Document:

Exhibit 10.18

 

SENIOR PROMISSORY NOTE

 

PURCHASE AGREEMENT***

 

THIS SENIOR PROMISSORY NOTE
PURCHASE AGREEMENT (this “Agreement”) is dated as of September 20, 2022, between Delwinds Insurance Acquisition Corp.,
(to be renamed FOXO Technologies Inc.) a Delaware corporation (the “Company”), and each purchaser identified on the
signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, the Company, with
FOXO Technologies Inc., a Delaware corporation (“FOXO”), DWIN Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary
of Delwinds (“Merger Sub”), and DIAC Sponsor LLC, a Delaware limited liability company, in its capacity as Purchaser
Representative entered into a merger (the “Merger”) pursuant to the terms of Agreement and Plan of Merger (as amended
on April 26, 2022, July 6, 2022 and August 12, 2022, and as it may be further amended or supplemented from time to time, the “Merger
Agreement”); and

 

WHEREAS, pursuant to the terms
of the Merger Agreement, at the closing, Merger Sub will merge with and into FOXO with FOXO surviving the Merger as a wholly-owned subsidiary
of the Company, which will change its name to FOXO Technologies Inc.; and

 

WHEREAS, the offering of promissory
notes as described herein by the Company and the agreement of the Purchasers to participate in such offering is contingent upon the Merger
having occurred; and

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), and the exemptions provided pursuant to Rule 506 of Regulation D, promulgated thereunder, the Company desires to issue
and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, promissory notes of the
Company as more fully described in this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

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

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.3.

 

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

 

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

 

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

 

 

		*** 	Schedules, exhibits, and similar attachments have been omitted
pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the U.S. Securities
and Exchange Commission upon request.

 

     

     

    

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home,” “shelter-in-place,”
“non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York are generally open for use by customers on such day.

 

“Buyout
Transaction” means any capital raising transaction effectuated by the Company if the proceeds of such transaction are utilized
by the Company to repay in full the total amount owed under the Notes concurrently with the closing of such transaction.

 

“Closing”
means any closing of the purchase and sale of the Notes pursuant to Section 2.1.

 

“Closing
Date” means the Business Day on which all of the Loan Documents have been executed and delivered by the applicable parties thereto,
and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations
to deliver the Notes, in each case, have been satisfied or waived. Pursuant to the terms of this Agreement, there may be one or more Closing
Dates hereunder.

 

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

 

“Common
Stock” means the Class A common stock of the Company, par value $0.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

“Common
Stock Purchase Agreement” means that certain common stock purchase agreement, dated as of February 24, 2022, between the Company
and CF Principal Investments LLC, a Delaware limited liability company

 

“Company
Counsel” means Mitchell Silberberg & Knupp LLP, with offices located at 437 Madison Ave., 25th Floor, New York, NY 10022.

 

“Escrow
Agent” means Signature Bank, with offices located at 565 Fifth Avenue, New York, NY 10017.

 

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

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or Common Stock Equivalents to employees, officers or directors of
the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board
of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company, (b) securities upon the exercise, exchange of or conversion of any Notes issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that
such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend
the term of such securities, (c) the Notes, (d) securities issued pursuant to acquisitions, dispositions or strategic transactions approved
by a majority of the disinterested directors of the Company, (e) Common Stock issued pursuant to the Common Stock Purchase Agreement,
provided that the proceeds of such issuance are used to pay amounts owing under the Notes in accordance with Section 1(b) thereof,
(f) Common Stock issued in a registered offering of the Common Stock as defined in Rule 415 promulgated under the Securities Act in a
Buyout Transaction, and (g) securities issued in connection with the incurrence of indebtedness in a Buyout Transaction.

 

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

 

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

 

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

 

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

 

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

 

“Lock-Up
Release Agreement” means the Lock-Up Release Agreements, in the form of Exhibit B, dated as of the date hereof, by and
among the Company, in the form of Exhibit B attached hereto and by and among the Company and each Purchaser that was issued a Prior
Debenture, that provides for the shares of Common Stock held by such Purchaser to be released from certain prior transfer transactions
on a one for one basis proportional to the original subscription amount of such Purchaser for Prior Debentures to the Subscription Amount
of such Purchaser hereunder.

 

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

 

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

 

“Maximum
Amount” means an aggregate of $20,000,000 in principal amount of Notes.

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

“Minimum
Amount” means a minimum of $2,000,000 in principal amount of Notes.

 

“Notes”
means the Senior Promissory Notes, issued by the Company to the Purchasers hereunder, in the form of Exhibit A attached hereto.

 

“Offering”
means the offering of Notes pursuant to this Agreement and the other Loan Documents.

 

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

 

“Placement
Agent” means Joseph Gunnar & Co., LLC.

 

“Prior Debentures”
means those certain 12.5% Original Issue Discount Debentures, issued pursuant to the terms of that certain to that certain Securities
Purchase Agreement, dated as of January 25, 2021, between FOXO Technologies, Inc. and the purchasers party thereto.

 

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

 

“Principal
Amount” means, as to each Purchaser, the amounts set forth below such Purchaser’s signature block on the signature pages
hereto next to the heading “Principal Amount,” in United States Dollars.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.6.

 

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

 

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

 

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

 

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

 

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

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Notes purchased hereunder as specified below such
Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States
dollars and in immediately available funds.

 

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

 

“Termination
Date” means September 30, 2022, which date may be extended by the Placement Agent and the Company in their joint discretion
to November 30, 2022.

 

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

 

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

 

ARTICLE II.

PURCHASE AND SALE

 

2.1
Closing. On each Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with
the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not
jointly, agree to purchase, Notes as set forth on each Purchaser’s signature page hereto. The Company shall have discretion regarding
whether to accept an investor and for such investor to become a Purchaser under this Agreement and may reject any proposed investor. Each
Purchaser shall have delivered to the Escrow Agent pursuant to the instructions contained on Schedule 2.1, via wire transfer or
a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page
hereto executed by such Purchaser. Upon the Escrow Agent’s receipt of the Minimum Amount and the exchange of items set forth in
Section 2.2, the Company and the Placement Agent may give notice to the Escrow Agent to arrange an initial Closing. At any Closing hereunder,
the Company shall deliver to each Purchaser its respective Note, as determined pursuant to Section 2.2(a), and the Company and each Purchaser
shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Following the initial Closing where at least the Minimum
Amount is sold, subsequent closings may be held up to the sale of the Maximum Amount. Upon satisfaction of the covenants and conditions
set forth in Sections 2.2 and 2.3, the Closing shall occur at such location as the parties shall mutually agree. In no event shall a Closing
occur after the Termination Date.

 

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2.2
Deliveries.

 

(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Placement Agent on behalf of each Purchaser
the following:

 

(i)
this Agreement duly executed by the Company;

 

(ii)
a Senior Promissory Note with a principal amount equal to such Purchaser’s Principal Amount, registered in the name of such
Purchaser; and

 

(iii)
such Purchaser’s Lock-Up Release Agreement, as applicable.

