 	8.2	Best
    Efforts to Obtain Consents	41
	 	8.3	Available
    Funding and Cash Payment	41
	 	 	 	 
	ARTICLE
    IX COVENANTS OF ALL PARTIES HERETO	42
	 	 	 	 
	 	9.1	Best
    Efforts; Further Assurances	42
	 	9.2	Tax
    Matters	42
	 	9.3	Settlement
    of Purchaser Liabilities	42
	 	9.4	Registration
    Statement	43
	 	9.5	Confidentiality	43
	 	9.6	Form
    6-K; Form 8-K; Press Releases	43
	 	9.7	Director
    and Officer Liability	44
	 	9.8	Spinoff	44
	 	 	 	 
	ARTICLE
    X CONDITIONS TO CLOSING	45
	 	 	 	 
	 	10.1	Condition
    to the Obligations of the Parties	45
	 	10.2	Conditions
    to Obligations of Parent and Purchaser	45
	 	10.3	Conditions
    to Obligations of the Company	46
	 	 	 	 
	ARTICLE
    XI INDEMNIFICATION	47
	 	 	 	 
	 	11.1	Indemnification	47
	 	11.2	Procedure	47
	 	11.3	Reserved
    Shares	49
	 	11.4	Limitations
    of Indemnification.	50
	 	11.5	Periodic
    Payments	50
	 	11.6	Survival
    of Indemnification Rights	50
	 	 	 	 
	ARTICLE
    XII DISPUTE RESOLUTION	50
	 	 	 	 
	 	12.1	Arbitration	50
	 	12.2	Waiver
    of Jury Trial; Exemplary Damages	52
	 	 	 	 
	ARTICLE
    XIII TERMINATION	52
	 	 	 	 
	 	13.1	Termination
    Without Default	52
	 	13.2	Termination
    Upon Default	52
	 	13.3	No
    Other Termination	53
	 	13.4	Breakup
    Fee	53
	 	13.5	Survival	53

 

    	iii

     

    

 

	ARTICLE
    XIV MISCELLANEOUS	53
	 	 	 	 
	 	14.1	Notices	53
	 	14.2	Amendments;
    No Waivers; Remedies	55
	 	14.3	Arm’s
    length bargaining; no presumption against drafter	55
	 	14.4	Publicity	55
	 	14.5	Expenses	55
	 	14.6	No
    Assignment or Delegation	56
	 	14.7	Governing
    Law	56
	 	14.8	Counterparts;
    facsimile signatures	56
	 	14.9	Entire
    Agreement	56
	 	14.10	Severability	56
	 	14.11	Construction
    of certain terms and references; captions	56
	 	14.12	Further
    Assurances	57
	 	14.13	Third
    Party Beneficiaries	57
	 	14.14	Stockholders’
    Representative	57

 

    	iv

     

    

 

MERGER
AGREEMENT

 

This
MERGER AGREEMENT (the “Agreement”), dated as of October 10, 2020 (the “Signing Date”), by
and among Hudson Capital Inc. (f/k/a China Internet Nationwide Financial Services Inc.), a British Virgin Islands corporation
(“Parent”), Hudson Capital Merger Sub I Inc., a Delaware corporation and wholly-owned subsidiary of Parent
(“Purchaser”), Hudson Capital Merger Sub II Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser
(“Merger Sub”), FreightHub Inc., a Delaware corporation (the “Company”), and ATW Master
Fund II, L.P., a Delaware limited partnership, as the representative of the stockholders of the Company (the “Stockholders’
Representative”).

 

W
I T N E S S E T H :

 

	 	A.	The
    Company is in the business of operating a cloud-based mobile platform that offers digital freight matching technology connecting
    shippers with a broad network of carriers and drivers in Mexico, Canada and the United States (the “Business”);
	 	 	 
	 	B.	Parent
    is a holding company incorporated under the laws of British Virgin Islands that provides various financial services through
    several wholly-owned subsidiaries;
	 	 	 
	 	C.	Purchaser
    is a wholly-owned subsidiary of Parent and was formed for the sole purpose of the merger of the Parent with and into Purchaser,
    in which Purchaser will be the surviving corporation (the “Redomestication Merger”) with Purchaser hereinafter
    sometimes referred to as the “Redomestication Surviving Corporation”;
	 	 	 
	 	D.	Immediately
    after the Redomestication Merger, Redomestication Surviving Corporation shall divest its existing business (the “Spinoff”)
    to a private or over-the-counter listed company owned by the existing shareholders of Parent (the “Spinoff Entity”);
    and
	 	 	 
	 	E.	Immediately
    after the Spinoff, the parties desire that Merger Sub merge with and into the Company and the Company shall survive, upon
    the terms and subject to the conditions set forth herein and in accordance with the Delaware General Corporation Law (the
    “Merger”), and that the shares of Company Common Stock (excluding any shares held in the treasury of the
    Company) and Company Stock Rights be converted upon the Merger into the right to receive the Applicable Per Share Merger Consideration,
    as is provided herein (Merger Sub and the Company are sometimes hereinafter referred to as the “Constituent Corporations”
    and the Company, following the Merger, is sometimes hereinafter referred to as the “Surviving Corporation”).

 

The
parties accordingly agree as follows:

 

    	 

     

    

 

ARTICLE
I

DEFINITIONS

 

The
following terms, as used herein, have the following meanings:

 

1.1
“Action” means any legal action, suit, claim, investigation, hearing or proceeding, including any audit, claim
or assessment for Taxes or otherwise.

 

1.2
“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
by, or under common Control with such Person; provided that for the purpose of this Agreement, ATW Master Fund II, L.P. shall
not be deemed to be an Affiliate of the Company.

 

1.3
“Applicable Per Share Merger Consideration” means the applicable portion of the Merger Consideration for such
share of Company Common Stock and Company Preferred Stock, and each Warrant, as specified on Schedule 1.35.

 

1.4
“Authority” means any governmental, regulatory or administrative body, agency or authority, any court or judicial
authority, any arbitrator, or any public, private or industry regulatory authority, whether international, national, Federal,
state, or local.

 

1.5
“Balance Sheet Date” means December 31, 2019.

 

1.6
“Books and Records” means all books and records, ledgers, employee records, customer lists, files, correspondence,
and other records of every kind (whether written, electronic, or otherwise embodied) owned or used by a Person or in which a Person’s
assets, the business or its transactions are otherwise reflected, other than stock books and minute books.

 

1.7
“Business Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions
in New York are authorized to close for business.

 

1.8
“COBRA” means collectively, the requirements of Sections 601 through 606 of ERISA and Section 4980B of the
Code.

 

1.9
“Code” means the Internal Revenue Code of 1986, as amended.

 

1.10
“Company A1-A Preferred Stock” means the shares par value $0.0001 of Series A1-A Preferred Stock of the Company.

 

1.11
“Company A1-B Preferred Stock” means the shares par value $0.00001 of Series A1-B Preferred Stock of the Company.

 

1.12
“Company A2 Preferred Stock” means the shares par value $0.00001 of Series A2 Preferred Stock of the Company.

 

1.13
“Company Common Stock” means common stock, par value $0.00001 per share of the Company.

 

    	2

     

    

 

1.14
“Company Options” means options granted pursuant to the Company Option Plan.

 

1.15
“Company Option Plan” means Freighthub, Inc. 2018 Stock Incentive Plan.

 

1.16
“Company Preferred Stock” means Company A1-A Preferred Stock, the Company A1-B Preferred Stock, Company A2
Preferred Stock and Company Series Seed Preferred Stock.

 

1.17
“Company Series Seed Preferred Stock” means the shares par value $0.00001 of Series Seed Preferred Stock of
the Company.

 

1.18
“Company Stock Rights” means all options, warrants or other rights to purchase, convert or exchange into Company
Common Stock.

 

1.19
“Contracts” means all contracts, agreements, leases (including Real Property leases, equipment leases, car
leases and capital leases), licenses, commitments, client contracts, statements of work (SOWs), sales and purchase orders and
similar instruments, oral or written, to which the Company is a party or by which any of its respective assets are bound, including
any entered into by the Company in compliance with Section 7.1 after the Signing Date and prior to the Closing, and all rights
and benefits thereunder, including all rights and benefits thereunder with respect to all cash and other property of third parties
under the Company’s dominion or control.

 

1.20
“Control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise.
“Controlled”, “Controlling” and “under common Control with” have correlative meanings. Without
limiting the foregoing, a Person (the “Controlled Person”) shall be deemed Controlled by (a) any other Person
(the “10% Owner”) (i) owning beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling
such Person to cast 10% or more of the votes for election of directors or equivalent governing authority of the Controlled Person
or (ii) entitled to be allocated or receive 10% or more of the profits, losses, or distributions of the Controlled Person; (b)
an officer, director, general partner, partner (other than a limited partner), manager, or member (other than a member having
no management authority that is not a 10% Owner) of the Controlled Person; or (c) a spouse, parent, lineal descendant, sibling,
aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled Person
or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

 

1.21
“Dissenting Shares” means any shares of Parent Ordinary Share held by stockholders of Parent who either (i)
are entitled to appraisal rights under Delaware law, and who have properly exercised, perfected and not subsequently withdrawn
or lost or waived their rights to demand payment with respect to their shares in accordance with Delaware law or (ii) have duly
and validly exercised their right of dissent in relation to the Redomestication Merger and in accordance with the provisions of
Section 179 of BVI Law.

 

1.22
“Environmental Laws” shall mean all Laws that prohibit, regulate or control any Hazardous Material or any Hazardous
Material Activity, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, the Resource Recovery and Conservation Act of 1976, the Federal Water Pollution Control Act, the Clean Air Act, the Hazardous
Materials Transportation Act and the Clean Water Act.

 

    	3

     

    

 

1.23
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 

1.24
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.25
“Hazardous Material” shall mean any material, emission, chemical, substance or waste that has been designated
by any Governmental Authority to be radioactive, toxic, hazardous, a pollutant or a contaminant.

 

1.26
“Hazardous Materials Activity” shall mean the transportation, transfer, recycling, storage, use, treatment,
manufacture, removal, remediation, release, exposure of others to, sale, labeling, or distribution of any Hazardous Material or
any product or waste containing a Hazardous Material, or product manufactured with ozone depleting substances, including, without
limitation, any required labeling, payment of waste fees or charges (including so-called e-waste fees) and compliance with any
recycling, product take-back or product content requirements.

 

1.27
“Indebtedness” means with respect to any Person, (a) all obligations of such Person for borrowed money, or
with respect to deposits or advances of any kind (including amounts by reason of overdrafts and amounts owed by reason of letter
of credit reimbursement agreements) including with respect thereto, all interests, fees and costs, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale
or other title retention agreements relating to property purchased by such Person, (d) all obligations of such Person issued or
assumed as the deferred purchase price of property or services (other than accounts payable to creditors for goods and services
incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien or security interest on property owned or acquired
by such Person, whether or not the obligations secured thereby have been assumed, (f) all obligations of such Person under leases
required to be accounted for as capital leases under U.S. GAAP, (g) all guarantees by such Person and (h) any agreement to incur
any of the same.

 

1.28
“Intellectual Property Right” means any trademark, service mark, registration thereof or application for registration
therefor, trade name, license, invention, patent, patent application, trade secret, trade dress, know-how, copyright, copyrightable
materials, copyright registration, application for copyright registration, software programs, data bases, u.r.l.s., and any other
type of proprietary intellectual property right, and all embodiments and fixations thereof and related documentation, registrations
and franchises and all additions, improvements and accessions thereto, and with respect to each of the forgoing items in this
definition, which is owned or licensed or filed by the Company, or used or held for use in the Business, whether registered or
unregistered or domestic or foreign.

 

1.29
“Inventory” is defined in the UCC.

 

1.30
“Key Personnel” means Javier Selgas.

 

    	4

     

    

 

1.31
“Knowledge of the Company” means the actual knowledge of Javier Selgas, without any further investigation by
such individual.

 

1.32
“Law” means any domestic or foreign, federal, state, municipality or local law, statute, ordinance, code, rule,
or regulation.

 

1.33
“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, and any conditional sale or voting agreement or proxy, including any agreement to give any
of the foregoing.

 

1.34
“Material Adverse Effect” or “Material Adverse Change” means a material adverse change or
a material adverse effect, individually or in the aggregate, upon on the assets, liabilities, condition (financial or otherwise),
prospects, net worth, management, earnings, cash flows, business, operations or properties of the Company and the Business, taken
as a whole, whether or not arising from transactions in the ordinary course of business, excluding any changes or effects resulting
from (i) general changes in economic, geographic, market, financial or capital market or political conditions, (ii) terrorism,
war or the outbreak of hostilities, natural disasters or other force majeure events anywhere in the world, whether commencing
before or after the date of this Agreement, (iii) changes in conditions generally affecting the industries in which the Company
operates, (iv) any changes in applicable Laws or accounting rules (including GAAP), or the interpretation thereof by any Authority,
(v) the negotiation, execution, pendency, announcement or the consummation of the Merger, (vi) compliance with the terms of, or
the taking of any action required or expressly permitted by, this Agreement, or (vii) the Company’s failure to act at the
request of Parent, Purchaser or the Redomestication Surviving Corporation (other than as contemplated by this Agreement), or to
which Parent, Purchaser or the Redomestication Surviving Corporation has consented; provided, however, with respect
to a matter described in any of the foregoing clauses (i), (ii), and (iii), such matter does not have a disproportionate effect
on the Company (as applicable) as compared to similarly situated Persons operating in the industries in which the Company operate.

 

1.35
“Merger Consideration” means stock certificates representing, in the aggregate, 2,996,761 shares of Purchaser
Common Stock, 85,911 shares of Purchaser Series Seed Preferred Stock, 92,265,372 shares of Purchaser Series A1-A Preferred Stock,
35,410,231 shares of Purchaser Series A1-B Preferred Stock, 16,969,028 shares of Purchaser Series A-2 Preferred Stock and the
Purchaser Warrants (the “Merger Consideration”) issuable to the Stockholders and in such amounts set forth
opposite each Stockholder’s name on Schedule 1.35, subject to update immediately prior to Closing to reflect any adjustments
to the capital stock of the Company, including a reverse stock split, or the issuance of shares of additional shares of Company
Common Stock or Company Preferred Stock as may be approved and agreed by the Parties, including such issuances contemplated by
the Company financings set forth on Schedule 7.1.

 

1.36
“Order” means any decree, order, judgment, writ, award, injunction, rule or consent of or by an Authority.

 

1.37
“Parent Ordinary Shares” means the ordinary shares, par value $0.0001per share, of Parent.

 

    	5

     

    

 

1.38
“Parent Stock Rights” means all options, warrants or other rights to purchase, convert or exchange into shares
of Parent Ordinary Shares.

 

1.39
“Permitted Liens” means (i) all defects, exceptions, restrictions, easements, rights of way and encumbrances
disclosed in policies of title insurance which have been made available to Purchaser; and (ii) mechanics’, carriers’,
workers’, repairers’ and similar statutory Liens arising or incurred in the ordinary course of business for amounts
(A) that are not delinquent, (B) that are not material to the business, operations and financial condition of the Company so encumbered,
either individually or in the aggregate, (C) not resulting from a breach, default or violation by the Company of any Contract
or Law, and (D) the Liens set forth on Schedule 5.15.

 

1.40
“Person” means an individual, corporation, partnership (including a general partnership, limited partnership
or limited liability partnership), limited liability company, association, trust or other entity or organization, including a
government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

 

1.41
“Pre-Closing Period” means any period that ends on or before the Closing Date or with respect to a period that
includes but does not end on the Closing Date, the portion of such period through and including the day of the Closing.

 

1.42
“Purchaser A1-A Preferred Stock” means the shares par value $0.0001 of Series A1-A Preferred Stock of Purchaser.

 

1.43
“Purchaser A1-B Preferred Stock” means the shares par value $0.0001 of Series A1-B Preferred Stock of Purchaser.

 

1.44
“Purchaser A2 Preferred Stock” means the shares par value $0.0001 of Series A2 Preferred Stock of Purchaser.

 

1.45
“Purchaser Common Stock” means the shares par value $0.0001 of common stock of Purchaser.

 

1.46
“Purchaser Series Seed Preferred Stock” means the shares par value $0.0001 of Series Seed Preferred Stock of Purchaser.

 

1.47
“Purchaser Preferred Stock” means Purchaser A1-A Preferred Stock, the Purchaser A1-B Preferred Stock, Purchaser
A2 Preferred Stock and Purchaser Series Seed Preferred Stock.

 

1.48
“Purchaser Warrants” means the warrants issued as part of the Merger Consideration to purchase 22,291,072 shares
of Purchaser Common Stock

 

1.49
“Real Property” means, collectively, all real properties and interests therein (including the right to use),
together with all buildings, fixtures, trade fixtures, plant and other improvements located thereon or attached thereto; all rights
arising out of use thereof (including air, water, oil and mineral rights); and all subleases, franchises, licenses, permits, easements
and rights-of-way which are appurtenant thereto.

 

    	6

     

    

 

1.50
“Redomestication Surviving Corporation Common Stock” means the shares of common stock, par value $0.001 per
share of the Redomestication Surviving Corporation.

 

1.51
“Redomestication Surviving Corporation Stock Rights” means all options, warrants or other rights to purchase,
convert or exchange into shares of Redomestication Surviving Corporation Common Stock after the Redomestication Merger.

 

1.52
“Reserved Shares” means shares of Purchaser Common Stock representing 20% of Purchaser’s capital stock
issued and outstanding immediately after the Effective Time.

 

1.53
“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended.

 

1.54
“SEC” means the Securities and Exchange Commission.

 

1.55
“Securities Act” means the Securities Act of 1933, as amended.

 

1.56
“Stockholder” means a holder of Company Common Stock or Company Preferred Stock.

 

1.57
“Subsidiary” means each entity of which at least fifty percent (50%) of the capital stock or other equity or
voting securities are Controlled or owned, directly or indirectly, by the Company.

 

1.58
“Tangible Personal Property” means all tangible personal property and interests therein, including machinery,
computers and accessories, furniture, office equipment, communications equipment, automobiles, trucks, forklifts and other vehicles
owned or leased by the Company and other tangible property .

 

1.59
“Tax(es)” means any federal, state, local or foreign tax, charge, fee, levy, custom, duty, deficiency, or other
assessment of any kind or nature imposed by any Taxing Authority (including any income (net or gross), gross receipts, profits,
windfall profit, sales, use, goods and services, ad valorem, franchise, license, withholding, employment, social security, workers
compensation, unemployment compensation, employment, payroll, transfer, excise, import, real property, personal property, intangible
property, occupancy, recording, minimum, alternative minimum, environmental or estimated tax), including any liability therefor
as a transferee (including under Section 6901 of the Code or similar provision of applicable Law) or successor, as a result of
Treasury Regulation Section 1.1502-6 or similar provision of applicable Law or as a result of any Tax sharing, indemnification
or similar agreement, together with any interest, penalty, additions to tax or additional amount imposed with respect thereto.

