Document:

Exhibit
10.1

 

PURCHASE
AGREEMENT

 

PURCHASE
AGREEMENT (the “Agreement”), dated as of September [15], 2021, by and between Artificial Intelligence Technology
Solutions Inc., a Nevada corporation (the “Company”), and GHS INVESTMENTS, LLC, a Nevada limited liability
company (the “Investor”).

 

WHEREAS:

 

Subject
to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from
the Company, up to Ten Million Dollars ($10,000,000) of the Company’s registered common stock, $0.00001 par value per share (the
“Common Stock”). The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase
Shares” or “Securities.”

 

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

 

1.
CERTAIN DEFINITIONS.

 

For
purposes of this Agreement, the following terms shall have the following meanings:

 

(a)
“Available Amount” means, up to Ten Million Dollars ($10,000,000) in the aggregate, which amount shall be reduced
by the Purchase Amount each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof.

 

(b)
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(c)
“Base Prospectus” means the Company’s final base prospectus, dated September 10, 2021, a preliminary form of
which is included in the Registration Statement, including the documents incorporated by reference therein.

 

(d)
“Business Day” means any day on which the Principal Market is open for trading, including any day on which the Principal
Market is open for trading for a period of time less than the customary time.

 

(e)
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

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

 

(g)
“DWAC Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified
Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program
hereafter adopted by DTC performing substantially the same function.

 

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

 

(i)
“Initial Prospectus Supplement” means the prospectus supplement of the Company relating to the Purchase Shares, including
the accompanying Base Prospectus, to be prepared and filed by the Company with the SEC pursuant to Rule 424(b)(5) under the Securities
Act and in accordance with Section 5(a) hereof, together with all documents and information incorporated therein by reference.

 

    	 

    	 

    

 

(j)
“Material Adverse Effect” means any material adverse effect on (i) the enforceability of any Transaction Document,
(ii) the results of operations, assets, business or financial condition of the Company, other than any material adverse effect that resulted
exclusively from (A) any change in the United States or foreign economies or securities or financial markets in general that does not
have a disproportionate effect on the Company taken as a whole, (B) any change that generally affects the industry in which the Company
operates that does not have a disproportionate effect on the Company, (C) any change arising in connection with earthquakes, hostilities,
acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war,
sabotage or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor, its affiliates or its
or their successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect of any change in applicable
laws or accounting rules that does not have a disproportionate effect on the Company, or (F) any change resulting from compliance with
terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date of
determination.

 

(k)
“Maturity Date” means the twelve month anniversary of the date of this Agreement or September [ ], 2022.

 

(l)
“Person” means an individual or entity including but not limited to any limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

(m)
“Principal Market” means the OTC Pink (or any nationally recognized successor thereto); provided, however, that in
the event the Company’s Common Stock is ever listed or traded on The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq
Global Select Market, the New York Stock Exchange, the NYSE American, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or
any nationally recognized successor to any of the foregoing), then the “Principal Market” shall mean such other market or
exchange on which the Company’s Common Stock is then listed or traded

 

(n)
“Prospectus” means the Base Prospectus, as supplemented from time to time by any Prospectus Supplement (including
the Initial Prospectus Supplement), including the documents and information incorporated by reference therein.

 

(o)
“Prospectus Supplement” means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement)
filed with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this Agreement,
including the documents and information incorporated by reference therein.

 

(p)
“Purchase Amount” means, with respect to any Purchase, the portion of the Available Amount to be purchased by the
Investor pursuant to Section 2 hereof.

 

(q)
“Purchase Date” means, with respect to a Purchase made pursuant to Section 2(a) hereof, the Business Day on
which the Investor receives a valid Purchase Notice in accordance with this Agreement.

 

(r)
“Purchase Notice” means, with respect to a Purchase pursuant to Section 2(a) hereof, an irrevocable written notice
from the Company to the Investor, substantially in the form of Exhibit A hereto, directing the Investor to buy a specified amount of
Purchase Shares (subject to the Purchase Share limitations contained in Section 2(a) hereof) at the applicable Purchase Price for such
Purchase in accordance with this Agreement. Purchase Notices shall be delivered between 4PM through 11:59PM (Eastern Time). If the Investor
deems that the Purchase Notice is not compliant according to the terms of this Agreement, then the Investor shall notify the Company
with details of the non-compliance before 9:30AM (Eastern Time) on the next Business Day, and the Purchase Notice shall be null and void.
Otherwise, the Purchase Notice shall be deemed valid by 9:31AM (Eastern Time).

 

(s)
“Purchase Price” means, with respect to a Purchase made pursuant to Section 2(a) hereof, 90% of the lowest
VWAP during the Valuation Period.

 

(t)
“Registration Statement” means the Company’s registration statement registering the resale by the Investor of
the shares of Common Stock issuable upon a Purchase, including the documents incorporated by reference therein.

 

    	 

    	 

    

 

(u)
“SEC” means the U.S. Securities and Exchange Commission.

 

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

 

(w)
“Settlement Date” means the date on which the Purchase Shares are confirmed as being received by the Investor’s
Broker, against the payment of the Purchase Price by the Investor, which date will be one Business Day following the Valuation Period.
If the Company fails to deliver the Purchase Shares on the Settlement Date, then the Purchase Notice is automatically null and void.

