Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 $100,000,000

 CRYOLIFE, INC. 
 4.250%
CONVERTIBLE SENIOR NOTES DUE 2025 
 PURCHASE AGREEMENT 

June 18, 2020 

 June 18, 2020 

Morgan Stanley & Co. LLC 
 1585 Broadway 

New York, New York 10036 
 Ladies and Gentlemen: 

CryoLife, Inc., a Florida corporation (the “Company”), proposes to issue and sell to Morgan Stanley & Co. LLC (the
“Initial Purchaser” or “you”) $100,000,000 principal amount of its 4.250% Convertible Senior Notes due 2025 (the “Firm Securities”) to be issued pursuant to the provisions of an
Indenture to be dated as of the Closing Date (as defined below) (the “Indenture”) between the Company and U.S. Bank, National Association, as Trustee (the “Trustee”). The Company also proposes to issue and sell to
the Initial Purchaser not more than an additional $15,000,000 principal amount of its 4.250% Convertible Senior Notes due 2025 (the “Additional Securities”) if and to the extent that the Initial Purchaser shall have
determined to exercise the right to purchase such Additional Securities granted to the Initial Purchaser in Section 2 hereof. The Firm Securities and the Additional Securities are hereinafter collectively referred to as the
“Securities”. Shares of the Company’s common stock, $0.01 par value per share, are hereinafter referred to as the “Common Stock”. The Securities will be convertible into cash, shares of Common Stock (the
“Underlying Securities”) or a combination of cash and Underlying Securities, at the Company’s election, in accordance with the terms of the Indenture. 

The Securities and the Underlying Securities will be offered without being registered under the Securities Act of 1933, as amended (the
“Securities Act”), to qualified institutional buyers in compliance with the exemption from registration provided by Rule 144A under the Securities Act. 

In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum dated June 18, 2020 (the
“Preliminary Memorandum”) and will prepare a final offering memorandum dated the date hereof (the “Final Memorandum”) including or incorporating by reference a description of the terms of the
Securities and the Underlying Securities, the terms of the offering and a description of the Company. For purposes of this Agreement, “Additional Written Offering Communication” means any written communication (as defined in
Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities other than the Preliminary Memorandum or the Final Memorandum; “Time of Sale Memorandum” means the
Preliminary Memorandum together with each Additional Written Offering Communication or other information, if any, each identified in Schedule II hereto under the caption Time of Sale Memorandum (the first time when sales of the Securities were made,
which was 11:00 p.m., New York City time, on the date of this Agreement, is referred to as the “Time of Sale”); and “General Solicitation” means any offer to sell or solicitation of an offer to buy the
Securities or the Underlying Securities by any form of general solicitation or advertising (as those terms are used in 

  
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Regulation D under the Securities Act). As used herein, the terms Preliminary Memorandum, Time of Sale Memorandum and Final Memorandum shall include the documents, if any, incorporated by
reference therein prior to the Time of Sale. The terms “supplement”, “amendment” and “amend” as used herein with respect to the Preliminary Memorandum, the Time of Sale Memorandum, the Final
Memorandum or any Additional Written Offering Communication shall include all documents subsequently filed by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Exchange Act of
1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference therein. 
 1.
Representations and Warranties. The Company represents and warrants to, and agrees with, the Initial Purchaser that, as of the Time of Sale, the Closing Date and any Option Closing Date: 

(a) (i) Each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the
Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum complied at the time they were filed with the Commission, or will comply when so filed, in all material respects with the Exchange Act and the applicable rules and
regulations of the Commission thereunder, (ii) the Time of Sale Memorandum, as of the Time of Sale, did not, and at the Closing Date, the Time of Sale Memorandum, as then amended or supplemented by the Company, if applicable, will not, contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any Additional Written Offering Communication
prepared, used or referred to by the Company, when considered together with the Time of Sale Memorandum, at the time of its use did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, (iv) any General Solicitation that is not an Additional Written Offering Communication, made by the Company or by the Initial Purchaser with the consent of
the Company, when considered together with the Time of Sale Memorandum, at the Time of Sale did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading and (v) the Preliminary Memorandum, as of its date, did not contain and the Final Memorandum, as of its date and on the Closing Date (as defined in Section 4), will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in
this paragraph do not apply to statements or omissions in the Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum, Additional Written Offering Communication or General Solicitation based upon information relating to the Initial
Purchaser furnished to the Company in writing by the Initial Purchaser. 

  
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 (b) Except for the Additional Written Offering Communications, if any,
identified in Schedule II hereto, including electronic road shows, if any, furnished to the Initial Purchaser before first use, the Company has not prepared, used or referred to, and will not, without the Initial Purchaser’s prior consent,
prepare, use or refer to, any Additional Written Offering Communication. 
 (c) The Company has been duly incorporated, is
validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own or lease its property and to conduct its business as described in each of the Time of Sale
Memorandum and the Final Memorandum and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 

(d) Each subsidiary of the Company has been duly incorporated, organized or formed, is validly existing as a corporation or
other business entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation (to the extent such concepts are applicable under such laws), has the corporate or other business entity power and authority to
own or lease its property and to conduct its business as described in each of the Time of Sale Memorandum and the Final Memorandum and is duly qualified to transact business and is in good standing (to the extent such concept of good standing is
applicable in such jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification (to the extent such concepts are applicable under such laws), except to the extent that
the failure to be so qualified or be in good standing would not, singly or in the aggregate, have a Material Adverse Effect; except as described in the Time of Sale Memorandum and the Final Memorandum (or incorporated therein by reference), all of
the issued and outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned
directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. 
 (e) The Company has
the power and authority to enter this Agreement, to authorize, issue and sell the Securities as contemplated by this Agreement, to execute and deliver this Agreement, the Indenture and the Securities (collectively, the “Transaction
Documents”) and to perform its obligations hereunder and thereunder. This Agreement has been duly authorized, executed and delivered by the Company. 

(f) The authorized capital stock of the Company conforms in all material respects as to legal matters to the description
thereof contained in each of the Time of Sale Memorandum and the Final Memorandum. 

  
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 (g) The shares of Common Stock outstanding have been duly authorized and are
validly issued, fully paid and non-assessable. 
 (h) The Securities have been duly
authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchaser in accordance with the terms of this Agreement, will be valid and binding obligations of the
Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights generally and equitable principles of general
applicability, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceed at law or equity) (collectively, the “Enforceability Exceptions”) and
will be entitled to the benefits of the Indenture pursuant to which such Securities are to be issued. 
 (i) The maximum
number of Underlying Securities initially issuable upon conversion of the Securities (assuming “physical settlement” of the Securities (as defined in the Time of Sale Memorandum and the Final Memorandum), the Initial Purchaser exercises
its option to purchase Additional Securities in full and the maximum conversion rate under any “make-whole” adjustment applies) (such maximum number, the “Conversion Securities”) have been duly authorized and
reserved and, when issued upon conversion of the Securities in accordance with the terms of the Securities and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the
Underlying Securities will not be subject to any preemptive or similar rights. 
 (j) The Indenture has been duly authorized
by the Company, and, on the Closing Date, will have been duly executed and delivered by the Company, and (assuming due authorization, execution and delivery by the Trustee) will constitute a valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, subject to the Enforceability Exceptions. 
 (k) The execution and delivery
by the Company of, and the performance by the Company of its obligations under, each of the Transaction Documents, the issuance and sale of the Securities (including the issuance of any Underlying Securities upon conversion of the Securities) and
the consummation by the Company of the transactions contemplated by the Transaction Documents, will not contravene any provision of (i) applicable law, (ii) the articles of incorporation or by-laws
of the Company, (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental
body, agency or court having jurisdiction over the Company or any subsidiary, except that in the case of clauses (iii) and (iv) as would not have, singly or in the aggregate, a Material Adverse Effect or materially affect the ability of the
Company to perform its obligations under the Transaction Documents, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the

  
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performance by the Company of its obligations under each of the Transaction Documents, the issuance and sale of the Securities (including the issuance of any Underlying Securities upon conversion
of the Securities) and the consummation by the Company of the transactions contemplated by the Transaction Documents, except such as may (y) have been previously obtained and is in effect or (z) be required by the securities or Blue Sky
laws of the various states in connection with the offer and sale of the Securities. 
 (l) There has not occurred any
material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set
forth in the Time of Sale Memorandum provided to prospective purchasers of the Securities. 
 (m) Other than proceedings
accurately described in all material respects in each of the Time of Sale Memorandum and the Final Memorandum (or incorporated therein by reference), there are no legal or governmental proceedings pending or, to the Company’s knowledge,
threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject that would have a Material Adverse Effect, or materially affect the power or ability of the
Company to perform its obligations under each of the Transaction Documents or to consummate the transactions contemplated by each of the Time of Sale Memorandum or the Final Memorandum. 

(n) The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local
laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“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, except where such
noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals under clauses (i), (ii) or (iii) above would not,
singly or in the aggregate, have a Material Adverse Effect. 
 (o) There are no costs or liabilities associated with
Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval,
any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, have a Material Adverse Effect. 

  
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 (p) The Company is not, and after giving effect to the offering and sale of
the Securities and the application of the proceeds thereof as described in each of the Time of Sale Memorandum and the Final Memorandum will not be, required to register as an “investment company” as such term is defined in the Investment
Company Act of 1940, as amended (the “Investment Company Act”). 
 (q) Neither the Company nor any
affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act, an “Affiliate”) of the Company has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in
respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities, (ii) made any General
Solicitation that is not an Additional Written Offering Communication other than General Solicitations listed on Schedule II hereto or those made with the prior written consent of the Initial Purchaser, or (iii) offered, solicited offers to buy
or sold the Securities in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. 

(r) Subject to compliance by the Initial Purchaser with the procedures set forth in Section 7 hereof, it is not necessary
in connection with the offer, sale and delivery of the Securities to the Initial Purchaser in the manner contemplated by this Agreement to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act of
1939, as amended. 
 (s) The Securities satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. 

(t) (i) None of the Company or any of its subsidiaries or controlled affiliates, or any director, officer, or employee
thereof, or, to the Company’s knowledge, any agent or representative of the Company or of any of its subsidiaries or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval
of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) (“Government Official”) in order
to influence official action, or to any person, in each case, in violation of any applicable anti-corruption laws; (ii) the Company and each of its subsidiaries and controlled affiliates have conducted their businesses in compliance with
applicable anti-corruption laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained
herein; and (iii) neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any person in violation of any applicable anti-corruption laws. 

  
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 (u) The operations of the Company and its subsidiaries are and have been
conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including, to the extent applicable, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company,
threatened. 
 (v) (i) None of the Company, any of its subsidiaries, or any director, officer or employee thereof, or,
to the Company’s knowledge, any agent, affiliate or representative of the Company or any of its subsidiaries, is an individual or entity (“Person”) that is, or is owned or controlled by one or more Persons that are: 

(A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets
Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), or 

(B) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation,
Crimea, Cuba, Iran, North Korea and Syria), other than distributors who have valid distribution agreements with the Company and with whom the Company has contracted for services that are permissible under valid licenses provided by appropriate
United States governmental authorities. 
 (ii) The Company will not, directly or indirectly, use the proceeds of the offering, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: 
 (A) to fund
or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, except to the extent permitted by legal exception or exemption without
violation of U.S. law, or by valid U.S. government-issued license; or 
 (B) in any other manner that will result in a
violation of Sanctions by any Person (including any Person participating in the offering, whether as initial purchaser, advisor, investor or otherwise). 

  
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 (iii) For the past five years, the Company and each of its subsidiaries have not knowingly
engaged in and are not now knowingly engaged in any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, except as was not and is not in
violation of Sanctions. 
 (w) Ernst & Young LLP, which expressed its opinion with respect to the financial
statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules (if any) included or incorporated by reference in each of the Time of Sale Memorandum and the Final Memorandum, is an independent
registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).

 (x) The financial statements, together with the related schedules (if any) and notes, included or incorporated by
reference in each of the Time of Sale Memorandum and the Final Memorandum present fairly in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of and at the dates shown and its results of
operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) applied on a consistent basis
throughout the periods covered thereby, except for any normal year-end adjustments in the Company’s quarterly financial statements. The other financial information included in each of the Time of Sale
Memorandum and the Final Memorandum has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The statistical, industry-related and
market-related data included in each of the Time of Sale Memorandum and the Final Memorandum are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate and such data is consistent with the
sources from which they are derived, in each case in all material respects. 
 (y) (i) Except as described in the Time
of Sale Memorandum and the Final Memorandum (or incorporated therein by reference) and except as would not have, singly or in the aggregate, a Material Adverse Effect, the Company and its subsidiaries own or have a valid license or otherwise possess
adequate rights to, or reasonably believes that it can acquire on reasonable terms, all patents, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks, domain names and trade names, and all other similar intellectual property or proprietary rights (including all registrations and applications for registration of, and all goodwill associated with, the
foregoing) (collectively, “Intellectual Property Rights”) used in or reasonably necessary to the conduct of their businesses as currently conducted and as proposed to be conducted in the future, in each case, as described in
the Time of 

  
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Sale Memorandum and the Final Memorandum (or incorporated therein by reference) (the “Company Intellectual Property”); (ii) the Company Intellectual Property owned by the
Company and its subsidiaries and, to the Company’s knowledge, the Company Intellectual Property licensed to the Company and its subsidiaries, are subsisting and, to the Company’s knowledge, valid and enforceable, and there is no pending
or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity, scope or enforceability of any such Company Intellectual Property; (iii) neither the Company nor any of its subsidiaries has
received any written notice alleging any infringement, misappropriation or other violation of Intellectual Property Rights of any third party; (iv) to the Company’s knowledge, no third party is infringing, misappropriating or otherwise
violating, or has infringed, misappropriated or otherwise violated, any Company Intellectual Property owned or exclusively licensed by the Company; (v) to the Company’s knowledge, neither the Company nor any of its subsidiaries infringes,
misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights of any third party; (vi) to the Company’s knowledge, all employees or contractors engaged in the development
of Company Intellectual Property on behalf of the Company or any subsidiary of the Company have executed an invention assignment agreement whereby such employees or contractors presently assign all of their right, title and interest in and to such
Company Intellectual Property to the Company or the applicable subsidiary, and to the Company’s knowledge no such agreement has been breached or violated; and (vii) the Company and its subsidiaries use, and have used, commercially
reasonable efforts to appropriately maintain all information intended to be maintained as a trade secret. 
 (z) (i) The
Company and its subsidiaries have complied in all material respects and are presently in compliance in all material respects with all internal privacy policies, contractual obligations, applicable laws, statutes, judgments, orders, rules and
regulations of any court or arbitrator or other governmental or regulatory authority, in each case, relating to the collection, use, transfer, import, export, storage, protection, disposal and disclosure by the Company or any of its subsidiaries of
personally identifiable, confidential or other regulated data (“Data Security Obligations”, and such data, “Data”); (ii) the Company has not received any written notification of or complaint regarding and is
unaware of any material non-compliance with any Data Security Obligation; and (iii) to the Company’s knowledge, there is no action, suit or proceeding by or before any court or governmental agency,
authority or body pending or, to the Company’s knowledge, threatened alleging non-compliance with any Data Security Obligation. 