 

1.60
“Taxing Authority” means the Internal Revenue Service and any other Authority responsible for the collection,
assessment or imposition of any Tax or the administration of any Law relating to any Tax.

 

1.61
“Tax Return” means any return, information return, declaration, claim for refund or credit, report or any similar
statement, and any amendment thereto, including any attached schedule and supporting information, whether on a separate, consolidated,
combined, unitary or other basis, that is filed or required to be filed with any Taxing Authority in connection with the determination,
assessment, collection or payment of a Tax or the administration of any Law relating to any Tax.

 

    	7

     

    

 

1.62
“Transaction” means the Redomestication Merger and the Merger.

 

1.63
“UCC” means the Uniform Commercial Code of the State of New York, or any corresponding or succeeding provisions
of Laws of the State of New York, or any corresponding or succeeding provisions of Laws, in each case as the same may have been
and hereafter may be adopted, supplemented, modified, amended, restated or replaced from time to time.

 

1.64
“U.S. GAAP” means U.S. generally accepted accounting principles, consistently applied.

 

1.65
“Warrants” means the warrants to purchase 9,050 shares of Company Common Stock, 7,224 shares of Company Series
Seed Preferred Stock and 765,862 shares of Company A-2 Preferred Stock.

 

ARTICLE
II

REDOMESTICATION
MERGER

 

2.1
Redomestication Merger. At the Redomestication Effective Time (as defined in Section 2.2), and subject to and upon the
terms and conditions of this Agreement, and in accordance with the applicable provisions of the BVI Business Companies Act, as
amended (“BVI Law”) and the Delaware General Corporation Law (“Delaware Law”), respectively, Parent shall
be merged with and into Purchaser, the separate corporate existence of Parent shall cease and Purchaser shall continue as the
surviving corporation. Purchaser as the surviving corporation after the Redomestication Merger is hereinafter sometimes referred
to as the “Redomestication Surviving Corporation”. 

 

2.2
Redomestication Effective Time. The parties hereto shall cause the Redomestication Merger to be consummated by filing the
Certificate of Merger with the Secretary of State of the State of Delaware, in accordance with the relevant provisions of Delaware
Law, and the Articles of Merger (the “Articles of Merger”) and Plan of Merger (the “Plan of Merger”) (and
other documents required by BVI Law) with the Registrar of Corporate Affairs in the British Virgin Islands (the “Registrar”),
in accordance with the relevant provisions of BVI Law (the time the Articles of Merger are duly registered by the Registrar, or
such later time as specified in the Certificate of Merger, the Articles of Merger and the Plan of Merger, being the “Redomestication
Effective Time”). 

 

2.3
Effect of the Redomestication Merger. At the Redomestication Effective Time, the effect of the Redomestication Merger shall
be as provided in this Agreement, the Certificate of Merger, the Articles of Merger, the Plan of Merger and the applicable provisions
of Delaware Law and BVI Law. Without limiting the generality of the foregoing, and subject thereto, at the Redomestication Effective
Time, all the property, rights, privileges, agreements, powers and franchises, debts, liabilities, duties and obligations of the
Parent and Purchaser shall become the property, rights, privileges, agreements, powers and franchises, debts, liabilities, duties
and obligations of the Redomestication Surviving Corporation, which shall include the assumption by the Redomestication Surviving
Corporation of any and all agreements, covenants, duties and obligations of the Parent set forth in this Agreement to be performed
after the Closing, and all securities of the Redomestication Surviving Corporation issued and outstanding as a result of the conversion
under Sections 2.6(b) and (d) hereof shall be listed on the public trading market on which the Parent Ordinary Shares were trading
prior to the Redomestication Merger. 

 

    	8

     

    

 

2.4
Memorandum and Articles of Association. At the Redomestication Effective Time, the Amended and Restated Memorandum and
Articles of Association of the Parent, as in effect immediately prior to the Redomestication Effective Time, shall cease and the
Certificate of Incorporation and By-Laws of Purchaser (the “Charter Documents”), as in effect immediately prior
to the Redomestication Effective Time, shall be the Charter Documents of the Redomestication Surviving Corporation. 

 

2.5
Directors and Officers of the Redomestication Surviving Corporation. Immediately after the Redomestication Effective Time
and prior to the Closing of the Transaction, the board of directors of the Redomestication Surviving Corporation shall be the
board of directors of the Parent immediately prior to the Redomestication Merger. 

 

2.6
Effect on Issued Securities of Parent.

 

(a)
Conversion of Parent Ordinary Shares.

 

(i)
At the Redomestication Effective Time, every issued and outstanding Parent Ordinary Share (other than those described in Section
2.6(c) or (d) below) shall be converted automatically into one share of Purchaser Common Stock. At the Redomestication Effective
Time, all Parent Ordinary Shares shall cease to be issued and shall automatically be canceled and retired and shall cease to exist.
The holders of issued Parent Ordinary Shares immediately prior to the Redomestication Effective Time, as evidenced by the register
of members of the Parent (the “Register of Members”), shall cease to have any rights with respect to such Parent Ordinary
Shares, except as provided herein or by Law. Each certificate (if any) previously evidencing Parent Ordinary Shares shall be exchanged
for a certificate representing the same number of shares of Purchaser Common Stock upon the surrender of such certificate in accordance
with Section 2.7.

 

(ii)
Each holder of Parent Ordinary Shares (other those described in Section 2.6(d) or (e)) listed on the [Register of Members] shall
thereafter have the right to receive the same number of shares of Purchaser Common Stock only.

 

(b)
Conversion of Parent Stock Rights. At the Redomestication Effective Time, all Parent Stock Rights shall be converted into
Redomestication Surviving Corporation Stock Rights. At the Redomestication Effective Time, each Parent Stock Right shall cease
to be outstanding and shall automatically be canceled and retired and shall cease to exist. Each of the Redomestication Surviving
Corporation Stock Rights shall have, and be subject to, the same terms and conditions set forth in the applicable agreements governing
the Parent Stock Rights that are outstanding immediately prior to the Redomestication Effective Time. At or prior to the Redomestication
Effective Time, Purchaser shall take all corporate action necessary to reserve for future issuance, and shall maintain such reservation
for so long as any of the Redomestication Surviving Corporation Stock Rights remain outstanding, a sufficient number of shares
of Redomestication Surviving Corporation Common Stock for delivery upon the exercise of the Redomestication Surviving Corporation
Stock Rights after the Redomestication Effective Time.

 

    	9

     

    

 

(c)
Cancellation of Parent Ordinary Shares Owned by Parent. At the Redomestication Effective Time, if there are any Parent
Ordinary Shares that are owned by the Parent as treasury shares or any Parent Ordinary Shares owned by any direct or indirect
wholly owned subsidiary of the Parent immediately prior to the Redomestication Effective Time, such shares shall be canceled and
extinguished without any conversion thereof or payment therefor.

 

(d)
Dissenting Shares. Upon the giving of a notice of election to dissent pursuant to Section 179 of the BVI Law, each holder
of Dissenting Shares shall cease to have any rights of a shareholder of the Company except the right to be paid the fair value
of such holder’s shares as shall be determined in accordance with the provisions of Section 179 of the BVI Law. If any holder
of Parent Ordinary Share fails to give written notice of such holder election to dissent from the Redomestication Merger under
Section 179 of BVI Law, then the rights of such holder of Parent Ordinary Shares under Section 179 of BVI Law Act shall cease
to exist, and the underlying Parent Ordinary Shares shall be cancelled in accordance with Section 2.6(c) and shall entitle the
holder thereof only to receive compensation in accordance with the provisions of Section 179 of the BVI Law.

 

(e)
Transfers of Ownership. If any certificate for securities of Purchaser is to be issued in a name other than that in which
the Parent certificate surrendered in exchange therefor is registered, it will be a condition of the issuance thereof that the
certificate so surrendered will be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in
proper form for transfer and that the person requesting such exchange will have paid to Purchaser or any agent designated by it
any transfer or other Taxes required by reason of the issuance of a certificate for securities of Purchaser in any name other
than that of the registered holder of the certificate surrendered, or established to the satisfaction of Purchaser or any agent
designated by it that such tax has been paid or is not payable.

 

(f)
No Liability. Notwithstanding anything to the contrary in this Section 2.6, none of the Redomestication Surviving
Corporation, Purchaser or any party hereto shall be liable to any person for any amount properly paid to a public official pursuant
to any applicable abandoned property, escheat or similar law.

 

2.7
Surrender of Parent Ordinary Shares. All securities issued upon the surrender of the Parent Ordinary Shares in accordance
with the terms hereof, shall be deemed to have been issued in full satisfaction of all rights pertaining to such securities, provided
that any restrictions on the sale and transfer of the Parent Ordinary Shares shall also apply to the shares of Purchaser Common
Stock so issued in exchange. 

 

    	10

     

    

 

2.8
Lost Stolen or Destroyed Certificates. In the event any certificates shall have been lost, stolen or destroyed, Purchaser
shall issue in exchange for such lost, stolen or destroyed certificates or securities, as the case may be, upon the making of
an affidavit of that fact by the holder thereof, such securities, as may be required pursuant to Section 2.7; provided,
however, that Redomestication Surviving Corporation may, in its discretion and as a condition precedent to the issuance thereof,
require the owner of such lost, stolen or destroyed certificates to deliver a bond in such sum as it may reasonably direct as
indemnity against any claim that may be made against the Redomestication Surviving Corporation with respect to the certificates
alleged to have been lost, stolen or destroyed 

 

2.9
Section 368 Reorganization. For U.S. federal income tax purposes, the Redomestication Merger is intended to constitute
a “reorganization” within the meaning of Section 368(a) of the Code. The parties to this Agreement hereby (i) adopt
this Agreement as a “plan of reorganization” within the meaning of Section 1.368-2(g) of the United States Treasury
Regulations, (ii) agree to file and retain such information as shall be required under Section 1.368-3 of the United States Treasury
Regulations, and (iii) agree to file all Tax and other informational returns on a basis consistent with such characterization.
Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, the parties acknowledge and agree
that no party is making any representation or warranty as to the qualification of the Redomestication Merger as a reorganization
under Section 368 of the Code or as to the effect, if any, that any transaction consummated on, after or prior to the Redomestication
Effective Time has or may have on any such reorganization status. Each of the parties acknowledge and agree that each (i) has
had the opportunity to obtain independent legal and tax advice with respect to the transactions contemplated by this Agreement,
and (ii) is responsible for paying its own Taxes, including any adverse Tax consequences that may result if the Redomestication
Merger is determined not to qualify as a reorganization under Section 368 of the Code. 

 

2.10
Taking of Necessary Action; Further Action. If, at any time after the Redomestication Effective Time, any further action
is necessary or desirable to carry out the purposes of this Agreement and to vest the Redomestication Surviving Corporation with
full right, title and possession to all assets, property, rights, privileges, powers and franchises of the Parent and Purchaser,
the officers and directors of Parent and Purchaser are fully authorized in the name of their respective corporations or otherwise
to take, and will take, all such lawful and necessary action, so long as such action is not inconsistent with this Agreement. 

 

ARTICLE
III

THE MERGER

 

3.1
The Merger. Upon the terms and subject to the conditions set forth in this Agreement, on the Closing Date, immediately
after the Redomestication Merger, pursuant to an appropriate certificate of merger (the “Certificate of Merger”)
and in accordance with Delaware Law, Merger Sub shall be merged with and into the Company. Following the Merger, the separate
corporate existence of Merger Sub shall cease, and the Company shall continue as the surviving corporation in the Merger (the
“Surviving Corporation”).

 

3.2
Closing; Effective Time. Unless this Agreement is earlier terminated in accordance with Article XIII, the closing of the
Merger (the “Closing”) shall take place at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, New
York, at 10:00 a.m. local time, subject to the satisfaction or waiver (to the extent permitted by applicable law) of the conditions
set forth in Article X. The parties may participate in the Closing via electronic means. The date on which the Closing actually
occurs is hereinafter referred to as the “Closing Date”. At the Closing, the parties hereto shall cause the
Certificate of Merger to be filed with the Secretary of State of the State of Delaware, in such form as is required by, and executed
in accordance with, the relevant provisions of Delaware Law, and, as soon as practicable on or after the Closing Date, shall make
any and all other filings or recordings required under Delaware Law. The Merger shall become effective at such date and time as
the Certificate of Merger is duly filed with the Delaware Secretary of State or at such other date and time as Merger Sub and
the Company shall agree in writing and shall specify in the Certificate of Merger (the date and time the Merger becomes effective
being the “Effective Time”). 

 

    	11

     

    

 

3.3
Board of Directors. Immediately after the Closing, the board of directors of the Surviving Corporation will consist of
five (5) directors. Redomestication Surviving Corporation shall designate (1) director to the board of directors of the Surviving
Corporation, and Company shall designate the remaining directors. At least a majority of the Surviving Corporation’s post-Closing
board of directors shall qualify as independent directors under the Securities Act and the rules of Nasdaq. 

 

3.4
Effects of the Merger. The Merger shall have the effects set forth in this Agreement, the Certificate of Merger and in
the relevant provisions of Delaware Law. 

 

3.5
Certificate of Incorporation; Bylaws.

 

(a)
At the Effective Time, the certificate of incorporation of the Company shall become the certificate of incorporation of the Surviving
Corporation until thereafter amended in accordance with their terms and as provided by law.

 

(b)
At the Effective Time, and without any further action on the part of the Company or Merger Sub, the bylaws of the Company shall
be the bylaws of the Surviving Corporation until thereafter amended in accordance with their terms, the certificate of incorporation
of the Surviving Corporation and as provided by law.

 

3.6
No Further Ownership Rights in Company Common Stock. At the Effective Time, the stock transfer books of the Company shall
be closed and thereafter there shall be no further registration of transfers of shares of Company Common Stock (as defined in
Section 5.5) on the records of the Company. From and after the Effective Time, the holders of certificates evidencing ownership
of shares of Company Common Stock outstanding immediately prior to the Effective Time shall cease to have any rights with respect
to such shares of Company Common Stock, except as otherwise provided for herein or by Law. 

 

3.7
Rights Not Transferable. The rights of the holders of Company Common Stock as of immediately prior to the Effective Time
are personal to each such holder and shall not be assignable or otherwise transferable for any reason (except by will or by the
operation of the laws of descent after the death of a natural holder thereof). Any attempted transfer of such right by any holder
thereof (otherwise than as permitted by the immediately preceding sentence) shall be null and void. 

 

    	12

     

    

 

3.8
Taking of Necessary Action; Further Action. If, at any time after the Effective Time, any further action is necessary or
desirable to carry out the purposes of this Agreement and to vest the Surviving Corporation with full right, title and interest
in, to and under, and/or possession of, all assets, property, rights, privileges, powers and franchises of the Company, the officers
and directors of the Surviving Corporation are fully authorized in the name and on behalf of the Company, to take all lawful action
necessary or desirable to accomplish such purpose or acts, so long as such action is not inconsistent with this Agreement. 

 

3.9
Section 368 Reorganization. For U.S. federal income tax purposes, the Merger is intended to constitute a “reorganization”
within the meaning of Section 368(a) of the Code. The parties to this Agreement hereby (i) adopt this Agreement insofar as it
relates to the Merger as a “plan of reorganization” within the meaning of Section 1.368-2(g) of the United States
Treasury regulations, (ii) agree to file and retain such information as shall be required under Section 1.368-3 of the United
States Treasury regulations, and (iii) agree to file all Tax and other informational returns on a basis consistent with such characterization.
Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, the parties acknowledge and agree
that no party is making any representation or warranty as to the qualification of the Merger as a reorganization under Section
368 of the Code or as to the effect, if any, that any transaction consummated on, after or prior to the Effective Time has or
may have on any such reorganization status. Each of the parties acknowledge and agree that each such party (i) has had the opportunity
to obtain independent legal and tax advice with respect to the transactions contemplated by this Agreement, and (ii) is responsible
for paying its own Taxes, including any adverse Tax consequences that may result if the Merger is determined not to qualify as
a reorganization under Section 368 of the Code. 

 

ARTICLE
IV

CONVERSION
OF SHARES; MERGER CONSIDERATION

 

4.1
Conversion of Shares. 

 

(a)
Conversion of Company Common Stock. At the Effective Time, by virtue of the Merger and without any action on the part of
Purchaser, Merger Sub, the Company or the Stockholders, each share of Company Common Stock issued and outstanding immediately
prior to the Effective Time shall be canceled and automatically converted into the right to receive, without interest, the Applicable
Per Share Merger Consideration as specified on Schedule 1.35 hereto. All fractional shares of Company Common Stock held by the
Stockholders shall be entitled to receive the Applicable Per Share Merger Consideration with respect to such fractional shares.

 

(b)
Conversion of Company Preferred Stock. At the Effective Time, by virtue of the Merger and without any action on the part
of Purchaser, Merger Sub, the Company or the Stockholders, each share of Company Preferred Stock issued and outstanding immediately
prior to the Effective Time shall be canceled and automatically converted into the right to receive, without interest, the Applicable
Per Share Merger Consideration as specified on Schedule 1.35 hereto. All fractional shares of Company Preferred Stock held by
the Stockholders shall be entitled to receive the Applicable Per Share Merger Consideration with respect to such fractional shares.

 

(c)
Conversion of Company Warrants. At the Effective Time, by virtue of the Merger and without any action on the part of Purchaser,
Merger Sub, the Company or the Stockholders, each Warrant issued and outstanding immediately prior to the Effective Time shall
be canceled and automatically converted into the right to receive, without interest, the Applicable Per Share Merger Consideration
as specified on Schedule 1.35 hereto.

 

    	13

     

    

 

(d)
Capital Stock of Merger Sub. Each share of capital stock of Merger Sub that is issued and outstanding immediately prior
to the Effective Time will, by virtue of the Merger and without further action on the part of the sole stockholder of Merger Sub,
be converted into and become one share of common stock of the Surviving Corporation (and the sole share of Surviving Corporation
into which the shares of Merger Sub capital stock are so converted shall be the only share of the Surviving Corporation’s
capital stock that are issued and outstanding immediately after the Effective Time). Each certificate evidencing ownership of
shares of Merger Sub common stock will, as of the Effective Time, evidence ownership of such share of common stock of the Surviving
Corporation.

 

(e)
Treatment of Company Capital Stock Owned by the Company. At the Effective Time, all shares of Company Common Stock and
Company Preferred Stock that are owned by the Company as treasury stock immediately prior to the Effective Time shall be canceled
and extinguished without any conversion thereof.

 

(f)
Letter of Transmittal. Upon the delivery of a duly executed Letter of Transmittal, each Stockholder shall be entitled to
receive for each share of Company Common Stock or Company Preferred Stock held by such holder an amount equal to the Applicable
Per Share Merger Consideration.

 

(g)
Company Options. At the Effective Time, by virtue of the Merger and without any action on the part of Purchaser, Merger
Sub, the Company Option Plan, any certificate, option agreement or instrument issued to evidence a Company Option (“Option
Documents”) shall be terminated and all Company Options not exercised prior to the Effective Time shall be cancelled
and automatically converted into the right to receive an equivalent number of options, as adjusted to take into effect the Merger,
to purchase shares of common stock of the Purchaser.