 

(x)
“Transaction Documents” means, collectively, this Agreement and the schedules and exhibits hereto, and each of the
other agreements, documents, certificates and instruments entered into or furnished by the parties hereto in connection with the transactions
contemplated hereby and thereby.

 

(y)
“Transfer Agent” means Transhare Corporation, or such other Person who is then serving as the transfer agent for the
Company in respect of the Common Stock.

 

(z)
“Valuation Period” means the five (5) consecutive Business Days immediately preceding, but not including, the date
a Purchase Notice is delivered.

 

(aa)
“VWAP” means the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal
Market.

 

2.
PURCHASE OF COMMON STOCK.

 

Subject
to the terms and conditions set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the
obligation to purchase from the Company, Purchase Shares as follows:

 

(a)
Sales of Common Stock. Subject to the satisfaction of all of the conditions set forth in Sections 6 and 7 hereof (the “Commencement”
and the date of satisfaction of such conditions the “Commencement Date”), at any time commencing on the Commencement
Date and thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor
of a Purchase Notice from time to time, to purchase a minimum of ten thousand dollars ($10,000) and up to a maximum of three million
dollars ($3,000,000) of Purchase Shares (the number of Purchase Shares being determined in accordance with Section 2(b) hereunder) for
each Purchase Notice (subject to the Available Amount, and provided that, the Purchase Amount for any Purchase will not exceed one hundred
percent (100%) the average of the daily trading dollar volume of the Common Stock during the ten (10) Business Days preceding the Purchase
Date), at the Purchase Price on the Purchase Date (each, a “Purchase”). Each Purchase Notice will set forth the Purchase
Price and number of Purchase Shares, in accordance with the terms of this Agreement. If the Company delivers any Purchase Notice for
a Purchase Amount in excess of the limitations contained herein, such Purchase Notice shall be void ab initio to the extent of
the amount by which the amount of Purchase Shares set forth in such Purchase Notice exceeds the amount of Purchase Shares which the Company
is permitted to include in such Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess
Purchase Shares in respect of such Purchase Notice; provided, however, that the Investor shall remain obligated to purchase
the amount of Purchase Shares which the Company is permitted to include in such Purchase Notice. Notwithstanding the foregoing dollar
limitations, the Company and the Investor may, from time to time, mutually agree (in writing) to waive the aforementioned limitations
for a relevant Purchase Notice, which waiver, for the avoidance of doubt, shall not exceed the Beneficial Ownership Limitation contained
herein. The Company may not deliver more than one Purchase Notice to the Investor every five (5) Business Days unless, from time to time,
the Company and the Investor mutually agree to different timing of the delivery Purchase Notices. Upon mutual written agreement by the
Company and the Investor, a Purchase may exceed three million dollars ($3,000,000,) but for the avoidance of doubt, shall not exceed
the Beneficial Ownership Limitation contained herein.

 

    	 

    	 

    

 

(b)
Settlement for Purchase Shares. On each Settlement Date, for each Purchase hereunder, the Company shall deliver a number of Purchase
Shares equal to 112.5% of the aggregate Purchase Amount for such Purchase divided by the Purchase Price per share for such Purchase,
against payment by the Investor to the Company of the Purchase Amount with respect to such Purchase (less documented deposit and clearing
fees, if any), as full payment for such Purchase Shares via wire transfer of immediately available funds. The Company shall not issue
any fraction of a share of Common Stock upon the any Purchase. If any issuance hereunder would result in the issuance of a fraction of
a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All
Purchase Shares issued hereunder will be DWAC Shares. All payments made under this Agreement shall be made in lawful money of the United
States of America by wire transfer of immediately available funds to such account as the Company may from time to time designate by written
notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is
due on any day that is not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

(c)
Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue
or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with
all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates
of more than 4.99% of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”).
Upon the written or oral request of the Investor, the Company shall promptly (but not later than one Business Day) confirm orally or
in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate in
good faith in the determinations required hereby and the application hereof. The Investor’s written certification to the Company
of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive
with respect to the applicability thereof and such result absent manifest error.

 

3.
INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The
Investor represents and warrants to the Company as of the date hereof and as of the Commencement Date that:

 

(a)
Organization, Authority. Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, with the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder.

 

(b)
Investment Purpose. The Investor is acquiring the Purchase Shares as principal for its own account for investment only and not
with a view to or for distributing or reselling such Purchase Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Purchase Shares in violation of the Securities Act or any
applicable state securities law and has no direct or indirect arrangement or understandings with any other Persons to distribute or regarding
the distribution of such Purchase Shares in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting the Investor’s right to sell the Purchase Shares at any time pursuant to the Registration Statement described
herein or otherwise in compliance with applicable federal and state securities laws). The Investor is acquiring the Purchase Shares hereunder
in the ordinary course of its business.

 

(c)
Accredited Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of
Regulation D promulgated under the Securities Act.