(aa) The Company and its subsidiaries have implemented appropriate controls, policies, procedures and technological safeguards
to protect the information technology systems and Data used in connection with the operation of the Company’s and its subsidiaries’ businesses. Without limiting the foregoing, the Company and its subsidiaries have implemented appropriate
controls, policies, procedures and technological safe guards to establish and maintain reasonable 

  
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cyber security and data protection controls, policies and procedures that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, access,
disablement, misappropriation or modification, or other compromise or misuse of any information technology system or Data used in connection with the operation of the Company’s and its subsidiaries’ businesses (“Breach”).
Except as described in the Time of Sale Memorandum and Final Offering Memorandum, and to the knowledge of the Company, there has been no Breach in any material respect, and the Company and its subsidiaries have not been notified of and have no
knowledge of any event or condition that would reasonably be expected to result in, any such Breach. 
 (bb) The Company and
each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, singly or in the
aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole) and have paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not, singly or in the aggregate, have a
material adverse effect on the Company and its subsidiaries, taken as a whole, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Company), and no
tax deficiency has been determined adversely to the Company or any of its subsidiaries which, singly or in the aggregate, has had (nor does the Company nor any of its subsidiaries have any notice or knowledge of any tax deficiency which could
reasonably be expected to be determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a material adverse effect on the Company and its subsidiaries, taken as a whole. 

(cc) The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to
maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Preliminary Memorandum, the Time of Sale Memorandum
or the Final Memorandum is accurate. Since the end of the Company’s most recent audited fiscal year, there has been (i) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and
(ii) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

  
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 (dd) The interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules
and guidelines applicable thereto. 
 (ee) No material labor dispute with the employees of the Company or any of its
subsidiaries exists, except as described in the Time of Sale Memorandum, or, to the knowledge of the Company, is imminent; and the Company is not aware of any existing, threatened or imminent labor disturbance by the employees of any of its
principal suppliers, manufacturers or contractors that would reasonably be expected to have a Material Adverse Effect. 

(ff) The Company and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as are, in the Company’s reasonable judgment, prudent and customary in the businesses in which they are engaged; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied
for, except as did not have a Material Adverse Effect; and neither the Company nor any of its subsidiaries 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 at a cost that would not have a Material Adverse Effect, except as described in the Time of Sale Memorandum. 

(gg) The Company and its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state or foreign regulatory authorities necessary to conduct their respective businesses, except where failure to obtain such certificates, authorizations and permits would not, singly or in the aggregate, have a Material Adverse Effect, and neither
the Company nor any of its subsidiaries has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a Material Adverse Effect, except as described in the Time of Sale Memorandum. Except as described in the Time of Sale Memorandum and the Final Memorandum, as applicable, the Company and its subsidiaries
(i) are, and at all times during the prior five years have been, in compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, storage, import,
export or disposal of any product manufactured or distributed by or on behalf of the Company and its subsidiaries (“Applicable Regulatory Laws”), except where such noncompliance would not, singly or in the aggregate, have a
Material Adverse Effect; and (ii) has not, within the past five years, received any U.S. Food and Drug Administration (“FDA”) written notice of adverse finding, warning letter, untitled letter or other correspondence or written
notice from any court or arbitrator or governmental or regulatory authority alleging or asserting non-compliance with (x) any Applicable Regulatory Laws or (y) any licenses, exemptions, certificates,
approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Regulatory Laws. 

  
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 (hh) Except as described in the Time of Sale Memorandum and the Final
Memorandum or as would not be material to the Company and its subsidiaries (i) the clinical and pre-clinical trials conducted by or, to the knowledge of the Company, on behalf of or sponsored by the
Company or its subsidiaries, or in which the Company or its subsidiaries have participated, that are described in the Time of Sale Memorandum and the Final Memorandum, or the results of which are referred to in the Time of Sale Memorandum and the
Final Memorandum, as applicable, were, and if still pending are, being conducted in all material respects in accordance with standard medical and scientific research standards and procedures for products comparable to those being developed by the
Company and its subsidiaries and all applicable statutes and all applicable rules and regulations of the FDA and comparable regulatory agencies outside of the United States to which they are subject, including the European Medicines Agency
(collectively, the “Regulatory Authorities”), and, to the extent applicable, current Good Clinical Practices and Good Laboratory Practices; (ii) the descriptions in the Time of Sale Memorandum and the Final Memorandum of
the results of such studies and tests are accurate in all material respects and fairly present the data derived therefrom; (iii) the Company has no knowledge of any other trials not described in the Time of Sale Memorandum and the Final
Memorandum, the results of which call into question the results described or referred to in the Time of Sale Memorandum and the Final Memorandum; (iv) the Company has operated at all times and are currently in compliance in all material
respects with all applicable statutes, rules and regulations of the Regulatory Authorities; and (v) the Company has not received any written notices, correspondence or other communications from the Regulatory Authorities or any other
governmental agency requiring or threatening the termination, material modification or suspension of any clinical or pre-clinical trials that are described in the Time of Sale Memorandum and the Final
Memorandum or the results of which are referred to in the Time of Sale Memorandum and the Final Memorandum, other than ordinary course communications with respect to modifications in connection with the design and implementation of such trials, and,
to the Company’s knowledge, there are no reasonable grounds for the same. 
 (ii) Except as described in the Time of
Sale Memorandum and the Final Memorandum and except as would not be material to the Company and its subsidiaries, the Company and its subsidiaries have not failed to file with the Regulatory Authorities any required filing, declaration, listing,
registration, report or submission that is a responsibility with the Company with respect to the Company’s products that are described or referred to in the Time of Sale Memorandum and the Final Memorandum; all such filings, declarations,
listings, registrations, reports or submissions were in material compliance with applicable laws when filed; and to the Company’s knowledge no deficiencies regarding compliance with applicable law have been asserted by any applicable regulatory
authority with respect to any such filings, declarations, listings, registrations, reports or submissions. 

  
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 (jj) There is and has been no material failure on the part of the Company or
any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith, including Section 402
related to loans and Sections 302 and 906 related to certifications. 
 (kk) The Company had a reasonable basis for, and made
in good faith, each “forward-looking statement” (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or by reference in the Preliminary Memorandum, the Time of Sale Memorandum or
the Final Memorandum, in each case at the time such “forward-looking statement” was made. 
 (ll) The Company has
not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Securities. 
 2. Agreements to Sell and Purchase. The Company hereby agrees to sell to the Initial Purchaser, and
the Initial Purchaser, upon the basis of the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees to purchase from the Company, the principal amount of Firm Securities set forth in
Schedule I hereto opposite its name at a purchase price of 97.00% of the principal amount thereof (the “Purchase Price”) plus accrued interest, if any, to the Closing Date. 

On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to
sell to the Initial Purchaser the Additional Securities, and the Initial Purchaser shall have the right to purchase, up to $15,000,000 principal amount of Additional Securities at the Purchase Price plus accrued interest, if any, to the date of
payment and delivery. The Initial Purchaser may exercise this right in whole or from time to time in part by giving written notice to the Company, provided that any Option Closing Date (as defined below) shall occur within a period (the
“Exercise Period”) of thirteen calendar days from, and including, the closing date for the Firm Securities. Any exercise notice shall specify the principal amount of Additional Securities to be purchased by the Initial
Purchaser and the date on which such Additional Securities are to be purchased. Each purchase date must be within the Exercise Period and must be at least one business day after the written notice is given and may not be earlier than the closing
date for the Firm Securities nor later than ten business days after the date of such notice. Additional Securities may be purchased as provided in Section 4 solely for the purpose of covering sales of securities in excess of the number of the
Firm Securities. On each day, if any, that Additional Securities are to be purchased (an “Option Closing Date”), the Initial Purchaser agrees to purchase the principal amount of such Additional Securities (subject to such
adjustments to eliminate fractional Securities as the Initial Purchaser may determine) at the Purchase Price. 

  
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 3. Terms of Offering. The Initial Purchaser has advised the Company that the Initial
Purchaser will make an offering of the Securities purchased by the Initial Purchaser hereunder as soon as practicable after this Agreement is entered into as in the Initial Purchaser’s judgment is advisable. 

4. Payment and Delivery. Payment for the Firm Securities shall be made to the Company in Federal or other funds immediately available in
New York City against delivery of such Firm Securities for the account of the Initial Purchaser at 10:00 a.m., New York City time, on June 23, 2020, or at such other time on the same or such other date, not later than June 30, 2020, as
shall be designated in writing by the Initial Purchaser. The time and date of such payment are hereinafter referred to as the “Closing Date.” 

Payment for any Additional Securities shall be made to the Company in Federal or other funds immediately available in New York City against
delivery of such Additional Securities for the account of the Initial Purchaser at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in Section 2 or at such other time on the same or on such other date,
in any event not later than the last day of the Exercise Period, as shall be designated in writing by the Initial Purchaser. 
 The
Securities shall be in definitive form or global form, as specified by the Initial Purchaser, and registered in such names and in such denominations as the Initial Purchaser shall request in writing not later than one full business day prior to the
Closing Date or the applicable Option Closing Date, as the case may be. The Securities shall be delivered to the Initial Purchaser on the Closing Date or an Option Closing Date, as the case may be, for the account of the Initial Purchaser, with any
transfer taxes payable in connection with the transfer of the Securities to the Initial Purchaser duly paid, against payment of the Purchase Price therefor plus accrued interest, if any, to the date of payment and delivery. 

5. Conditions to the Initial Purchaser’s Obligations. The obligation of the Initial Purchaser to purchase and pay for the Firm
Securities on the Closing Date is subject to the following conditions: 
 (a) Subsequent to the execution and delivery of
this Agreement and prior to the Closing Date: 
 (i) there shall not have occurred any downgrading, nor shall any notice have
been given of any intended or potential downgrading, in the rating accorded the Company or any of the securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization,” as such term is
defined in Section 3(a)(62) of the Exchange Act, in each case other than a downgrade or notice of intended or potential downgrade in the Company’s Corporate Family Rating (or equivalent) of not more than one notch by any such organization;
and 

  
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 (ii) there shall not have occurred any change, or any development involving
a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Memorandum at the Time of Sale that, in the
Initial Purchaser’s judgment, is material and adverse and that makes it, in the Initial Purchaser’s judgment, impracticable to market the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum. 

(b) The Initial Purchaser shall have received on the Closing Date a certificate, dated the Closing Date and signed on behalf of
the Company by an executive officer of the Company, to the effect set forth in Section 5(a) and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and
that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date. 

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings
threatened. 
 (c) The Initial Purchaser shall have received a certificate, dated the date hereof, of the principal financial
officer of the Company in form and substance reasonably satisfactory to the Initial Purchaser. On the Closing Date, the Initial Purchaser shall have received from the principal financial officer of the Company a certificate, dated as of the Closing
Date, to the effect that he reaffirms the statements made in the certificate furnished pursuant to this Section 5(c). 

(d) The Initial Purchaser shall have received on the Closing Date an opinion and negative assurance letter of Vinson &
Elkins L.L.P., outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchaser. Such opinion and negative assurance letter shall be rendered to the Initial Purchaser at the request of
the Company and shall so state therein. 
 (e) The Initial Purchaser shall have received on the Closing Date an opinion
letter of Greenberg Traurig, LLP, outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchaser as to certain matters relating to the laws of the State of Florida. Such opinion shall
be rendered to the Initial Purchaser at the request of the Company and shall so state therein. 
 (f) The Initial Purchaser
shall have received on the Closing Date an opinion and negative assurance letter of Davis Polk & Wardwell LLP, counsel for the Initial Purchaser, dated the Closing Date, in form and substance reasonably satisfactory to the Initial
Purchaser. 

  
 15 

 (g) The Initial Purchaser shall have received on each of the date hereof and
the Closing Date a letter, dated the date hereof or the Closing Date, as the case may be, in form and substance satisfactory to the Initial Purchaser, from Ernst & Young LLP, independent public accountants, containing statements and
information of the type ordinarily included in accountants’ “comfort letters” to initial purchasers with respect to the financial statements and certain financial information contained in or incorporated by reference into the Time of
Sale Memorandum and the Final Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off date” not earlier than two business days prior to the date hereof. 

(h) The “lock-up” agreements, each substantially in the form of Exhibit A
hereto, between the Initial Purchaser and the executive officers and directors of the Company relating to restrictions on sales and certain other dispositions of shares of common stock or certain other securities, delivered to the Initial Purchaser
on or before the date hereof, shall be in full force and effect on the Closing Date. 
 (i) An application for the listing of
a number of shares of Common Stock equal to the Conversion Securities shall have been submitted to The New York Stock Exchange (the “Exchange”), and the Conversion Securities shall have been approved for listing on the Exchange,
subject to official notice of issuance. 
 (j) The representations and warranties of the Company contained herein shall be
true and correct on the date hereof and on and as of the Closing Date; and the statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date. 