 

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

 

(i)
this Agreement duly executed by such Purchaser;

 

(ii)
such Purchaser’s Subscription Amount as to the Closing by wire transfer to the Escrow Agent to the account specified in Schedule
2.1 hereto; and

 

(iii)
Purchaser Questionnaire in the form of Exhibit C hereto.

 

2.3
Closing Conditions.

 

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

 

(i)
the accuracy in all material respects on (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

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

 

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

 

(iv)
the Merger shall have occurred; and

 

(v)
on opinion letter by Stinson LLP, in a form reasonably acceptable to counsel to the Placement Agent.

 

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(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met (it being understood that the Company may waive any of the conditions for any Closing hereafter):

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

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

 

(iii)
the delivery by the Escrow Agent on behalf of the Company of the items set forth in Section 2.2(a) of this Agreement; and

 

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

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
each Purchaser:

 

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

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any
Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents, except as disclosed on Schedule 3.1(b). Each of the Company and the Subsidiaries is
duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the
nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality,
validity or enforceability of any Loan Document, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the
Company’s ability to perform in any material respect on a timely basis its obligations under any Loan Document (any of (i), (ii)
or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting
or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Loan Documents and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of this Agreement and each of the other Loan Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors, or the Company’s stockholders in connection herewith or
therewith other than in connection with the Required Approvals. This Agreement and each other Loan Document to which it is a party has
been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof,
will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i)
as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Loan Documents to which
it is a party, the issuance and sale of the Notes and the consummation by it of the transactions contemplated hereby and thereby do not
and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company
or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or
Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset
of the Company or any Subsidiary is bound or affected except as disclosed on Schedule 3.1(d), or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and
regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)
Filings, Consents and Approvals. Except as disclosed on Schedule 3.1(e), the Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the
Loan Documents, other than the filing of Form D with the Commission and such filings as are required to be made under applicable state
securities laws (collectively, the “Required Approvals”).

 

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

 

(g)
Capitalization. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g). No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Loan Documents, except as disclosed on Schedule 3.1(g). Except as disclosed on Schedule 3.1(g), there are no outstanding
options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares
of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any
Subsidiary. Except as set forth on Schedule 3.1(g), the issuance and sale of the Notes will not obligate the Company or any Subsidiary
to issue shares of Common Stock or other securities to any Person (other than the Purchasers). Except as set forth on Schedule 3.1(g),
there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion,
exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding
securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the
Company or such Subsidiary. Except as set forth on Schedule 3.1(g), the Company does not have any stock appreciation rights or
“phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the
Company are duly authorized, validly issued, fully paid and non-assessable, have been issued in compliance with all federal and state
securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for
or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the
issuance and sale of the Notes. Except as set forth on Schedule 3.1(g), there are no stockholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of
the Company, between or among any of the Company’s stockholders.

 

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(h)
Financial Statements. Except as set forth on Schedule 3.1(h), the Company’s financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

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

 

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

 

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

 

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(l)
Environmental Laws. The Company and its Subsidiaries: (i) are in compliance with all federal, state, local and foreign
laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface
or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i),
(ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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

 

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

 

(o)
Intellectual Property. Except as set forth on Schedule 3.1(o), the Company and the Subsidiaries have, or have rights
to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights,
licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Neither the Company nor any Subsidiary has received a written notice of a claim or otherwise has any knowledge that the Intellectual Property
Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse
Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(p)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged.
The Company shall put in place directors and officers insurance coverage at least equal to the aggregate Subscription Amount prior to
Closing unless the Placement Agent confirms in a writing signed by its CEO that a lesser amount of coverage is acceptable. Neither the
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant
increase in cost.

 

(q)
Transactions with Affiliates and Employees. Except as set forth in Schedule 3.1(q), none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently
a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal
property to or from providing for the borrowing of money from or lending of money to, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee, stockholder, member or partner, other than for (i) payment of salary or consulting fees
for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company, and (iii) other employee benefits, including
stock option agreements under any stock option plan of the Company.

 

    9

     

    

 

(r)
[reserved]

 

(s)
Certain Fees. Except with respect to the fees and expenses payable to the Placement Agent as described in Section 5.2 hereto,
no brokerage or finder’s fees or commissions or other remuneration are or will be payable by the Company or any Subsidiaries directly
or indirectly to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect
to the transactions contemplated by the Loan Documents. The Purchasers shall have no obligation with respect to any fees or with respect
to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with
the transactions contemplated by the Loan Documents.

 

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

 

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

 

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

 

(w)
[reserved]

 

(x)
SEC Reports; Financial Statements. Except as set forth on Schedule 3.1(x), the Company has filed all reports, schedules,
forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by
law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. Except as set forth on Schedule
3.1(x), as of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and
the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Except as set forth on Schedule 3.1(x), the financial statements of the Company included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may
be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain
all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

    10

     

    

 

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

 

(z)
Solvency. The Company (after giving effect to the transactions contemplated by this Agreement) is solvent (i.e., its assets
have a fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they become absolute
and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company would not, after
giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take any action that would
impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature. The Company has no knowledge
of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization
laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(z) sets forth as of the date hereof all outstanding
secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the
purposes of this Agreement, “Indebtedness” means: (x) any liabilities for borrowed money or amounts owed in excess
of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other
contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s
consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection
or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under
leases required to be capitalized in accordance with GAAP. Except as disclosed on Schedule 3.1(z), neither the Company nor any
Subsidiary is in default with respect to any Indebtedness.

 

(aa)
Tax Status. Except as disclosed on Schedule 3.1(aa), and except for matters that would not, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or
filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required
by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in
amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably
adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the
Company or of any Subsidiary know of no basis for any such claim.

 

(bb)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the
Notes by any form of general solicitation or general advertising. The Company has offered the Notes for sale only to the Purchasers and
certain other “accredited investors” within the meaning of Rule 501(a) of Regulation D under the Securities Act.

 

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

 

    11

     

    

 

(dd)
Seniority. As of the Closing Date, no Indebtedness or other claim against the Company is senior to the Notes in right of
payment, whether with respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase
money security interests (which is senior only as to underlying assets covered thereby) and capital lease obligations (which is senior
only as to the property covered thereby).

 

(ee)
No Disagreements with Accountants and Lawyers. There are no material disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company
and the Company is current with respect to any fees owed to its accountants and lawyers which could materially affect the Company’s
ability to perform any of its obligations under any of the Loan Documents.

 

(ff)
Acknowledgment Regarding Purchasers’ Purchase of Notes. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Loan Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the Loan Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of
their respective representatives or agents in connection with the Loan Documents and the transactions contemplated thereby is merely incidental
to the Purchasers’ purchase of the Notes. The Company further represents to each Purchaser that the Company’s decision to
enter into this Agreement and the other Loan Documents has been based solely on the independent evaluation of the transactions contemplated
hereby by the Company and its representatives.

 

(gg)
[reserved]

 

(hh)
[reserved]

 

(ii)
[reserved]

 

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

 

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

 

(ll)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly,
five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its
Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve.