 

(d)
Information. The Investor understands that its investment in the Company and the Purchase Shares involves a high degree of risk
including without limitation the risks set forth in the Registration Statement. The Investor (i) is able to bear the economic risk of
an investment in the Purchase Shares including a total loss thereof, (ii) has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the proposed investment in the Purchase Shares, (iii) has had an opportunity
to ask questions of and receive answers from the officers of the Company concerning the financial condition and business of the Company
and others matters related to an investment in the Purchase Shares, and (iv) has had the opportunity to review the Registration Statement.
Neither such inquiries nor any other due diligence investigations conducted by the Investor or its representatives shall modify, amend
or affect the Investor’s right to rely on the Company’s representations and warranties contained in Section 4 below.
The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to its acquisition of the Purchase Shares. The Investor acknowledges and agrees that the Company neither makes nor has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section
4 hereof.

 

    	 

    	 

    

 

(e)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and
is a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability
to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws
relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(f)
No Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has
any of the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii)
hedging transaction, which establishes a net short position with respect to the Common Stock.

 

4.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to the Investor as of the date hereof and as of the Commencement Date, that:

 

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

 

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

 

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

    	 

    	 

    

 

 

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

 

(e) Filings,
Consents and Approvals. Except as disclosed on Schedule 4.1(e), the Company has timely filed all quarterly and annual reports
required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior
to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits
to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”).
The Company has delivered to Investor true and complete copies of the SEC Documents, except for such exhibits and incorporated documents,
and except as such Documents are available EDGAR filings on the SEC’s sec.gov website. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or
has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent
filings prior the date hereof). As of their respective dates, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently
applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and
its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods
then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial
statements of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business subsequent to February 28, 2021, and (ii) obligations under contracts and commitments incurred
in the ordinary course of business and not required under generally accepted accounting principles to be reflected in such financial
statements, which, individually or in the aggregate, are not material to the financial condition or operating results of the Company.
The Company is subject to the reporting requirements of the Exchange Act. For the avoidance of doubt, filing of the documents required
in this Section 3(e) via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall
satisfy all delivery requirements of this Section 3(e).

 

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

    	 

    	 

    

 

 

(f) Issuance
of the Purchase Shares. The Purchase 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 imposed by the Company other than
restrictions on transfer provided for in the Transaction Documents.

 

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

 

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

 

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

    	 

    	 

    

 

 

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

 

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

 

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

 

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

 

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

    	 

    	 

    

 

 

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

 

(p) Sarbanes-Oxley;
Internal Accounting Controls. Except as may be disclosed in the SEC Reports and on Schedule 4.1(p), the Company and the Subsidiaries
are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof,
and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and
as of each Closing Date. Except as disclosed in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general
or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure
controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.
The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and
the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions
of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined
in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect,
the internal control over financial reporting of the Company and its Subsidiaries.

 

(q) Certain
Fees. The Company has or shall engage a suitable Investment Banker in conjunction with the transaction contemplated herein. No brokerage
or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents,
other than as set forth on Schedule 3.1(q). The Investor shall have no obligation with respect to any fees or with respect to
any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the
transactions contemplated by the Transaction Documents.

 

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

 

(s) Registration
Rights. Other than as set forth on Schedule 3.1(s), no Person has any right to cause the Company to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

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

    	 

    	 

    

 

 

(u) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms
that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that
it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Investor
will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by
or on behalf of the Company to the Investor regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date
of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and
when made, not misleading. The Company acknowledges and agrees that the Investor does not make and has not made any representations or
warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

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

 

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

 

(x) Accountants.
The Company’s accounting firm is set forth on Schedule 3.1(x) of the Disclosure Schedules. To the knowledge and belief of
the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express
its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December
31, 2021.

 

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

    	 

    	 

    

 

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

 

(aa)Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action
designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities,
or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company,
other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement
of the Securities.

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

5.
COVENANTS.

 

(a)
Filing of Current Report and Initial Prospectus Supplement. The Company agrees that it shall, within the time required under the
Exchange Act, file with the SEC a Current Report on Form 8-K relating to the transactions contemplated by, and describing the material
terms and conditions of, the Transaction Documents (the “Current Report”). The Company further agrees that it shall,
within the time required under Rule 424(b) under the Securities Act, file with the SEC the Initial Prospectus Supplement pursuant to
Rule 424(b) under the Securities Act specifically relating to the transactions contemplated by, and describing the material terms and
conditions of, the Transaction Documents, containing information previously omitted at the time of effectiveness of the Registration
Statement in reliance on Rule 430B under the Securities Act, and disclosing all information relating to the transactions contemplated
hereby required to be disclosed in the Registration Statement and the Prospectus as of the date of the Initial Prospectus Supplement,
including, without limitation, information required to be disclosed in the section captioned “Plan of Distribution” in the
Prospectus. The Investor shall furnish to the Company such information regarding itself, the Purchase Shares held by it and the intended
method of distribution thereof, including any arrangement between the Investor and any other Person relating to the sale or distribution
of the Purchase Shares, as shall be reasonably requested by the Company in connection with the preparation and filing of the Current
Report and the Initial Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement with the SEC.