(k) The obligation of the Initial Purchaser to purchase Additional Securities hereunder is subject to the delivery to the
Initial Purchaser on the applicable Option Closing Date of the following: 
 (i) a certificate, dated the Option Closing Date
and signed on behalf of the Company by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section 5(b) hereof remains true and correct as of such Option Closing Date; 

(ii) a certificate, dated the Option Closing Date and signed by the principal financial officer of the Company, confirming that
the certificate delivered on the Closing Date pursuant to Section 5(c) hereof remains true and correct as of such Option Closing Date; 

  
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 (iii) an opinion and negative assurance letter of Vinson & Elkins
L.L.P., outside counsel for the Company, dated the Option Closing Date, relating to the Additional Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(d) hereof; 

(iv) an opinion letter of Greenberg Traurig, LLP, outside counsel for the Company, dated the Option Closing Date, relating to
the Additional Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(d) hereof; 

(v) an opinion and negative assurance letter of Davis Polk & Wardwell LLP, counsel for the Initial Purchaser, dated
the Option Closing Date, relating to the Additional Securities to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(f) hereof; 

(vi) a letter dated the Option Closing Date, in form and substance satisfactory to the Initial Purchaser, from Ernst &
Young LLP, independent public accountants, substantially in the same form and substance as the letter furnished to the Initial Purchaser pursuant to Section 5(g) hereof; provided that the letter delivered on the Option Closing Date shall
use a “cut-off date” not earlier than three business days prior to such Option Closing Date; and 

(vii) the representations and warranties of the Company contained herein shall be true and correct on and as of the Option
Closing Date; and the statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Option Closing Date; and 

(viii) such other documents as the Initial Purchaser may reasonably request with respect to the good standing of the Company,
the due authorization, execution, authentication and issuance of the Additional Securities to be sold on such Option Closing Date and other matters related to the execution, authentication and issuance of such Additional Securities. 

6. Covenants of the Company. The Company covenants with the Initial Purchaser as follows: 

(a) To furnish to the Initial Purchaser in New York City, without charge, prior to 10:00 a.m. New York City time on the
business day following the date of this Agreement and during the period mentioned in Section 6(d) or (e), as many copies of the Time of Sale Memorandum, the Final Memorandum, any documents incorporated by reference therein and any supplements
and amendments thereto as the Initial Purchaser may reasonably request. 

  
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 (b) Before amending or supplementing the Preliminary Memorandum, the Time of
Sale Memorandum or the Final Memorandum, to furnish to the Initial Purchaser a copy of each such proposed amendment or supplement and not to use any such proposed amendment or supplement to which the Initial Purchaser reasonably objects. 

(c) To furnish to the Initial Puchaser a copy of each proposed Additional Written Offering Communication to be prepared by or
on behalf of, used by, or referred to by the Company and not to use or refer to any proposed Additional Written Offering Communication to which the Initial Purchaser reasonably objects. 

(d) If the Time of Sale Memorandum is being used to solicit offers to buy the Securities at a time when the Final Memorandum is
not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Memorandum in order to make the statements therein, in the light of the
circumstances in which they were made, not misleading, or if, in the opinion of counsel for the Initial Purchaser, it is necessary to amend or supplement the Time of Sale Memorandum to comply with applicable law, forthwith to prepare and furnish, at
its own expense, to the Initial Purchaser and to any dealer upon request, either amendments or supplements to the Time of Sale Memorandum so that the statements in the Time of Sale Memorandum as so amended or supplemented will not, in the light of
the circumstances when delivered to a prospective purchaser, be misleading or so that the Time of Sale Memorandum, as amended or supplemented, will comply with applicable law. 

(e) If, during such period after the date hereof and prior to the date on which all of the Securities shall have been sold by
the Initial Purchaser, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Final Memorandum in order to make the statements therein, in the light of the circumstances when the Final Memorandum is
delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Initial Purchaser, it is necessary to amend or supplement the Final Memorandum to comply with applicable law, forthwith to prepare and furnish, at its own expense, to
the Initial Purchaser, either amendments or supplements to the Final Memorandum so that the statements in the Final Memorandum as so amended or supplemented will not, in the light of the circumstances when the Final Memorandum is delivered to a
purchaser, be misleading or so that the Final Memorandum, as amended or supplemented, will comply with applicable law. 
 (f)
To endeavor to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Initial Purchaser shall reasonably request, provided that in connection therewith the Company shall not be required to
qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction or to subject itself to taxation for doing business in any jurisdiction. 

  
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 (g) Whether or not the transactions contemplated in this Agreement are
consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of the Company’s obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company’s
counsel and the Company’s accountants in connection with the issuance and sale of the Securities, (ii) all fees or expenses in connection with the preparation of the Preliminary Memorandum, the Time of Sale Memorandum, the Final
Memorandum, any Additional Written Offering Communication prepared by or on behalf of, used by, or referred to by the Company and any amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the
delivering of copies thereof to the Initial Purchaser, in the quantities herein above specified, (iii) all costs and expenses related to the transfer and delivery of the Securities to the Initial Purchaser, including any transfer or other
similar taxes payable thereon, (iv) the cost of printing or producing any Blue Sky or legal investment memorandum in connection with the offer and sale of the Securities under state securities laws and all expenses in connection with the
qualification of the Securities for offer and sale under state securities laws as provided in Section 6(f) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Initial Purchaser in connection with such
qualification and in connection with the Blue Sky or legal investment memorandum; provided that any such legal fees or disbursements do not exceed $10,000, (v) any fees charged by rating agencies for the rating of the Securities, (vi) the fees
and expenses, if any, incurred in connection with the listing of the Conversion Securities on the Exchange, (vii) the costs and charges of the Trustee and any transfer agent, registrar or depositary, (viii) the cost of the preparation,
issuance and delivery of the Securities, (ix) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Securities, including,
without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road
show presentations with the prior approval of the Company, travel and lodging expenses, if any, of the representatives and officers of the Company and any such consultants, and 50% of the cost of any aircraft chartered in connection with the road
show, (x) the document production charges and expenses associated with printing this Agreement and (xi) all other cost and expenses incident to the performance of the obligations of the Company hereunder for which provision is not
otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 8, and the last paragraph of Section 10, the Initial Purchaser will pay all of its costs and expenses, including fees and
disbursements of its counsel, transfer or other stamp taxes payable on resale of any of the Securities by it and any advertising expenses connected with any offers it may make. 

  
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 (h) Neither the Company nor any Affiliate will sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) which could be integrated with the sale of the Securities in a manner which would require the registration under the Securities Act of the
Securities. 
 (i) To furnish the Initial Purchaser with any proposed General Solicitation to be made by the Company or on
its behalf before its use, and not to make or use any proposed General Solicitation without the Initial Purchaser’s prior written consent. 

(j) While any of the Securities or the Underlying Securities remain “restricted securities” within the meaning of the
Securities Act, to make available, upon request, to any seller of such Securities the information specified in Rule 144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act. 

(k) During the period of one year after the Closing Date or any Option Closing Date, if later, the Company will not be, nor
will it become, an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act. 

(l) During the period of one year after the Closing Date or any Option Closing Date, if later, the Company will not, and will
not permit any person that is an affiliate (as defined in Rule 144 under the Securities Act) that it controls at such time (or has been an affiliate within the three months preceding such time) to, resell any of the Securities or the Underlying
Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them. 
 (m)
Not to take any action prohibited by Regulation M under the Exchange Act in connection with the distribution of the Securities contemplated hereby. 

(n) For as long as any Securities are outstanding, to use its commercially reasonable efforts to effect and maintain the
listing of the Conversion Securities on the Exchange. 
 (o) For so long as any Securities are outstanding, to keep the
Conversion Securities duly authorized and reserved, free of preemptive rights. 
 (p) The Company will deliver to the Initial
Purchaser (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company
undertakes to provide such additional supporting documentation as the Initial Purchaser may reasonably request in connection with the verification of the foregoing Certification. 

  
 20 

 (q) The Company will advise the Initial Purchaser promptly, and confirm such
advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Memorandum, any Additional Written Communication or the Final Memorandum or the
initiation or threatening of any proceeding for that purpose; (ii) of the occurrence or development of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time of Sale
Memorandum, any Additional Written Communication or the Final Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing when such Time of Sale Memorandum, Additional Written Communication or the Final Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to
any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any
such order preventing or suspending the use of any of the Time of Sale Memorandum, any Additional Written Communication or the Final Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will obtain as
soon as possible the withdrawal thereof. 
 The Company also agrees that, without the prior written consent of the Initial Purchaser, it
will not, and will not publicly disclose an intention to, during the period ending 60 days after the date of the Final Memorandum (the “Restricted Period”), (1) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or
exercisable or exchangeable for common stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A) the sale of the Securities under this Agreement, the issuance
of any Underlying Securities upon conversion thereof, (B) the issuance by the Company of any shares of common stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof as described in each of
the Time of Sale Memorandum and the Final Memorandum, (C) the issuance by the Company of common stock or other securities convertible into or exercisable for shares of common stock pursuant to any equity incentive plan and the filing of any
registration statement (including but not limited to a registration statement on Form S-8) relating to the issuance, vesting, exercise, settlement, conversion or resale of any such common stock or other
securities, provided that such equity incentive plan is described in the Time of Sale Memorandum and the Final Memorandum, (D) the entry into an agreement providing for 

  
 21 

 
the issuance by the Company of shares of common stock or any security convertible into or exercisable for shares of common stock in connection with the acquisition by the Company or any of its
subsidiaries of the securities, business, property or other assets of another person or entity or pursuant to an employee benefit plan assumed by the Company in connection with such acquisition, and the issuance of any such securities pursuant to
any such agreement and the filing of any registration statement relating to the issuance, vesting, exercise, settlement, conversion or resale of any such common stock or other securities, (E) the entry into an agreement providing for the
issuance of shares of common stock or any security convertible into or exercisable for shares of common stock in connection with legal settlements, joint ventures, commercial relationships or other strategic transactions, and the issuance of any
such securities pursuant to any such agreement and the filing of any registration statement relating to the issuance of any such common stock or other securities; provided that the aggregate number of shares of common stock that the Company may sell
or issue or agree to sell or issue pursuant to clauses (D), and (E) collectively does not exceed 5% of the total number of shares of common stock issued and outstanding immediately following the completion of the transactions contemplated by
this Agreement, and provided, further, that all such recipients of shares of common stock shall execute and deliver to the Initial Purchaser, on or prior to such issuance, a “lock-up” agreement,
substantially in the form of Exhibit A hereto, with respect to the remaining portion of the Restricted Period or (F) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company
pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, provided that (i) such plan does not provide for the transfer of common stock during the Restricted Period
and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the
effect that no transfer of Common Stock may be made under such plan during the Restricted Period. 
 7. Offering of Securities;
Restrictions on Transfer. (a) The Initial Purchaser represents and warrants that it is a qualified institutional buyer as defined in Rule 144A under the Securities Act (a “QIB”). The Initial Purchaser agrees with the
Company that (i) it will not solicit offers for, or offer or sell, such Securities by any General Solicitation, other than a permitted communication listed on Schedule II hereto, or those made with the prior written consent of the Company, or
in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, (ii) it will sell such Securities in accordance with Rule 144A under the Securities Act only to persons that it reasonably believes to
be QIBs and that in purchasing such Securities are deemed to have represented and agreed as provided in the Final Memorandum under the captions “Notice to Investors” and “Transfer Restrictions”. 

(b) The Company agrees that the Initial Purchaser may provide copies of the Preliminary Memorandum, the Time of Sale Memorandum, the Final
Memorandum and any other agreements or documents relating thereto, including without limitation, the Indenture, to Xtract Research LLC (“Xtract”), following completion of the offering, for inclusion in an online research service
sponsored by Xtract, access to which shall be restricted by Xtract to QIBs. 

  
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 8. Indemnity and Contribution. (a) The Company agrees to indemnify and hold
harmless the Initial Purchaser, each person, if any, who controls the Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of the Initial Purchaser within the
meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such
action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Offering Communication prepared
by or on behalf of, used by, or referred to by the Company, any General Solicitation made by the Company, any “road show” as defined in Rule 433(h) under the Securities Act (a “road show”), the Final Memorandum or
any amendment or supplement thereto, or arise out of, or are based upon, any 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, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, by any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to the Initial Purchaser furnished to the Company in writing by the Initial Purchaser expressly for use therein, it being understood and agreed that the only such information furnished by the Initial Purchaser consists of the information
described as such in paragraph (b) below. 
 (b) The Initial Purchaser agrees to indemnify and hold harmless the
Company, its directors, its officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the
Company to the Initial Purchaser, but only with reference to information relating to the Initial Purchaser furnished to the Company in writing by the Initial Purchaser expressly for use in the Preliminary Memorandum, the Time of Sale Memorandum, any
Additional Written Offering Communication set forth in Schedule II hereto, road show, General Solicitation set forth in Schedule II hereto, the Final Memorandum or any amendment or supplement thereto. 

(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to Section 8(a) or 8(b), such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying
party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the reasonably incurred fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of such counsel or (ii) the

  
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named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such reasonably incurred fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by the Initial Purchaser, in the case of parties indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such
settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 

(d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Initial Purchaser on the other hand
from the offering of the Securities or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i)
above but also the relative fault of the Company on the one hand and of the Initial Purchaser on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by the Company on the one hand and the Initial 

  
 24 

 
Purchaser on the other hand in connection with the offering of the Securities shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Securities
(before deducting expenses) received by the Company and the total discounts and commissions received by the Initial Purchaser bear to the aggregate offering price of the Securities. The relative fault of the Company on the one hand and of the
Initial Purchaser on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Initial Purchaser and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company and the Initial Purchaser agree that it would not be just or equitable if contribution pursuant to this
Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a
result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, the Initial Purchaser shall not be required to contribute any amount in excess of the amount by which the total price at which the
Securities resold by it in the initial placement of such Securities were offered to investors exceeds the amount of any damages that the Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

(f) The indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other
statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchaser, any person
controlling the Initial Purchaser or any affiliate of the Initial Purchaser or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Securities. 