 

(h)
No Liability. Notwithstanding anything to the contrary in this Section 4.1, none of Surviving Corporation or any party
hereto shall be liable to any person for any amount properly paid to a public official pursuant to any applicable abandoned property,
escheat or similar law.

 

(i)
Surrender of Certificates. All shares of Purchaser Common Stock and Purchaser Preferred Stock, and all Purchaser Warrants
issued upon the surrender of shares of the Company Common Stock, the Company Preferred Stock and the Warrants, in accordance with
the terms hereof, shall be deemed to have been issued in full satisfaction of all rights pertaining to such securities, other
than any additional rights pursuant to this Agreement, provided that any restrictions on the sale and transfer of such shares
shall also apply to the Purchaser Common Stock, the Purchaser Preferred Stock and the Purchaser Warrants so issued in exchange.

 

    	14

     

    

 

4.2
Payment of Merger Consideration. 

 

(a)
Share Exchange Procedures. At or after the Closing, each Stockholder shall surrender to Purchaser the certificates
evidencing such Stockholder’s shares of Company Common Stock or Company Preferred Stock, as applicable, (the “Share
Certificates”) for cancellation, together with a completed and executed Letter of Transmittal substantially in the form
agreed to between Purchaser and the Company (the “Letter of Transmittal”), upon which: (i) the Purchaser shall
cause to be issued to the holder of each such Share Certificate, in exchange therefor, a share certificate(s) representing the
Applicable Per Share Merger Consideration such Stockholder has the right to receive in respect of the shares of Company Common
Stock or Company Preferred Stock formerly represented by such Share Certificate pursuant to Section 4.1 and (ii) the Share
Certificate so surrendered shall forthwith be cancelled. If a transfer of ownership of shares of Company Common Stock or Company
Preferred Stock that is not registered in the transfer records of the Company is stated to have occurred, then payment of the
relevant portion of the Merger Consideration may be made to a Person other than the Person in whose name the Share Certificate
so surrendered is registered if the Share Certificate representing such shares is properly endorsed or otherwise is in proper
form for transfer. If any Share Certificate which immediately prior to the Effective Time represented outstanding shares of Company
Common Stock or Company Preferred Stock shall have been lost, stolen or destroyed, then upon the making of an affidavit of that
fact by the holder claiming such Share Certificate to be lost, stolen or destroyed as provided in the Letter of Transmittal, the
Parent will issue in consideration of the shares of Company Common Stock or Company Preferred Stock represented by such lost,
stolen or destroyed Share Certificate the Merger Consideration to which the holder thereof is entitled pursuant to the express
terms of this Agreement; provided, however, that Purchaser may, in its discretion and as a condition precedent to the issuance
thereof, require the owner of such lost, stolen or destroyed certificates or Warrant agreements, to deliver a bond in such sum
as it may reasonably direct as indemnity against any claim that may be made against Purchaser with respect to the certificates
and Warrant agreements alleged to have been lost, stolen or destroyed. Until surrendered as contemplated by this Section 4.2(a),
each Share Certificate shall be deemed at all times after the Effective Time to represent only the right to receive upon such
surrender (or at such other applicable time) such portion of the Merger Consideration to which the holder of such Share Certificate
is entitled pursuant and subject to this Article IV.

 

(b)
No Issuance of Fractional Shares. No certificates or scrip representing fractional shares of Purchaser Common Stock or
Purchaser Preferred Stock will be issued pursuant to the Merger, and instead any such fractional share that would otherwise be
issued will be rounded to the nearest whole share.

 

(c)
Exercise of Company Options Prior to the Closing Date. Nothing in this Agreement shall prohibit (A) a holder of a Company
Option from exercising such Company Option prior to the Closing Date and (B) the Company from issuing a certificate to such holder
in respect of such Company Option exercise prior to the Closing Date; provided, however, that all such Company Option exercises
shall be in accordance with the Company Option Plan and the Option Documents with respect thereto.

 

(d)
Legend. Each certificate and Purchaser Warrant issued pursuant to the Merger to any holder of Company Common Stock, Company
Preferred Stock or Warrants, as applicable, shall bear the legend set forth below, or legend substantially equivalent thereto,
together with any other legends that may be required by any securities laws at the time of the issuance of the Purchaser Common
Stock, the Purchaser Preferred Stock and the Purchaser Warrant:

 

    	15

     

    

 

THE
SHARES [UNDERLYING THE WARRANT] REPRESENTED BY THIS CERTIFICATE [WARRANT AGREEMENT] HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED UNLESS AND UNTIL (I) SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION HAS BEEN REGISTERED UNDER THE ACT OR
(II) THE ISSUER OF THE SHARES HAS RECEIVED AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE WITH THE ACT.

 

4.3
Contingent Merger Consideration.

 

(i)
Certain Definitions. For purposes of this Section 4.3, the following terms shall have the following meanings:

 

(1)
“Calculation Period” means each of the calendar years ending on December 31, 2021, December 31, 2022 and December
31, 2023.

 

(2)
“Contingent Merger Consideration Shares” means up to 3.33% of the shares of Purchaser Common Stock on a fully-diluted
basis as of the last day of the applicable Calculation Period.

 

(3)
“First Year Revenue Threshold” means at least $25,000,000 in revenue of the Company as per the audited financial
statements of the Company as of and for the Calculation Period ended December 31, 2021.

 

(4)
“Maximum Contingent Merger Consideration Shares” means an aggregate amount of shares of Purchaser Common Stock
on a fully-diluted basis not to exceed 10%.

 

(5)
“Revenue Threshold” means each of the First Year Revenue Threshold, the Second Year Revenue Threshold and the
Third Year Revenue Threshold.

 

(6)
“Second Year Revenue Threshold” means at least $50,000,000 in revenue of the Company as per the audited financial
statements of the Company as of and for the Calculation Period ended December 31, 2022.

 

(7)
“Third Year Revenue Threshold” means at least $100,000,000 in revenue of the Company as per the audited financial
statements of the Company as of and for the Calculation Period ended December 31, 2023.

 

(ii)
As soon as practicable, but in any event within fifteen (15) days after delivery of the audited financials of the Surviving Corporation
for each Calculation Period (each such date, a “Contingent Merger Consideration Calculation
Delivery Date”), Surviving Corporation shall deliver to the Stockholders’ Representative a written statement
(in each case, a “Contingent Merger Consideration Calculation Statement”)
setting forth the revenues of the Surviving Corporation for the applicable Calculation Period.

 

    	16

     

    

 

(iii)
In the event that the applicable Revenue Threshold has been achieved for the associated Calculation Period, the Stockholders shall
be entitled to receive and Purchaser shall issue, the Contingent Merger Consideration Shares to the Stockholders on a pro rata
basis as set forth on Schedule 4.1.

 

(iv)
If, after the Closing and prior to the last Calculated Period, a change of control occurs, then Purchaser shall issue, to the
Stockholders an amount equal to the Maximum Contingent Merger Consideration Shares issuable, less the Contingent Merger Consideration
Shares previously issued by Purchaser, on or promptly after the date of such change of control.

 

ARTICLE
V

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except
as set forth on the Schedules to this Agreement, the Company hereby represents and warrants to Purchaser, that each of the following
representations and warranties is true, correct and complete as of the date of this Agreement and as of the Closing Date.

 

5.1
Corporate Existence and Power. The Company is a corporation duly organized, validly existing and in good standing under
the Laws of the State of Delaware. The Company has all power and authority, corporate and otherwise, and all governmental licenses,
franchises, Permits, authorizations, consents and approvals required to own and operate its properties and assets and to carry
on the Business as presently conducted and as proposed to be conducted. The Company is not qualified to do business as a foreign
entity in any jurisdiction, except as set forth on Schedule 5.1, and there is no other jurisdiction in which the character of
the property owned or leased by the Company or the nature of its activities make qualification of the Company in any such jurisdiction
necessary. The Company has offices located only at the addresses set forth on Schedule 5.1. 

 

5.2
Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation by the Company
of the transactions contemplated hereby and thereby are within the corporate powers of the Company and have been or will be at
Closing duly authorized by all necessary action on the part of the Company. This Agreement constitutes a valid and legally binding
agreement of the Company enforceable against the Company in accordance with their respective terms. 

 

5.3
Governmental Authorization. Neither the execution, delivery nor performance by the Company of this Agreement requires any
consent, approval, license or other action by or in respect of, or registration, declaration or filing with, any Authority requiring
a consent, approval, authorization, order or other action of or filing with any Authority as a result of the execution, delivery
and performance of this Agreement or the consummation of the transactions contemplated hereby (each of the foregoing, a “Governmental
Approval”). 

 

    	17

     

    

 

5.4
Non-Contravention. None of the execution, delivery or performance by the Company of this Agreement does or will (a) contravene
or conflict with the organizational or constitutive documents of the Company, (b) contravene or conflict with or constitute a
violation of any provision of any Law or Order binding upon or applicable to the Company, (c) except for the Contracts listed
on Schedule 5.11 requiring Company Consents (but only as to the need to obtain such Company Consents), constitute a default under
or breach of (with or without the giving of notice or the passage of time or both) or violate or give rise to any right of termination,
cancellation, amendment or acceleration of any right or obligation of the Company or require any payment or reimbursement or to
a loss of any material benefit relating to the Business to which the Company is entitled under any provision of any Permit, Contract
or other instrument or obligations binding upon the Company or by which any of the Company Common Stock or any of the Company’s
assets is or may be bound or any Permit, (d) result in the creation or imposition of any Lien on any of the Company Common Stock
or any of the Company’s assets, (e) cause a loss of any material benefit relating to the Business to which the Company is
entitled under any provision of any Permit or Contract binding upon the Company, or (f) result in the creation or imposition of
any Lien (except for Permitted Liens) on any of the Company’s assets.

 

5.5
Capitalization. The Company has an authorized capitalization consisting of: (i) 30,773,564 shares of Company Common Stock
of which 171,989 shares are issued and outstanding as of the date hereof, (ii) 80,000 shares of Non-Voting Common Stock, $0.00001
par value per share (“Company Non-Voting Common Stock”) of which 80,000 shares are issued and outstanding as of the
date hereof and (iii) 19,958 shares of Company Series Seed Preferred Stock of which 19,399 shares is issued and outstanding as
of the date hereof, 7,864,698 shares of Company Series A1-A Preferred Stock of which 7,758,329 shares are issued and outstanding
as of the date hereof, 3,167,474 shares of Company Series A1-B Preferred Stock of which 2,977,544 shares are issued and outstanding
as of the date hereof and 2,280,000 shares of Company Series A2 Preferred Stock of which 2,192,739 shares is issued and outstanding
as of the date hereof. No Company capital stock is held in its treasury. All of the issued and outstanding Company Common Stock
and Company Preferred Stock has been duly authorized and validly issued, is fully paid and non-assessable and has not been issued
in violation of any preemptive or similar rights of any Person or Law. All of the issued and outstanding Company Common Stock
and Company Preferred Stock is owned of record and beneficially by the Persons set forth on Schedule 5.5. No other class of capital
stock of the Company is authorized or outstanding. Except as set forth on Schedule 5.5, there are no: (a) outstanding subscriptions,
options, warrants, rights (including “phantom stock rights”), calls, commitments, understandings, conversion rights,
rights of exchange, plans or other agreements of any kind providing for the purchase, issuance or sale of any shares of the capital
stock of the Company, or (b) to the Knowledge of the Company, agreements with respect to any of the Company Common Stock or Company
Preferred Stock, including any voting trust, other voting agreement or proxy with respect thereto.

 

5.6
Certificate of Incorporation and Bylaws. Copies of (a) the certificate of incorporation of the Company, as certified by
the Secretary of State of its state of incorporation, and (b) the bylaws of the Company, certified by the secretary of the Company,
have heretofore been made available to Parent and Purchaser, and such copies are each true and complete copies of such instruments
as amended and in effect on the date hereof.

 

5.7
Corporate Records. All proceedings occurring since December 31, 2017 of the board of directors, including committees thereof,
and all consents to actions taken thereby, are accurately reflected in the minutes and records contained in the corporate minute
books of the Company. The stock ledgers and stock transfer books of the Company are complete and accurate. The stock ledgers and
stock transfer books and minute book records of the Company relating to all issuances and transfers of stock by the Company, and
all proceedings of the board of directors, including committees thereof, and stockholders of the Company since December 31, 2017
have been made available to Parent and Purchaser, and are the original stock ledgers and stock transfer books and minute book
records of the Company or true, correct and complete copies thereof.

 

    	18

    	 

    

 

5.8
Third Parties; Related Party Arrangements. The Company is not Controlled by any Person and, other than the Persons listed
on Schedule 5.8, the Company is not in Control of any other Person. Except as set forth on Schedule 5.8, to the Knowledge of the
Company, no Key Personnel (a) engages in any business, except through the Company, or are employees of or provide any service
for compensation to, any other business concern or (b) owns any equity security of any business concern, except for publicly traded
securities not in excess of 5% of the issued and outstanding securities with respect to such publicly traded securities. Schedule
5.8 lists each Contract to which the Company, on the one hand, and any Stockholder beneficially owning more than 10% of the common
stock of the Company, or any affiliate of such a Stockholder (collectively, a “10% Stockholder”), on the other
hand, is a party. No Stockholder or any Affiliate of a Stockholder (i) owns, directly or indirectly, in whole or in part, any
tangible or intangible property (including Intellectual Property Rights) that the Company uses or the use of which is necessary
for the conduct of the Business or the ownership or operation of the Company’s assets, or (ii) have engaged in any transactions
with the Company. Schedule 5.8 sets forth a complete and accurate list of the Affiliates of the Company and the ownership interests
in the Affiliate of the Company and each Stockholder.

 

5.9
Assumed Names. Schedule 5.9 is a complete and correct list of all assumed or “doing business as” names currently
or, within five (5) years of the date of this Agreement, used by the Company, including names on any websites. Since December
31, 2017, the Company has not used any name other than the names listed on Schedule 5.9 to conduct the Business. The Company has
filed appropriate “doing business as” certificates in all applicable jurisdictions with respect to itself.

 

5.10
Subsidiaries.

 

(a)
Except as set forth on Schedule 5.10, the Company does not currently own and within the past five (5) years has not owned directly
or indirectly, securities or other ownership interests in any other entity. The Company owns 100% of the issued and outstanding
capital stock and securities of each Person listed on Schedule 5.10. None of the Company or any of its Subsidiaries is a party
to any agreement relating to the formation of any joint venture, association or other entity.

 

(b)
Each Subsidiary is a corporation duly organized, validly existing and in good standing under and by virtue of the Laws of the
jurisdiction of its formation set forth by its name on Schedule 5.10. Each Subsidiary has all power and authority, corporate and
otherwise, and all governmental licenses, franchises, Permits, authorizations, consents and approvals required to own and operate
its properties and assets and to carry on its business as presently conducted and as proposed to be conducted. No Subsidiary is
qualified to do business as a foreign entity in any jurisdiction, except as set forth by its name on Schedule 5.10, and there
is no other jurisdiction in which the character of the property owned or leased by any Subsidiary or the nature of its activities
make qualification of such Subsidiary in any such jurisdiction necessary. Each Subsidiary has offices located only at the addresses
set forth by its name on Schedule 5.10.

 

    	19

    	 

    

 

5.11
Consents. The Contracts listed on Schedule 5.11 are the only Contracts binding upon the Company or by which any of the
Company Common Stock or any of the Company’s assets are bound, requiring a consent, approval, authorization, order or other
action of or filing with any Person as a result of the execution, delivery and performance of this Agreement or the consummation
of the transactions contemplated hereby (each of the foregoing, a “Company Consent”).

 

5.12
Financial Statements.

 

(a)
Schedule 5.12 includes (i) the audited financial statements of the Company as of and for the fiscal years ended December 31, 2019
and 2018, consisting of the audited consolidated balance sheets as of such dates, the audited income statements for the twelve
(12) month periods ended on such dates, and the audited consolidated cash flow statements for the twelve (12) month periods ended
on such dates (collectively, the “Annual Financial Statements” and (ii) the unaudited balance sheet as of June
30, 2020 (“Interim Balance Sheet” and together with the Annual Financial Statements, the “Financial
Statements”).

 

(b)
The Financial Statements are complete and accurate and fairly present, in conformity with U.S. GAAP applied on a consistent basis,
the financial position of the Company as of the dates thereof and the results of operations of the Company for the periods reflected
therein. The Financial Statements were prepared from the Books and Records of the Company and such Financial Statements fairly
present in all material respects the financial position and results of operations of the Company as of the dates and for the periods
indicated therein.

 

(c)
Except as specifically disclosed, reflected or fully reserved against on the Interim Balance Sheet, and for liabilities and obligations
of a similar nature and in similar amounts incurred in the ordinary course of business since the date of the Interim Balance Sheet,
there are no liabilities, debts or obligations of any nature (whether accrued, fixed or contingent, liquidated or unliquidated,
asserted or unasserted or otherwise) relating to the Company, other than (a) liabilities reflected and adequately reserved against
in the Interim Balance Sheet, (b) liabilities incurred in the ordinary course of business after the date of the Interim Balance
Sheet, (c) liabilities related to the future performance of any Material Contract, (d) liabilities incurred in connection with
the transactions contemplated hereby, (e) Indebtedness of the Company or amounts that will be discharged or paid in full prior
to the Closing Date, and (f) liabilities specifically identified on Schedule 5.12.

 

(d)
The Interim Balance Sheet accurately reflects the outstanding Indebtedness of the Company as of the date thereof. Except as set
forth on Schedule 5.12, the Company does not have any Indebtedness.

 

5.13
Books and Records. The Company shall deliver to Purchaser complete and accurate copies of all documents referred to in
the Schedules to this Agreement. The Books and Records accurately and fairly, in reasonable detail, reflect the transactions and
dispositions of assets of and the providing of services by the Company.