 

(b)
Listing/DTC. The Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal
Market and to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations
of the Principal Market. The Company shall not take any action that would reasonably be expected to result in the delisting or suspension
of the Common Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business Day, provide
to the Investor copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock for listing
on the Principal Market; provided, however, that the Company shall not be required to provide the Investor copies of any such notice
that the Company reasonably believes constitutes material non-public information and the Company would not be required to publicly disclose
such notice in any report or statement filed with the SEC and under the Exchange Act or the Securities Act. The Company shall pay all
fees and expenses in connection with satisfying its obligations under this Section 5(c). The Company shall take all action necessary
to ensure that its Common Stock can be transferred electronically as DWAC Shares.

 

(c)
Prohibition of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending
on the date of termination of this Agreement as provided in Section 9, the Investor and its agents, representatives and affiliates shall
not in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined
in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position
with respect to the Common Stock.

 

(d)
Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given
time and the dates and Purchase Amounts for each Regular Purchase, Accelerated Purchase and Additional Accelerated Purchase or shall
use such other method, reasonably satisfactory to the Investor and the Company.

 

(e)
Use of Proceeds. The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion of the
Company.

 

(f)
Most Favored Nations. From the date hereof until the date when the Investor no longer holds any Securities, upon any issuance
by the Company or any of its subsidiaries of Common Stock, Common Stock Equivalents for cash consideration, indebtedness or a combination
of units hereof (a “Subsequent Financing”), Investor may elect, in its sole discretion, to exchange (in lieu of conversion),
if applicable, all or some of the Securities then held for any securities or units issued in a Subsequent Financing on a $1.00 for $1.00
basis. The Company shall provide the Investor with notice of any such Subsequent Financing in the manner set forth below. Additionally,
if in such Subsequent Financing there are any contractual provisions or side letters that provide terms more favorable to the investors
than the terms provided for hereunder, then the Company shall specifically notify the Investor of such additional or more favorable terms
and such terms, at Investor’s option, shall become a part of the transaction documents with the 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 stock
sale price, price per share, and warrant coverage. For purposes of illustration, if a Subsequent Financing were to occur whereby the
Company sells and issues a convertible note with a conversion price that includes a discount to the market price of its Common Stock,
the Investor will be entitled to receive the same convertible note on the exact same terms on a dollar for dollar basis via the exchange
of the Securities the Holder holds on the date of the sale and issuance of the convertible note.

 

    	 

    	 

    

 

(g)
Subsequent Financing From the date hereof until the date that is the 12 month anniversary of the Closing Date, upon a Subsequent
Financing, Investor shall have the right to participate up to an amount of the Subsequent Financing equal to 100% of the Subsequent Financing
(the “Participation Maximum”) on the same terms, conditions and price provided for in the Subsequent Financing. At
least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to Investor a written notice
of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Investor if it wants
to review the details of such financing (such additional notice, a “Subsequent Financing Notice”). Upon the request
of Investor, and only upon a request by Investor, for a Subsequent Financing Notice, the Company shall promptly, but no later than one
(1) Trading Day after such request, deliver a Subsequent Financing Notice to Investor. The Subsequent Financing Notice shall describe
in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the
Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar
document relating thereto as an attachment.

 

6.
CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The
right of the Company hereunder to commence sales of Purchase Shares is subject to the satisfaction of each of the following conditions:

 

(a)
The Investor shall have executed each of the Transaction Documents and delivered the same to the Company; and

 

(b)
The Registration Statement shall have been declared effective by the SEC, and no stop order with respect to the Registration Statement
shall be pending or threatened by the SEC.

 

7.
CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The
obligation of the Investor to buy Purchase Shares under this Agreement is subject to the satisfaction of each of the following conditions
on or prior to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation
to satisfy such conditions after the Commencement has occurred:

 

(a)
The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

(b)
The Common Stock shall be listed on the Principal Market, trading in the Common Stock shall not have been within the last 365 days suspended
by the SEC or the Principal Market and such suspension has not subsequently been cured;

 

(c)
The representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any of
such representations and warranties is already qualified as to materiality in Section 4 above, in which case, such representations
and warranties shall be true and correct without further qualification) as of the date hereof and as of the Commencement Date as though
made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of
such date) and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by the
Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date. The Investor shall
have received a certificate, executed by the chief executive officer of the Company, dated as of the Commencement Date, to the foregoing
effect in the form attached hereto as Exhibit B;

 

    	 

    	 

    

 

(d)
The Registration Statement shall be effective and no stop order with respect to the Registration Statement shall be pending or threatened
by the SEC. The Company shall have a maximum dollar amount certain of Common Stock registered under the Registration Statement which
is sufficient to issue to the Investor not less than the full Available Amount worth of Purchase Shares. The Current Report and the Initial
Prospectus Supplement each shall have been filed with the SEC, as required pursuant to Section 5(a). The Prospectus shall be current
and available for issuances and sales of all of the Purchase Shares by the Company to the Investor. Any other Prospectus Supplements
required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall have been
filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act;

 

(e)
The Company will have delivered to the Transfer Agent irrevocable instructions, in a form reasonably acceptable to the Investor, to issue
Purchase Shares in accordance with this Agreement; and

 

(f)
No Event of Default has occurred and is continuing.