9. Termination. The Initial Purchaser may terminate this Agreement by notice given by the Initial Purchaser to the Company, if after the
execution and delivery of this Agreement and prior to or on the Closing Date, or any Option Closing Date, as the case may be, (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New
York Stock Exchange, the NYSE American, or the 

  
 25 

 
NASDAQ Global Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any
over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any
moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or
crisis that, in the Initial Purchaser’s judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Initial Purchaser’s judgment, impracticable or inadvisable to
proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum or the Final Memorandum. 

10. Effectiveness; Defaulting Initial Purchaser. This Agreement shall become effective upon the execution and delivery hereof by the
parties hereto. 
 If, on the Closing Date the Initial Purchaser shall fail or refuse to purchase the Firm Securities which it has agreed to
purchase hereunder on such date, and arrangements satisfactory to the Initial Purchaser and the Company for the purchase of such Firm Securities are not made within 36 hours after such default, this Agreement shall terminate without liability on the
part of the Company, except that the provisions of Sections 8 and 11 hereof shall at all times be effective and shall survive such termination. In any such case either the Initial Purchaser or the Company shall have the right to postpone the Closing
Date, but in no event for longer than seven days, in order that the required changes, if any, in the Time of Sale Memorandum, the Final Memorandum or in any other documents or arrangements may be effected. Any action taken under this paragraph shall
not relieve the Initial Purchaser from liability in respect of any default of the Initial Purchaser under this Agreement. 
 If this
Agreement shall be terminated by the Initial Purchaser because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement other than by reason of default by the Initial
Purchaser, or if for any reason the Company shall be unable to perform its obligations under this Agreement other than by reason of default by the Initial Purchaser, the Company will reimburse the Initial Purchaser for all out-of-pocket expenses (including the fees and disbursements of its counsel) reasonably incurred by the Initial Purchaser in connection with this Agreement or the offering
contemplated hereunder. 
 11. Entire Agreement. (a) This Agreement, together with any contemporaneous written agreements and any
prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement between the Company and the Initial Purchaser with respect to the preparation of the Preliminary
Memorandum, the Time of Sale Memorandum, the Final Memorandum, the conduct of the offering, and the purchase and sale of the Securities. 

  
 26 

 (b) The Company acknowledges that in connection with the offering of the
Securities: (i) the Initial Purchaser has acted at arms length, is not an agent of, and owes no fiduciary duties to, the Company or any other person, (ii) the Initial Purchaser owes the Company only those duties and obligations set forth
in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement) if any, and (iii) the Initial Purchaser may have interests that differ from those of the Company. The
Company waives to the full extent permitted by applicable law any claims it may have against the Initial Purchaser arising from an alleged breach of fiduciary duty in connection with the offering of the Securities. 

12. Recognition of the U.S. Special Resolution Regimes. (a) In the event that the Initial Purchaser is a Covered Entity that
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b) In the event that the Initial Purchaser is a Covered Entity and the Initial Purchaser or a BHC Act Affiliate of the Initial
Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights
could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

For purposes of this Section a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and
shall be interpreted in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b). “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution
Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 13. Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 
 14. Applicable Law. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York. 

  
 27 

 15. Headings. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement. 
 16. Notices. All communications hereunder shall be
in writing and effective only upon receipt and if to the Initial Purchaser shall be delivered, mailed or sent to Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Convertible Debt Syndicate Desk, with a copy to
the Legal Department; and if to the Company shall be delivered, mailed or sent to CryoLife, Inc., 1655 Roberts Boulevard N.W., Kennesaw, GA 30144, Attention: Executive Vice President, Chief Operating Officer, and Chief Financial Officer, with a copy
thereof directed to the Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary . 
 [Signature
pages follow.] 

  
 28 

 
					
	Very truly yours,
	
	CRYOLIFE, INC.
		
	By:	 	/s/ D. Ashley Lee
		 	Name:	 	D. Ashley Lee
		 	Title:	 	Executive Vice President,
		 		 	Chief Financial Officer and
		 		 	Chief Operating Officer

  
 29 

			
	Accepted as of the date hereof
	
	Morgan Stanley & Co. LLC, as
	Initial Purchaser
		
	By:	 	Morgan Stanley & Co. LLC
		
	By:	 	/s/ Usman Khan
		 	Name: Usman Khan
		 	Title:   Managing Director

  
 30 

 SCHEDULE I 
  

					
	 Initial Purchaser
	  	Principal Amount of
Firm Securities to be
Purchased	 
	 Morgan Stanley & Co. LLC
	  	$	100,000,000	 
		  	  
	  
	 
	 Total:
	  	$	100,000,000	 
		  	  
	  
	 

  
 I-1 

 SCHEDULE II 

Permitted Communications 
 Time of Sale
Memorandum 
  

	1.	 Preliminary Memorandum issued June 18, 2020 

 

	2.	 Pricing term sheet dated June 18, 2020, attached as Exhibit B hereto 

Permitted Additional Written Offering Communications 
  

	1.	 Each electronic “road show” as defined in Rule 433(h) furnished to the Initial Purchaser prior to use
that the Initial Purchaser and Company have agreed may be used in connection with the offering of the Securities 

  

	2.	 Pricing term sheet dated June 18, 2020, attached as Exhibit B hereto 

 

	3.	 Launch Press Release, dated June 18, 2020 

 

	4.	 Pricing Press Release, dated June 18, 2020 

Permitted General Solicitations other than Permitted Additional Written Offering Communications set forth above 

None 

  
 II-1 

 EXHIBIT A 

FORM OF LOCK-UP AGREEMENT 

  
 1 

 LOCK-UP LETTER AGREEMENT 

June ___, 2020 
 Morgan Stanley & Co.
LLC 
 As Representative of the several 

Initial Purchasers listed in Schedule I 

to the Purchase Agreement referred to below 
 c/o
Morgan Stanley & Co. LLC 
 1585 Broadway 

New York, NY 10036 
 Re: CryoLife,
Inc. — Rule 144A Offering 
 Ladies and Gentlemen: 

The undersigned understands that you, as Representative of the several Initial Purchasers (as defined below), propose to enter into a Purchase
Agreement (the “Purchase Agreement”) with CryoLife, Inc., a Florida corporation (the “Company”), providing for the purchase and resale (the “Offering”) by the several Initial Purchasers named
in Schedule I to the Purchase Agreement (the “Initial Purchasers”), of Convertible Senior Notes of the Company (the “Securities”). The Securities will be convertible into cash, shares of the common stock,
$0.01 per share par value, of the Company (the “Common Stock”) or a combination of cash and Common Stock, at the Company’s election. Capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Purchase Agreement. 
 To induce the Initial Purchasers that may participate in the Offering to continue their efforts in
connection with the Offering, the undersigned hereby agrees that, without the prior written consent of Morgan Stanley & Co. LLC (the “Representative”) on behalf of the Initial Purchasers, it will not, and will not publicly
disclose an intention to, during the period commencing on the date hereof and ending 60 days after the date of the final offering memorandum (the “Restricted Period”) relating to the Offering (the “Final
Memorandum”), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly
or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), by the
undersigned or any other securities so owned convertible into or exercisable or exchangeable for Common Stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to: 

  
 1 

 (a) transactions relating to shares of Common Stock or other securities acquired in open
market transactions after the completion of the Offering, provided that no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made in connection with subsequent sales of Common Stock or other
securities acquired in such open market transactions; 
 (b) transfers of shares of Common Stock or any security convertible into or
exercisable or exchangeable for Common Stock as a bona fide gift; 
 (c) distributions of shares of Common Stock or any security convertible
into or exercisable or exchangeable for Common Stock to limited partners, members, stockholders or trust beneficiaries of the undersigned; 

(d) transfers or other dispositions by will, other testamentary document or intestate succession upon the death of the undersigned, or by
operation of law, such as pursuant to a qualified domestic relations order or in connection with a divorce settlement, provided that any filing under Section 16(a) of the Exchange Act required to be made during the Restricted Period in
connection with any such transfer or disposition shall indicate by footnote disclosure or otherwise the nature of the transfer or disposition; 

(e) the receipt by the undersigned from the Company of shares of Common Stock upon the exercise of options, warrants, restricted stock units or
other equity awards pursuant to any employee benefit plans or arrangements described in the Time of Sale Memorandum (as defined in the Purchase Agreement) and the Final Memorandum (including through incorporation by reference), provided that
any shares of Common Stock received pursuant to this clause (e) shall be subject to the restrictions on transferability contained in this agreement, provided further that any filing under Section 16(a) of the Exchange Act
required to be made during the Restricted Period in connection with such transaction shall indicate by footnote disclosure or otherwise (i) the nature of the transaction and (ii) that any shares of Common Stock received pursuant to this
clause (e) are subject to the restrictions on transferability contained in this agreement; 
 (f) dispositions or transfers of shares of
Common Stock or any security convertible into or exercisable or exchangeable for Common Stock by the undersigned to the Company solely (i) in connection with the “net” or “cashless” exercise of options or other rights to
acquire shares of Common Stock granted pursuant to an equity incentive plan, employee compensation plan or other arrangement described in the Time of Sale Memorandum (as defined in the Purchase Agreement) and the Final Memorandum, or (ii) in
satisfaction of tax withholding obligations in connection with any such exercise or the vesting of restricted stock, provided that any shares of Common Stock or other securities received upon any such exercise or vesting contemplated by this
clause (f) shall be subject to the restrictions on transferability contained in this agreement, provided further that any filing under Section 16(a) of the Exchange Act required to be made during the Restricted Period in connection
with any such transfer or disposition shall indicate by footnote disclosure or otherwise (i) the nature of the transfer or disposition and (ii) any shares of Common Stock received upon any such exercise or vesting contemplated by this
clause (f) are subject to the restrictions on transferability contained in this agreement; 

  
 2 

 (g) transfers of shares of Common Stock or any security convertible into or exercisable or
exchangeable for Common Stock to the undersigned’s affiliates or to any investment fund or other entity controlled by the undersigned; 

(h) transfer of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock to or from any
immediate family member of the undersigned or a trust, partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned. For purposes of this clause (h),
“immediate family member” shall mean any relationship by blood, current or former marriage or domestic partnership or adoption, not more remote than first cousin; 

(i) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer
of shares of Common Stock (including shares acquired upon the exercise, conversion or exchange of any security convertible into or exercisable or exchangeable for Common Stock); provided that (i) such plan does not provide for the
transfer of Common Stock during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the
establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period; 

(j) sales, transfers or other dispositions pursuant to a trading plan pursuant to Rule 10b5-1 under the
Exchange Act for the transfer of shares of Common Stock that has been entered into by the undersigned prior to the date hereof of which the Representative has received notice, provided that any filing made under Section 16(a) of the
Exchange Act includes a footnote that expressly states that the sale was made pursuant to an existing 10b5-1 Plan; or 

(k) transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock to the Company in
connection with the termination of the undersigned’s employment with the Company pursuant to an agreement in effect on the date hereof and entered into pursuant to any employee benefit plans or arrangements described in the Time of Sale
Memorandum and the Final Memorandum (including through incorporation by reference), provided that any filing under Section 16(a) of the Exchange Act required to be made during the Restricted Period in connection with such
transaction shall indicate by footnote disclosure or otherwise the nature of the transaction, 
 provided that in the case of any
transfer or distribution pursuant to clauses (b), (c), (d), (g) or (h), each donee, transferee, heir, beneficiary or distributee shall sign and deliver a lock-up letter substantially in the form of this
letter, provided further that in the case of any transfer or distribution pursuant to clauses (b), (c), (g) or (h), no filing under Section 16(a) of the Exchange Act by the undersigned, reporting a reduction in beneficial ownership of
shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period. 

  
 3 

 In addition, the undersigned agrees that, without the prior written consent of the
Representative on behalf of the Initial Purchasers, it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable
or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s shares of Common Stock except
in compliance with the foregoing restrictions. 
 The undersigned understands that the Company and the Initial Purchasers are relying upon
this agreement in proceeding toward consummation of the Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors and assigns. 

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made
pursuant to a Purchase Agreement, the terms of which are subject to negotiation between the Company and the Initial Purchasers. 
 This
letter shall automatically terminate upon the earliest to occur, if any, of (a) the date the Company advises the Representative, in writing, prior to the execution of the Purchase Agreement, that it has determined not to proceed with the
Offering, (b) the date of the termination of the Purchase Agreement (without regard to any provisions thereof that survive termination) if prior to the sale of any Securities pursuant to the Purchase Agreement, or (c) August 30, 2020
if, and only if, the Purchase Agreement has not been executed by such date. 
 This agreement shall be governed by and construed in
accordance with the laws of the State of New York. 
 This agreement may be signed and delivered via facsimile, electronic mail (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any signature so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 
 [Signature page follows]

  
 4 

									
	IF AN INDIVIDUAL:	 		 	IF AN ENTITY:
				
	By:	 	  
	 	  	 	  

	(duly authorized signature)	 		 	(please print complete name of entity)

									
					
	Name:	 	  
	 		 	By:	 	  

	(please print full name)	 	  	 		 	(duly authorized signature)
					
		 		 		 	Name:	 	  

		 		 		 	(please print full name)
					
		 		 		 	Title:	 	  

		 		 		 	(please print full title)

									
			
	Address:	 	  	 	Address:
			
	  
	 		 	  

			
	  
	 		 	  

					
	E-mail:	 	  
	 		 	E-mail:	 	  

  
 5 

 EXHIBIT B 

PRICING TERM SHEET 

  
 2 

			
	PRICING TERM SHEET	  	STRICTLY CONFIDENTIAL
		
	DATED June 18, 2020	  	

  
 

 
 CRYOLIFE, INC. 

$100,000,000 
 4.250%
CONVERTIBLE SENIOR NOTES DUE 2025 
 The information in this pricing term sheet supplements CryoLife Inc.’s preliminary offering memorandum,
dated June 18, 2020 (the “Preliminary Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. In all other
respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum, including all documents incorporated by reference therein. Terms used herein but not defined herein shall have the respective
meanings as set forth in the Preliminary Offering Memorandum. All references to dollar amounts are references to U.S. dollars. 
  

			
		
	Issuer:	  	CryoLife, Inc., a Florida corporation (the “Issuer”).
		
	 Ticker/Exchange for the Issuer’s Common Stock:
	  	“CRY”/The New York Stock Exchange.
		