 

    	20

    	 

    

 

5.14
Absence of Certain Changes. Since January 1, 2020, the Company has conducted the Business in the ordinary course consistent
with past practices. Without limiting the generality of the foregoing, since the Balance Sheet Date, there has not been:

 

(a)
any Material Adverse Effect;

 

(b)
any transaction, Contract or other instrument entered into, or commitment made, by the Company relating to the Business, or any
of the Company’s assets (including the acquisition or disposition of any assets) that require annual payment from or to
the Company individually in excess of $500,000 or in an aggregate amount in excess of $1,500,000, or any relinquishment by the
Company of any Contract or other right, in either case other than transactions entered into in the ordinary course of business;

 

(c)
(i) any redemption of, declaration, setting aside or payment of any dividend or other distribution with respect to any capital
stock or other equity interests in the Company; (ii) any issuance by the Company of shares of capital stock or other equity interests
in the Company, or (iii) any repurchase, redemption or other acquisition, or any amendment of any term, by the Company of any
outstanding shares of capital stock or other equity interests;

 

(d)
(i) any creation or other incurrence of any Lien other than Permitted Liens on the Company Common Stock or any of the Company’s
assets, and (ii) any making of any loan, advance or capital contributions to or investment in any Person by the Company;

 

(e)
any material personal property damage, destruction or casualty loss or personal injury loss (whether or not covered by insurance)
affecting the business or assets of the Company;

 

(f)
increased benefits payable under any existing severance or termination pay policies or employment agreements; entered into any
employment, deferred compensation or other similar agreement (or amended any such existing agreement) with any director, officer,
manager or employee of the Company; established, adopted or amended (except as required by law) any bonus, profit-sharing, thrift,
pension, retirement, deferred compensation, compensation, stock option, restricted stock or other benefit plan or arrangement
covering any director, officer, manager or employee of the Company; or increased any compensation, bonus or other benefits payable
to any director, officer, manager or employee of the Company, other than increases to non-officer employees in the ordinary course
of business consistent with past practices;

 

(g)
any material labor dispute, other than routine individual grievances, or any activity or proceeding by a labor union or representative
thereof to organize any employees of the Company, which employees were not subject to a collective bargaining agreement at the
Balance Sheet Date, or any lockouts, strikes, slowdowns, work stoppages or threats thereof by or with respect to any employees
of the Company;

 

    	21

    	 

    

 

(h)
any sale, transfer, lease to others or otherwise disposition of any of its assets by the Company except for inventory sold in
the ordinary course of business consistent with past practices or immaterial amounts of other Tangible Personal Property not required
by its business;

 

(i)
(i) any amendment to or termination of any Material Contract, (ii) any amendment to any material license or material Permit from
any Authority held by the Company, (iii) any receipt of any notice of termination of any of the items referenced in (i) and (ii);
and (iv) a material default by the Company under any Material Contract, or any material license or material permit from any Authority
held by the Company;

 

(j)
any capital expenditure by the Company in excess in any fiscal month of an aggregate of $500,000 or entering into any lease of
capital equipment or property under which the annual lease charges exceed $1,000,000 in the aggregate by the Company;

 

(k)
any institution of litigation, settlement or agreement to settle any litigation, action, proceeding or investigation before any
court or governmental body relating to the Company or its property or suffering of any actual or threatened litigation, action,
proceeding or investigation before any court or governmental body relating to the Company or its property;

 

(l)
any loan of any monies to any Person or guarantee of any obligations of any Person by the Company;

 

(m)
except as required by GAAP, any change in the accounting methods or practices (including, without limitation, any change in depreciation
or amortization policies or rates) of the Company or any revaluation of any of the assets of the Company;

 

(n)
any amendment to the Company’s organizational documents, or any engagement by the Company in any merger, consolidation,
reorganization, reclassification, liquidation, dissolution or similar transaction;

 

(o)
any acquisition of assets (other than acquisitions of inventory in the ordinary course of business consistent with past practice)
or business of any Person individually in excess of $1,000,000 or in an aggregate amount in excess of $1,500,000;

 

(p)
any material Tax election made by the Company outside of the ordinary course of business consistent with past practice, or any
material Tax election changed or revoked by the Company; any material claim, notice, audit report or assessment in respect of
Taxes settled or compromised by the Company; any annual Tax accounting period changed by the Company; any Tax allocation agreement,
Tax sharing agreement, Tax indemnity agreement or closing agreement relating to any Tax entered into by the Company; or any right
to claim a material Tax refund surrendered by the Company; or

 

(q)
any commitment or agreement to do any of the foregoing.

 

    	22

    	 

    

 

5.15
Properties; Title to the Company’s Assets. The Company has good, valid and marketable title in and to, a valid leasehold
interest or license in or a right to use, all of their assets reflected on the Interim Balance Sheet. Except as set forth on Schedule
5.15, no such asset is subject to any Liens other than Permitted Liens. The Company’s assets constitute all of the assets
necessary for the Company to operate the Business immediately after the Closing in substantially the same manner as the Business
is currently being conducted.

 

5.16
Litigation. There is no Action (or any basis therefore) pending against, or to the Knowledge of the Company threatened
against or affecting, the Company, any of its officers or directors, the Business, or any Company Common Stock or any of the Company’s
assets or any Contract before any court, Authority or official or which in any manner challenges or seeks to prevent, enjoin,
alter or delay the transactions contemplated hereby. There are no outstanding judgments against the Company. The Company is not,
and has not been in the past five (5) years, subject to any Action with any Authority.

 

5.17
Contracts.

 

(a)
Schedule 5.17(a) lists all material Contracts, oral or written (collectively, “Material Contracts”) to which
the Company is a party and which are currently in effect and constitute the following:

 

(i)
all Contracts that require annual payments or expenses by, or annual payments or income to, the Company of $1,000,000 or more
(other than standard purchase and sale orders entered into in the ordinary course of business consistent with past practice);

 

(ii)
all sales, advertising, agency, lobbying, broker, sales promotion, market research, marketing or similar contracts and agreements,
in each case requiring the payment of any commissions by the Company in excess of $1,000,000 annually;

 

(iii)
all employment Contracts, employee leasing Contracts, and consultant and sales representatives Contracts with any current or former
officer, director, employee or consultant of the Company or other Person, under which the Company (A) has continuing obligations
for payment of annual compensation of at least $1,000,000 (other than oral arrangements for at-will employment), (B) has severance
or post termination obligations to such Person (other than COBRA obligations), or (C) has an obligation to make a payment upon
consummation of the transactions contemplated hereby or as a result of a change of control of the Company;

 

(iv)
all Contracts creating a joint venture, strategic alliance, limited liability company and partnership agreements to which the
Company is a party;

 

(v)
all Contracts relating to any acquisitions or dispositions of assets by the Company, other than in the ordinary course of business;

 

(vi)
all Contracts for material licensing agreements, including Contracts licensing Intellectual Property Rights, other than “shrink
wrap” licenses;

 

    	23

    	 

    

 

(vii)
all Contracts relating to secrecy, confidentiality and nondisclosure agreements restricting the conduct of the Company or substantially
limiting the freedom of the Company to compete in any line of business or with any Person or in any geographic area;

 

(viii)
all Contracts relating to patents, trademarks, service marks, trade names, brands, copyrights, trade secrets and other Intellectual
Property Rights of the Company;

 

(ix)
all Contracts providing for guarantees, indemnification arrangements and other hold harmless arrangements made or provided by
the Company, including all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations;

 

(x)
all Contracts with or pertaining to the Company to which any 10% Stockholder is a party;

 

(xi)
all Contracts relating to property or assets (whether real or personal, tangible or intangible) in which the Company holds a leasehold
interest and which involve payments to the lessor thereunder in excess of $150,000 per month;

 

(xii)
all Contracts relating to outstanding Indebtedness, including financial instruments of indenture or security instruments (typically
interest-bearing) such as notes, mortgages, loans and lines of credit;

 

(xiii)
any Contract relating to the voting or control of the equity interests of the Company or the election of directors of the Company
(other than the organizational documents of the Company);

 

(xiv)
any Contract not cancellable by the Company with no more than 60 days’ notice if the effect of such cancellation would result
in monetary penalty to the Company in excess of $1,000,000 per the terms of such contract;

 

(xv)
any Contract that can be terminated, or the provisions of which are altered, as a result of the consummation of the transactions
contemplated by this Agreement to which the Company is a party; and

 

(xvi)
any Contract for which any of the benefits, compensation or payments (or the vesting thereof) will be increased or accelerated
by the consummation of the transactions contemplated hereby or the amount or value thereof will be calculated on the basis of
any of the transactions contemplated by this Agreement.

 

(b)
Each Contract is a valid and binding agreement, and is in full force and effect, and neither the Company nor, to the Knowledge
of the Company, any other party thereto, is in breach or default (whether with or without the passage of time or the giving of
notice or both) under the terms of any such Material Contract. The Company has not assigned, delegated, or otherwise transferred
any of its rights or obligations with respect to any Material Contracts, or granted any power of attorney with respect thereto
or to any of the Company’s assets. No Contract (i) requires the Company to post a bond or deliver any other form of security
or payment to secure its obligations thereunder or (ii) imposes any non-competition covenants that may be binding on, or restrict
the Business or require any payments by or with respect to Purchaser or any of its Affiliates.

 

    	24

    	 

    

 

(c)
None of the execution, delivery or performance by the Company of this Agreement or the consummation by the Company of the transactions
contemplated hereby or thereby constitutes a default under or gives rise to any right of termination, cancellation or acceleration
of any obligation of the Company.

 

5.18
Insurance. Schedule 5.18 contains a true, complete and correct list (including the names and addresses of the insurers,
the names of the Persons if other than the Company to whom such insurance policies have been issued, the expiration dates thereof,
the annual premiums and payment terms thereof, whether it is a “claims made” or an “occurrence” policy
and a brief identification of the nature of the policy) of all liability, property, workers’ compensation and other insurance
policies currently in effect that insure the property, assets or business of the Company or its employees (other than self-obtained
insurance policies by such employees). Each such insurance policy is valid and binding and in full force and effect, all premiums
due thereunder have been paid and the Company has not received any notice of cancellation or termination in respect of any such
policy or default thereunder. Neither the Company, nor, to the Knowledge of the Company, the Person to whom such policy has been
issued, has received notice that any insurer under any policy referred to in this Section 5.18 is denying liability with respect
to a claim thereunder or defending under a reservation of rights clause. Within the last two (2) years the Company has not filed
for any claims exceeding $1,000,000 against any of its insurance policies, exclusive of automobile and health insurance policies.
The Company has not received written notice from any of its insurance carriers or brokers that any premiums will be materially
increased in the future, and does not have any reason to believe that any insurance coverage listed on Schedule 5.18 will not
be available in the future on substantially the same terms as now in effect.

 

5.19
Licenses and Permits. Schedule 5.19 correctly lists each license, franchise, permit, order or approval or other similar
authorization affecting, or relating in any way to, the Business, together with the name of the Authority issuing the same (the
“Permits”). Except as indicated on Schedule 5.19, such Permits are valid and in full force and effect, and
none of the Permits will, assuming the related third party consents have been obtained or waived prior to the Closing Date, be
terminated or impaired or become terminable as a result of the transactions contemplated hereby. The Company has all Permits necessary
to operate the Business.

 

5.20
Compliance with Laws. The Company is not in violation of, has not violated, and to the Knowledge of the Company, is neither
under investigation with respect to nor has been threatened to be charged with or given notice of any violation or alleged violation
of, any Law, or judgment, order or decree entered by any court, arbitrator or Authority, domestic or foreign, nor is there any
basis for any such charge and within the last 12 months the Company has not received any subpoenas by any Authority.

 

    	25

    	 

    

 

(a)
Without limiting the foregoing paragraph, the Company is not in violation of, has not violated, and to the Knowledge of the Company
is not under investigation with respect to nor has been threatened or charged with or given notice of any violation of any provisions
of:

 

(i)
any Law applicable due to the specific nature of the Business;

 

(ii)
the Foreign Corrupt Practices Act of 1977 (§§ 78dd-1 et seq.), as amended (the “Foreign Corrupt Practices Act”);

 

(iii)
any comparable or similar Law of any jurisdiction; or

 

(iv)
any Law regulating or covering conduct in, or the nature of, the workplace, including regarding sexual harassment or, on any impermissible
basis, a hostile work environment.

 

No
Permit, license or registration is required by the Company in the conduct of the Business under any of the Laws described in this
Section 5.20.

 

5.21
Intellectual Property.

 

(a)
Schedule 5.21 sets forth a true, correct and complete list of all Intellectual Property Rights, specifying as to each, as applicable:
(i) the nature of such Intellectual Property Right; (ii) the owner of such Intellectual Property Right; (iii) the jurisdictions
by or in which such Intellectual Property Right has been issued or registered or in which an application for such issuance or
registration has been filed; and (iv) all licenses, sublicenses and other agreements pursuant to which any Person is authorized
to use such Intellectual Property Right.

 

(b)
Within the past five (5) years (or prior thereto if the same is still pending or subject to appeal or reinstatement) the Company
has not been sued or charged in writing with or been a defendant in any Action that involves a claim of infringement of any Intellectual
Property Rights, and the Company has no knowledge of any other claim of infringement by the Company, and no knowledge of any continuing
infringement by any other Person of any Intellectual Property Rights of the Company.

 

(c)
The current use by the Company of the Intellectual Property Rights does not infringe, and the use by the Company of the Intellectual
Property Rights after the Closing will not infringe, the rights of any other Person. Any Intellectual Property Rights used by
the Company in the performance of any services under any Contract is, and upon the performance of such Contract remains, owned
by the Company and no client, customer or other third-party has any claim of ownership on the Intellectual Property Rights.

 

(d)
All employees, agents, consultants or contractors who have contributed to or participated in the creation or development of any
copyrightable, patentable or trade secret material on behalf of the Company or any predecessor in interest thereto either: (i)
is a party to a “work-for-hire” agreement under which the Company is deemed to be the original owner/author of all
property rights therein; or (ii) has executed an assignment or an agreement to assign in favor of the Company (or such predecessor
in interest, as applicable) all right, title and interest in such material.

 

    	26

    	 

    

 

(e)
None of the execution, delivery or performance by the Company of this Agreement or the consummation by the Company of the transactions
contemplated hereby or thereby will cause any material item of Intellectual Property Rights owned, licensed, used or held for
use by the Company immediately prior to the Closing to not be owned, licensed or available for use by the Company on substantially
the same terms and conditions immediately following the Closing.

 

(f)
The Company has taken reasonable measures to safeguard and maintain the confidentiality and value of all trade secrets and other
items of Company Intellectual Property that are confidential and all other confidential information, data and materials licensed
by the Company or otherwise used in the operation of the Business.

 

5.22
Customers and Suppliers.

 

(a)
Schedule 5.22(a) sets forth a list of the Company’s ten (10) largest customers and the ten (10) largest suppliers as measured
by the dollar amount of purchases therefrom or thereby, for the Company’s December 31, 2019 and 2018 fiscal years, showing
the approximate total sales by the Company to each such customer and the approximate total purchases by the Company from each
such supplier, during each such period.

 

(b)
No supplier listed on Schedule 5.22(a) and, to the actual Knowledge of the Company, no customer listed on Schedule 5.22(a), has
(i) terminated its relationship with the Company, (ii) materially reduced its business with the Company or materially and adversely
modified its relationship with the Company, (iii) notified the Company in writing of its intention to take any such action, or
(iv) to the Knowledge of the Company, become insolvent or subject to bankruptcy proceedings.

 

5.23
Accounts Receivable and Payable; Loans.

 

(a)
All accounts receivable and notes of the Company reflected on the Financial Statements, and all accounts receivable and notes
arising subsequent to the date thereof, represent valid obligations arising from services actually performed or goods actually
sold by the Company in the ordinary course of business consistent with past practice. The accounts payable of the Company reflected
on the Financial Statements, and all accounts payable arising subsequent to the date thereof, arose from bona fide transactions
in the ordinary course consistent with past practice.

 

(b)
To the Knowledge of the Company, there is no contest, claim, or right of setoff in any agreement with any maker of an account
receivable or note relating to the amount or validity of such account, receivables or note that could reasonably result in a Material
Adverse Effect.

 

(c)
The information set forth on Schedule 5.23(c) separately identifies any and all accounts, receivables or notes of the Company
which are owed by any Affiliate of the Company. Except as set forth on Schedule 5.23(c), the Company is not indebted to any of
its Affiliates and no Affiliates are indebted to the Company.

 

    	27

    	 

    

 

5.24
Pre-payments. The Company has not received any payments with respect to any services to be rendered or goods to be provided
after the Closing except in the ordinary course of business.

 

5.25
Employees.

 

(a)
Schedule 5.25(a) sets forth a true, correct and complete list of the ten (10) highest paid employees of the Company as of the
Signing Date, including the name, department, title, employment or engagement commencement date, current salary or compensation
rate for each such person and total compensation (including bonuses) paid to each such person for the fiscal year ended December
31, 2019. Unless indicated in such list, no salaried employee included in such list (i) is currently on leave, (ii) has given
written notice of his or her intent to terminate his or her relationship with the Company, or (iii) has received written notice
of such termination from the Company. To the Knowledge of the Company, no salaried employee (but specifically excluding all account
executives) of the Company that earned an aggregate amount of compensation in excess of $100,000 in the December 31, 2019 fiscal
year intends to terminate his or her relationship with the Company within six (6) months following the Closing Date. Schedule
5.25(a) sets forth all proceedings, governmental investigations or administrative proceedings of any kind against the Company
of which the Company has been notified regarding its employees or employment practices, or operations as they pertain to conditions
of employment within two (2) years preceding the date of this Agreement.

 

(b)
The Company is not a party to or subject to any employment contract, consulting agreement, collective bargaining agreement, confidentiality
agreement restricting the activities of the Company, non-competition agreement restricting the activities of the Company, or any
similar agreement, and there has been no activity or proceeding by a labor union or representative thereof to organize any employees
of the Company.

 

(c)
There are no pending or, to the Knowledge of the Company, threatened claims or proceedings against the Company under any worker’s
compensation policy or long-term disability policy.

 

(d)
Except as would not have a Material Adverse Effect, the Company has properly classified all of its employees as exempt or non-exempt.

 

5.26
Employment Matters.

 

(a)
Schedule 5.26(a) sets forth a true and complete list of every employment agreement, commission agreement, employee group or executive
medical, life, or disability insurance plan, and each incentive, bonus, profit sharing, retirement, deferred compensation, equity,
phantom stock, stock option, stock purchase, stock appreciation right or severance plan of the Company now in effect or under
which the Company has or might have any obligation, or any understanding between the Company and any employee concerning the terms
of such employee’s employment that does not apply to the Company’s employees generally (collectively, “Labor
Agreements”). The Company has previously delivered to Purchaser true and complete copies of each such Labor Agreement,
any employee handbook or policy statement of the Company, and complete and correct information concerning the Company’s
employees, including with respect to the (i) name, residence address, and social security number; (ii) position; (iii) compensation;
(iv) vacation and other fringe benefits; (v) claims under any benefit plan; and (vii) resident alien status (if applicable). Schedule
5.26(a) sets forth a true and complete list of the names, addresses and titles of the directors, officers and managers of the
Company.

 

    	28

    	 

    

 

(b)
Except as disclosed on Schedule 5.26(b):

 

(i)
all employees of the Company are employees at will, and the employment of each employee by the Company may be terminated immediately
by the Company, as applicable, without any cost or liability except severance in accordance with the Company’s standard
severance practice as disclosed on Schedule 5.26(b);

 

(ii)
to the Knowledge of the Company, no employee of the Company has any plan to terminate his or her employment now or in the near
future, whether as a result of the transactions contemplated hereby or otherwise;

 

(iii)
to the Knowledge of the Company, no employee of the Company, in the ordinary course of his or her duties, has breached or will
breach any obligation to a former employer in respect of any covenant against competition or soliciting clients or employees or
servicing clients or confidentiality or any proprietary right of such former employer; and

 

(iv)
the Company is not a party to any collective bargaining agreement, does not have any material labor relations problems, and there
is no pending representation question or union organizing activity respecting employees of the Company.