 

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

 

    12

     

    

 

(nn)
No Disqualification Events. With respect to the Notes to be offered and sold hereunder in reliance on Rule 506 of Regulation
D under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of twenty percent (20%) or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is
subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(oo)
Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person) that has been or will
be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Notes.

 

(pp)
Notice of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any
Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification
Event relating to any Issuer Covered Person.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which
case they shall be accurate as of such date):

 

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

 

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

 

(c)
Purchaser Status. At the time such Purchaser was offered the Notes, it was, and as of the date hereof it is an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Regulation D under the Securities Act.

 

    13

     

    

 

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

 

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

 

(f)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Loan Documents (including
all exhibits and schedules thereto) and has been afforded: (i) the opportunity to ask such questions as it has deemed necessary of, and
to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Notes and the merits
and risks of investing in the Notes; (ii) access to information about the Company and its financial condition, results of operations,
business, properties, management and prospects sufficient to enable it to evaluate its investment respectively, and the Term Sheet attached
as Exhibit D to this Agreement; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

The Company acknowledges and agrees that the representations
contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations
and warranties contained in this Agreement or any representations and warranties contained in any other Loan Document or any other document
or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.
Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or
preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Notes in a manner that
would require the registration under the Securities Act of the sale of the Notes or that would be integrated with the offer or sale of
the Notes for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the
closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.2
Publicity. Following the initial Closing, the Company represents to the Purchasers that it shall have publicly disclosed
all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Loan Documents. In addition, effective
upon the consummation of the initial Closing, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate.
The Company and the Placement Agent shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of the Placement
Agent, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure
is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement
or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name
of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such
Purchaser, except (a) as required by federal securities law in connection with the filing of final Loan Documents with the Commission
and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers
with prior notice of such disclosure permitted under this clause.

 

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4.3
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted
by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving
Notes under the Loan Documents or under any other agreement between the Company and the Purchasers.

 

4.4
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Loan Documents, which shall be disclosed pursuant to Section 4.2, the Company covenants and agrees that following the consummation of
the initial Closing, neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any
information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such
Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s
consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of
its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its
Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material,
non-public information, provided that the Purchaser shall remain subject to applicable law. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.5
Use of Proceeds. Except as set forth on Schedule 4.9, the Company shall use the net proceeds from the sale of the
Notes hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s
debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption
of any Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation, (d) in violation of FCPA or OFAC
regulations or (e) to lend, give credit or make advances to any officers, directors, employees or affiliates of the Company other than
loans or advances to Subsidiaries.

 

4.6
Indemnification of Purchasers. Subject to the provisions of this Section 4.6, the Company will indemnify and hold each Purchaser
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur
as a result of or relating to: (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in
this Agreement or in the other Loan Documents; or (b) any action instituted against the Purchaser Parties in any capacity, or any of them
or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any
of the transactions contemplated by the Loan Documents (unless such action is solely based upon a material breach of such Purchaser Party’s
representations, warranties or covenants under the Loan Documents or any agreements or understandings such Purchaser Party may have with
any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party
which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against
any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify
the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably
acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a
material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable
to any Purchaser Party under this Agreement: (y) for any settlement by a Purchaser Party effected without the Company’s prior written
consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage
or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements
made by such Purchaser Party in this Agreement or in the other Loan Documents. The indemnification required by this Section 4.6 shall
be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or
are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser
Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

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4.7
Subsequent Equity Sales or Indebtedness. From the date hereof, except for an Exempt Issuance and until the Obligations have
been satisfied, neither the Company nor any Subsidiary shall: (i) issue, enter into any agreement to issue or announce the issuance or
proposed issuance of any shares of Common Stock or Common Stock Equivalents, or (ii) incur any Indebtedness.

 

4.8
Equal Treatment of Purchasers. No consideration (including any modification of any Loan Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Loan Documents unless the same consideration is
also offered to all of the parties to such Loan Documents. Further, the Company shall not make any payment of principal or interest on
the Notes in amounts which are disproportionate to the respective principal amounts outstanding on the Notes at any applicable time. For
clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately
by each Purchaser, and is intended for the Company to treat the Purchasers as a class, and shall not in any way be construed as the Purchasers
acting in concert or as a group with respect to the purchase, disposition or voting of Notes or otherwise. Notwithstanding the foregoing,
a party to the Loan Documents may enter into agreements, amend or consent to a waiver or modification of provisions of the Loan Documents
without offering the same terms or extending the same agreements to all parties, provided, however, that the terms of the
agreement, amendment, waiver or modification at issue is not more favorable than the terms which are applicable to each other party or
will serve to adversely affect the other parties in any way.

 

4.9
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales,
including Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and
ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.2.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
in Section 4.2, such Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing,
and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser
makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.2, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of
the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement
are first publicly announced pursuant to the initial press release as described in Section 4.2 and (iii) no Purchaser shall have any duty
of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the
initial press release as described in Section 4.2.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed
investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers
have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s
assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made
the investment decision to purchase the Notes covered by this Agreement.

 

4.10
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with the Commission with respect to the Notes as required
under Regulation D. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Notes for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of
the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

    16

     

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1
Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder
only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before the Termination Date, provided, however, that no such termination
will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2
Fees and Expenses. At the Closing, the Company has agreed to pay the Placement Agent’s legal counsel $75,000 for legal
fees incurred in the preparation of the Loan Documents. Except as expressly set forth in this Section 5.2 or as otherwise set forth in
the Loan Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay all stamp taxes and other taxes and duties levied in connection with the delivery of any Notes to
the Purchasers. In addition, Joseph Gunnar & Co., LLC is acting as placement agent for this private offering pursuant to a placement
agency agreement with the Company and will receive cash compensation on amounts closed on pursuant to this Agreement, as well as an expense
reimbursement from the Company.

 

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

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature pages attached
hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd)
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages attached hereto. To the extent that any notice provided pursuant to any Loan Document constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K if the Company is then an SEC reporting company.

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.01% in interest of the Notes
based on the Aggregate Principal Balance (as defined in the Notes) of the Notes purchased hereunder or, in the case of a waiver, by the
party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately
and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed
to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser
relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected
Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Notes and the
Company.

 

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

 

    17

     

    

 

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

 

5.8  No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.6. Notwithstanding the foregoing, the Placement Agent shall be deemed a third-party beneficiary of the
representations and warranties of the Company as contained in Section 3.1 of this Agreement and shall have the right to enforce such
provisions directly to the extent it may deem such enforcement necessary or advisable to protect its rights.

 

5.9  Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Loan Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of
the transactions contemplated by this Agreement and any other Loan Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in
the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of the Loan Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in
any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way
any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any
provisions of the Loan Documents, then, in addition to the obligations of the Company under Section 4.6, the prevailing party in
such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

 

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

 

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

 

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

 

    18

     

    

 

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

 

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

 

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

 

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

 

5.17
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any Action or Proceeding that may be brought by any Purchaser in order to enforce any
right or remedy under any Loan Document. Notwithstanding any provision to the contrary contained in any Loan Document, it is expressly
agreed and provided that the total liability of the Company under the Loan Documents for payments in the nature of interest shall not
exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing,
in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest
that the Company may be obligated to pay under the Loan Documents exceed such Maximum Rate. It is agreed that if the maximum contract
rate of interest allowed by law and applicable to the Loan Documents is increased or decreased by statute or any official governmental
action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to
the Loan Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances
whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the
Loan Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded
to the Company, the manner of handling such excess to be at such Purchaser’s election.