	Notes:	  	4.250% Convertible Senior Notes due 2025 (the “Notes”).
		
	Principal Amount:	  	$100,000,000, plus up to an additional $15,000,000 principal amount pursuant to the initial purchaser’s option to purchase additional Notes.
		
	Denominations:	  	$1,000 and multiples of $1,000 in excess thereof.
		
	Maturity:	  	July 1, 2025, unless earlier repurchased, redeemed or converted.
		
	Interest Rate:	  	4.250% per year.
		
	Interest Payment Dates:	  	Interest will accrue from June 23, 2020 and will be payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2021.
		
	Interest Record Dates:	  	December 15 and June 15 of each year, immediately preceding any January 1 and July 1 interest payment date, as the case may be.
		
	Issue Price:	  	100% of principal, plus accrued interest, if any, from June 23, 2020.
		
	Trade Date:	  	June 19, 2020.
		
	Expected Settlement Date:	  	June 23, 2020.
		
	 Closing Sale Price of the Issuer’s Common Stock on June 18, 2020:
	  	$17.38 per share.
		
	Initial Conversion Rate:	  	42.6203 shares of the Issuer’s common stock per $1,000 principal amount of Notes.
		
	Initial Conversion Price:	  	Approximately $23.46 per share of the Issuer’s common stock.
		
	Conversion Premium:	  	Approximately 35.0% above the last reported sale price of the Issuer’s common stock on The New York Stock Exchange on June 18, 2020.

			
		
	Redemption at Our Option:	  	The Issuer may not redeem the Notes prior to July 5, 2023. The Issuer may redeem for cash all or part of the Notes, at the Issuer’s option, on or after July 5, 2023 if the last reported sale price of the Issuer’s
common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and
including, the trading day immediately preceding the date on which the Issuer provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but
excluding, the redemption date. If the redemption date for such a redemption is on or after January 1, 2025, the redemption must be for all, and not less than all, of the then outstanding Notes. No “sinking fund” is provided for the
Notes.
		
	Sole Book-Running Manager:	  	Morgan Stanley & Co. LLC
		
	 Financial Advisors to CryoLife, Inc.:
	  	 J. Wood Capital Advisors LLC
 Perella Weinberg
Partners

		
	CUSIP Number (144A):	  	228903 AA8
		
	ISIN (144A):	  	US228903AA86
		
	Use of Proceeds:	  	The Issuer estimates that the net proceeds from this offering will be approximately $96.5 million (or approximately $111.1 million if the initial purchaser exercises its option to purchase additional Notes in full), after
deducting fees and estimated expenses.
		
		  	The Issuer expects to use the net proceeds from this offering for general corporate purposes, including the repayment of approximately $30 million in outstanding borrowings under its revolving credit facility.
		
		  	If the initial purchaser exercises its option to purchase additional Notes, the Issuer intends to use the net proceeds from the sale of the additional Notes for general corporate purposes.
		
	 Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change
or a Notice of Redemption:
	  	 If the effective date of a “make-whole fundamental change” (as defined in the Preliminary Offering Memorandum) occurs prior to the
maturity date of the Notes or if the Issuer gives a notice of redemption with respect to any or all of the Notes, the Issuer will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with
such a make-whole fundamental change or notice of redemption, as the case may be, as described under “Description of Notes—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change or Notice of
Redemption” in the Preliminary Offering Memorandum.
  
 The following table sets
forth the number of additional shares by which the conversion rate will be increased per $1,000 principal amount of Notes for conversions in connection with a make-whole fundamental change or notice of redemption, as the case may be, for each
“stock price” and “effective date” set forth below:

  
 2 

																																																	
	 	  	Stock Price	 
	 Effective Date
	  	$	17.38	 	  	$	20.00	 	  	$	23.46	 	  	$	27.50	 	  	$	30.50	 	  	$	40.00	 	  	$	55.00	 	  	$	75.00	 	  	$	100.00	 	  	$	125.00	 	  	$	150.00	 	  	$	200.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 June 23, 2020
	  	 	14.9170	 	  	 	11.8785	 	  	 	9.2016	 	  	 	7.1895	 	  	 	6.1548	 	  	 	4.1918	 	  	 	2.7633	 	  	 	1.8640	 	  	 	1.2752	 	  	 	0.9266	 	  	 	0.6947	 	  	 	0.4059	 
	 July 1, 2021
	  	 	14.9170	 	  	 	11.1655	 	  	 	8.3581	 	  	 	6.3298	 	  	 	5.3262	 	  	 	3.5190	 	  	 	2.2918	 	  	 	1.5459	 	  	 	1.0599	 	  	 	0.7716	 	  	 	0.5793	 	  	 	0.3396	 
	 July 1, 2022
	  	 	14.9170	 	  	 	10.3380	 	  	 	7.3448	 	  	 	5.2989	 	  	 	4.3430	 	  	 	2.7510	 	  	 	1.7733	 	  	 	1.1999	 	  	 	0.8252	 	  	 	0.6017	 	  	 	0.4524	 	  	 	0.2660	 
	 July 1, 2023
	  	 	14.9170	 	  	 	9.3790	 	  	 	6.0912	 	  	 	4.0302	 	  	 	3.1564	 	  	 	1.8863	 	  	 	1.2151	 	  	 	0.8285	 	  	 	0.5716	 	  	 	0.4174	 	  	 	0.3142	 	  	 	0.1853	 
	 July 1, 2024
	  	 	14.9170	 	  	 	8.2315	 	  	 	4.3730	 	  	 	2.3535	 	  	 	1.6784	 	  	 	0.9443	 	  	 	0.6256	 	  	 	0.4308	 	  	 	0.2978	 	  	 	0.2178	 	  	 	0.1642	 	  	 	0.0973	 
	 July 1, 2025
	  	 	14.9170	 	  	 	7.3795	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact stock price and effective date may not be set forth in the table above, in which case: 

 

	 	•	 	 If the stock price is between two stock prices in the table above or the effective date is between two effective
dates in the table above, the number of additional shares by which the conversion rate will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and
the earlier and later effective dates, as applicable, based on a 365-day or 366-day year, as applicable. 

 

	 	•	 	 If the stock price is greater than $200.00 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above as described in the Preliminary Offering Memorandum), no additional shares will be added to the conversion rate. 

 

	 	•	 	 If the stock price is less than $17.38 per share (subject to adjustment in the same manner as the stock prices
set forth in the column headings of the table above as described in the Preliminary Offering Memorandum), no additional shares will be added to the conversion rate. 

Notwithstanding the foregoing, in no event will the conversion rate per $1,000 principal amount of Notes exceed 57.5373 shares of the Issuer’s common
stock, subject to adjustment in the same manner as the conversion rate as set forth under “Description of Notes—Conversion Rights—Conversion Rate Adjustments” in the Preliminary Offering Memorandum. 

 
  

This communication is intended for the sole use of the person to whom it is provided by the sender. This material is confidential and is for your
information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the Notes or the offering thereof. This communication does not constitute an offer to sell or the
solicitation of an offer to buy any Notes in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

The Notes and the shares of the Issuer’s common stock issuable upon conversion of the Notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and may not be offered or sold within the United States or any other jurisdiction, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and any other applicable securities laws. The initial purchaser is initially offering the Notes only to qualified institutional buyers as defined in, and in reliance on, Rule 144A under
the Securities Act. 
 The Notes and the shares of the Issuer’s common stock issuable upon conversion of the Notes are not transferable except
in accordance with the restrictions described under “Transfer Restrictions” in the Preliminary Offering Memorandum. 
 A copy of the
Preliminary Offering Memorandum for the offering of the Notes may be obtained by contacting your sales representative at Morgan Stanley & Co. LLC. 

Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends,
disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system. 

  
 3Camber Energy, Inc. 8-K

 

Exhibit
10.1

STOCK
PURCHASE AGREEMENT

This
Stock Purchase Agreement (“Agreement”) is made and entered into on June 22, 2020 (“Effective Date”),
by and between Camber Energy, Inc., a Nevada corporation (“Company”), and the investor whose name appears on the signature page hereto (“Investor”).

Recitals

A.       The
parties desire that, upon the terms and subject to the conditions herein, Investor will purchase $6 million in shares of Series
C Redeemable Convertible Preferred Stock of the Company; and

B.       The
offer and sale of the Securities provided for herein are being made pursuant to the exemptions from registration under Section
4(a)(2) of the Act as a transaction by an issuer not involving any public offering, and as an offshore private placement of restricted
securities pursuant to Rule 506 of Regulation D.

Agreement

In
consideration of the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

I.       Definitions.
In addition to the terms defined elsewhere in this Agreement and the Transaction Documents, capitalized terms that are not otherwise
defined have the meanings set forth in the Glossary of Defined Terms attached hereto as Exhibit 1 or
the other Transaction Documents.

II.       Purchase
and Sale.

A.       Purchase
Amount. Subject to the terms and conditions herein and the satisfaction of the conditions
to Closings set forth below, Investor hereby irrevocably agrees (pursuant to the terms of this Agreement below, including the
Company Option), to purchase 630 Preferred Shares at $10,000.00 per share (“Face Value”)
with a 5.0% original issue discount (“OID”) for the sum of $6,000,000.00
(“Purchase Amount”).

B.       Deliveries.
The following documents will be fully executed and delivered at the Closing:

1.       This
Agreement;

2.       Legal
Opinion, in the form attached hereto as Exhibit 2;

3.       Officer’s
Certificate, in the form attached hereto as Exhibit 3;

4.       Secretary’s
Certificate, in the form attached hereto as Exhibit 4; and

5.       A
stock certificate or Transfer Agent book entry for the number of purchased Preferred Shares in the name of Investor.

    	 

    	 

    

C.       Closing
Conditions. The consummation of the transactions contemplated by this Agreement (each, a
“Closing”) is subject to the satisfaction of each of the following conditions:

1.       All
documents, instruments and other writings required to be delivered by Company to Investor pursuant to any provision of this Agreement
or in order to implement and effect the transactions contemplated herein have been fully executed and delivered, including without
limitation those enumerated in Section II.B above;

2.       The
Common Stock is listed for and currently trading on the same or higher Trading Market and except as set forth in Schedule II.C.2,
Company is in compliance with all requirements to maintain listing on the Trading Market and there
is no notice of any suspension or delisting with respect to the trading of  the shares of Common Stock on  such
Trading Market ;

3.       The
representations and warranties of Company and Investor set forth in this Agreement are true and correct in all material respects
as if made on such date (except for representations and warranties expressly made as of a specified date, which will be true as
of such date);

4.       Except
for those prior breaches known to or identified by Investor prior to the Effective Date, or which have been waived by the Investor,
no material breach or default has occurred under any Transaction Document with respect to
any Preferred Share or any other agreement between Company and Investor or any Affiliate of Investor;

5.       There
is not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction
Document, or requiring any consent or approval which will not have been obtained, other than Approval, nor is there any completed,
pending, threatened or, to Company’s knowledge, contemplated proceeding or investigation which may have the effect of prohibiting
or adversely affecting any of the transactions contemplated by this Agreement, including without limitation the sale, issuance,
listing, trading, or resale of any Shares on the Trading Market; no statute, rule, regulation, executive order, decree, ruling
or injunction will have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction
that prohibits the transactions contemplated by this Agreement, and no actions, suits or proceedings will be completed, in progress,
pending, threatened or, to Company’s knowledge, contemplated by any person other than Investor or any Affiliate of Investor,
that seek to enjoin or prohibit the transactions contemplated by this Agreement; and

6.       Any
rights of first refusal, preemptive rights, rights of participation, or any similar right to participate in the transactions contemplated
by this Agreement, if any, have been waived in writing.

D.       Closing.
Immediately when all conditions set forth in Section II.C have
been fully satisfied, Company will issue and sell to Investor and Investor will purchase 630 Preferred Shares by payment to Company
of $6,000,000.00, by wire transfer of immediately available funds to an account designated by Company (the “Closing”).

    	 

    	 

    

III.       Representations
and Warranties.

A.       Representations
Regarding Transaction. Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

1.       Organization
and Qualification. Company and each Subsidiary 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, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted, except where
the failure to do so would not reasonably be expected to result in a Material Adverse Effect. Neither Company nor any Subsidiary
is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse Effect. Each of
Company and each Subsidiary 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, would not reasonably be expected to result
in a Material Adverse Effect and there is no completed, pending or, to the knowledge of Company, contemplated or threatened proceeding
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

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

3.       No
Conflicts. The execution, delivery and performance of the Transaction Documents by Company, the issuance and sale of the
Shares and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict with or
violate any provision of Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, (b) 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 Company or any Subsidiary,
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any material agreement, credit facility, debt or other instrument (evidencing
Company or Subsidiary debt or otherwise) or other understanding to which Company or any Subsidiary is a party or by which any
property or asset of Company or any Subsidiary is bound or affected, (c) conflict with or result in a violation of any material
law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which
Company or a Subsidiary is subject (including U.S. federal and state securities laws and regulations), or by which any material
property or asset of Company or a Subsidiary is bound or affected, or (d) conflict with or violate the terms of any material agreement
by which Company or any Subsidiary is bound or to which any property or asset of Company or any Subsidiary is bound or affected;
except in the case of each of clauses (b), (c) and (d), such as would not reasonably be expected to result in a Material Adverse
Effect.

    	 

    	 

    

4.       Litigation.
 Except as set forth in Schedule III.A.4, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending, threatened, or, to the knowledge
of Company, contemplated against or affecting 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 would reasonably be expected to adversely affect or challenge the legality, validity or
enforceability of any of the Transaction Documents or the issuance, listing, trading, or resale of any Shares on the Trading Market.
The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by
Company or any Subsidiary under the Exchange Act or the Act.

5.       Filings,
Consents and Approvals. Except as set forth in Schedule III.A.5, neither Company
nor any Subsidiary is 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 Company of the Transaction Documents, other than required federal and state securities
filings and such filings and approvals as are required to be made or obtained under the applicable Trading Market rules in connection
with the transactions contemplated hereby, each of which has been, or if not yet required to be filed will be, timely filed.