 

8.
EVENTS OF DEFAULT.

 

An
“Event of Default” shall be deemed to have occurred at any time as any of the following events occurs:

 

(a)
the effectiveness of the Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order or
similar order) or such Registration Statement (or the prospectus forming a part thereof) is unavailable to the Investor for resale of
any or all of the Purchase Shares to be issued to the Investor under the Transaction Documents;

 

(b)
the suspension of the Common Stock from trading on the Principal Market for a period of two (2) Business Days, provided that the Company
may not direct the Investor to purchase any shares of Common Stock during any such suspension;

 

(c)
the delisting of the Common Stock from the OTC Pink provided, however, that the Common Stock is not immediately thereafter trading on
The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE American,
or the OTCQB or the OTCQX operated by the OTC Markets Group, Inc. (or any nationally recognized successor to any of the foregoing);

 

(d)
the failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within three (3) Business Days after the applicable
date on which the Investor is entitled to receive such Purchase Shares;

 

(e)
the Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach
could have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable, only if such breach
continues for a period of at least five (5) Business Days;

 

(f)
if any Person or entity commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g)
if the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the
same become due;

 

(h)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation
of the Company; or

 

(i)
if at any time the Company is not eligible to transfer its Common Stock electronically as DWAC Shares.

 

So
long as an Event of Default has occurred and is continuing, the Company shall not deliver to the Investor any Purchase Notice.

 

    	 

    	 

    

 

9.
TERMINATION

 

This
Agreement may be terminated only as follows:

 

(a)
If pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a
general assignment for the benefit of its creditors (any of which would be an Event of Default as described in Sections 9(f),
9(g) and 9(h) hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except
as set forth below) without further action or notice by any Person.

 

(b)
At any time after the Commencement Date, the Company and the Investor shall have the option to terminate this Agreement for any reason
or for no reason by delivering 90 calendar days written notice (a “Company Termination Notice”) to the other Party
electing to terminate this Agreement without any liability whatsoever of any party to any other party under this Agreement (except as
set forth below).

 

(c)
This Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available Amount
as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other
party under this Agreement (except as set forth below).

 

(d)
If, for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this Agreement
by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of
any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

Except
as set forth in Sections 9(a) (in respect of an Event of Default under Sections 8(f), 8(g) and 8(h)), 9(c)
and 9(d), any termination of this Agreement pursuant to this Section 9 shall be effected by written notice from the Company
to the Investor, or the Investor to the Company, as the case may be, setting forth the basis for the termination hereof. The representations
and warranties and covenants of the Company and the Investor contained in Sections 3, 4, and 5, hereof, and the
agreements and covenants set forth in Sections 8, 9 and 10 shall survive the execution and delivery of this Agreement
and any termination of this Agreement. No termination of this Agreement shall (i) affect the Company’s or the Investor’s
rights or obligations under (A) this Agreement with respect to any pending Purchases, and the Company and the Investor shall complete
their respective obligations with respect to any pending Purchases under this Agreement or (ii) be deemed to release the Company or the
Investor from any liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

10.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. The corporate laws of the State of Nevada shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of New York, County of New York, for the adjudication of
any dispute hereunder or under the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for
such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

    	 

    	 

    

 

(b)
Fees and Expenses. The Company has agreed to reimburse the Investor $10,000 for its legal fees in connection with the transaction
contemplated by this Agreement, which such amount may be withheld from the Investor’s purchase amount deliverable at the Closing.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required
for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection
with the delivery of any securities to the Investor.

 

(c)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the
same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided
that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(d)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(e)
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

(f)
Entire Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company,
their affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction
Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty,
covenant or undertaking with respect to such matters.

 

(g)
Notices. Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile
or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses for such communications shall be:

 

If
to the Company:

 

Artificial
Intelligence Technology Solutions Inc.

10800
Galaxie Avenue

Ferndale,
Michigan 48220

Telephone:
877-787-6268

E-mail:

Attention:

 

With
a copy to (which shall not constitute notice or service of process):

 

Weintraub
Law Group PC

10085
Carroll Canyon Road, Suite 230

San
Diego, CA 92131

Telephone:
858-556-7010

E-mail:
rick@weintraublawgroup.com

Attention:
Richard A. Weintraub, Esq.

 

If
to the Investor:

 

GHS
Investments, LLC

420
Jericho Turnpike, Suite 102

Jericho,
NY 11753

 

    	 

    	 

    

 

With
a copy to (which shall not constitute notice or service of process):

 

Pryor
Cashman LLP

7
Times Square

New
York, NY 10036

Telephone:
212-421-4100

E-mail:
ali.panjwani@pryorcashman.com

Attention:
M. Ali Panjwani, Esq.

 

or
at such other address, email address and/or facsimile number and/or to the attention of such other Person as the recipient party has
specified by written notice given to each other party one (1) Business Day prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by
the sender’s facsimile machine or email account containing the time, date, and recipient facsimile number or email address, as
applicable, or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service,
receipt by facsimile or email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii)
or (iii) above, respectively.

 

(h)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(i)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(j)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to consummate and make effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k)
No Strict Construction. 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.