 

    19

     

    

 

5.18
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Loan Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Loan Document. Nothing contained herein or in any other Loan Document,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Loan Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Loan Documents,
and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser
has been represented by its own separate legal counsel in its review and negotiation of the Loan Documents. The Company has elected to
provide all Purchasers with the same terms and Loan Documents for the convenience of the Company and not because it was required or requested
to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other
Loan Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between
and among the Purchasers.

 

5.19
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the
Loan Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other
amounts are due and payable shall have been canceled.

 

5.20
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.21
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to
revise the Loan Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Loan Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Loan Document shall be subject to adjustment for reverse and forward
stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this
Agreement.

 

5.22
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    20

     

    

 

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

 

	Delwinds INsurance Acquisition 	 	Address for Notice:
	Corp. (TO BE RENAMED FOXO	 	 
	TECHNOLOGIES INC.)	 	220 South Sixth Street, Suite 1200
	 	 	Minneapolis, Minnesota 55402
	 	 	Attention: Jon Sabes, Chief Executive Officer
	 	 	Email: jsabes@foxotechnologies.com
	By:	                       	 	cc: Robby Potashnick, Chief Financial Officer
	Name: 	 	 	rpotashnick@foxotechnologies.com
	Title:	 	 	 
	 	 	 
	With a copy to (which shall not constitute notice):	 	 
	 	 	 
	Mitchell Silberberg & Knupp LLP	 	 
	437 Madison Ave., 25th Floor, New York, NY 10022	 	 
	Attn: Blake Baron	 	 
	Email: bjb@msk.com	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    21

     

    

 

[PURCHASER
SIGNATURE PAGES TO NOTE PURCHASE AGREEMENT]

 

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

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser:
__________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory: _____________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

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

 

Subscription Amount: $_____________

 

Principal Amount: $_____________

 

EIN Number: _______________________

 

 

[SIGNATURE PAGES CONTINUE]

 

 

22Exhibit 10.19

 

 

PLACEMENT AGENCY AGREEMENT

 

September 20, 2022

FOXO Technologies Inc.

729 Washington Ave. N., Suite 600

Minneapolis, MN 55401

Attn:

 

This will confirm our agreement
that FOXO Technologies, Inc. (formerly Delwinds Insurance Acquisition Corp., the “Company”) has engaged Joseph Gunnar
& Co., LLC (“Gunnar” or “Placement Agent”) to act as its exclusive placement agent with respect
effectuating an offering of its promissory notes for the offering period described below (the “Term”). For purposes
of this agreement, the term “Offering” means a private placement pursuant to which the Company will be offering a minimum
of $2,000,000 (“Minimum Amount”) and up to a maximum of $20,000,000 (“Maximum Amount”) in aggregate
principal amount of the Company’s 15% Senior Promissory Notes (the “Notes”). Placement of the Notes will be made
on a “commercially reasonable efforts, all or none” basis as to the Minimum Amount and on a “commercially reasonable
efforts basis for all amounts in excess of the Minimum Amount. All capitalized terms used herein that are not otherwise defined herein
shall have the meaning ascribed to such terms in the Purchase Agreement (as defined below).

 

The
Placement Agent shall offer the Notes solely pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”),
and the exemptions provided pursuant to Rule 506 of Regulation D (“Regulation D”) promulgated thereunder to persons
who qualify as “accredited investors” as that term is defined in Regulation D. The Notes
will be offered until the earlier of (i) the termination of the Offering as provided herein, (ii) the time that Maximum Amount of Notes
is sold, or (iii) September 30, 2022 (“Initial Offering Period”), which date may be extended by the Placement Agent
and the Company in their joint discretion until November 30, 2022 (this additional period and the Initial Offering Period shall be referred
to as the “Offering Period”). The date on which the Offering expires or is terminated shall be referred to as the “Termination
Date.” The Company reserves the right to withdraw or cancel the Offering and to accept or reject any subscription amount in
whole or in part, in their sole discretion. 

 

The offering of the Notes
will be made solely pursuant to the Disclosure Materials, which at all times will be in form and substance acceptable to the Placement
Agent and its counsel and contain such legends and other information as the Placement Agent and its counsel may, from time to time, deem
necessary and desirable to be set forth therein. “Disclosure Materials” as used in this Agreement means that certain
Note Purchase Agreement pursuant to which the Notes are to be sold, inclusive of all exhibits and all amendments, supplements and appendices
thereto (the “Purchase Agreement”). Unless otherwise defined, each term used in this Agreement will have the same meaning
as set forth in the Disclosure Materials.

 

1.   Representations
and Warranties of the Company. Except as set forth in the Disclosure Materials, the representations and warranties of the Company
contained below are true and correct as of the date of this Agreement:

 

(a)   The
Disclosure Materials have been diligently prepared by the Company, in conformity with all applicable laws and the requirements of all
other rules and regulations of the Securities and Exchange Commission (the “SEC”) relating to offerings of the type
contemplated by the Offering, and the applicable securities laws and the rules and regulations of those jurisdictions wherein the Notes
are to be offered and sold. With respect to actions taken by the Company, the Notes will be offered and sold pursuant to the registration
exemption provided pursuant to Section 4(a)(2) of the Act and the exemptions provided pursuant to Rule 506 of Regulation D, promulgated
thereunder, as a transaction not involving a public offering and the requirements of any other applicable state securities laws and the
respective rules and regulations thereunder in those jurisdictions in which the Placement Agent notifies the Company that the Notes are
being offered for sale. The Company has not taken nor will it take any action which conflicts with the conditions and requirements of,
or which would make unavailable with respect to the Offering, the exemption(s) from registration available pursuant to Section 4(a)(2)
of Regulation D or of the Act, and knows of no reason why any such exemption would be otherwise unavailable to it. The Company has not
been subject to any order, judgment or decree of any court of competent jurisdiction temporarily, preliminarily or permanently enjoining
it for failing to comply with Section 503 of Regulation D.

 

     

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

 

(b)   The
Disclosure Materials do not include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, the foregoing does not apply to any statements or omissions made solely in reliance on and in conformity with written
information furnished to the Company by the Placement Agent specifically for use in the preparation thereof. To the Company’s knowledge,
none of the statements, documents, certificates or other items made, prepared or supplied by the Company with respect to the transactions
contemplated hereby contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements
contained therein not misleading in light of the circumstances in which they were made. There is no fact which the Company has not disclosed
in the Disclosure Materials and of which the Company is aware that has had or that could reasonably be expected to have a Material Adverse
Effect. For purposes hereof, “Material Adverse Effect” means any event, circumstance, change or effect that, individually
or in the aggregate with all other events, circumstances, changes and effects, is or is reasonably likely to be materially adverse to
(i) the operations, assets, business, prospects or condition (financial or otherwise) of the Company and its subsidiaries, taken as a
whole or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to perform its obligations
under this Agreement..