6.       Issuance
of Shares. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens.

7.       Disclosure;
Non-Public Information. Company will issue a press release and timely file a current
report on Form 8-K (“Current Report”) by 8:30 am Eastern time on the Trading Day after the Effective Date describing
the material terms and conditions of this Agreement, a copy of which will be provided to Investor prior to the Effective Date.
All information that Company has provided to Investor that constitutes or might constitute material, non-public information will
be included in the Current Report. Notwithstanding any other provision, except with respect to information that will be, and only
to the extent that it actually is, timely publicly disclosed by Company by the date of Approval, neither Company nor any other
Person acting on its behalf has provided Investor or its representatives, agents or attorneys with any information that constitutes
or might constitute material, non-public information, including without limitation this Agreement and the Exhibits and Disclosure
Schedules hereto.

    	 

    	 

    

No information
contained in the Disclosure Schedules constitutes material non-public information. There is no adverse material information regarding
Company that has not been publicly disclosed prior to the Effective Date. Company understands and confirms that Investor will
rely on the foregoing representations and covenants in effecting transactions in securities of Company. All disclosure provided
to Investor regarding Company, its business and the transactions contemplated hereby, including without limitation the Disclosure
Schedules, furnished by or on behalf of Company with respect to the representations and warranties made herein are true and correct
in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

8.       No
Integrated Offering. Neither 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 to be integrated with prior offerings by Company that cause a violation of the Act or any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of the Trading Market.

 9.       Financial
Condition. Except as set forth on Schedule III.A.9, the Public Reports set
forth as of the dates thereof all outstanding secured and unsecured Indebtedness of Company or any Subsidiary, or for which Company
or any Subsidiary has commitments, and any material default with respect to any Indebtedness. Company does not intend to incur
debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be payable on
or in respect of its debt.

10.       Section
5 Compliance. No representation or warranty or other statement made by Company in the Transaction Documents contains any
untrue statement or omits to state a material fact necessary to make any of them, in light of the circumstances in which it was
made, not misleading. Company is not aware of any facts or circumstances that would cause the transactions contemplated by the
Transaction Documents, when consummated, to violate Section 5 of the Act or other federal or state securities laws or regulations.

11.       Investment
Company. Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Preferred Shares,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act.

12.       Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:

a.       Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider, control person, to Company’s knowledge, 10% or greater shareholder, or otherwise an affiliate of Company
as defined under Rule 12b-2 of the Exchange Act;

    	 

    	 

    

b.       Investor
and Investor’s representatives have not made and do not make any representations, warranties or agreements with respect
to the Shares, this Agreement, or the transactions contemplated by the Transaction Documents other than those specifically set
forth in Section III.C below; Company has not relied upon, and expressly disclaims reliance upon, any and all written or
oral statements or representations made by any persons prior to this Agreement;

c.       The
conversion of Preferred Shares and resale of Conversion Shares will result in dilution, which may be substantial; the number of
Conversion Shares will increase in certain circumstances; and Company’s obligation to issue and deliver Conversion Shares
in accordance with this Agreement and the Certificate of Designations is absolute and unconditional regardless of the dilutive
effect that such issuances may have; and

d.       Investor
is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of
its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

13.       Prior
Agreements. Investor has at all times fully and completely complied in all respects with the Prior Agreements. All Delivery
Notices and all calculations relating to the Prior Agreements provided to Company by Investor or its representatives prior to
the Effective Date of this Agreement were and are fully correct and accurate in all respects. All Delivery Notices and calculations
provided to Company by Investor or its representatives prior to the Effective Date are hereby acknowledged and deemed to be correct
for any and all purposes.

14.       Approval.
Company will use its commercially reasonable best efforts to obtain an exception to any shareholder approval requirement from
NYSE American or to obtain Approval, and additional listing of all Conversion Shares as soon as possible, and in any event no
later than December 31, 2020.

15.       No
Bad Actor Disqualification. Neither Company, any predecessor of Company, any affiliate of Company, any director, executive
officer, other officer of Company participating in the offering, or any beneficial owner of 20% or more of Company’s outstanding
voting equity securities is subject to any bad actor disqualification as provided in Rule 506(d) of Regulation D, and Company
is not aware of any facts or circumstances that, with the passage of time, would reasonably be expected to cause such disqualification.

16.       Shell
Status. Company is not now and has never been a shell company as defined in Rule 12b-2 of the Exchange Act.

B.       Representations
Regarding Company. Except as set forth in any Public Reports or attached exhibits as of
the Effective Date, or under the corresponding section of the Disclosure Schedules,
if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

    	 

    	 

    

1.       Capitalization.
The capitalization of the Company as of the Effective Date is as described in the Public Reports. No Person has any right
of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents which has not been waived or satisfied. Except as a result of the purchase and sale of the Shares,
the Prior Securities, or as otherwise disclosed on Schedule III.B.1, there are no outstanding options, warrants, script
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which Company or any Subsidiary is or may become bound to issue additional shares
of Common Stock or securities convertible into or exercisable for shares of Common Stock. The issuance and sale of the Shares
will not obligate Company to issue shares of Common Stock or other securities to any Person, other than Investor, and will not
result in a right of any holder of Company securities to adjust the exercise, conversion, exchange, or reset price under such
securities. All of the outstanding shares of capital stock of Company are validly issued, fully paid and nonassessable, have been
issued in material 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. Except as disclosed on Schedule III.B.1,
nofurther approval or authorization of any
stockholder, the Board of Directors of Company or others is required for the issuance and sale of the Shares. There are no stockholders’
agreements, voting agreements or other similar agreements with respect to Company’s capital stock to which Company is a
party or, to the knowledge of Company, between or among any of Company’s stockholders.

2.       Subsidiaries.
All of the direct and indirect subsidiaries of Company are set forth in the Public Reports or the corresponding section of
the Disclosure Schedules.  Company owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary, and all of such directly or indirectly owned
capital stock or other equity interests are owned free and clear of any Liens. All
the issued and outstanding shares of capital stock of each Subsidiary are duly authorized, validly issued, fully paid,
nonassessable and free of preemptive and similar rights to subscribe for or purchase securities.

3.       Public
Reports; Financial Statements. The Company
has filed all required Public Reports for the one year preceding the Effective Date. As
of their respective dates or as subsequently amended, the Public Reports complied in all material respects with the requirements
of the Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, as applicable, and none
of the Public 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 light of the circumstances under which they were
made, not misleading. The financial statements of Company included in the Public Reports, as amended, 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 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 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.

    	 

    	 

    

4.       Material
Changes. Since the end of the most recent year for which an Annual Report on Form 10-K has been filed with the Commission,
except as disclosed on Schedule III.B.4, (a) there has been no event, occurrence or development that has had, or that would
reasonably be expected to result in, a Material Adverse Effect, (b) Company has not incurred any liabilities (contingent or otherwise)
other than (i) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice,
and (ii) liabilities not required to be reflected in Company’s financial statements pursuant to GAAP or required to be disclosed
in filings made with the Commission, (c) Company has not altered its method of accounting, (d) Company has not declared or made
any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase
or redeem any shares of its capital stock, and (e) Company has not issued any equity securities to any officer, director or Affiliate,
except pursuant to existing Company equity incentive plans. Company does not have pending before the Commission any request for
confidential treatment of information.

5.       Litigation.
 Except as disclosed on Schedule III.B.8, there
is no Action completed, pending, threatened or, to the knowledge of Company, contemplated, that would reasonably be expected
to result in a Material Adverse Effect. Neither Company nor any Subsidiary, nor any director or officer thereof, nor to the knowledge
of Company any greater than 5% shareholder or 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, is not pending or threatened, or to the knowledge of Company, is not contemplated, any investigation by the Commission,
Department of Justice or law enforcement involving Company or any current or former director or officer of Company, or to the
knowledge of Company greater than 5% shareholder of Company.

6.       No
Bankruptcy. There has not been any petition or application filed, or any judicial or administrative proceeding commenced
which has not been discharged, by or against the Company or any Subsidiary or with respect to any of the properties or assets
of Company or any Subsidiary under any applicable law relating to bankruptcy, insolvency, reorganization, fraudulent transfer,
compromise, arrangement of debt, creditors’ rights and no assignment has been made by the Company or any Subsidiary for
the benefit of creditors.

7.       Labor
Relations. No material labor dispute
exists or, to the knowledge of Company, is imminent with respect to any of the employees of Company, which would reasonably be
expected to result in a Material Adverse Effect.

    	 

    	 

    

 8.       Compliance.
Neither Company nor any Subsidiary (a) is in material default under or in material 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 Company or any Subsidiary under), nor has Company or any Subsidiary received
notice of a claim that it is in material default under or that it is in material violation of, any indenture, loan or credit agreement
or any other similar 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), (b) is in violation of any order of any court, arbitrator or governmental body, or (c) is or has been
in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws applicable to its business, except in each case as would not reasonably be expected to have a Material Adverse
Effect.

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

10.       Title
to Assets. Except as disclosed on Schedule III.B.10, Company and each Subsidiary have good and marketable title in fee simple to all real property owned by them that is material to the business of Company and each Subsidiary
and good and marketable title in all personal property owned by them that is material to the business of Company and each
Subsidiary, in each case free and clear of all Liens, except for Liens that 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 Company and each Subsidiary and
Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any
real property and facilities held under lease by Company and each Subsidiary are held by them under valid, subsisting and enforceable
leases of which Company and each Subsidiary are in compliance.

11.       Patents
and Trademarks. Company and each Subsidiary
have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names,
copyrights, licenses and other similar rights that are necessary or material for use in connection with their respective businesses
as described in the Public Reports and which the failure to do so would have a Material Adverse Effect (collectively, “Intellectual
Property Rights”). Neither Company nor any Subsidiary has received a written notice that the Intellectual Property Rights
used by Company or any Subsidiary violates or infringes upon the rights of any Person.
To the knowledge of Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights of Company or each Subsidiary.

12.       Insurance.
 Company and each Subsidiary 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 Company and each Subsidiary are engaged, including
but not limited to directors and officers insurance coverage at least equal to the Purchase Amount. To Company’s knowledge,
such insurance contracts and policies are accurate and complete in all material respects. Neither 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 an increase in cost that would
constitute a Material Adverse Effect.

    	 

    	 

    

13.       Transactions
with Affiliates and Employees. None of the officers or directors of Company and, to the knowledge of Company, none of
the employees of Company is presently a party to any transaction with 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, or otherwise requiring payments to or from any officer, director
or such employee or, to the knowledge of Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other than (i) for payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of Company and (iii) for other employee
benefits, including stock option agreements under any equity incentive plan of Company.

14.       Sarbanes-Oxley;
Internal Accounting Controls. Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002,
which are applicable to it as of the date of the Closing. Company presented in its most recently filed periodic report under the
Exchange Act the conclusions of the certifying officers about the effectiveness of Company’s disclosure controls and procedures
based on their evaluations as of the evaluation date. Since the date of the most recently filed periodic Public Report, there
have been no significant changes in Company’s internal accounting controls or its disclosure controls and procedures or,
to Company’s knowledge, in other factors that could materially affect Company’s internal accounting controls or its
disclosure controls and procedures.

15.       Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.
Notwithstanding any other provision, Investor will 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 this Agreement or the other Transaction Documents.

16.       Registration
Rights. Except as disclosed on Schedule III.B.16 no Person has any right to cause Company to effect the registration
under the Act of any securities of Company.

17.        Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section
12 of the Exchange Act, and Company has taken no action designed to, or which to its knowledge is likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act nor has Company received any notification that the Commission
is contemplating terminating such registration. Except as disclosed on Schedule III.B.17, Company has not, in the 12 months
preceding the Effective Date, received notice from any Trading Market on which the Common Stock is or has been listed or quoted
to the effect that Company is not in compliance with the listing or maintenance requirements of such Trading Market.  Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing
and maintenance requirements.

    	 

    	 

    

18.       Application
of Takeover Protections. Company and its Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision
under Company’s Certificate of Incorporation (or similar charter documents) or the laws of its state of incorporation that
is or could become applicable to Investor as a result of Investor and Company fulfilling their obligations or exercising their
rights under the Transaction Documents, including without limitation Company’s issuance of the Shares and Investor’s
ownership of the Shares.

19.       Tax
Status. Company  and each of its Subsidiaries
has made or filed all federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject (unless and only to the extent that Company and each of its Subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes). Company has not executed a waiver with respect to the
statute of limitations relating to the assessment or collection of any foreign, federal, statute or local tax. None of Company’s
tax returns is presently being audited by any taxing authority. Company would not be classified as a PFIC for its most recently
completed taxable year, and does not expect to be classified as a PFIC for its current taxable year.

20.       Foreign
Corrupt Practices. Neither Company, nor to the knowledge of Company, any agent or other person acting on behalf of Company,
has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (b) 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, (c) failed to disclose fully any
contribution made by Company, or made by any person acting on its behalf of which Company is aware, which is in violation of law,
or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

21.       Accountants.
Company’s accountants are set forth in the Public Reports and such accountants are an independent registered public accounting firm.

22.       No
Disagreements with Accountants or Lawyers. There are no material disagreements presently existing, or reasonably anticipated
by Company to arise, between Company and the accountants or lawyers formerly or presently employed by Company.

23.       Powers
of Attorney. There are no outstanding powers of attorney executed on behalf of the Company or any Subsidiary, except such
as would not reasonably be expected to result in a Material Adverse Effect.

24.       Computer
and Technology Security. Company has taken all reasonable steps to safeguard the information technology systems utilized
in the operation of the business of Company, including the implementation of procedures to minimize the risk that such information
technology systems have any disabling codes or instructions, timer, copy protection device, clock, counter or other limiting design
or routing and any back door, virus, malicious code or other software routines or hardware components that in each case permit
unauthorized access or the unauthorized disablement or unauthorized erasure of data or other software by a third party, and, to
Company’s knowledge, to date there have been no successful unauthorized intrusions or breaches of the security of the information
technology systems.