 

(c)
The Company has complied in all material respects with all Labor Agreements and all applicable laws relating to employment or
labor. There is no legal prohibition with respect to the permanent residence of any employee of the Company in the United States
or his or her permanent employment by the Company. No present or former employee, officer, director or manager of the Company
has, or will have at the Closing Date, any claim against the Company for any matter including for wages, salary, or vacation or
sick pay, or otherwise under any Labor Agreement. All accrued obligations of the Company applicable to its employees, whether
arising by operation of Law, by Contract, by past custom or otherwise, for payments by the Company to any trust or other fund
or to any Authority, with respect to unemployment or disability compensation benefits, social security benefits, under ERISA or
otherwise, have been paid or adequate accruals therefor have been made.

 

5.27
Withholding. All obligations of the Company applicable to its employees, whether arising by operation of Law, by contract,
by past custom or otherwise, or attributable to payments by the Company to trusts or other funds or to any governmental agency,
with respect to unemployment compensation benefits, social security benefits or any other benefits for its employees with respect
to the employment of said employees through the date hereof have been paid or adequate accruals therefor have been made on the
Financial Statements. All reasonably anticipated obligations of the Company with respect to such employees (except for those related
to wages during the pay period immediately prior to the Closing Date and arising in the ordinary course of business), whether
arising by operation of Law, by contract, by past custom, or otherwise, for salaries and holiday pay, bonuses and other forms
of compensation payable to such employees in respect of the services rendered by any of them prior to the date hereof have been
or will be paid by the Company prior to the Closing Date.

 

5.28
Employee Benefits and Compensation.

 

(a)
Schedule 5.28 sets forth a true and complete list of each “employee benefit plan” (as defined in Section 3(3) of ERISA),
bonus, deferred compensation, equity-based or non-equity-based incentive, severance or other plan or written agreement relating
to employee or director benefits or employee or director compensation or fringe benefits, maintained or contributed to by the
Company at any time during the 7-calendar year period immediately preceding the date hereof and/or with respect to which the Company
could incur or could have incurred any direct or indirect, fixed or contingent liability (each a “Plan” and
collectively, the “Plans”). Each Plan is and has been maintained in substantial compliance with all applicable
laws, including but not limited to ERISA, and has been administered and operated in all material respects in accordance with its
terms.

 

(b)
Each Plan which is intended to be “qualified” within the meaning of Section 401(a) of the Code, has received a favorable
determination letter from the Internal Revenue Service and, to the Knowledge of the Company, no event has occurred and no condition
exists which could reasonably be expected to result in the revocation of any such determination. No event which constitutes a
“reportable event” (as defined in Section 4043(c) of ERISA) for which the 30-day notice requirement has not been waived
by the Pension Benefit Guaranty Corporation (the “PBGC”) has occurred with respect to any Plan. No Plan subject
to Title IV of ERISA has been terminated or is or has been the subject of termination proceedings pursuant to Title IV of ERISA.
Full payment has been made of all amounts which the Company was required under the terms of the Plans to have paid as contributions
to such Plans on or prior to the date hereof (excluding any amounts not yet due) and no Plan which is subject to Part 3 of Subtitle
B of Title I of ERISA has incurred an “accumulated funding deficiency” (within the meaning of Section 302 of ERISA
or Section 412 of the Code), whether or not waived.

 

(c)
Neither the Company nor to the Knowledge of the Company, any other “disqualified person” or “party in interest”
(as defined in Section 4975(e)(2) of the Code and Section 3(14) of ERISA, respectively), has engaged in any transaction in connection
with any Plan that could reasonably be expected to result in the imposition of a penalty pursuant to Section 502(i) of ERISA,
damages pursuant to Section 409 of ERISA or a tax pursuant to Section 4975(a) of the Code. The Company has not maintained any
Plan (other than a Plan which is intended to be “qualified” within the meaning of Section 401(a) of the Code) which
provides benefits with respect to current or former employees or directors following their termination of service with the Company
(other than as required pursuant to COBRA). Each Plan subject to the requirements of COBRA has been operated in substantial compliance
therewith.

 

    	29

    	 

    

 

(d)
No individual will accrue or receive additional benefits, service or accelerated rights to payment of benefits as a direct result
of the Transaction. No material liability, claim, investigation, audit, action or litigation has been incurred, made, commenced
or, to the Knowledge of the Company, threatened, by or against any Plan or the Company with respect to any Plan (other than for
benefits payable in the ordinary course and PBGC insurance premiums). No Plan or related trust owns any securities in violation
of Section 407 of ERISA. With respect to each Plan which is an “employee pension benefit plan” (as defined in Section
3(2) of ERISA) as of the most recent actuarial valuation report prepared for each such Plan, the aggregate present value of the
accrued liabilities thereof (determined in accordance with Statement of Financial Accounting Standards No. 35) did not exceed
the aggregate fair market value of the assets allocable thereto.

 

(e)
No Plan is a “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA) and the Company has not been obligated
to contribute to any multiemployer plan. No material liability has been, or could reasonably be expected to be, incurred under
Title IV of ERISA (other than for PBGC insurance premiums payable in the ordinary course) or Section 412(f) or (n) of the Code,
by the Company or any entity required to be aggregated with the Company pursuant to Section 4001(b) of ERISA and/or Section 414
(b), (c), (m) or (o) of the Code with respect to any “employee pension benefit plan” (as defined in Section 3(2) of
ERISA).

 

(f)
There is no unfunded non-tax-qualified Plan which provides a pension or retirement benefit.

 

(g)
The Company has not made any commitment to create or cause to exist any employee benefit plan which is not listed on Schedule
5.28, or to modify, change or terminate any Plan (other than as may be necessary for compliance with applicable law).

 

(h)
The Company does not have any plan, arrangement or agreement providing for “deferred compensation” that is subject
to Section 409A(a) of the Code, or any plan, arrangement or agreement that is subject to Section 409A(b) of the Code.

 

5.29
Real Property.

 

(a)
Except as set forth on Schedule 5.29, the Company does not own, or otherwise have an interest in, any Real Property, including
under any Real Property lease, sublease, space sharing, license or other occupancy agreement. The Company has good, valid and
subsisting title to its respective leasehold estates in the offices described on Schedule 5.29, free and clear of all Liens. The
Company has not breached or violated any local zoning ordinance, and no notice from any Person has been received by the Company
or served upon the Company claiming any violation of any local zoning ordinance.

 

(b)
The Real Property leased by the Company is in a state of maintenance and repair in all material respects adequate and suitable
for the purposes for which it is presently being used, and there are currently no material repair or restoration works likely
to be required in connection with any of the leased Real Property. The Company is in physical possession and actual and exclusive
occupation of the whole of the leased properties, none of which are subleased or assigned to another Person. The Leases lease
all useable square footage of the premises located at the leased Real Property locations. The Company does not owe any brokerage
commission with respect to any Real Property.

 

    	30

    	 

    

 

5.30
Accounts. Schedule 5.30 sets forth a true, complete and correct list of the checking accounts, deposit accounts, safe deposit
boxes, and brokerage, commodity and similar accounts of the Company, including the account number and name, the name of each depositary
or financial institution and the address where such account is located and the authorized signatories thereto.

 

5.31
Tax Matters.

 

(a)
(i) The Company has duly and timely filed all Tax Returns which are required to be filed by or with respect to it, and has paid
all Taxes which have become due; (ii) all such Tax Returns are true, correct and complete and accurate and disclose all Taxes
required to be paid; (iv) there is no Action, pending or proposed or, to the Knowledge of the Company, threatened, with respect
to Taxes of the Company or for which a Lien may be imposed upon any of the Company’s assets and, to the best of the Knowledge
of the Company, no basis exists therefor; (v) no statute of limitations in respect of the assessment or collection of any Taxes
of the Company for which a Lien may be imposed on any of the Company’s assets has been waived or extended, which waiver
or extension is in effect; (vi) the Company has complied in all material respects with all applicable Laws relating to the reporting,
payment, collection and withholding of Taxes and has duly and timely withheld or collected, paid over to the applicable Taxing
Authority and reported all Taxes (including income, social, security and other payroll Taxes) required to be withheld or collected
by the Company; ; (vii) no claim has ever been made by a Taxing Authority in a jurisdiction where the Company has not paid any
Tax or filed Tax Returns, asserting that the Company is or may be subject to Tax in such jurisdiction; (viii) there is no outstanding
power of attorney from the Company authorizing anyone to act on behalf of the Company in connection with any Tax, Tax Return or
Action relating to any Tax or Tax Return of the Company; (ix) the Company is not, and has ever been, a party to any Tax sharing
or Tax allocation Contract; (x) the Company is and has never been included in any consolidated, combined or unitary Tax Return;
(xi) the Company is not a party to a Contract that requires or would, upon the occurrence of certain events, require the Company
to make a payment which would not be fully deductible under Section 280G of the Code without regard to whether such payment is
reasonable compensation for services rendered and without regard to any exception that requires future action by any Person; (xii)
during the last two years, the Company has not engaged in any exchange under which gain realized on the exchange was not recognized
under Section 1031 of the Code; (xiii) the Company was not a “distributing corporation” or a “controlled corporation”
under Section 355 of the Code in any transaction within the last two years or pursuant to a plan or series of related transactions
(within the meaning of Section 355(e) of the Code) with any transaction contemplated by this Agreement; (xiv) the Company is not,
and has never been, a “personal holding company” (within the meaning of Section 542 of the Code), a stockholder in
a “controlled foreign corporation” (within the meaning of Section 957 of the Code), a “foreign personal holding
company” (within the meaning of Section 552 of the Code as in effect prior to the repeal of such section), or a “passive
foreign investment company” (within the meaning of Section 1297 of the Code); (xvi) the Company is not and has not been
treated as a foreign corporation for U.S. federal income tax purposes, and (xvii) the Company is not an “investment company”
for purposes of Sections 351(e) or 368 of the Code and the Treasury Regulations promulgated thereunder. The Company has not entered
into a “reportable transaction” (within the meaning of Section 6707A of the Code or Treasury Regulations §1.6011-4
or any predecessor thereof).

 

    	31

    	 

    

 

5.32
Environmental Laws.

 

(a)
The Company has not (i) received any written notice of any alleged claim, violation of or liability under any Environmental Law
which has not heretofore been cured or for which there is any remaining liability; (ii) disposed of, emitted, discharged, handled,
stored, transported, used or released any Hazardous Materials, arranged for the disposal, discharge, storage or release of any
Hazardous Materials, or exposed any employee or other individual to any Hazardous Materials so as to give rise to any liability
or corrective or remedial obligation under any Environmental Laws; or (iii) entered into any agreement that may require it to
guarantee, reimburse, pledge, defend, hold harmless or indemnify any other Person with respect to liabilities arising out of Environmental
Laws or the Hazardous Materials Activities of the Company, except in each case as would not, individually or in the aggregate,
have a Material Adverse Effect.

 

(b)
The Company has delivered to Purchaser all material records in its possession concerning the Hazardous Materials Activities of
the Company and all environmental audits and environmental assessments in the possession or control of the Company of any facility
currently owned, leased or used by the Company which identifies the potential for any violations of Environmental Law or the presence
of Hazardous Materials on any property currently owned, leased or used by the Company.

 

(c)
There are no Hazardous Materials in, on, or under any properties owned, leased or used at any time by the Company such as could
give rise to any material liability or corrective or remedial obligation of the Company under any Environmental Laws.

 

5.33
Finders’ Fees. Other than Chardan Capital Markets LLC, there is no investment banker, broker, finder or other intermediary
which has been retained by or is authorized to act on behalf of the Company or any of Affiliates who might be entitled to any
fee or commission from the Company or any of its Affiliates (including the Company following the Closing) upon consummation of
the transactions contemplated by this Agreement.

 

5.34
Powers of Attorney and Suretyships. The Company does not have any general or special powers of attorney outstanding (whether
as grantor or grantee thereof) or any obligation or liability (whether actual, accrued, accruing, contingent, or otherwise) as
guarantor, surety, co-signer, endorser, co-maker, indemnitor or otherwise in respect of the obligation of any Person.

 

5.35
Directors and Officers. Schedule 5.35 sets forth a true, correct and complete list of all directors and officers of the
Company.

 

5.36
Other Information. Neither this Agreement nor any of the documents or other information made available to Purchaser or
its Affiliates, attorneys, accountants, agents or representatives pursuant hereto or in connection with Purchaser’s due
diligence review of the Business, the Company Common Stock, the Company’s assets or the transactions contemplated by this
Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary
in order to make the statements contained therein not misleading.

 

    	32

    	 

    

 

5.37
Certain Business Practices. Neither the Company, nor any director, officer, agent or employee of the Company (in their
capacities as such) has (i) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating
to political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees, to foreign or
domestic political parties or campaigns or violated any provision of the Foreign Corrupt Practices Act of 1977 or (iii) made any
other unlawful payment. Neither the Company, nor any director, officer, agent or employee of the Company (nor any Person acting
on behalf of any of the foregoing, but solely in his or her capacity as a director, officer, employee or agent of the Company)
has, since December 31, 2017, directly or indirectly, given or agreed to give any gift or similar benefit in any material amount
to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder the Company
or assist the Company in connection with any actual or proposed transaction, which, if not given could reasonably be expected
to have had a Material Adverse Effect on the Company, or which, if not continued in the future, could reasonably be expected to
adversely affect the business or prospects of the Company or that could reasonably be expected to subject the Company to suit
or penalty in any private or governmental litigation or proceeding.

 

5.38
Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with laundering
statutes in all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental authority (collectively, the “Money Laundering Laws”),
and no Action involving the Company with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company,
threatened.

 

5.39
OFAC. Neither the Company, nor any director or officer of the Company (nor, to the Knowledge of the Company, any agent,
employee, affiliate or Person acting on behalf of the Company) is currently identified on the specially designated nationals or
other blocked person list or otherwise currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”); and the Company has not, directly or indirectly, used any funds,
or loaned, contributed or otherwise made available such funds to any subsidiary, joint venture partner or other Person, in connection
with any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC or for the purpose of
financing the activities of any Person currently subject to, or otherwise in violation of, any U.S. sanctions administered by
OFAC in the last five (5) fiscal years.

 

5.40
Not an Investment Company. The Company is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

    	33

    	 

    

 

ARTICLE
VI

REPRESENTATIONS
AND WARRANTIES OF PARENT, purchaser AND merger sub

 

Except
as set forth on the Schedules to this Agreement, Parent, Purchaser and Merger Sub (the “Parent Parties”), jointly
and severally, hereby represent and warrant to the Company that, except as disclosed in the Parent SEC Documents:

 

6.1
Corporate Existence and Power. Parent is an exempted company duly incorporated, validly existing and in good standing under
the laws of the British Virgin Islands. Purchaser is a company duly organized, validly existing and in good standing under the
laws of the State of Delaware. Merger Sub is a company duly organized, validly existing and in good standing under the laws of
the State of Delaware. Each of the Parent Parties has all power and authority, corporate and otherwise, and all governmental licenses,
franchises, Permits, authorizations, consents and approvals required to own and operate its properties and assets and to carry
on its business as presently conducted and as proposed to be conducted. None of the Parent Parties has entered into any definitive
agreements with respect to any merger, consolidation, sale of all or substantially all of its assets, reorganization, recapitalization,
dissolution or liquidation.

 

6.2
Corporate Authorization. The execution, delivery and performance by the Parent Parties of this Agreement and the consummation
by the Parent Parties of the transactions contemplated hereby are within the corporate powers of the Parent Parties and have been
or will be on or before Closing duly authorized by all necessary corporate action on the part of the Parent Parties, including
each of the Parent Parties’ board of directors and shareholders to the extent required by the their organizational documents,
BVI Law, any other applicable Law or any contract to which the Company or any of its shareholders is a party or by which or its
securities are bound. This Agreement has been duly executed and delivered by each Parent Party and it constitutes, a valid and
legally binding agreement of each Parent Party, enforceable against them in accordance with its terms.

 

6.3
Governmental Authorization. Other than as required under the NASDAQ rules, the Parent Parties respective organizational
documents, BVI Law or Delaware Law or securities Laws, or as otherwise set forth on Schedule 6.3, neither the execution, delivery
nor performance of this Agreement requires any consent, approval, license or other action by or in respect of, or registration,
declaration or filing with any Authority.

 

6.4
Non-Contravention. The execution, delivery and performance by the Parent Parties of this Agreement do not and will not,
(i) provide that holders of fewer than the number of Parent Ordinary Shares specified in the Parent’s organizational documents
exercise their redemption rights with respect to such transaction, contravene or conflict with the organizational or constitutive
documents of Parent, or (ii) contravene or conflict with or constitute a violation of any provision of any Law, judgment, injunction,
order, writ, or decree binding upon the Parent Parties.

 

6.5
Finders’ Fees. Other than Block Wall Advisors LLC, there is no investment banker, broker, finder or other intermediary
which has been retained by or is authorized to act on behalf of any Purchaser Party or its Affiliates who might be entitled to
any fee or commission from the Company or any of its Affiliates upon consummation of the transactions contemplated by this Agreement.

 

    	34

    	 

    

 

6.6
Issuance of Shares. The Merger Consideration, when issued, and the Contingent Merger Consideration Shares, if issued, in
accordance with this Agreement, will be duly authorized and validly issued, and will be fully paid and nonassessable.

 

6.7
Capitalization.

 

(a)
The authorized share capital of Parent consists of unlimited Parent Ordinary Shares of which 32,022,685 Parent Ordinary Shares
are issued and outstanding as of the date hereof. All outstanding Parent Ordinary Shares are duly authorized, validly issued,
fully paid and nonassessable and not subject to or issued in violation of any purchase option, right of first refusal, preemptive
right, subscription right or any similar right under any provision of BVI Law, the Parent’s organizational documents or
any contract to which Parent is a party or by which Parent is bound. There are no outstanding contractual obligations of Parent
to repurchase, redeem or otherwise acquire any Parent Ordinary Shares or any capital equity of Parent. There are no outstanding
contractual obligations of Parent to provide funds to, or make any investment (in the form of a loan, capital contribution or
otherwise) in, any other Person.

 

(b)
The authorized capital stock of Purchaser consists of 300,000,000 shares of common stock, par value $0.0001 per share, of which
one (1) share of Purchaser Common Stock is issued and outstanding as of the date hereof and 150,000,000 share of preferred stock,
par value $0.0001 per share, of which none are issued and outstanding as of the date hereof (collectively, “Purchaser
Capital Stock”). No other shares of capital stock or other voting securities of Purchaser are issued, reserved for issuance
or outstanding. All issued and outstanding shares of Purchaser Capital Stock are duly authorized, validly issued, fully paid and
nonassessable and not subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription
right or any similar right under any provision of Delaware Law, the Purchaser’s organizational documents or any contract
to which Purchaser is a party or by which Purchaser is bound. There are no outstanding contractual obligations of Purchaser to
repurchase, redeem or otherwise acquire any shares of Purchaser Capital Stock or any capital equity of Purchaser. There are no
outstanding contractual obligations of Purchaser to provide funds to, or make any investment (in the form of a loan, capital contribution
or otherwise) in, any other Person.