 

(c)
Except for the compensation set forth in this Agreement, the Company is not obligated to pay, and has not obligated the Placement Agent
to pay, a finder’s or origination fee in connection with the Offering, and hereby agrees to indemnify the Placement Agent from any
such claim made by any other person as more fully set forth in Section 9 hereof.

 

(d)   The
Company has all requisite corporate power and authority to enter into and perform its obligations under this Agreement. This Agreement
has been duly authorized, executed and delivered and constitutes valid and binding obligations of the Company, enforceable against the
Company in accordance with its terms (i) except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect related to laws affecting creditors’ rights generally, including the
effect of statutory and other laws regarding fraudulent conveyances and preferential transfers, and except that no representation is made
herein regarding the enforceability of the Company’s obligations to provide indemnification and contribution remedies under the
securities laws and (ii) subject to the limitations imposed by general equitable principles (regardless of whether such enforceability
is considered in a proceeding at law or in equity).

 

(e)   The
Company, as well as all Company Related Persons (as defined below) are not subject to any of the disqualifications set forth in Rule 506(d)
of Regulation D (each a “Disqualification Event”). The Company has exercised reasonable care to determine whether any
Company Related Person is subject to a Disqualification Event. The Disclosure Materials contain a true and complete description of the
matters required to be disclosed with respect to the Company and the Company Related Persons pursuant to the disclosure requirements of
Rule 506(e) of Regulation D, to the extent applicable. As used herein, “Company Related Persons” means any predecessor of
the Company, any affiliated Company, any director, executive officer, other officer of the Company participating in the Offering, any
general partner or managing member of the Company, any beneficial owner of 20% or more of the Company’s outstanding voting equity
securities, calculated on the basis of voting power, and any “promoter” (as defined in Rule 405 under the Act) connected with
the Company in any capacity. The Company agrees to promptly notify the Placement Agent in writing of (i) any Disqualification Event relating
to any Company Related Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any
Company Related Person.

 

    2

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

(f)   For
the benefit of the Placement Agent, the Company, hereby incorporates by reference all of the representations and warranties as set forth
in Section 3.1 of the Purchase Agreement with the same force and effect as if specifically set forth herein.

 

2.    Representations,
Warranties and Covenants of Placement Agent. The Placement Agent represents and warrants to the Company that the following representations
and warranties are true and correct as of the date of this Agreement:

 

(a)   The
Placement Agent is (i) a member in good standing of FINRA, (ii) is registered as a broker-dealer under the Exchange Act, and under the
securities acts of each state into which it is making offers or sales of the Notes, (iii) is licensed as a broker/dealer under the laws
of the United States of America, applicable to the offers and sales of the Placement Agent Securities by the Placement Agent, (iv) is
and will be a corporate body validly existing under the laws of its place of incorporation and (v) has full power and authority to
enter into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any
change in its status with respect to subsections (i) through (v) above.

 

(b)   Neither
Placement Agent nor any Placement Agent Related Persons (as defined below) are subject to any Disqualification Event. Placement Agent
has exercised reasonable care to determine whether any Placement Agent Related Person is subject to a Disqualification Event. The Executive
Summary contains a true and complete description of the matters required to be disclosed with respect to Placement Agent and Placement
Agent Related Persons pursuant to the disclosure requirements of Rule 506(e) of Regulation D, to the extent applicable. As used herein,
“Placement Agent Related Persons” means any director, general partner, managing member, executive officer, or other
officer of Placement Agent participating in the Offering. Placement Agent agrees to promptly notify the Company in writing of (i) any
Disqualification Event relating to any Placement Agent Related Person, and (ii) any event that would, with the passage of time, become
a Disqualification Event relating to any Placement Agent Related Person.

 

3.   Further
Covenants. The Company hereby covenant and agree that:

 

(a)   Except
upon prior written notice to the Placement Agent, the Company shall not, at any time prior to the Final Closing (as defined below), knowingly
take any action which would cause any of the representations and warranties made by it in this Agreement not to be complete and correct
in all material respects on and as of each closing date with the same force and effect as if such representations and warranties had been
made on and as of each such date (except to the extent any representation or warranty relates to an earlier date).

 

    3

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

(b)   If,
at any time prior to the Final Closing, any event shall occur that causes a Material Adverse Effect, which as a result it becomes necessary
to amend or supplement the Disclosure Materials so that the representations and warranties herein remain true and correct in all material
respects, or in case it shall be necessary to amend or supplement the Disclosure Materials to comply with Regulation D or any other applicable
securities laws or regulations, the Company will promptly notify the Placement Agent and shall, at its sole cost, prepare and furnish
to the Placement Agent copies of appropriate amendments and/or supplements. The Company will not at any time before the Final Closing
prepare or use any amendment or supplement to the Disclosure Materials of which the Placement Agent will not previously have been advised
and furnished with a copy, or which is not in compliance in all material respects with the Act and other applicable securities laws. As
soon as the Company is advised thereof, the Company will advise the Placement Agent and its counsel, and confirm the advice in writing,
of any order preventing or suspending the use of the Disclosure Materials, or the suspension of any exemption for such qualification or
registration thereof for offering in any jurisdiction, or of the institution or threatened institution of any proceedings for any of such
purposes, and the Company will use its reasonable best efforts to prevent the issuance of any such order and, if issued, to obtain as
soon as reasonably possible the lifting thereof.

 

(c)   The
Company shall comply with the Act, the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and regulations
thereunder, and all applicable state securities laws and the rules and regulations thereunder in the states in which the Company’s
Blue Sky counsel has advised the Placement Agent and the Company that the Notes are qualified or registered for sale or exempt from such
qualification or registration so as to permit the continuance of the sales of the Notes. The Company will file or cause to be filed with
the SEC any and all reports on Form D as are required.

 

(d)   The
Company shall not use any of the net proceeds of the Offering to repay indebtedness to officers, directors, employees or any of their
respective affiliates or to stockholders of the Company without the prior written consent of the Placement Agent.

 

(e)   Reserved.

 

(f)   The
Company shall pay all of its own expenses for accounting fees, legal fees and other costs involved with the Offering, including without
limitation, expenses incurred in connection with the preparation and printing of all Disclosure Materials and the issuance of the Notes.
All Blue Sky filings related to this Offering shall be prepared by the Company’s counsel, at the Company’s expense, with copies
of all filings to be promptly forwarded to the Placement Agent.

 

(g)   Until
the earlier of (i) the Termination Date, and (ii) the Final Closing of the Offering, the Company will not issue any press release except
in the ordinary course of business consistent with past practices, grant any interview, or otherwise communicate with the media in any
manner whatsoever with respect to the Offering without the Placement Agent’s prior consent.