 

(l)
Enforcement Costs. In the event of a dispute arising out of or relating to this Agreement, if a court of competent jurisdiction
determines in a final, non-appealable order that a party has breached this Agreement, then, in addition to any other available remedies,
the non-breaching party shall be entitled to, and the breaching party shall be liable for, the reasonable legal fees and expenses incurred
by the non-breaching party in connection with the dispute, including any appeals in connection therewith.

 

(m)
Amendment and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement (i) may be amended other than by a written
instrument signed by both parties hereto and (ii) may be waived other than in a written instrument signed by the party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.

 

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

  

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

 

(p)
Placement Agent The Company has or shall engage a suitable placement Agent at the Company’s cost.

 

[Remainder
of page intentionally blank – signature page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Investor and the Company have caused this Purchase Agreement to be duly executed as of the date first written
above.

 

	 	THE
    COMPANY:
	 	   
	 	ARTIFICIAL
    INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
	 	 	                    

    

	 	By:	/s/
    Steven Reinharz
	 	Name:	Steven
    Reinharz
	 	Title:	Chief
Executive Officer 
	 	 	 
	 	INVESTOR:
	 	 
	 	GHS
    INVESTMENTS, LLC
	 	 	 
	 	By:	/s/
    Mark Grober
	 	Name:	Mark Grober
	 	Title:	Member

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF PURCHASE NOTICE

 

________,
2021_

 

To:
GHS Investments, LLC

 

In
accordance with Section 2 of the purchase agreement, dated September [ ], 2021 (the “Purchase Agreement”), between Artificial
Intelligence Technology Solutions Inc. (the “Company”) and GHS Investments, LLC (the “Investor”), the Company
hereby provides notice to the Investor of a sale by the Company to the Investor of Purchase Shares in the amount set forth in this Purchase
Notice. Capitalized terms used herein have the meanings set forth in the Purchase Agreement.

 

Purchase
Amount: $___________

Purchase
Price per share: $____________

Number
of Purchase Shares: __________

 

Very
truly yours,

 

Artificial
Intelligence Technology Solutions Inc.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF OFFICER’S CERTIFICATE

 

This
Officer’s Certificate (“Certificate”) is being delivered pursuant to Section 7(c) of that certain Purchase
Agreement dated as of September [ ], 2021, (“Purchase Agreement”), by and between Artificial Intelligence Technology
Solutions Inc., a Nevada corporation (the “Company”), and GHS INVESTMENTS, LLC (the “Investor”). Terms used herein
and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

 

The
undersigned, __________, Chief Executive Officer of the Company, hereby certifies, on behalf of the Company and not in his individual
capacity, as follows:

 

1.
I am the Chief Executive Officer of the Company;

 

2.
The representations and warranties of the Company are true and correct in all material respects (except to the extent that any of such
representations and warranties is already qualified as to materiality in Section 4 of the Purchase Agreement, in which case, such representations
and warranties are true and correct without further qualification) as of the date of the Purchase Agreement and as of the Commencement
Date as though made at that time (except for representations and warranties that speak as of a specific date, in which case such representations
and warranties are true and correct as of such date);

 

3.
The Company has performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the
Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

 

IN
WITNESS WHEREOF, I have hereunder signed my name on this [   ] day of September, 2021.

 

	 	 	 
	Name:	 	 
	Title:	Chief
    Executive OfficerExhibit
10.4

 

Amendment No. 3 to

Third Amended and Restated Loan and Security Agreement

This Amendment No. 3
to Third Amended and Restated Loan and Security Agreement (“Amendment”) is dated as of September 29, 2021 and is entered
into by and among America’s Car-Mart, Inc., a Texas corporation (“Parent”),
Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”), America’s
Car Mart, Inc., an Arkansas corporation (“ACM”), Texas Car-Mart,
Inc., a Texas corporation (“TCM”) (each of Colonial, ACM and TCM, a “Borrower”, and collectively,
“Borrowers”), the financial institutions party to the Loan Agreement (as hereinafter defined) as lenders (collectively,
“Lenders”), BMO Harris Bank N.A., as agent for the Lenders (in such capacity,
“Agent”), lead arranger and book manager for the Lenders. All capitalized terms used herein but not otherwise defined
shall have the meanings ascribed to them in the Loan Agreement (as hereinafter defined).

Witnesseth

Whereas,
Parent, Borrowers, Lenders and Agent have entered into that certain Third Amended and Restated Loan and Security Agreement dated as of
September 30, 2019, (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof,
the “Loan Agreement”; the Loan Agreement, as amended by this Amendment, the “Amended Loan Agreement”);

Whereas,
Parent, Borrowers, the Required Lenders and Agent have agreed to amend the Loan Agreement subject to the terms and conditions stated herein;
and

Now,
Therefore, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, Lenders, Agent, Parent and Borrowers hereby agree as follows:

Section 1.            Amendments
to the Loan Agreement.

1.1.       The
defined terms “Eligible Assignee”, “Fee Letter”, “Letter of Credit Subline”, “Modified
Contracts”, “Revolving Credit Termination Date” and “Trigger Period” appearing in Section
1.1 of the Loan Agreement shall be amended and restated to read in their entirety as follows:

“Eligible Assignee”
means (a) any Lender (other than a Defaulting Lender), Affiliate of such Lender or Approved Fund of such Lender; (b) in the
absence of a Default or an Event of Default, an assignee approved by Borrowers (which approval shall not be unreasonably withheld or delayed,
and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment) and Agent (which approval
shall not be unreasonably withheld or delayed); or (c) any other Person approved by the Agent in its discretion.