 

(c)
The authorized capital stock of Merger Sub consists of 300,000,000 shares of common stock, par value $0.0001 per share, of which
one (1) share of Merger Sub Common Stock is issued and outstanding as of the date hereof and 150,000,000 share of preferred stock,
par value $0.0001 per share, of which none are issued and outstanding as of the date hereof (“Merger Sub Capital Stock”).
All issued and outstanding shares of Merger Sub Capital Stock are duly authorized, validly issued, fully paid and nonassessable
and not subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription right
or any similar right under any provision of Delaware Law, the Merger Sub’s organizational documents or any contract to which
Merger Sub is a party or by which Merger Sub is bound. Except as set forth in the Merger Sub’s organizational documents,
there are no outstanding contractual obligations of Merger Sub to repurchase, redeem or otherwise acquire any shares of Merger
Sub Capital Stock or any capital equity of Merger Sub. There are no outstanding contractual obligations of Merger Sub to provide
funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in, any other Person.

 

    	35

    	 

    

 

6.8
Information Supplied. None of the information supplied or to be supplied by any Parent Party expressly for inclusion or
incorporation by reference in the filings with the SEC and mailings to Parent’s stockholders with respect to the solicitation
of proxies to approve the transactions contemplated by this Agreement will, at the date of filing and/ or mailing, as the case
may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they are made, not misleading (subject to the
qualifications and limitations set forth in the materials provided by Parent or that is included in the Parent SEC Documents).

 

6.9
Listing. The Parent Ordinary Shares are listed on the Nasdaq Capital Market, with the ticker symbol HUSN. Other as disclosed
in the Parent SEC Documents, there is no other action or proceeding pending or, to the knowledge of the Parent, threatened against
the Parent by Nasdaq with respect to any intention by such entity to prohibit or terminate the listing of the Purchaser Ordinary
Shares on Nasdaq.

 

6.10
Reporting Company. The Parent is a publicly held company subject to reporting obligations pursuant to Section 13 of the
Exchange Act, and the Parent Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act. Other as disclosed
in the Parent SEC Documents, there is no legal proceeding pending or, to Parent’s knowledge, threatened in writing against
Parent by the SEC with respect to the deregistration of the Parent Ordinary Shares. Parent has taken no action that is designed
to terminate the registration of the Parent Ordinary Shares under the Exchange Act.

 

6.11
Board Approval. Each of the Parent board of directors, Purchaser board of directors and Merger Sub board of directors (including
any required committee or subgroup of such boards) has, as of the date of this Agreement, unanimously (i) declared the advisability
of the transactions contemplated by this Agreement and (ii) determined that the transactions contemplated hereby are in the best
interests of the stockholders of Purchaser and Merger Sub, as applicable.

 

6.12
Parent SEC Documents and Purchaser Financial Statements. Parent has filed all forms, reports, schedules, statements and
other documents, including any exhibits thereto, required to be filed or furnished by Parent with the SEC since Parent’s
formation under the Exchange Act or the Securities Act, together with any amendments, restatements or supplements thereto, and
will file all such forms, reports, schedules, statements and other documents required to be filed subsequent to the date of this
Agreement (the “Additional Parent SEC Documents”). Parent has made available to the Company copies in the form
filed with the SEC of all of the following, except to the extent available in full without redaction on the SEC’s website
through EDGAR for at least two (2) days prior to the date of this Agreement: (i) Parent’s Annual Reports on Form 20-F for
each fiscal year of Parent beginning with the first year Parent was required to file such a form, (ii) all proxy statements relating
to Parent’s meetings of stockholders (whether annual or special) held, and all information statements relating to stockholder
consents, since the beginning of the first fiscal year referred to in clause (i) above, (iii) its Quarterly Reports on Form 6-K
filed since the beginning of the first fiscal year referred to in clause (i) above, (iv) its Current Reports on Form 6-K filed
since the beginning of the first fiscal year referred to in clause (i) above, and (v) all other forms, reports, registration statements
and other documents (other than preliminary materials if the corresponding definitive materials have been provided to the Company
pursuant to this Section 6.12) filed by Parent with the SEC since Parent’s formation (the forms, reports, registration statements
and other documents referred to in clauses (i), (ii), (iii), (iv) and (v) above, whether or not available through EDGAR, are,
collectively, the (“Parent SEC Documents”). The Parent SEC Documents were, and the Additional Parent SEC Documents
will be, prepared in all material respects in accordance with the requirements of the Securities Act, the Exchange Act, and the
Sarbanes-Oxley Act, as the case may be, and the rules and regulations thereunder. The Parent SEC Documents did not, and the Additional
Parent SEC Documents will not, at the time they were or are filed, as the case may be, with the SEC (except to the extent that
information contained in any Parent SEC Document or Additional Parent SEC Document has been or is revised or superseded by a later
filed Parent SEC Document or Additional Parent SEC Document, then on the date of such filing) 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 made
therein, in the light of the circumstances under which they were made, not misleading. As used in this Section 6.12, the term
“file” shall be broadly construed to include any manner in which a document or information is furnished, supplied
or otherwise made available to the SEC.

 

    	36

    	 

    

 

ARTICLE
VII

COVENANTS
OF THE COMPANY PENDING CLOSING

 

The
Company covenants and agrees that:

 

7.1
Conduct of the Business. (a) From the date hereof through the Closing Date, the Company shall conduct the Business only
in the ordinary course, (including the payment of accounts payable and the collection of accounts receivable), consistent with
past practices, and other than those transactions set forth on Schedule 7.1, shall not enter into any material transactions without
the prior written consent of Parent and shall use its best efforts to preserve intact its business relationships with employees,
clients, suppliers and other third parties. Without limiting the generality of the foregoing, from the date hereof until and including
the Closing Date, without Parent’s prior written consent (which shall not be unreasonably withheld), the Company shall not:

 

(i)
amend, modify or supplement its certificate of incorporation and bylaws or other organizational or governing documents;

 

(ii)
amend, waive any provision of, terminate prior to its scheduled expiration date, or otherwise compromise in any way, any Contract
(including Contracts described in Section 7.1(a)(iii) below), or any other right or asset of the Company;

 

(iii)
modify, amend or enter into any Contract, which (A) is with respect to Real Property, (B) extends for a term of one year or more
or (C) obligates the payment of more than $1,000,000 (individually or in the aggregate);

 

(iv)
make any capital expenditures in excess of $1,000,000 (individually or in the aggregate);

 

(v)
sell, lease, license or otherwise dispose of any of the Company’s assets or assets covered by any Contract except (i) pursuant
to existing Contracts or commitments disclosed herein and (ii) sales of Inventory in the ordinary course consistent with past
practice;

 

    	37

    	 

    

 

(vi)
accept returns of products sold from Inventory except in the ordinary course, consistent with past practice;

 

(vii)
pay, declare or promise to pay any dividends or other distributions with respect to its capital stock, or pay, declare or promise
to pay any other payments to any Stockholder (other than, in the case of any Stockholder that is an employee of the Company, payments
of salary accrued in said period at the current salary rate set forth on Schedule 5.25(a)) or any Affiliate of the Company;

 

(viii)
authorize any salary increase of more than 10% for any employee of the Company making an annual salary equal to or greater than
$100,000 or in excess of $100,000 in the aggregate on an annual basis or change the bonus or profit sharing policies of the Company;

 

(ix)
obtain or incur any loan or other Indebtedness, including drawings under the Company’s existing lines of credit;

 

(x)
suffer or incur any Lien, except for Permitted Liens, on the Company’s assets;

 

(xi)
suffer any damage, destruction or loss of property related to any of the Company’s assets, whether or not covered by insurance;

 

(xii)
delay, accelerate or cancel any receivables or Indebtedness owed to the Company or write off or make further reserves against
the same;

 

(xiii)
merge or consolidate with or acquire any other Person or be acquired by any other Person;

 

(xiv)
suffer any insurance policy protecting any of the Company’s assets to lapse;

 

(xv)
amend any of its Plans set forth in Section 5.28(a) or fail to continue to make timely contributions thereto in accordance with
the terms thereof;

 

(xvi)
make any change in its accounting principles or methods or write down the value of any Inventory or assets;

 

(xvii)
change the place of business or jurisdiction of organization of the Company;

 

    	38

    	 

    

 

(xviii)
extend any loans other than travel or other expense advances to employees in the ordinary course of business not to exceed $10,000.00
individually or $50,000.00 in the aggregate;

 

(xix)
issue, redeem or repurchase any capital stock, membership interests or other securities, or issue any securities exchangeable
for or convertible into any shares of its capital stock;

 

(xx)
effect or agree to any change in any practices or terms, including payment terms, with respect to customers or suppliers;

 

(xxi)
make or change any material Tax election or change any annual Tax accounting periods; or

 

(xxii)
agree to do any of the foregoing.

 

(b)
The Company shall not (i) take or agree to take any action that might make any representation or warranty of the Company inaccurate
or misleading in any respect at, or as of any time prior to, the Closing Date or (ii) omit to take, or agree to omit to take,
any action necessary to prevent any such representation or warranty from being inaccurate or misleading in any respect at any
such time.

 

7.2
Access to Information. From the date hereof until and including the Closing Date, the Company shall, to the best of its
ability, (a) continue to give the Parent, its legal counsel and other representatives full access to the offices, properties and
Books and Records, (b) furnish to the Parent, its legal counsel and other representatives such information relating to the Business
as such Persons may request and (c) cause the employees, legal counsel, accountants and representatives of the Company to cooperate
with Parent in its investigation of the Business; provided that no investigation pursuant to this Section (or any investigation
prior to the date hereof) shall affect any representation or warranty given by the Company and, provided further, that any investigation
pursuant to this Section shall be conducted in such manner as not to interfere unreasonably with the conduct of the Business of
the Company.

 

7.3
Notices of Certain Events. The Company shall promptly notify Parent of:

 

(a)
any notice or other communication from any Person alleging or raising the possibility that the consent of such Person is or may
be required in connection with the transactions contemplated by this Agreement or that the transactions contemplated by this Agreement
might give rise to any Action or other rights by or on behalf of such Person or result in the loss of any rights or privileges
of the Company (or Surviving Corporation, post-Closing) to any such Person or create any Lien on any Company Common Stock or any
of the Company’s assets;

 

(b)
any notice or other communication from any Authority in connection with the transactions contemplated by this Agreement;

 

(c)
any Actions commenced or threatened against, relating to or involving or otherwise affecting the Company, any Stockholder, Company
Common Stock or the Company’s assets or the Business or that relate to the consummation of the transactions contemplated
by this Agreement;

 

    	39

     

    

 

(d)
the occurrence of any fact or circumstance which constitutes or results, or might reasonably be expected to constitute or result,
in a Material Adverse Change; and

 

(e)
the occurrence of any fact or circumstance which results, or might reasonably be expected to result, in any representation made
hereunder by the Company to be false or misleading in any respect or to omit or fail to state a material fact.

 

7.4
Annual and Interim Financial Statements. From the date hereof through the Closing Date, within forty (45) calendar days
following the end of each three-month quarterly period, the Company shall deliver to Parent an unaudited consolidated summary
of its earnings and an unaudited consolidated balance sheet for the period from the Balance Sheet Date through the end of such
quarterly period and the applicable comparative period in the preceding fiscal year, in each case accompanied by a certificate
of the Chief Financial Officer of the Company to the effect that all such financial statements fairly present the financial position
and results of operations of the Company as of the date or for the periods indicated, in accordance with U.S. GAAP, except as
otherwise indicated in such statements and subject to year-end audit adjustments. Such certificate shall also state that except
as noted, from the Balance Sheet Date through the end of the previous quarterly period there has been no Material Adverse Effect.
The Company shall also promptly deliver to Parent copies of any audited consolidated financial statements of the Company that
the Company’s certified public accountants may issue.

 

7.5
SEC Filings.

 

(a)
The Company acknowledges that:

 

(i)
the Parent’s stockholders must approve the transactions contemplated by this Agreement prior to the transactions contemplated
hereby being consummated and that, in connection with such approval, the Parent must call a special meeting of its stockholders
requiring Parent to prepare and file with the SEC a proxy statement and proxy card (the “Proxy Statement”),
which will be included in the Registration Statement on Form S-4 to register the issuance of the Purchaser Common Stock to be
issued in the Redomestication Merger and the Merger Consideration (the “Registration Statement”);

 

(ii)
the Parent will be required to file Annual Reports on Form 20-F, and interim reports on Current Reports on Form 6-K, that may
be required to contain information about the transactions contemplated by this Agreement; and

 

(iii)
the Parent will be required to file Current Reports on Form 6-K to announce the transactions contemplated hereby and other significant
events that may occur in connection with such transactions.

 

    	40

     

    

 

(b)
In connection with any filing the Parent makes with the SEC that requires information about the transactions contemplated by this
Agreement to be included, the Company will, and will use its best efforts to cause its Affiliates, in connection with the disclosure
included in any such filing or the responses provided to the SEC in connection with the SEC’s comments to a filing, to use
their best efforts to (i) cooperate with the Parent, (ii) respond to questions about the Company required in any filing or requested
by the SEC in a timely fashion, and (iii) promptly provide any information requested by Parent or Parent’s representatives
in connection with any filing with the SEC. In the Proxy Statement distributed to the Parent’s stockholders, the effectiveness
of the Merger shall be conditioned upon the approval of the Redomestication Merger, and the effectiveness of the Redomestication
Merger shall be conditioned upon the approval of the Merger.

 

7.6
Financial Information. The Company will promptly provide additional financial information requested by the Parent for inclusion
in any filings to be made by the Parent with the SEC. If requested by the Parent, such information must be reviewed or audited
by the Company’s auditors.

 

ARTICLE
VIII

COVENANTS
OF THE COMPANY

 

The
Company agrees that:

 

8.1
Reporting and Compliance with Laws. From the date hereof through the Closing Date, the Company shall duly and timely file
all Tax Returns required to be filed with the applicable Taxing Authorities, pay any and all Taxes required by any Taxing Authority
and duly observe and conform in all material respects, to all applicable Laws and Orders.

 

8.2
Best Efforts to Obtain Consents. The Company shall use commercially reasonable efforts to obtain each third party consent
required under this Agreement as promptly as practicable hereafter.

 

8.3
Available Funding and Cash Payment. Concurrently with or prior to the Closing, the Company shall have raised at least $7,000,000
which shall be used for working capital purposes following Closing (the “Financing”). In addition, the Company shall
pay on behalf of the Parent to Block Wall Advisors LLC a total of $1,750,000, of which $175,000 shall be paid upon signing of
the Agreement, and the balance shall be paid at Closing. The Parent shall deposit $175,000 (the “Escrowed Amount”)
into an escrow account to be held by the Company’s legal counsel, Loeb & Loeb LLP, upon signing of the Agreement, which
shall be released back to the Parent at Closing if the Transaction is consummated. However, in the event this Agreement is terminated
by the Company pursuant to Section 13.2(b) or as a result of Parent’s refusal to consummate the transactions contemplated
hereby in breach of this Agreement, the Escrowed Amount shall be released to the Company.

 

    	41

     

    

 

ARTICLE
IX

COVENANTS
OF ALL PARTIES HERETO

 

The
parties hereto covenant and agree that:

 

9.1
Best Efforts; Further Assurances. Subject to the terms and conditions of this Agreement, each party shall use its best
efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable
Laws to consummate and implement expeditiously each of the transactions contemplated by this Agreement. The parties hereto shall
execute and deliver, or cause to be executed and delivered, such other documents, certificates, agreements and other writings
and take such other actions as may be necessary or desirable in order to consummate or implement expeditiously each of the transactions
contemplated by this Agreement.

 

9.2
Tax Matters.

 

(a)
The Stockholders’ Representative shall cooperate and assist the Surviving Corporation in preparing (or causing to be prepared)
and filing (or causing to be filed) on a timely basis (taking into account valid extensions of time to file) all Tax Returns of
the Company required to be filed by the Company after the Closing Date for taxable periods ending on or before the Closing Date.
Such Tax Returns shall be true, correct and complete, shall be prepared on a basis consistent with the similar Tax Returns for
the immediately preceding taxable period, and shall not make, amend, revoke or terminate any Tax election or change any accounting
practice or procedure without the prior written consent of the Surviving Corporation. The Stockholders’ Representative shall
give a copy of each such Tax Return to the Surviving Corporation with sufficient time prior to filing for its review and comment.
The Stockholders’ Representative shall cause the Company to cooperate in connection with the preparation and filing of such
Tax Returns, to timely pay the Tax shown to be due thereon, and to furnish the Surviving Corporation proof of such payment.

 

(b)
Following the Closing, the Stockholders’ Representative may amend any Tax Return of the Company for any taxable period ending
on or before the Closing. Surviving Corporation shall cooperate with the Stockholders’ Representative in connection with
the preparation and filing of such amended Tax Returns and any Tax proceeding in connection therewith. The cost of preparing and
filing such amended Tax Returns or participating in any such Tax proceeding shall be borne by the Company.

 

(c)
Surviving Corporation shall retain all Books and Records with respect to Tax matters of the Company for Pre-Closing Periods for
at least seven (7) years following the Closing Date and shall abide by all record retention agreements entered into by or with
respect to the Company with any Taxing Authority.

 

9.3
Settlement of Purchaser Liabilities. Concurrently with the Closing, all outstanding liabilities of the Redomestication
Surviving Corporation regarding the Redomestication Merger shall be settled and paid in full, including reimbursement of out-of-pocket
expenses reasonably incurred by Redomestication Surviving Corporation’s officers, directors, or any of their respective
Affiliates, in connection with identifying, investigating and consummating a business combination.

 

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9.4
Registration Statement. As soon as practicable after the date hereof, Parent shall prepare and file with the SEC the Registration
Statement on Form S-4, which shall include the registration of Purchaser Common Stock owned by PX Global Advisor LLC and/or its
designee(s). Parent shall cooperate and provide the Company (and its counsel) with a reasonable opportunity to review and comment
on the Registration Statement and any amendment or supplement thereto prior to filing the same with the SEC. The Company shall
promptly provide Parent with such information concerning it that may be required or appropriate for inclusion in the Registration
Statement, or in any amendments or supplements thereto. Parent will use all commercially reasonable efforts to cause the Registration
Statement to be declared effective under the Securities Act as promptly as practicable after such filing and to keep the Registration
Statement effective as long as is necessary to consummate the Merger and the transactions contemplated hereby.