 

(h)   The
Company agrees that it if it elects to conduct an Exempt Issuance (as defined in the Purchase Agreement), as permitted by Section 4.7
of the Purchase Agreement, consisting of a registered at the market offering of the Company’s Common Stock as defined in Rule 415
promulgated under the Act, for the purpose of paying the amounts under the Notes it will engage Joseph Gunnar & Co. LLC as the exclusive
placement agent if Joseph Gunnar & Co. LLC affirmatively notifies the Company that they wish to act as placement agent in respect
of such offering.

 

    4

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

4.   Escrow
of Funds. All funds for subscriptions received by the Placement Agent from the Offering (not otherwise wired directly to the Escrow
Agent), if any, will be promptly forwarded by the Placement Agent and deposited into a non-interest bearing escrow account (the “Escrow
Account”) established for such purpose with Signature Bank (the “Escrow Agent”). All such funds for subscriptions
will be held in the Escrow Account pursuant to the terms of an escrow agreement among the Company, the Placement Agent and the Escrow
Agent (the “Escrow Agreement”). The Company will pay all fees related to the establishment and maintenance of the Escrow Account.
The Company will either accept or reject, for any or no reason, the documents to be returned by investors as set forth in the Disclosure
Materials (the “Subscription Documents”) in a timely fashion and at each Closing, the Company will countersign the
Subscription Documents and provide duplicate copies of such documents to the Placement Agent for distribution to the subscribers. The
Placement Agent on the Company’s behalf, will promptly return to subscribers incomplete, improperly completed, improperly executed
and rejected subscriptions. If Subscription Documents and good available funds for at least the Minimum Amount have not been received
and accepted by the Company on or before the Termination Date for any reason, the Offering will be terminated, no Notes will be sold,
and the Escrow Agent will, at the request of the Placement Agent, cause all monies received from subscribers for the Notes to be promptly
returned to such subscribers without interest, penalty, expense or deduction.

 

If subscriptions for gross
proceeds in cash payment for at least the Minimum Amount have been accepted prior to the Termination Date, the funds therefor have been
collected by the Escrow Agent and all of the conditions set forth elsewhere in this Agreement are fulfilled, the first closing of the
Offering (“First Closing”) shall be held promptly with respect to the Notes sold. Thereafter additional Notes will
continue to be offered and sold until the Termination Date and additional closings (each a “Closing”) may from time
to time be conducted at times mutually agreed to by the Placement Agent and the Company with respect to additional Notes sold, with the
final closing (“Final Closing”) to occur within ten (10) days after the earlier of the Termination Date and the date
on which Notes in aggregate principal amount of up to the Maximum Amount have been fully subscribed for. Delivery of payment for the accepted
subscriptions for Notes from funds held in the Escrow Account will be made at each Closing against delivery of the Notes by the Company.
The Company shall deliver the original instruments comprising the Notes per instructions to be provided by Placement Agent within five
(5) business days following each Closing.

 

5.   Compensation
to Placement Agent.

 

(a) In connection with the
Offering, the Company will pay Gunnar a cash fee (the “Placement Agent’s Cash Fee”) equal to 12% of the aggregate
gross proceeds of the Offering. The Placement Agent’s Cash Fee shall be paid at each Closing from the gross proceeds raised. At
the initial Closing, the Company will reimburse the Placement Agent $25,000 for its reasonable out-of-pocket expenses and an expense reimbursement
of $75,000 to Placement Agent’s counsel.

 

(b)   The
Company shall also pay to the Placement Agent the Placement Agent’s Cash Fee to the extent any party first introduced to the Company
by Gunnar (“Gunnar Investors”) invests in the Company (other than through open or public market purchases or securities
purchased in any underwritten public offering) at any time prior to the date that is twelve (12) months after the applicable termination
date of the Offering or the Final Closing (“Tail Period”), whichever is applicable. The names of Gunnar Investors shall
be provided in writing by the Placement Agent to the Company within 10 days following the termination date or the Final Closing, as the
case may be (the “Tail Investor List”). The Company acknowledges and agrees that the Tail Investor List is proprietary
to the Placement Agent, shall be maintained in strict confidence by the Company and those persons/entities on such list shall not be contacted
by the Company without the Placement Agent’s prior written consent; provided, however, that such restrictions shall not apply to
ordinary course stockholder communications by the Company to its stockholders. As used herein, the term “Gunnar Investors”
includes any party that is an affiliate of the specific party named in the Gunnar Investor List and that is not an existing stockholder
of the Company.

 

    5

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

6.   Conditions
of Placement Agent’s Obligations. The obligations of the Placement Agent hereunder to effect a Closing are subject to the fulfillment,
at or before each Closing, of the following additional conditions:

 

(a)   Each
of the representations and warranties made by the Company herein shall be true and correct at all times prior to and on each Closing date,
except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or
warranty shall be true and correct as of such earlier date.

 

(b)   The
Company shall have performed and complied in all material respects with all agreements, covenants and conditions required to be performed
and complied with by them at or before the Closing.

 

(c)   The
Disclosure Materials did not, and as of the date of any amendment or supplement thereto will not, include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

(d)   The
Company shall have obtained all consents, waivers and approvals required to be obtained by the Company in connection with the consummation
of the transactions contemplated hereby.

 

(e)   No
order suspending the use of the Disclosure Materials or enjoining the Offering shall have been issued, and no proceedings for that purpose
or a similar purpose shall have been initiated or pending, or, to the Company’s knowledge, threatened.

 

(f)   The
Chief Executive Officer of the Company shall have provided a certificate to the Placement Agent confirming that, to the best of his knowledge,
there have been no material adverse changes in the condition (financial or otherwise) or prospects of the Company from the date of the
financial statements included in the Disclosure Materials, the absence of undisclosed liabilities and such other matters relating to the
financial condition and prospects of the Company that the Placement Agent may reasonably request.

 

(g)   At
each Closing, the Company shall pay and/or issue to the Placement Agent the Placement Agent Cash Fee and Placement Agent expense reimbursement
earned in such Closing.

 

(h)   At
each Closing, the Company shall deliver to the Placement Agent signed opinions of Stinson LLP, dated as of the Closing Date, in form and
substance reasonably satisfactory to the Placement Agent. Such opinions shall contain, among other items, opinions on matters relating
to organization and good standing, corporate power and authority and exemption of the Offering from the registration requirements of the
Act.

 

    6

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

(i)   All
proceedings taken at or prior to any Closing in connection with the authorization, issuance and sale of the Notes will be reasonably satisfactory
in form and substance to the Placement Agent and its counsel, and such counsel shall have been furnished with all such documents, certificates
and opinions as it may reasonably request upon reasonable prior notice in connection with the transactions contemplated hereby.

 

7.   Conditions
of Company’s Obligations. The obligations of the Company hereunder to effect a Closing are subject to the fulfillment, at or
before each Closing, of the following additional conditions or subject to the waiver of such condition or conditions by the Company:

 

(a)   Each
of the representations and warranties made by the Placement Agent shall be true and correct at all times prior to and on each Closing
date.