     

     

    

“Fee Letter”
means the fee letter agreement dated as of September 29, 2021, among Agent and Borrowers.

“Letter of Credit
Subline” means $5,000,000.

“Modified Contract”
means, at any time the same is to be determined, a Vehicle Contract (a) that has been rewritten, restructured, amended or otherwise
modified from its original terms seven (7) or more times, or (b) where the term of such Vehicle Contract has been extended (pursuant to
one or more modifications) more than one hundred eighty (180) days from the original termination date. Notwithstanding the foregoing to
the contrary, modifications solely to (i) change the day of the month when scheduled payments are made, or (ii) cure ambiguities, omissions,
mistakes or defects shall not, in each case, be deemed a Modified Contract.

“Revolver Commitment
Termination Date” means the earliest to occur of (a)  September 29, 2024; (b) the date on which any Borrower terminates
its applicable Revolver Commitments pursuant to Section 2.1.4 or Section 2.2.4; or (c) the date on which any Revolver Commitment
is terminated pursuant to Section 11.2.

“Trigger Period”
means the period (a) commencing upon any day that a Trigger Event occurs and (b) ending on the day on which, during the
preceding 90 consecutive days (i) no Event of Default has existed and (ii) the sum of ACM-TCM Availability and Colonial
Availability has at all times been greater than 10% of the aggregate Revolver Commitments; provided, that any action taken pursuant
to Section 5.6 herein during a Trigger Period shall not be terminated more than three (3) times during the term of this Agreement.

1.2.       Clause
(o) of the defined term “Eligible Vehicle Contracts” appearing in Section 1.1 of the Loan Agreement shall be amended
and restated to read in its entirety as follows:

(o)       the
Vehicle Contract is not a Modified Contract unless the Contract Debtor thereon has made full contractual payments for at least seventy-five
(75) consecutive days in the amounts called for by the terms of such Vehicle Contract after such Vehicle Contract has been rewritten,
restructured, amended or otherwise modified or the term of such Vehicle Contract has been extended; provided, that the amount of any such
Modified Contract shall be limited by the provision set forth in defined term “Colonial Contracts Formula Amount”;

1.3.       The
defined term “Eligible Vehicle Contracts” appearing in Section 1.1 of the Loan Agreement shall be and hereby is amended
by deleting the period at the end of clause (r) and replacing it with “; and” and immediately thereafter, inserting
a new clause (s) to read in its entirety as follows:

    	 	-2-	 

     

    

(s)       the
Vehicle Contract has not been charged off or required to be charged off pursuant to the Credit Guidelines.

1.4.       Clauses
(i) and (ii)(a) of the defined term “Permitted Distributions” appearing in Section 1.1 of the Loan Agreement shall
be amended and restated to read in its entirety as follows:

(i)(a) the Subsidiaries
of Parent to Parent in an aggregate amount not greater than $50,000 per year in order to provide the funds necessary for Parent to repay
its obligations under the AFI Note (“AFI Payment”) and (b) Auto Finance Investors, Inc. to the holder of its preferred
stock in amount not to exceed the AFI Payment, so long as no Default or Event of Default exists immediately before and after giving effect
to each such Distribution, and

(ii)(a)(1)immediately
before and after giving effect to such repurchase, the aggregate amount of such repurchases consummated after September 30, 2021 does
not exceed $50,000,000 (net of proceeds received from exercise of stock options),

1.5.       Section
2.1.7(b) of the Loan Agreement shall be amended and restated to read in its entirety as follows:

(b)       the
aggregate amount of all such Revolver Increases after September 30, 2021 shall not exceed $100,000,000 and any such Revolver Increase
shall be in an amount not less than $5,000,000 (or such lesser amount then agreed to by the Agent);

1.6.       Section
3.11 of the Loan Agreement shall be amended and restated to read in its entirety as follows:

Section 3.11.Effect
of Benchmark Transition Event.

(a)       Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any
setting of the then-current Benchmark, then (x) if a
Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in
accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such
Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark
setting at or after 5:00 p.m. (Chicago time) on the 5th Business Day after the date notice of such Benchmark Replacement is provided
to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark
Replacement from Lenders comprising the Required Lenders.

    	 	-3-	 

     

    

(b)       Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Event
and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided
that, this clause (b) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term
SOFR Notice.

(c)       In
connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party
to this Agreement or any other Loan Document.

(d)       The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, Term
SOFR Event or Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement
or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.11, including any determination with respect to
a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement
or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.11.

    	 	-4-	 

     

    

(e)       Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a
Benchmark Replacement), (i) if the then-current Benchmark
is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion
or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of
information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may
modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable
or non-representative tenor and (ii) if a tenor that was removed
pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including
a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

(f)       Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for
a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability
Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion
to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

(e)       Certain
Defined Terms. As used in this Section titled “Effect of Benchmark Transition Event”:

“Available Tenor”
means, as of any date of determination and with respect to the then-current
Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as
applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not
including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of “Interest Period” pursuant to clause (e) of Section 3.11.