 

9.5
Confidentiality. Except as necessary to complete the Proxy Statement and Registration Statement, the Company, on the one
hand, and the Parent, the Purchaser and Merger Sub, on the other hand, shall hold and shall cause their respective representatives
to hold in strict confidence, unless compelled to disclose by judicial or administrative process or by other requirements of Law,
all documents and information concerning the other party furnished to it by such other party or its representatives in connection
with the transactions contemplated by this Agreement (except to the extent that such information can be shown to have been (a)
previously known by the party to which it was furnished, (b) in the public domain through no fault of such party or (c) later
lawfully acquired from other sources, which source is not the agent of the other party, by the party to which it was furnished),
and each party shall not release or disclose such information to any other person, except its representatives in connection with
this Agreement. In the event that any party believes that it is required to disclose any such confidential information pursuant
to applicable Laws, such party shall give timely written notice to the other parties so that such parties may have an opportunity
to obtain a protective order or other appropriate relief. Each party shall be deemed to have satisfied its obligations to hold
confidential information concerning or supplied by the other parties if it exercises the same care as it takes to preserve confidentiality
for its own similar information. The parties acknowledge that some previously confidential information will be required to be
disclosed in the Proxy Statement.

 

9.6
Form 6-K; Form 8-K; Press Releases. 

 

(a)
As promptly as practicable after execution of this Agreement, Parent will prepare and file a Current Report on Form 6-K pursuant
to the Exchange Act to report the execution of this Agreement, a copy of which will be provided to the Company at least one (1)
Business Day before its filing deadline and which the Company may review and comment upon prior to filing. Promptly after the
execution of this Agreement, Parent and the Company shall also issue a joint press release announcing the execution of this Agreement,
in form and substance mutually acceptable to Parent and the Stockholders’ Representative.

 

(b)
At least five (5) days prior to the Closing, the Company shall begin preparing, in consultation with the Parent, a draft Current
Report on Form 8-K in connection with and announcing the Closing, together with, or incorporating by reference, such information
that is required to be disclosed with respect to the Transaction pursuant to Form 8-K (the “Closing Form 8-K”).
Prior to the Closing, the Parent and the Company shall prepare a mutually agreeable press release announcing the consummation
of the Transaction (the “Closing Press Release”). Concurrently with the Closing, the Parent shall distribute
the Closing Press Release and, as soon as practicable thereafter, file the Closing Form 8-K with the SEC.

 

    	43

     

    

 

9.7
Director and Officer Liability. 

 

(a)
From and after the Effective Time, the Surviving Corporation shall, to the fullest extent permitted by Delaware Law, indemnify,
defend, and hold harmless each Person who is now, or has been a director, officer, or employee of the Company and the Parent (collectively,
the “Indemnified Fiduciaries”) in respect of actions taken prior to and including the Effective Time in connection
with their duties as directors or officers of the Company, as provided in the Company certificate of incorporation, bylaws and
any indemnification agreements between the Company and said Indemnified Fiduciaries (each as in effect as of the date of this
Agreement) made available by the Company to Parent prior to the date of this Agreement, for a period of six (6) years from the
Effective Time, and any claim made requesting indemnification pursuant to such indemnification rights within such six (6)-year
period shall continue to be subject to this Section 9.7 until disposition of such claim.

 

(b)
Prior to the Effective Time, the Company shall purchase, at the Company’s expense, in effect for six (6) years after the
Effective Time, insurance “tail” or other insurance policies with respect to directors’ and officers’
liability insurance with respect to acts or omissions existing or occurring at or prior to the Effective Time in an amount and
scope at least as favorable as the coverage applicable to directors and officers as of immediately prior to the Effective Time
under the Company’s directors’ and officer’s insurance policy (the “D&O Tail Policy”).
If the Merger is consummated, then Purchaser and the Surviving Corporation will not cancel the D&O Tail Policy during its
term.

 

(c)
The provisions contained in the certificate of incorporation or bylaws of the Surviving Corporation in respect of indemnification
shall not be amended, repealed, or otherwise modified in any manner that would adversely affect the rights thereunder of any Indemnified
Fiduciary.

 

(d)
If Purchaser or the Surviving Corporation or any of their respective successors or assigns (i) consolidates with or merges into
any other Person and shall not be the continuing or surviving corporation or entity in such consolidation or merger or (ii) transfers
all or substantially all of its properties and assets to any Person, then, and in each case, Purchaser shall use commercially
reasonable efforts so that the successors and assigns of Purchaser or the Surviving Corporation, as the case may be, honor the
indemnification set forth in this Section 9.7.

 

(e)
The obligations of the Surviving Corporation and Purchaser under this Section 9.7 shall not be terminated or modified in such
a manner as to adversely affect any Person to whom this Section 9.7 applies without the prior written consent of such affected
Person.

 

9.8
Spinoff. Until the Spinoff is completed, all assets and liabilities of the Redomestication Surviving Corporation’s
existing business shall remain with the Redomestication Surviving Corporation and shall be conveyed to the Spinoff Entity.

 

    	44

     

    

 

ARTICLE
X

CONDITIONS
TO CLOSING

 

10.1
Condition to the Obligations of the Parties. The obligations of all of the parties to consummate the Closing are subject
to the satisfaction of all the following conditions:

 

(a)
No provisions of any applicable Law, and no Order shall prohibit or impose any condition on the consummation of the Closing;

 

(b)
There shall not be any Action brought by a third-party non-Affiliate to enjoin or otherwise restrict the consummation of the Closing;

 

(c)
The Redomestication Merger shall have been consummated and the applicable certificates filed in the appropriate jurisdictions;
and

 

(d)
The SEC shall have declared the Registration Statement effective. No stop order suspending the effectiveness of the Registration
Statement or any part thereof shall have been issued.

 

(e)
The post-Closing board of directors shall have been appointed.

 

(f)
NASDAQ and the Parent stockholders have approved the Merger and the other transactions contemplated by this Agreement.

 

10.2
Conditions to Obligations of Parent and Purchaser. The obligation of Parent and Purchaser to consummate the Closing is
subject to the satisfaction, or the waiver at Purchaser’s sole and absolute discretion, of all the following further conditions:

 

(a)
The Company shall have duly performed all of its obligations hereunder required to be performed by it at or prior to the Closing
Date.

 

(b)
All of the representations and warranties of the Company contained in this Agreement, and in any certificate delivered by the
Company pursuant hereto, shall: (i) be true, correct and complete at and as of the date of this Agreement (except as provided
in the disclosure schedules or as provided for in Article V), or, (ii) if otherwise specified, when made or when deemed to have
been made, and (iii) be true, correct and complete as of the Closing Date, in the case of (i) and (ii) with only such exceptions
as could not in the aggregate reasonably be expected to have a Material Adverse Effect.

 

(c)
There shall have been no event, change or occurrence which individually or together with any other event, change or occurrence,
could reasonably be expected to have a Material Adverse Effect.

 

(d)
Parent Parties shall have received a certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company
to the effect set forth in clauses (a) through (c) of this Section 10.2.

 

(e)
No court, arbitrator or other Authority shall have issued any judgment, injunction, decree or order, or have pending before it
a proceeding for the issuance of any thereof, and there shall not be any provision of any applicable Law restraining or prohibiting
the consummation of the Closing, or the effective operation of the Business by the Company after the Closing Date.

 

    	45

     

    

 

(f)
Parent Parties shall have received copies of all required third party consents, in form and substance reasonably satisfactory
to Purchaser, and no such third party consents shall have been revoked.

 

(g)
Parent Parties shall have received copies of all Governmental Approvals, in form and substance reasonably satisfactory to Parent
Parties, and no such Governmental Approval shall have been revoked.

 

(h)
Parent Parties shall have received Schedules updated as of the Closing Date.

 

(i)
The requisite shareholders of Parent shall have approved the transactions contemplated by this Agreement in accordance with the
provisions of Parent’s organizational documents and BVI Law.

 

(j)
The Company shall have completed the Financing.

 

(k)
The Company shall have delivered a Lock-Up Agreement and Leak-Out Agreement duly executed by the Stockholders owning 3% or greater
of the Company capital stock on a fully diluted basis, in form and substance reasonably acceptable to the Parent.

 

10.3
Conditions to Obligations of the Company. The obligations of the Company to consummate the Closing is subject to the satisfaction,
or the waiver at the Company’s discretion, of all of the following further conditions:

 

(a)
(i) Each of the Parent and Purchaser shall have performed in all material respects all of their respective obligations hereunder
required to be performed by it at or prior to the Closing Date, (ii) the representations and warranties of Parent contained in
this Agreement, and in any certificate or other writing delivered by Parent or the Purchaser pursuant hereto, disregarding all
qualifications and exceptions contained therein relating to materiality shall be true and correct in all material respects at
and as of the Closing Date, as if made at and as of such date and (iii) the Company shall have received a certificate signed by
an authorized officer of Parent and the Purchaser to the foregoing effect.

 

(b)
The requisite majority of the Stockholders shall have approved the transactions contemplated by this Agreement in accordance with
the provisions of the Company’s organizational documents and Delaware Law.

 

(c)
The Company shall have entered into an indemnification agreement with the Spinoff Entity and its shareholders (the “Legacy
Parties”) pursuant to which the Legacy Parties shall jointly and severally agree to indemnify and hold harmless the
Company, the Stockholders, each of such Stockholder’s Affiliates and each of their respective members, managers, partners,
directors, officers, employees, stockholders, attorneys and agents and permitted assignees (the “Company Indemnitees”),
against and in respect of any and all any and all out-of-pocket loss, cost, payment, demand, penalty, forfeiture, expense, liability,
judgment, deficiency or damage, and diminution in value or claim (including actual costs of investigation and attorneys’
fees and other costs and expenses) (all of the foregoing collectively, “Losses”) incurred or sustained by any
Stockholder as a result of or in connection with the Spinoff.

 

    	46

     

    

 

(d)
Parent shall be in compliance with all applicable rules of NASDAQ.

 

(e)
Purchaser shall have adopted an option plan in form and substance satisfactory to the Company.

 

ARTICLE
XI

INDEMNIFICATION

 

11.1
Indemnification.

 

(a)
Purchaser hereby agrees to indemnify and hold harmless the Company Indemnitees, against and in respect of any and all Losses incurred
or sustained by any Company Indemnitee as a result of or in connection with any breach, inaccuracy or nonfulfillment or the alleged
breach, inaccuracy or nonfulfillment of any of the representations, warranties and covenants of the Parent, Purchaser and Merger
Sub contained herein or any certificate or other writing delivered pursuant hereto. Any liability incurred by the Company Indemnitees
pursuant to the terms of this Article XI shall be paid by issuance of Reserved Shares.

 

(b)
The Company hereby jointly and severally agree to indemnify and hold harmless the Parent, Purchaser, Merger Sub, each of its Affiliates
and each of its and their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and
agents and permitted assignees (the “Purchaser Indemnitees”), against and in respect of any and all Losses
incurred or sustained by any Purchaser Indemnitee as a result of or in connection with any breach, inaccuracy or nonfulfillment
or the alleged breach, inaccuracy or nonfulfillment of any of the representations, warranties and covenants of the Company contained
herein or any certificate or other writing delivered pursuant hereto. Any liability incurred by the Purchaser Indemnitees pursuant
to the terms of this Article XI shall be paid by issuance of Reserved Shares.

 

11.2
Procedure. The following shall apply with respect to all claims by any Company Indemnitee or the Purchaser Indemnitee as
the case may be (an “Indemnified Party”) for indemnification:

 

(a)
An Indemnified Party shall give the indemnifying party/parties (an “Indemnifying Party” or “Indemnifying
Parties” as the case may be) prompt notice (an “Indemnification Notice”) of any third-party action
with respect to which such Indemnified Party seeks indemnification pursuant to Section 11.1 (a “Third-Party Claim”),
which shall describe in reasonable detail the Loss that has been or may be suffered by the Indemnified Party. The failure to give
the Indemnification Notice shall not impair any of the rights or benefits of such Indemnified Party under Section 11.1, except
to the extent such failure materially and adversely affects the ability of the Indemnifying Parties to defend such claim or increases
the amount of such liability.

 

    	47

     

    

 

(b)
In the case of any Third-Party Claims as to which indemnification is sought by any Indemnified Party, such Indemnified Party shall
be entitled, at the sole expense and liability of the Indemnifying Parties, to exercise full control of the defense, compromise
or settlement of any Third-Party Claim unless the Indemnifying Parties, within a reasonable time after the giving of an Indemnification
Notice by the Indemnified Parties (but in any event within ten (10) days thereafter), shall (i) deliver a written confirmation
to such Indemnified Party that the indemnification provisions of Section 11.1 are applicable to such action and the Indemnifying
Parties will indemnify such Indemnified Party in respect of such action pursuant to the terms of Section 11.1 and, notwithstanding
anything to the contrary, shall do so without asserting any challenge, defense, limitation on the Indemnifying Parties’
liability for Losses, counterclaim or offset, (ii) notify such Indemnified Party in writing of the intention of the Indemnifying
Parties to assume the defense thereof, and (iii) retain legal counsel reasonably satisfactory to such Indemnified Party to conduct
the defense of such Third-Party Claim.

 

(c)
If the Indemnifying Parties assume the defense of any such Third-Party Claim pursuant to Section 11.2(b), then the Indemnified
Party shall cooperate with the Indemnifying Parties in any manner reasonably requested in connection with the defense, and the
Indemnified Party shall have the right to be kept fully informed by the Indemnifying Parties and their legal counsel with respect
to the status of any legal proceedings, to the extent not inconsistent with the preservation of attorney-client or work product
privilege. If the Indemnifying Parties so assume the defense of any such Third-Party Claim, the Indemnified Party shall have the
right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the
fees and expenses of such counsel employed by the Indemnified Party shall be at the expense of such Indemnified Party unless (i)
the Indemnifying Parties have agreed to pay such fees and expenses, or (ii) the named parties to any such Third-Party Claim (including
any impleaded parties) include an Indemnified Party and an Indemnifying Party and such Indemnified Party shall have been advised
by its counsel that there may be a conflict of interest between such Indemnified Party and the Indemnifying Parties in the conduct
of the defense thereof, and in any such case the reasonable fees and expenses of such separate counsel shall be borne by the Indemnifying
Parties.

 

(d)
If the Indemnifying Parties elect to assume the defense of any Third-Party Claim pursuant to Section 11.2(b), the Indemnified
Party shall not pay, or permit to be paid, any part of any claim or demand arising from such asserted liability unless the Indemnifying
Parties withdraw from or fail to vigorously prosecute the defense of such asserted liability, or unless a judgment is entered
against the Indemnified Party for such liability. If the Indemnifying Parties do not elect to defend, or if, after commencing
or undertaking any such defense, the Indemnifying Parties fail to adequately prosecute or withdraw such defense, the Indemnified
Party shall have the right to undertake the defense or settlement thereof, at the Indemnifying Parties’ expense. Notwithstanding
anything to the contrary, the Indemnifying Parties shall not be entitled to control, but may participate in, and the Indemnified
Party (at the expense of the Indemnifying Parties) shall be entitled to have sole control over, the defense or settlement of (x)
that part of any Third-Party Claim (i) that seeks a temporary restraining order, a preliminary or permanent injunction or specific
performance against the Indemnified Party, or (ii) to the extent such Third-Party Claim involves criminal allegations against
the Indemnified Party or (y) the entire Third-Party Claim if such Third-Party Claim would impose liability on the part of the
Indemnified Party in an amount which is greater than the amount as to which the Indemnified Party is entitled to indemnification
under this Agreement. In the event the Indemnified Party retains control of the Third-Party Claim, the Indemnified Party will
not settle the subject claim without the prior written consent of the Indemnifying Party, which consent will not be unreasonably
withheld or delayed.

 

    	48

     

    

 

(e)
If the Indemnifying Parties undertake the defense of any such Third-Party Claim pursuant to Section 11.1 and propose to settle
the same prior to a final judgment thereon or to forgo appeal with respect thereto, then the Indemnified Party shall give the
Indemnifying Parties prompt written notice thereof and the Indemnifying Parties shall have the right to participate in the settlement,
assume or reassume the defense thereof or prosecute such appeal, in each case at the Indemnifying Parties’ expense. The
Indemnifying Parties shall not, without the prior written consent of such Indemnified Party settle or compromise or consent to
entry of any judgment with respect to any such Third-Party Claim (i) in which any relief other than the payment of money damages
is or may be sought against such Indemnified Party, (ii) in which such Third-Party Claim could be reasonably expected to impose
or create a monetary liability on the part of the Indemnified Party (such as an increase in the Indemnified Party’s income
Tax) other than the monetary claim of the third party in such Third-Party Claim being paid pursuant to such settlement or judgment,
or (iii) which does not include as an unconditional term thereof the giving by the claimant, person conducting such investigation
or initiating such hearing, plaintiff or petitioner to such Indemnified Party of a release from all liability with respect to
such Third-Party Claim and all other actions (known or unknown) arising or which might arise out of the same facts.

 

11.3
Reserved Shares. At the Closing, the Purchaser shall cause the Reserved Shares to be reserved for issuance pursuant to
this Section 11.3.

 

(a)
Rights to the Reserved Shares. Other than in connection with the payment of any Losses pursuant to this Article XI, no
party shall have any rights to the Reserved Shares, including voting rights or rights to dividends, interest payments or other
distributions of any kind made in respect of the Reserved Shares.

 

(b)
Distribution of Reserved Shares. In the event of payment of a Loss to an Indemnified Party pursuant to Section 11.1(a)
or 11.1(b), as applicable, then, within three (3) Business Days of the determination of amount of the Loss, (A) the Stockholders’
Representative and Purchaser shall provide for joint written instruction to be given to the Purchaser’s Transfer Agent (“Joint
Written instruction”) to issue such number of Reserved Shares to the Indemnified Party(ies) as set forth in such Joint
Written Instruction. The number of Reserved Shares to be issued as payment for a Loss shall be calculated based on the volume
weighted average price per share at which Purchaser’s Common Stock traded on NASDAQ over the five trading day period preceding
the date on which the claim for indemnification for which the Loss is to be paid was made by the Indemnified Party.

 

(c)
Release of Reserved Shares. Upon the resolution of all unresolved indemnification claims set forth in any Indemnification
Notice provided prior to the expiration of the Survival Period (the “Release Date”), the Stockholders’
Representative and Purchaser shall provide Joint Written Instruction to the Purchaser’s Transfer Agent no party shall have
any claim to any Reserved Shares not issued and such remaining Reserved Shares shall be held in the treasury of the Company.

 

    	49

     

    

 

11.4
Limitations of Indemnification.

 

(a)
Subject to Section11.4(b), with respect to indemnification for any Losses based upon, attributable to or related to Section 11.1(a)
or 11.1(b), (i) neither the Purchaser, the Company nor the Stockholders shall have any liability unless the aggregate amount of
Losses incurred by the Indemnified Party exceeds $700,000 (the “Deductible”) and then only for such amounts
in excess of the Deductible and (ii) no amounts of indemnity shall be payable by the Indemnifying Party which exceeds the Reserved
Shares (the “Indemnity Cap”).

 

(b)
Notwithstanding anything herein to the contrary, with respect to indemnification for any Losses based upon, attributable to or
related to fraud or willful misconduct of a Purchaser Indemnitee or Company Indemnitee, the Indemnity Cap shall not apply.

 

11.5
Periodic Payments. Any indemnification required by Section 11.1 for costs, disbursements or expenses of any Indemnified
Party in connection with investigating, preparing to defend or defending any Action shall be made by periodic payments by the
Indemnifying Parties to each Indemnified Party during the course of the investigation or defense, as and when bills are received
or costs, disbursements or expenses are incurred.