 

(b)   The
Placement Agent shall have performed and complied in all material respects with all agreements, covenants and conditions required to be
performed and complied with by it at or before the Closing; and

 

(c)   The
Company shall have received a certificate of an officer of the Placement Agent, dated as of the date of each Closing, certifying, as to
the fulfillment of the conditions set forth in subparagraphs (a) and (b) above; and

 

(d)   No
order suspending the use of the Disclosure Materials or enjoining the Offering shall have been issued, and no proceedings for that purpose
or a similar purpose shall have been initiated or pending, or, to the Company’s knowledge, be contemplated or threatened.

 

8.   Right
of First Refusal. For a period of nine (9) months following the Termination Date and subject to a closing of the Offering having been
effected, in the event that the Company desires to raise additional capital in the form of debt, equity or otherwise (a “Prospective
Financing”), the Placement Agent shall have the right of first refusal to act as Placement Agents with respect to any such Prospective
Financing only if the Placement Agent raised no less than $5,000,000 for the Offering. The Company shall provide written notice containing
the terms of such Prospective Financing (the “ROFR Notice”) to the Placement Agents prior to effectuating any such
transaction. The ROFR Notice shall specify all of the key terms of the Prospective Financing, including, but not limited to, the proposed
investment amount, the proposed rate of interest, the proposed conversion price, the proposed term of the investment, the type and number
of securities to be sold and any and all other relevant terms, each as applicable. Upon Placement Agents’ receipt of the ROFR Notice,
Placement Agents shall have the exclusive right to act as Placement Agents in such Prospective Financing(s), upon the terms specified
in the ROFR Notice, by sending written notice to the Company within two (2) business days after Placement Agents’ receipt of the
ROFR Notice. In the event Placement Agents fails to exercise its right of first refusal with respect to an ROFR Notice within the time
set forth above, Placement Agents shall be deemed to have waived its right of first refusal with respect to such Prospective Financing,
provided that it shall retain such right with respect to any future Prospective Financing. Notwithstanding anything contained herein,
the Company shall not furnish any material non-public information concerning the Company without the Placement Agents’ prior written
consent, and shall initially only indicate to the Placement Agents that the Company contemplates a financing.

 

    7

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

9. Indemnification. (a) The
Company will: (i) indemnify and hold harmless the Placement Agent, its agents and their respective officers, directors, employees,
selected dealers and each person, if any, who controls the Placement Agent within the meaning of the Section 15 of the Act or
Section 20(a) of the Exchange Act and such selected dealers (each an “Indemnitee” or a “Placement Agent
Party”) against, and pay or reimburse each Indemnitee for, any and all losses, claims, damages, liabilities or expenses
whatsoever (or actions or proceedings or investigations in respect thereof), joint or several (which will, for all purposes of this
Agreement, include, but not be limited to, all reasonable costs of defense and investigation and all reasonable attorneys’
fees, including appeals), to which any Indemnitee may become subject (x) under the Act or otherwise, in connection with the offer
and sale of the Notes and (y) as a result of the breach of any representation, warranty or covenant made by the Company, regardless
of whether such losses, claims, damages, liabilities or expenses shall result from any claim by any Indemnitee or by any third
party; and (ii) reimburse each Indemnitee for any legal or other expenses reasonably incurred in connection with investigating or
defending against any such loss, claim, action, proceeding or investigation; provided, however, that the
Company will not be liable in any such case to the extent that any such claim, damage or liability is finally judicially determined
to have resulted primarily from (A) an untrue statement or alleged untrue statement of a material fact made in the Disclosure
Materials, or an omission or alleged omission to state therein a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, made solely in reliance upon and in conformity with written
information furnished to the Company by the Placement Agent specifically for use in the Disclosure Materials, (B) any violations by
the Placement Agent of the Act, state securities laws or any rules or regulations of FINRA, which is not directly caused from a
violation thereof by the Company or any of its affiliates or (C) the Placement Agent’s willful misconduct or gross negligence.
In addition to the foregoing agreement to indemnify and reimburse, the Company will indemnify and hold harmless each Indemnitee
against any and all losses, claims, damages, liabilities or expenses whatsoever (or actions or proceedings or investigations in
respect thereof), joint or several (which shall, for all purposes of this Agreement, include, but not be limited to, all reasonable
costs of defense and investigation and all reasonable attorneys' fees, including appeals) to which any Indemnitee may become subject
insofar as such costs, expenses, losses, claims, damages or liabilities arise out of or are based upon the claim of any person or
entity that he or it is entitled to broker’s or finder’s fees from any Indemnitee in connection with the Offering, other
than fees due to the Placement Agent. The foregoing indemnity agreements will be in addition to any liability the Company may
otherwise have.

 

(b) The Placement Agent
will indemnify and hold harmless the Company, its officers, directors, and each person, if any, who controls such entity within the meaning
of Section 15 of the Act or Section 20(a) of the Exchange Act against, and pay or reimburse any such person for, any and all losses, claims,
damages, liabilities or expenses whatsoever (or actions, proceedings or investigations in respect thereof) to which the Company or any
such person may become subject under the Act or otherwise, whether such losses, claims, damages, liabilities or expenses shall result
from any claim of the Company or any such person who controls the Company within the meaning of the Act or by any third party, but only
to the extent that such losses, claims, damages or liabilities results from (i) an untrue statement or alleged untrue statement of a material
fact made in the Disclosure Materials, or an omission or alleged omission to state therein a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, made in reliance upon and in conformity with written
information furnished to the Company by the Placement Agent, specifically for use in the Disclosure Materials, (ii) as a result of the
breach of any representation, warranty or covenant made by the Placement Agent, regardless of whether such losses, claims, damages, liabilities
or expenses shall result from any claim by any third party, or (iii) any violations by the Placement Agent of the Act or state securities
laws which does not result from a violation thereof by the Company or any of its affiliates. The Placement Agent will reimburse the Company
or any such person for any legal or other expenses reasonably incurred in connection with investigating or defending against any such
loss, claim, damage, liability or action, proceeding or investigation to which such indemnity obligation applies. The foregoing indemnity
agreements are in addition to any liability which the Placement Agent may otherwise have. Notwithstanding the foregoing, in no event shall
Placement Agent’s indemnification obligation hereunder exceed the amount of Placement Agent’s Cash Fees actually received
by the Placement Agent hereunder.

 

    8

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

(c) Promptly after
receipt by an indemnified party under this Section 9 of notice of the commencement of any action, claim, proceeding or investigation (the
“Action”), such indemnified party, if a claim in respect thereof is to be made against the indemnifying party under
this Section 9, will notify the indemnifying party of the commencement thereof, but the omission to so notify the indemnifying party will
not relieve it from any liability that it may have to any indemnified party under this Section 9 unless the indemnifying party has been
substantially prejudiced by such omission. The indemnifying party will be entitled to participate in and, to the extent that it may wish,
jointly with any other indemnifying party, to assume the defense thereof subject to the provisions herein stated, with counsel reasonably
satisfactory to such indemnified party. The indemnified party will have the right to employ separate counsel in any such Action and to
participate in the defense thereof, but the fees and expenses of such counsel will not be at the expense of the indemnifying party if
the indemnifying party has assumed the defense of the Action with counsel reasonably satisfactory to the indemnified party, provided,
however, that if counsel selected to represent the indemnified party shall have concluded that there may be a conflict of interest
which prevents it from representing the indemnified party and the indemnifying party, then the indemnified party may retain additional
counsel to represent it and in such case the reasonable fees and expenses of such counsel in connection with any such participation or
defenses shall be paid by the indemnifying party. No settlement of any Action against an indemnified party will be made without the consent
of the indemnifying party and the indemnified party, which consent shall not be unreasonably withheld, delayed or conditioned in light
of all factors of importance to such party, and no indemnifying party shall be liable to indemnify any person for any settlement of any
such claim effected without such indemnifying party’s consent.