    	 

    	 

    

25.       Data
Privacy. Company has: (a) complied with, and is presently in compliance with, all applicable laws in connection with data
privacy, information security, data security and/or personal information; (b) complied with, and is presently in material compliance
with, its policies and procedures applicable to data privacy, information security, data security, and personal information; (c)
not experienced any incident in which personal information or other sensitive data was or may have been stolen or improperly accessed;
and Company is not aware of any facts suggesting the likelihood of the foregoing, including without limitation, any breach of
security or receipt of any notices or complaints from any Person regarding personal information or other data.

C.       Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

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

2.       Investor
Status.  At the time Investor was offered the Preferred Shares, it was, and at the Effective Date it is: (a) an accredited
investor as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer, member of FINRA, or an affiliate thereof.

3.       Experience
of Investor. Investor, 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
Shares, and has so evaluated the merits and risks of such investment. Investor is able to bear the economic risk of an investment
in the Shares and, at the present time, is able to afford a complete loss of such investment.

4.       Ownership.
 Investor is acquiring the Preferred Shares as principal for its own account. Investor will not engage in hedging transactions
with regard to the Conversion Shares unless in compliance with the Act. Investor will not resell, transfer or assign the Preferred
Shares, and will resell the Conversion Shares only pursuant to registration under the Act or an available exemption therefrom.

    	 

    	 

    

5.       No
Short Sales. Neither Investor nor any Affiliate holds any short position in, nor has engaged in any Short Sales of the
Common Stock, or engaged in any hedging transactions with regard to the Shares prior to the Effective Date.

IV.       Securities
and Other Provisions.

A.       Investor
Due Diligence. Investor will have the right and opportunity to conduct customary due diligence
with respect to any Registration Statement or Prospectus in which the name of Investor or any Affiliate of Investor appears.

B.       Furnishing
of Information. For as long as Investor owns any Shares, Company will timely file all reports
required to be filed by Company pursuant to the Exchange Act. As long as Investor owns any Shares, Company will prepare and make
publicly available such information as is required for Investor to sell its Conversion Shares under Rule 144. Company further
covenants that, as long as Investor owns any Shares, Company will take such further action as Investor may reasonably request,
all to the extent required from time to time to enable Investor to sell its Conversion Shares without registration under the Act
within the limitation of the exemptions provided by Rule 144.

C.       Integration.
Company will 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 Act, that would be integrated with the offer or sale of the Shares to Investor
for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing
of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

D.       Disclosure
and Publicity. Company will provide to Investor for review and approval prior to filing
or issuing any current, periodic or public report, proxy or registration statement, press release, public statement or communication
relating to or referencing Investor, any Transaction Documents or the transactions contemplated thereby.

E.       Shareholders
Rights Plan. No claim will be made or enforced by Company or, to the knowledge of Company,
any other Person that Investor is an “Acquiring Person” under any shareholders rights plan or similar plan or arrangement
in effect or hereafter adopted by Company, or that Investor could be deemed to trigger the provisions of any such plan or arrangement,
in either such case, by virtue of receiving Shares under the Transaction Documents or under any other agreement between Company
and Investor. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act of
1940, as amended.

F.       No
Non-Public Information. Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably
should believe may constitute material non-public information. Neither Investor nor any Affiliate of Investor has or will have
any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders of Company,
or to any other Person who is the source of material non-public information regarding Company. Company understands and confirms
that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without
limitation sales of the Conversion Shares.

    	 

    	 

    

G.       Indemnification
of Investor.

1.       Obligation
to Indemnify. Subject to the provisions of this Section IV.G, Company will indemnify and hold Investor, its Affiliates,
managers and advisors, and each of their officers, directors, shareholders, partners, employees, representatives, agents and attorneys,
and any person who controls Investor within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (collectively,
“Investor Parties” and each a “Investor Party”), harmless from any and all losses, liabilities, obligations,
claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements, court costs
and reasonable attorneys’ fees and costs of investigation (collectively, “ Losses”)
that any Investor 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 Company in this Agreement or in the other Transaction Documents, (b) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement, Prospectus, Prospectus Supplement, or any information
incorporated by reference therein, or arising out of or based upon any omission or alleged omission to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (c)
any action by a creditor or stockholder of Company who is not an Affiliate of an Investor Party, challenging the transactions
contemplated by the Transaction Documents; provided, however, that Company will not be obligated to indemnify any Investor Party
for any Losses finally adjudicated to be caused solely by (i) a false statement of material fact contained within written information
provided by such Investor Party expressly for the purpose of including it in the applicable Registration Statement, Prospectus,
Prospectus Supplement, or (ii) such Investor Party’s unexcused material breach of an express provision of this Agreement
or another Transaction Document.

2.       Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict  with
respect to the dispute in question  on any material issue between the position of Company and the position of  Investor
Parties such that it would be inappropriate for one counsel to represent Company and Investor Parties. Company will not
be liable to Investor Parties under this Agreement (i) for any settlement by an Investor Party effected without Company’s
prior written consent, which will not be unreasonably withheld or delayed; or (ii) to the extent, but only to the extent that
a loss, claim, damage or liability is  either  attributable
to Investor’s breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement
or in the other Transaction Documents. In no event will the Company be liable for the reasonable fees and expenses for more than
one separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties.

    	 

    	 

    

       Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the  Shares  under this Agreement.

H.       Shareholder
Approval. Company will include proposals relating to the approval of this Agreement, the
issuance of the Conversion Shares, and an increase in authorized common stock to fulfill its agreed obligations (“Approval”)
at the meeting held to approve the Merger or a separate meeting in the event the Merger is terminated prior to shareholder approval,
and will use its commercially reasonable best efforts to obtain Approval as soon as possible and in any event prior to December
31, 2020. Company, its board of directors, and each of its officers and directors will vote all common shares owned or controlled
by them and all proxies given to them in favor of the proposal. Company will at all times maintain a reserve from its duly authorized
Common Stock for issuance pursuant to the Transaction Documents, authorized shares of Common Stock in an amount equal to thrice
the number of shares sufficient to immediately issue all Conversion Shares potentially issuable at such time. 

I.       Activity
Restrictions. Investor hereby grants an irrevocable proxy to Company’s board of directors
to vote all Conversion shares beneficially owned or controlled by Investor as of the record date in favor of Approval. Except
for the foregoing, for so long as Investor or any of its Affiliates holds any Shares, neither Investor nor any Affiliate will:
(1) vote any shares of Common Stock or Preferred Stock beneficially owned or controlled by it, sign or solicit any proxies except
as requested by the Board of Directors of Company, or seek to advise or influence any Person with respect to any voting securities
of Company; (2) engage or participate in any actions, plans or proposals which relate to or would result in (a) acquiring additional
securities of Company, alone or together with any other Person, which would result in beneficially owning or controlling more
than 9.99% of the total outstanding Common Stock or other voting securities of Company, (b) an extraordinary corporate transaction,
such as a merger, reorganization or liquidation, involving Company or any of its Subsidiaries, (c) a sale or transfer of a material
amount of assets of Company or any of its Subsidiaries, (d) any change in the present board of directors or management of Company,
including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e)
any material change in the present capitalization or dividend policy of Company, (f) any other material change in Company’s
business or corporate structure, including but not limited to, if Company is a registered closed-end investment company, any plans
or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company
Act of 1940, (g) changes in Company’s charter, bylaws or instruments corresponding thereto or other actions which may impede
the acquisition of control of Company by any Person, (h) a class of securities of Company being delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association,
(i) a class of equity securities of Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of
the Act, or (j) any action, intention, plan or arrangement similar to any of those enumerated above; or (3) request Company or
its directors, officers, employees, agents or representatives to amend or waive any provision of this section.

    	 

    	 

    

J.       No
Shorting. Provided no Trigger Event has occurred, for so long as Investor holds any Shares,
neither Investor nor any of its Affiliates will engage in or effect, directly or indirectly,
any Short Sale of Common Stock. For the avoidance of doubt, selling against delivery of Conversion Shares after delivery of a
Conversion Notice is not a Short Sale. There will be no restriction or limitation of any kind on Investor’s right or ability
to sell or transfer any or all of the Conversion Shares at any time, in its sole and absolute discretion. Investor may not sell,
transfer or assign any Preferred Shares or any of its rights under this Agreement.

K.       Stock
Splits. If Company at any time on or after the Effective Date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) or combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater or lesser number of shares, the share numbers, prices and other amounts
set forth in this Agreement, as in effect immediately prior to such subdivision or combination, will be proportionately reduced
or increased, as applicable, effective at the close of business on the date the subdivision or combination becomes effective.

L.       Subsequent
Financings. Except as otherwise contemplated in connection with the Merger, as long as Investor
holds any Preferred Shares, Company will not: (1) enter into any agreement that in any way restricts its ability to enter into
any agreement, amendment or waiver with Investor, including without limitation any agreement to offer, sell or issue to Investor
any preferred stock, common stock or other securities of Company; (2) issue or enter into or amend an agreement pursuant to which
it may issue any shares of Common Stock, other than (a) for restricted securities with no registration rights, (b) in connection
with a strategic acquisition, (c) in an underwritten public offering, or (d) at a fixed price; or (3) issue or amend any debt
or equity securities convertible into, exchangeable or exercisable for, or including the right to receive, shares of Common Stock
(a) at a conversion price, exercise price or exchange rate or other price that is based upon or varies with, the trading prices
of or quotations for the shares of Common Stock at any time after the initial issuance of the security or (b) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of the security or upon
the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for
the Common Stock. For sake of clarity, Company may enter into an unregistered financing of debt or restricted stock at any fixed
price with no registration rights and may undertake the transactions contemplated in connection with Merger without restriction.

M.       Principal
Market. Company will timely submit all necessary notification and supporting documentation
required for the listing of all possible Conversion Shares with NYSE American, after the approval by the stockholders of the Company
of the issuance of such shares, at a duly called stockholders meeting, and will use its commercially reasonable best efforts to
obtain approval to list the Conversion Shares as soon as possible, and in any event within 90 days after the Effective Date.

N.       Restrictive
Legend. The Shares have not been registered under the Act and may not be resold in the United
States unless registered or an exemption from registration is available. Company is required to refuse to register any transfer
of the Conversion Shares not made pursuant to registration under the Act or an available exemption from registration. Upon the
issuance thereof, and only until such time as the same is no longer required under the applicable securities laws and regulations,
the certificates representing any of the Shares will bear a legend in substantially the following form:

    	 

    	 

    

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE ACT. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
unless in compliance with the ACT.

Certificates representing
Conversion Shares will be issued without such legend or at Investor’s option issued by electronic delivery at the applicable
balance account at DTC, if either (i) the Conversion Shares are registered for resale under the Act, or (ii) Investor provides
an opinion of its counsel to the effect that the Conversion Shares may be issued without restrictive legend.

O.       Repurchase
Obligation. If the Merger does not close by the required date approved by the parties thereto, Company shall, at Investor’s
option in its sole and absolute discretion, immediately repurchase from Investor all then outstanding Preferred Shares issued
pursuant to this Agreement by paying to Investor 110.0% of the aggregate Face Value of all such shares, by wire transfer of immediately
available funds to an account designated by Investor, which funds shall be due no later than one business day after Company’s
receipt of the Purchase Amount, plus any applicable interest from the counterparty to the Merger.

P.       Repurchase
Right. Provided Company has not materially breached this Agreement, Company may at any time,
in its sole and absolute discretion, repurchase from Investor all, but not less than all, then outstanding Preferred Shares issued
pursuant to this Agreement by paying to Investor 110.0% of the aggregate Face Value of all such shares, by wire transfer of immediately
available funds to an account designated by Investor.

Q.       Piggyback
Registration Rights. Company will include on the next registration statement Company files
with the Commission, or on the subsequent registration statement if such registration statement is withdrawn, all potentially
issuable Conversion Shares. This obligation shall not apply to registration statements filed on Form S-4.

R.       Right
of First Refusal.  If at any time while any Preferred Shares are outstanding, Company has
a bona fide offer of equity capital or financing from any person, that Company intends to act upon, then Company must first offer
such opportunity to Investor to provide such capital or financing to Company on the same terms as each respective person’s
terms. Except as otherwise provided in any Transaction Documents, should Investor be unwilling or unable to provide such capital
or financing to Company within 10 Trading Days from Investor’s receipt of written notice of the offer from Company, then
Company may obtain such capital or financing from that respective person upon the exact same terms and conditions offered by Company
to Investor, which transaction must be completed within 90 days after the date of the notice. If Company does not receive the
capital or financing from the respective person within 90 days after the date of the respective notice, then Company must again
offer the capital or financing opportunity to Investor as described above, and the process detailed above shall
be repeated. Notwithstanding anything to the contrary in the foregoing, this provision shall not apply to a debt financing that
is not convertible to stock.

    	 

    	 

    

S.       Favored
Nations. So long as any Preferred Shares are outstanding, upon any issuance by Company or
any of its subsidiaries of any security with any term more favorable to the holder of such security or with a term in favor of
the holder of such security that was not similarly provided to Investor, then Company will notify Investor of such additional
or more favorable term and such term, at Investor’s option, shall become a part of the transaction documents with Investor.
The types of terms contained in another security that may be more favorable to the holder of such security include, but are not
limited to, terms addressing conversion discounts, prepayment rate, conversion look back periods, interest rates, original issue
discounts, stock sale price, private placement price per share, and warrant coverage.

V.       General
Provisions.

A.       Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation
of delivery is received by the sender, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered later than 5:00 p.m. Eastern time or on a day that is not a Trading Day, (c) the next 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 addresses for such notices and communications are such other address as may be designated
in writing, in the same manner, by such Person.

B.       Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will 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 will any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

C.       No
Third-Party Beneficiaries. Except as otherwise set forth in Section IV.G,
this Agreement and the Transaction Documents will inure solely to the benefit of the parties hereto, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person. Other than the Investor Parties described in Section
IV.G, a Person who is not a party to this Agreement will not have any rights under the Contracts
(Rights of Third Parties) Law, 2014 of the Cayman Islands to enforce any term of this Agreement or any Transaction Document.

    	 

    	 

    

D.       Fees
and Expenses.  Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own 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 the
Transaction Documents. Company acknowledges and agrees that Investor’s counsel solely represents Investor, and does not
represent Company or its interests in connection with the Transaction Documents or the transactions contemplated thereby. Company
will pay all stamp and other taxes and duties, if any, levied in connection with the sale or issuance of the Shares to Investor.