 

11.6
Survival of Indemnification Rights. Except for the representations and warranties in Section 6.1 (Corporate Existence and
Power), Section 6.2 (Corporate Authorization), and Section 6.5 (Finders’ Fees) which shall survive until ninety (90) days
after the expiration of the statute of limitations with respect thereto (including any extensions and waivers thereof), the representations
and warranties of Purchaser shall survive until twelve months (the “Survival Period”) following the Closing. The indemnification
to which any Indemnified Party is entitled from the Indemnifying Parties pursuant to Section 11.1 for Losses shall be effective
so long as it is asserted prior to the date that is twelve months following the Closing.

 

ARTICLE
XII

DISPUTE
RESOLUTION

 

12.1
Arbitration.

 

(a)
The parties shall promptly submit any dispute, claim, or controversy arising out of or relating to this Agreement (including with
respect to the meaning, effect, validity, termination, interpretation, performance, or enforcement of this Agreement) or any alleged
breach thereof (including any action in tort, contract, equity, or otherwise), to binding arbitration before one arbitrator (the
“Arbitrator”). Binding arbitration shall be the sole means of resolving any dispute, claim, or controversy
arising out of or relating to this Agreement (including with respect to the meaning, effect, validity, termination, interpretation,
performance or enforcement of this Agreement) or any alleged breach thereof (including any claim in tort, contract, equity, or
otherwise).

 

(b)
If the parties cannot agree upon the Arbitrator, the Arbitrator shall be selected by the New York, New York chapter head of the
American Arbitration Association upon the written request of either side. The Arbitrator shall be selected within thirty (30)
days of such written request.

 

    	50

     

    

 

(c)
The laws of the State of New York shall apply to any arbitration hereunder. In any arbitration hereunder, this Agreement and any
agreement contemplated hereby shall be governed by the laws of the State of New York applicable to a contract negotiated, signed,
and wholly to be performed in the State of New York, which laws the Arbitrator shall apply in rendering his decision. The Arbitrator
shall issue a written decision, setting forth findings of fact and conclusions of law, within sixty (60) days after he shall have
been selected. The Arbitrator shall have no authority to award punitive or other exemplary damages.

 

(d)
The arbitration shall be held in New York, New York in accordance with and under the then-current provisions of the rules of the
American Arbitration Association, except as otherwise provided herein.

 

(e)
On application to the Arbitrator, any party shall have rights to discovery to the same extent as would be provided under the Federal
Rules of Civil Procedure, and the Federal Rules of Evidence shall apply to any arbitration under this Agreement; provided, however,
that the Arbitrator shall limit any discovery or evidence such that his decision shall be rendered within the period referred
to in Section 12.1(c).

 

(f)
The Arbitrator may, at his discretion and at the expense of the party who will bear the cost of the arbitration, employ experts
to assist him in his determinations.

 

(g)
The costs of the arbitration proceeding and any proceeding in court to confirm any arbitration award or to obtain relief (including
actual attorneys’ fees and costs) shall be borne by the unsuccessful party and shall be awarded as part of the Arbitrator’s
decision, unless the Arbitrator shall otherwise allocate such costs in such decision. The determination of the Arbitrator shall
be final and binding upon the parties and not subject to appeal.

 

(h)
Any judgment upon any award rendered by the Arbitrator may be entered in and enforced by any court of competent jurisdiction.
The parties expressly consent to the non-exclusive jurisdiction of the courts (Federal and state) in New York, New York to enforce
any award of the Arbitrator or to render any provisional, temporary, or injunctive relief in connection with or in aid of the
Arbitration. The parties expressly consent to the personal and subject matter jurisdiction of the Arbitrator to arbitrate any
and all matters to be submitted to arbitration hereunder. None of the parties hereto shall challenge any arbitration hereunder
on the grounds that any party necessary to such arbitration (including the parties hereto) shall have been absent from such arbitration
for any reason, including that such party shall have been the subject of any bankruptcy, reorganization, or insolvency proceeding.

 

(i)
The parties shall indemnify the Arbitrator and any experts employed by the Arbitrator and hold them harmless from and against
any claim or demand arising out of any arbitration under this Agreement or any agreement contemplated hereby, unless resulting
from the gross negligence or willful misconduct of the person indemnified.

 

(j)
This arbitration section shall survive the termination of this Agreement and any agreement contemplated hereby.

 

    	51

     

    

 

12.2
Waiver of Jury Trial; Exemplary Damages.

 

(a)
THE PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO TRIAL
BY JURY IN ANY ACTION OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN CONNECTION
WITH THIS AGREEMENT OR ANY ADDITIONAL AGREEMENT, OR BY REASON OF ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY OF
THE PARTIES TO THIS AGREEMENT OF ANY KIND OR NATURE. NO PARTY SHALL BE AWARDED PUNITIVE OR OTHER EXEMPLARY DAMAGES RESPECTING
ANY DISPUTE ARISING UNDER THIS AGREEMENT OR ANY ADDITIONAL AGREEMENT.

 

(b)
Each of the parties to this Agreement acknowledge that each has been represented in connection with the signing of this waiver
by independent legal counsel selected by the respective party and that such party has discussed the legal consequences and import
of this waiver with legal counsel. Each of the parties to this Agreement further acknowledge that each has read and understands
the meaning of this waiver and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences
of this waiver with legal counsel.

 

ARTICLE
XIII

TERMINATION

 

13.1
Termination Without Default.

 

(a)
In the event that the Closing of the Transaction contemplated hereunder has not occurred by February 1, 2021 (the “Outside
Closing Date”) and no material breach of this Agreement by the party seeking to terminate this Agreement shall have
occurred or have been made (as provided in Section 13.2 hereof), Parent or the Company shall have the right, at its sole option,
to terminate this Agreement without liability to the other side. Such right may be exercised by Parent or the Company, as the
case may be, giving written notice to the other at any time after the Outside Closing Date.

 

(b)
In the event that the preliminary Proxy Statement soliciting the vote of Parent’s shareholders with respect to the Merger
is not filed with the SEC by October 23, 2020 (the “Filing Date”), and no material breach of this Agreement
by the party seeking to terminate this Agreement shall have occurred or have been made (as provided in Section 13.2 hereof),
the Company shall have the right, at its sole option, to terminate this Agreement without liability to the other side. Such right
may be exercised the Company, as the case may be, giving written notice to the Parent at any time after the Filing Date.

 

13.2
Termination Upon Default.

 

(a)
Parent may terminate this Agreement by giving notice to the Company on or prior to the Closing Date, without prejudice to any
rights or obligations Parent may have, if the Company or the Stockholders shall have materially breached any representation, warranty,
agreement or covenant contained herein to be performed on or prior to the Closing Date and such breach shall not be cured by fifteen
(15) days following receipt by the Company or the Stockholders’ Representative, as the case may be, of a notice describing
in reasonable detail the nature of such breach.

 

    	52

     

    

 

(b)
The Company may terminate this Agreement by giving notice to Parent, without prejudice to any rights or obligations the Company
may have, if Parent shall have materially breached any of its covenants, agreements, representations, and warranties contained
herein to be performed on or prior to the Closing Date and such breach shall not be cured by the earlier of fifteen (15) days
following receipt by Parent of a notice describing in reasonable detail the nature of such breach.

 

13.3
No Other Termination. Except as otherwise specified herein, neither the Parent nor the Company may terminate this Agreement
without the prior written consent of the other party.

 

13.4
Breakup Fee. In the event of the termination of this Agreement by Parent or Purchaser pursuant to Section 13.2(a) or as
a result of the Company’s refusal to consummate the transactions contemplated hereby which refusal is not permitted by Section
13.1 or 13.2, a breakup fee of $500,000 shall be paid, within three Business Days following termination, by the Company to Parent.
In the event of the termination of this Agreement by the Company pursuant to Section 13.2(b) or as a result of Parent’s
refusal to consummate the transactions contemplated hereby which refusal is not permitted by Section 13.1 or 13.2, a breakup fee
of $500,000 shall be paid, within three Business Days following termination, by Parent to the Company.

 

13.5
Survival. The provisions of Article XI through Article XIV shall survive any termination hereof.

 

ARTICLE
XIV

MISCELLANEOUS

 

14.1
Notices. Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if
by hand or recognized courier service, by 4:00PM on a Business Day, addressee’s day and time, on the date of delivery, and
otherwise on the first Business Day after such delivery; (b) if by fax or email, on the date that transmission is confirmed electronically,
if by 4:00PM on a Business Day, addressee’s day and time, and otherwise on the first Business Day after the date of such
confirmation; or (c) five days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed
to the respective parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as
a party shall specify to the others in accordance with these notice provisions:

 

if
to Parent or Purchaser, to:

 

Hudson
Capital, Inc.

19
West 44th Street, Suite 1001

New
York, NY 10036

Attention:
Warren Wang

Email:
warren@hudsoncapitalusa.com

 

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

 

Sichenzia
Ross Ference LLP

1185
Avenue of the Americas, 37th Floor

New
York, NY 10036

Attention:
Benjamin Tan, Esq.

Telecopy:
212 930 9725

 

if
to the Company (prior to Closing) and to Surviving Corporation (after Closing):

 

FreightHub,
Inc.

c/o
RPCK | Rastegar Panchal

One
Grand Central Place

60
East 42nd Street, Suite 2410

New
York, NY 100165

Attention:
Joshua Teitelbaum, Esq.

Telecopy:
212 202-4977

 

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

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attention:
Mitchell Nussbaum

Telecopy:
212 407-4866

 

if
to the Stockholders’ Representative:

 

ATW
Master Fund II, L.P.

507
West 28th Street #1205

New
York, NY 10001

Attention:
Kerry Propper / Antonio Ruiz-Gimenez

Telecopy:

 

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

 

RPCK
| Rastegar Panchal

One
Grand Central Place

60
East 42nd Street, Suite 2410

New
York, NY 100165

Attention:
Joshua Teitelbaum, Esq.

Telecopy:
212 202-4977

 

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14.2
Amendments; No Waivers; Remedies.

 

(a)
This Agreement cannot be amended, except by a writing signed by each party, and cannot be terminated orally or by course of conduct.
No provision hereof can be waived, except by a writing signed by the party against whom such waiver is to be enforced, and any
such waiver shall apply only in the particular instance in which such waiver shall have been given.

 

(b)
Neither any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein
nor any course of dealing shall constitute a waiver of or prevent any party from enforcing any right or remedy or from requiring
satisfaction of any condition. No notice to or demand on a party shall waive or otherwise affect any obligation of that party
or impair any right of the party giving such notice or making such demand, including any right to take any action without notice
or demand not otherwise required by this Agreement. No exercise of any right or remedy with respect to a breach of this Agreement
shall preclude exercise of any other right or remedy, as appropriate to make the aggrieved party whole with respect to such breach,
or subsequent exercise of any right or remedy with respect to any other breach.

 

(c)
Except as otherwise expressly provided herein, no statement herein of any right or remedy shall impair any other right or remedy
stated herein or that otherwise may be available.

 

(d)
Notwithstanding anything else contained herein, neither shall any party seek, nor shall any party be liable for, punitive or exemplary
damages, under any tort, contract, equity, or other legal theory, with respect to any breach (or alleged breach) of this Agreement
or any provision hereof or any matter otherwise relating hereto or arising in connection herewith.

 

14.3
Arm’s length bargaining; no presumption against drafter. This Agreement has been negotiated at arm’s-length
by parties of equal bargaining strength, each represented by counsel or having had but declined the opportunity to be represented
by counsel and having participated in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship
between the parties, and no such relationship otherwise exists. No presumption in favor of or against any party in the construction
or interpretation of this Agreement or any provision hereof shall be made based upon which Person might have drafted this Agreement
or such provision.

 

14.4
Publicity. Except as required by law and except with respect to the Parent SEC Documents, the parties agree that neither
they nor their agents shall issue any press release or make any other public disclosure concerning the transactions contemplated
hereunder without the prior approval of the other party hereto. If a party is required to make such a disclosure as required by
law, the parties will use their best efforts to cause a mutually agreeable release or public disclosure to be issued.

 

14.5
Expenses. Each party shall bear its own costs and expenses in connection with this Agreement and the transactions contemplated
hereby, unless otherwise specified herein.

 

    	55

     

    

 

14.6
No Assignment or Delegation. No party may assign any right or delegate any obligation hereunder, including by merger, consolidation,
operation of law, or otherwise, without the written consent of the other party. Any purported assignment or delegation without
such consent shall be void, in addition to constituting a material breach of this Agreement.

 

14.7
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York,
without giving effect to the conflict of laws principles thereof.

 

14.8
Counterparts; facsimile signatures. This Agreement may be executed in counterparts, each of which shall constitute an original,
but all of which shall constitute one agreement. This Agreement shall become effective upon delivery to each party of an executed
counterpart or the earlier delivery to each party of original, photocopied, or electronically transmitted signature pages that
together (but need not individually) bear the signatures of all other parties.

 

14.9
Entire Agreement. This Agreement, sets forth the entire agreement of the parties with respect to the subject matter hereof
and thereof and supersedes all prior and contemporaneous understandings and agreements related thereto (whether written or oral),
all of which are merged herein. No provision of this Agreement may be explained or qualified by any agreement, negotiations, understanding,
discussion, conduct or course of conduct or by any trade usage. Except as otherwise expressly stated herein, there is no condition
precedent to the effectiveness of any provision hereof. No party has relied on any representation from, or warranty or agreement
of, any person in entering into this Agreement, prior hereto or contemporaneous herewith, except those expressly stated herein.

 

14.10
Severability. A determination by a court or other legal authority that any provision that is not of the essence of this
Agreement is legally invalid shall not affect the validity or enforceability of any other provision hereof. The parties shall
cooperate in good faith to substitute (or cause such court or other legal authority to substitute) for any provision so held to
be invalid a valid provision, as alike in substance to such invalid provision as is lawful.

 

14.11
Construction of certain terms and references; captions. In this Agreement:

 

(a)
References to particular sections and subsections, schedules, and exhibits not otherwise specified are cross-references to sections
and subsections, schedules, and exhibits of this Agreement.

 

(b)
The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Agreement
as a whole and not to any particular provision of this Agreement, and, unless the context requires otherwise, “party”
means a party signatory hereto.

 

(c)
Any use of the singular or plural, or the masculine, feminine, or neuter gender, includes the others, unless the context otherwise
requires; “including” means “including without limitation;” “or” means “and/or;”
“any” means “any one, more than one, or all;” and, unless otherwise specified, any financial or accounting
term has the meaning of the term under United States generally accepted accounting principles as consistently applied heretofore
by the Company.

 

    	56

     

    

 

(d)
Unless otherwise specified, any reference to any agreement (including this Agreement), instrument, or other document includes
all schedules, exhibits, or other attachments referred to therein, and any reference to a statute or other law includes any rule,
regulation, ordinance, or the like promulgated thereunder, in each case, as amended, restated, supplemented, or otherwise modified
from time to time. Any reference to a numbered schedule means the same-numbered section of the disclosure schedule.

 

(e)
If any action is required to be taken or notice is required to be given within a specified number of days following a specific
date or event, the day of such date or event is not counted in determining the last day for such action or notice. If any action
is required to be taken or notice is required to be given on or before a particular day which is not a Business Day, such action
or notice shall be considered timely if it is taken or given on or before the next Business Day.

 

(f)
Captions are not a part of this Agreement, but are included for convenience, only.

 

14.12
Further Assurances. Each party shall execute and deliver such documents and take such action, as may reasonably be considered
within the scope of such party’s obligations hereunder, necessary to effectuate the transactions contemplated by this Agreement.

 

14.13
Third Party Beneficiaries. Neither this Agreement nor any provision hereof confers any benefit or right upon or may be
enforced by any Person not a signatory hereto.

 

14.14
Stockholders’ Representative. ATW Master Fund II, L.P. is hereby appointed as agent and attorney-in-fact (the “Stockholders’
Representative”) for each Stockholder, (i) to give and receive notices and communications to or by Parent and Purchaser
for any purpose under this Agreement, (ii) to agree to, negotiate, enter into settlements and compromises of and demand arbitration
and comply with orders of courts and awards of arbitrators with respect to any indemnification claims (including Third-Party Claims)
under Article XI or other disputes arising under or related to this Agreement, (iii) to act on behalf of Stockholders in accordance
with the provisions of the Agreement, the securities described herein and any other document or instrument executed in connection
with the Agreement and the Merger and (iv) to take all actions necessary or appropriate in the judgment of the Stockholders’
Representative for the accomplishment of the foregoing. Such agency may be changed by the Stockholders from time to time upon
no less than twenty (20) days prior written notice to the Purchaser and, if after the Effective Time, the Surviving Corporation,
provided, however, that the Stockholders’ Representative may not be removed unless holders of at least 51% of all of the
Company Common Stock on an as-if converted basis outstanding immediately prior to the transaction contemplated by this Agreement
agrees to such removal. Any vacancy in the position of Stockholders’ Representative may be filled by approval of the holders
of at least 51% of all of the Company Common Stock on an as-if converted basis outstanding immediately prior to the transaction
contemplated by this Agreement. Any removal or change of the Stockholders’ Representative shall not be effective until written
notice is delivered to Purchaser. No bond shall be required of the Stockholders’ Representative, and the Stockholders’
Representative shall not receive any compensation for his services. Notices or communications to or from the Stockholders’
Representative shall constitute notice to or from the Stockholders. The Stockholders’ Representative shall not be liable
for any act done or omitted hereunder while acting in good faith and in the exercise of reasonable business judgment. A decision,
act, consent or instruction of the Stockholders’ Representative shall, for all purposes hereunder, constitute a decision,
act, consent or instruction of all of the Stockholders and shall be final, binding and conclusive upon each of the Stockholders.
The Stockholders shall severally indemnify the Stockholders’ Representative and hold him harmless against any loss, liability,
or expense incurred without gross negligence or bad faith on the part of the Stockholders’ Representative and arising out
of or in connection with the acceptance or administration of his duties hereunder. Notwithstanding anything in this Section 14.14
to the contrary, the Stockholders’ Representative (in its capacity as such) shall have no obligation or authority with respect
to any indemnification claims against a Stockholder made by a Purchaser Indemnitee under Section 11.1(a).

 

[The
remainder of this page intentionally left blank; signature pages to follow]

 

    	57

     

    

 

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

 

	 	Parent:
	 	 
	 	Hudson Capital Inc. (f/k/a China Internet Nationwide Financial Services Inc.)
	 	 	 
	 	By:	                                      
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Purchaser/Redomestication Surviving Corporation:
	 	 	 
	 	Hudson Capital Merger Sub I Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Merger Sub:
	 	 	 
	 	Hudson Capital Merger Sub II Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Company/Surviving Corporation:
	 	 	 
	 	freight hub Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Stockholders’ Representative:
	 	 	 
	 	ATW Master Fund II, L.P.
	 	 	                                        
	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

    	58

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]