 

10.   Contribution.
To provide for just and equitable contribution, if: (i) an indemnified party makes a claim for indemnification pursuant to Section 9 hereof
and it is finally determined, by a judgment, order or decree not subject to further appeal that such claims for indemnification may not
be enforced, even though this Agreement expressly provides for indemnification in such case; or (ii) any indemnified or indemnifying party
seeks contribution under the Act, the Exchange Act, or otherwise, then each indemnifying party shall contribute to such amount paid or
payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the Company on the one hand and the Placement Agent on the other in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or expenses (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Placement Agent on the other shall be deemed to be in the same proportion
as the total net proceeds from the Offering (before deducting expenses) received by the Company bear to the total Placement Agent’s
Cash Fees received by the Placement Agent. The relative fault, in the case of an untrue statement, alleged untrue statement, omission
or alleged omission will be determined by, among other things, whether such statement, alleged statement, omission or alleged omission
relates to information supplied by the Company or by the Placement Agent, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement, alleged statement, omission or alleged omission. The Company and the
Placement Agent agree that it would be unjust and inequitable if the respective obligations of the Company and the Placement Agent for
contribution were determined by pro rata allocation of the aggregate losses, liabilities, claims, damages and expenses or by any other
method or allocation that does not reflect the equitable considerations referred to in this Section 10. No person guilty of a fraudulent
misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from any person who is not guilty
of such fraudulent misrepresentation. For purposes of this Section 10, each person, if any, who controls the Placement Agent within the
meaning of the Act will have the same rights to contribution as the Placement Agent, and each person, if any, who controls the Company
within the meaning of the Act will have the same rights to contribution as the Company, subject in each case to the provisions of this
Section 10. Anything in this Section 10 to the contrary notwithstanding, no party will be liable for contribution with respect to the
settlement of any claim or action effected without its written consent. This Section 10 is intended to supersede, to the extent permitted
by law, any right to contribution under the Act, the Exchange Act or otherwise available.

 

    9

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

11. Miscellaneous.

 

(a)    Survival.
Any termination of the Offering without consummation thereof shall be without obligation on the part of any party except the Company’s
payment of fees and expenses pursuant to Sections 3(g), 5(a) and 5(b) hereof, the right of first refusal provision provided in Section
8, the indemnification provisions provided in Section 9 hereof, the contribution provided in Section 10 hereof shall survive any termination.
In addition, the provisions contained in Section 8 regarding the right of first refusal, Section 9 regarding indemnification and Section
10 regarding contribution shall survive the Final Closing.

 

(b)    Representations,
Warranties and Covenants to Survive Delivery. The respective representations, warranties, indemnities, agreements, covenants and other
statements of the Company as of the date hereof shall survive execution of this Agreement and delivery of the Notes and the termination
of this Agreement for a period of two years.

 

(c)    No
Other Beneficiaries. This Agreement is intended for the sole and exclusive benefit of the parties hereto and their respective successors
and controlling persons, and no other person, firm or corporation shall have any third-party beneficiary or other rights hereunder. This
Agreement may not be assigned without the prior written consent of the parties hereto.

 

(d)   Governing
Law. This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among New
York residents entered into and to be performed entirely within New York. Each of the parties hereto (1) agree that any legal suit, action
or proceeding arising out of or relating to this Agreement shall be instituted exclusively in New York State Supreme Court, County of
New York, or in the United States District Court for the Southern District of New York, (2) waive any objection which the Company may
have now or hereafter to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the New
York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit,
action or proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States District
Court for the Southern District of New York and agree that service of process upon it mailed by certified mail to its address set forth
in Section 11(e) below shall be deemed in every respect effective service of process upon it, in any such suit, action or proceeding.
THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

 

(e)    Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement and shall become effective
when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery
of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

 

    10

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

(f)    Notices.
All notices, requests, demands and other communications which are required or may be given hereunder shall be in writing and shall be
deemed to have been duly given when delivered personally or by email or five (5) days after being sent by registered or certified mail,
return receipt requested, postage prepaid. All notices shall be made to the parties at the addresses designated above or at such other
or different addresses which a party may subsequently provide with notice thereof, and to their respective legal counsel, as follows:

 

		(i).	If to Gunnar, to:

 

Joseph Gunnar &
Co., LLC

30 Broad Street, 11th floor

New York, NY 10004

Attention: Stephan A Stein, President

Email: SStein@jgunnar.com

 

with a copy to:

 

Lucosky Brookman LLP

101 Woods Avenue South

Woodbridge, NJ 08830

Attn: Seth Brookman, Esq.

Email: sbrookman@lucbro.com

 

or to such other person or address as Gunnar shall furnish to the Company
in writing.

 

		(ii)	If to the Company, to:

 

FOXO Technologies Inc.

220 South Sixth Street, Suite 1200

Minneapolis, Minnesota 55402

Attn: Jon Sabes, Chief Executive Officer

 

with a copy to:

 

Mitchell Silberberg & Knupp LLP

437 Madison Ave., 25th Floor, New York, NY 10022

Attn: Blake Baron

Email: bjb@msk.com

 

or to such other person or address as the Company
shall furnish to Gunnar in writing.

 

(h)    Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the matters herein referred and this Agreement
has no bearing or effect on any prior agreements entered into by the parties hereto. Neither this Agreement nor any term hereof may be
changed, waived or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change,
waiver or termination is sought.

 

(i)    No
Commitment. The execution of this Agreement does not constitute a commitment by Gunnar or the Company to consummate any transaction
contemplated hereunder and there can be no assurance that Gunnar will be able to locate any third parties to provide financing to the
Company.

 

[SIGNATURE PAGE FOLLOWS] 

 

    11

     

    

 

FOXO Technologies Inc.

September 20, 2022

 

If the foregoing accurately reflects our understanding,
please so indicate by signing in the space provided below.

 

	 	Sincerely,
	 	 
	 	Joseph Gunnar & Co., LLC.
	 	 	 
	 	By:	/s/ Stephan A. Stein
	 	 	Stephan A. Stein
	 	 	President
	 	 	 

 

Agreed to and Accepted

this 20th day of September, 2022

 

	FOXO TECHNOLOGIES Inc. 	 
	 	 	 
	 	 	 
	By:	/s/ Jon Sabes	 
	 	Jon Sabes	 
	 	Chief Executive Officer	 

 

 

12

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