E.       Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.

F.       Replacement
 of Certificates. If
any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, Company will issue or cause to be
issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to Company of such loss, theft or destruction and customary
and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances will also
pay any reasonable third-party costs associated with the issuance of such replacement certificates.

G.       Governing
Law. All matters between the parties, including without limitation questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and
enforced in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would
require or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company
which will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by
jury. In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents
or otherwise involving the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs
and expenses reasonably incurred in connection with the  investigation,
 preparation, prosecution or defense of such action or proceeding.

H.       Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS International, or its successor,
in the Territory of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available.
Any interim or final award may be entered and enforced by any court of competent jurisdiction. The final award will include the
prevailing party’s reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing,
Investor may in its sole discretion bring an action in aid of arbitration. 

    	 

    	 

    

I.       Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, each of Investor and Company will be entitled to specific performance under the Transaction Documents, and
equitable and injunctive relief to prevent any actual or threatened breach under the Transaction Documents, to the full extent permitted
under applicable laws. Without limitation of the foregoing, Company acknowledges and agrees that the rights and benefits of Investor
pursuant to Section I.G.1. of the Certificate of Designations are unique and that no adequate remedy exists at law if Company
breaches or fails to timely perform any of its obligations thereunder, that it would be difficult to determine the amount of damages
resulting therefrom, that it would cause irreparable injury to Investor, and that any potential harm to Company would be adequately
and fully compensable with monetary damages. Accordingly, Investor will be entitled to a compulsory remedy of immediate specific
performance, temporary, interim, preliminary and final injunctive relief to enforce the provisions thereof, including without
limitation requiring Company and its transfer agent, attorneys, officers and directors to immediately take all actions necessary
to issue and deliver the number of Conversion Shares stated by Investor, which requirements will not be stayed for any reason,
without the necessity of posting any bond. Company hereby absolutely, unconditionally and irrevocably waives all objections and
rights to oppose any motion, application or request by Investor to issue any number of Conversion Shares, and all rights to stay
or appeal any resulting order, and any opposition or appeal by Company or on its behalf will be immediately and automatically
dismissed. In addition, Company acknowledges and agrees that it would have an adequate remedy at law for any violation of Section
I.G.1. of the Certificate of Designations by Investor, that it would not be difficult to determine the amount of damages resulting
therefrom, that it would not cause irreparable injury to Company, and that any potential harm to Company would be adequately and
fully compensable with monetary damages. Accordingly, Company will not be entitled any equitable relief to restrain the provisions
thereof, including without limitation preventing Investor, Investor’s brokers or Company’s transfer agent from issuing,
receiving or reselling Conversion Shares. Company hereby absolutely, unconditionally and irrevocably waives all rights to bring
any action, motion, application or request to enjoin any issuance of Conversion Shares, and any action or motion by Company or
on its behalf will be immediately and automatically dismissed. Nothing provided for in this provision will limit either party’s
ability to recover monetary damages.

J.       Payment
Set Aside. To the extent that Company makes a payment or payments to Investor pursuant to
any Transaction Document or Investor 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 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
will 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.

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

L.       Time
of the Essence. Time is of the essence with respect to all provisions of this Agreement
and all Transaction Documents.

M.       Survival.
 The representations and warranties contained herein will survive the Closing and the delivery
of the Shares until all Preferred Shares issued to Investor have been converted
or repurchased. Neither party will be under any obligation to update or supplement any of its representations or warranties following
the Closing due to a change that occurred after the Closing.

    	 

    	 

    

N.       Construction.
 The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto. The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. All currency
references in any Transaction Document are to U.S. dollars.

O.       Further
Assurances. Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. 

P.       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by portable document format, facsimile or electronic transmission, such signature will 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 signature
page were an original thereof.

Q.       Entire
Agreement.  This Agreement, including the Exhibits hereto,
which are hereby incorporated herein by reference, contains the entire agreement and understanding of the parties,
and supersedes all prior and contemporaneous agreements,
term sheets, letters, discussions, communications and understandings, both oral and written, which
the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent has
relied upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly set
forth herein. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies, at law and in equity,
directly or indirectly arising out of or relating to, or which may arise as a result of, any Person’s reliance on any such
statement or assurance.

    	 

    	 

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Effective Date.

Company:

 

 

	CAMBER ENERGY, INC.	 
	 	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

 

	Investor:	 
	 	 
	 	 
	Investor Name	 
	 	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    	 

    	 

    

Exhibit
1

Glossary
of Defined Terms

“$”
means the currency of the United States of America, in which all dollar amounts in the Transaction Documents will be expressed.

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

“Action”
has the meaning set forth in Section III.A.4.

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Act.

“Agreement”
means this Stock Purchase Agreement.

“Approval”
has the meaning set forth in Section IV.H.

“Certificate
of Designations” means the Certificate of Designation for Series C Redeemable Convertible Preferred Stock filed by Company
with the Secretary of State of the State of Nevada on August 25, 2016, Document Number 00010398344-82, as amended to date.

“Closing”
has the meaning set forth in Section I.D.

“Commission”
means the U.S. Securities and Exchange Commission.

“Common
Stock” means the Common Stock of Company and any replacement or substitute thereof, or any share capital into which
such Common Stock will have been changed or any share capital resulting from a reclassification of such Common Stock.

“Company”
has the meaning set forth in the first paragraph of the Agreement.

“Conversion
Shares” includes all shares of Common Stock potentially issuable in relation to the Preferred Shares, including Common
Stock that must be issued upon conversion of any Preferred Shares, and Common Stock that must or may be issued in payment of any
Dividends or Conversion Premium (as defined in the Certificate of Designations).

“Disclosure
Schedules” means the disclosure schedules of Company delivered concurrently herewith. The Disclosure Schedules will
contain no material non-public information.

 

“DTC”
means The Depository Trust Company, or any successor performing substantially the same function for Company.

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

    	 

    	 

    

“Effective
Date” has the meaning set forth in the first paragraph of the Agreement.

“Equity
Conditions” has the meaning set forth in the Certificate of Designations.

“GAAP”
means U.S. generally accepted accounting principles applied on a consistent basis during the periods involved.

“Indebtedness”
means (a) any liabilities for borrowed money or amounts owed in excess of $500,000, other than trade accounts payable incurred
in the ordinary course of business, (b) all guaranties, endorsements and other contingent obligations in respect of Indebtedness
of others, whether or not the same are or should be reflected in Company ’s
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 (c) the present value of any lease payments in excess of $500,000 due under
leases required to be capitalized in accordance with GAAP.

“Intellectual
Property Rights” has the meaning set forth in Section III.B.10.

“Legal
Opinion” has the meaning set forth in Section I.B.3.

“Liens”
means (a) a lien, charge, security interest or encumbrance in excess of $500,000, or (b) a right of first refusal, preemptive
right or other restriction (other than restrictions under securities laws).

“Material
Adverse Effect” includes any material adverse effect on (a) the legality, validity or enforceability of any Transaction
Document, or (b) the results of operations, assets, business, or financial condition of Company and the Subsidiaries, taken as
a whole, which is not disclosed in the Public Reports prior to the Effective Date, or (c) Company’s ability to perform in
any material respect on a timely basis its obligations under any Transaction Document or (d) the sale, issuance, registration,
listing, resale and trading on the Trading Market of the Conversion Shares.

“Material
Permits” has the meaning set forth in Section III.B.8.

“Merger”
means the Merger referenced in the Current Report on Form 8-K filed by Company on January 24, 2020, as such Merger terms may be
modified or amended from time to time.

“Officer’s
Certificate” has the meaning set forth in Section II.B.4.

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

“Preferred”
means the Series C Redeemable Convertible Preferred Stock of the Company.

    	 

    	 

    

“Preferred
Shares” means the shares of Preferred Stock to be issued to Investor pursuant to this Agreement.

“Public
Reports” includes all reports filed or required to be filed by Company under the
Act or the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two full fiscal years preceding
the Effective Date and thereafter.

“Purchase
Amount”  has the meaning set forth in Section II.A.1.

“Investor”
has the meaning set forth in the first paragraph of the Agreement.

“Regulation
D” means Regulation D under the Securities Act and the rules promulgated by the Commission thereunder.

“Secretary’s
Certificate” has the meaning set forth in Section II.B.5.

“Shares”
include the Preferred Shares and the Conversion Shares.

“Short
Sale” means a “short sale” as defined in Rule 200 of Regulation SHO of the Exchange Act.

“Subsidiary”
means any Person owned or controlled by the Company, or in which Company, directly or indirectly, owns a majority of the capital
stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b)(21).

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market; provided that it will not include any
day on which the Common Stock is (a) scheduled to trade for less than 5 hours, or (b) suspended from trading.

“Trading
Market” has the meaning set forth in the Certificate of Designations.

“Transaction
Documents” means this Agreement, the Certificate of Designations, and the other agreements, certificates and documents
referenced herein or the form of which is attached hereto, and the exhibits, schedules and appendices hereto and thereto.

    	 

    	 

    

Exhibit
2

 

 

Legal
Opinion

 

 

1.       The
Company is a corporation validly existing and in good standing under the laws of the state of its incorporation.

 

2.       The
Company has the requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction
Documents, to sell and issue the Shares under the Purchase Agreement and to issue the Common Stock issuable upon conversion of
the Shares pursuant to the Certificate of Designations (the “Conversion Shares”).

3.       The
Shares have been duly authorized by the Company, and upon issuance and delivery against payment therefor in accordance with the
terms of the Purchase Agreement, the Shares will be validly issued, fully paid and nonassessable. The Conversion Shares issuable
upon conversion of the Shares have been duly authorized and reserved for issuance, and upon issuance and delivery upon conversion
thereof in accordance with the terms of the Certificate of Designations, will be validly issued, fully paid and nonassessable.
The rights, preferences and privileges of the Shares are as stated in the Certificate of Designation. Such issuance of the Shares
and the Conversion Shares will not be subject to any statutory or, to our knowledge, contractual preemptive rights of any stockholder
of the Company.

4.       The
execution, delivery and performance of the Transaction Documents have been duly authorized by all necessary corporate action on
the part of the Company, and the Transaction Documents have been duly executed and delivered by the Company.

5.       Each
Transaction Document constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with
its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance.

6.       The
execution and delivery of the Transaction Documents by the Company does not, and the Company’s performance of its obligations
thereunder will not (a) violate the Certificate of Incorporation or the Bylaws, each as in effect on the date hereof, (b) violate
in any material respect any federal or Nevada state law, rule or regulation, or judgment, order or decree of any state or federal
court or governmental or administrative authority, in each case that, to our knowledge, is applicable to the Company or its properties
or assets (except to the extent such violation would not have a material adverse effect on the Company’s business, properties,
assets, financial condition or results of operations or prevent the performance by the Company of any material obligation under
the Transaction Documents), or (c) to our knowledge, require the authorization, consent, approval of or other action of, notice
to or filing or qualification with, any Nevada state or federal governmental authority, except (i) as have been, or will be prior
to the Closing, duly obtained or made, (ii) any filings which may be required under applicable federal securities, state securities
or blue sky laws, and (iii) the filing and effectiveness of the Registration
Statement, except to the extent failure to be so obtained or made would not have a material adverse effect on the Company’s
business, properties, assets, financial condition or results of operations or its ability to consummate the transactions contemplated
under the Transaction Documents.

    	 

    	 

    

7.       The
Company is not, and immediately after the consummation of the transactions contemplated by the Transaction Documents will not
be, an investment company within the meaning of Investment Company Act of 1940, as amended.

8.       To
our knowledge, there is no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before
any court or governmental or administrative body or agency, or any private arbitration tribunal, against the Company that challenges
the validity or enforceability of, or seeks to enjoin the performance of, the Transaction Documents.

    	 

    	 

    

Exhibit
3

Form
of Officer’s Certificate

 CAMBER
ENERGY, INC.

 

June
22, 2020

The undersigned
hereby certifies that:

The
undersigned is the duly appointed Chief Executive Officer of Camber Energy, Inc., a Nevada corporation (“Company”).

This
Officer’s Certificate (“Certificate”) is being delivered to ____________________ (“Investor”),
by Company, to fulfill the requirement under the Stock Purchase Agreement, dated June 22, 2020, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

The
representations and warranties of Company set forth in Sections III.A and III.B of the Agreement are true and correct in all material
respects as if made on the above date (except for any representations and warranties that are expressly made as of a particular
date, in which case such representations and warranties will be true and correct in all material respects as of such particular
date), and no default has occurred under the Agreement, or any other agreement with Investor or any Affiliate of Investor.

Company
is not, and will not be as a result of the Closing, in default of the Agreement, any other agreement with Investor or any Affiliate
of Investor.

All
of the conditions to the Closing required to be satisfied by Company prior to the Closing have been satisfied in their entirety.

IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date set forth above.

	 	 
	 	 
	Signed:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

Exhibit
4

Form
of Secretary’s Certificate

 

June
22, 2020

The undersigned
hereby certifies that:

The
undersigned is the duly appointed Secretary of Camber Energy, Inc., a Nevada corporation (the “Company”).

This
Secretary’s Certificate (“Certificate”) is being delivered to ____________________ (“Investor”),
by Company, to fulfill the requirement under the Stock Purchase Agreement, dated June 22, 2020, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

Attached
hereto as Exhibit “A” is a true, correct and complete copy of the Certificate of Incorporation of Company,
as in effect on the Effective Date.

Attached
hereto as Exhibit “B” is a true, correct and complete copy of the Bylaws of Company, as in effect on the Effective
Date.

Attached
hereto as Exhibit “C” is a true, correct and complete copy of the resolutions of the Board of Directors of
Company authorizing the Agreement, the Transaction Documents, and the transactions contemplated thereby. Such resolutions have
not been amended or rescinded and remain in full force and effect as of the date hereof.

IN
WITNESS WHEREOF, the undersigned has executed this Secretary’s Certificate as of the date set forth above.

	 	 
	 	 
	Signed:	 	 
	Name:	 	 
	Title:

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