“Benchmark”
means, initially, the LIBOR Index Rate; provided that if a Benchmark Transition Event, a Term SOFR Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the LIBOR Index Rate or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has
replaced such prior benchmark rate pursuant to clause (a) or (b) of Section 3.11.

    	 	-5-	 

     

    

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:

(1)       the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

(2)       the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

(3)       the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving
due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a
rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current
Benchmark for U.S. dollar-denominated syndicated credit facilities
at such time and (b) the related Benchmark Replacement Adjustment;

provided that, in the case of clause
(1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the
contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Event, and the delivery of a Term SOFR Notice,
on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum
of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject
to the first proviso above).

If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the
Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

    	 	-6-	 

     

    

(1)       for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order
below that can be determined by the Administrative Agent:

(a)       the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor;

(b)       the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

(2)       for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated syndicated credit facilities;

provided that, in the case of clause
(1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment
from time to time as selected by the Administrative Agent in its reasonable discretion.

    	 	-7-	 

     

    

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” the timing and frequency of determining rates and making payments of interest, the timing of

borrowing requests or prepayment, conversion
or continuation notices, the length of lookback periods, the applicability of breakage provisions, and other technical, administrative
or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark
Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner
of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof);

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein;

(3)       in
the case of a Term SOFR Event, the date that is 30 days after the date a Term SOFR Notice is provided to the Lenders and the Borrower
pursuant to Section 3.11 (b); or

(4)       in
the case of an Early Opt-in Election, the 6th Business Day after the
date notice of such Early Opt-in Election is provided to the Lenders,
so long as the Administrative Agent has not received, by 5:00 p.m. (Chicago time) on the 5th Business Day after the date notice of
such Early Opt-in Election is provided to the Lenders, written notice
of objection to such Early Opt-in Election from Lenders comprising
the Required Lenders.

    	 	-8-	 

     

    

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence
of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark:

(1)       a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

(2)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the FRB, the NYFRB, an insolvency official with jurisdiction over the administrator for such
Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(3)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer representative.

    	 	-9-	 

     

    

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available
Tenor of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2)
of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.11 and (y) ending at the time
that a Benchmark Replacement has replaced the then-current Benchmark
for all purposes hereunder and under any Loan Document in accordance with Section 3.11.

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

“Daily Simple
SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the
Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining
“Daily Simple SOFR” for syndicated business loans; provided that if the Administrative Agent decides that any such
convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention
in its reasonable discretion.

“Early Opt-in
Election” means, if the then-current Benchmark is the LIBOR
Index, the occurrence of:

(1)       a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties
hereto that at least five currently outstanding U.S. dollar-denominated
syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based
rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified
in such notice and are publicly available for review), and

(2)       the
joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

    	 	-10-	 

     

    

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to LIBOR.

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as
amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to
time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

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

“NYFRB’s
Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

“Reference Time”
with respect to any setting of the then-current Benchmark means
(1) if such Benchmark is the LIBOR Index, 11:00 a.m. (London time) on the day that is two London banking days preceding the date
of such setting, and (2) if such Benchmark is not the LIBOR Index, the time determined by the Administrative Agent in its reasonable discretion.

“Relevant Governmental
Body” means the FRB and/or the NYFRB, or a committee officially endorsed or convened by the FRB and/or the NYFRB, or any successor
thereto.

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).

“SOFR Administrator’s
Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

“Term SOFR
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant

    	 	-11-	 

     

    

Governmental Body, (b) the administration
of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event has previously occurred
resulting in a Benchmark Replacement in accordance with Section 3.11 that is not Term SOFR.

“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Event.

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

1.7.       Section
5.5.2(d) of the Loan Agreement shall be amended and restated to read in its entirety as follows:

(d)       Fourth,
Intentionally Omitted;

1.8.       Section
10.2.3. of the Loan Agreement shall be amended and restated to read in its entirety as follows:

Section 10.2.3.Capital
Expenditures. Make Capital Expenditures in excess of $35,000,000 in the aggregate during any Fiscal Year.

1.9.       Section
15.1.1(d) of the Credit Agreement shall be amended and restated to read in its entirety as follows:

(d)       without
the prior written consent of all Lenders, no modification shall (i) alter Section 7.1 (except to add Collateral) or 15.1.1;
(ii) amend or alter Section 5.5.2 or 12.6, or the definition of Pro Rata in a manner that would alter the pro rata sharing of payments
or order of application required thereby, (iii)  amend the definition of Borrowing Base (or any defined term used in such definition)
or Required Lenders; (iii) increase any advance rate; (iv) release all or substantially all of the Collateral; or (v) except
in connection with a merger, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any
Obligations; and

1.10.       The
Agent and the Borrowers hereby acknowledge and agree that (i) Wells Fargo Bank, N.A. and BOKF, NA d/b/a BOK Financial are hereby designated
as Co-Syndication Agents and (ii) MUFG Union Bank, N.A. and First Horizon Bank are hereby designated as Co-Documentation Agents.

1.11.       Schedule
1.1 of the Loan Agreement shall be amended and replaced by Schedule 1.1 attached hereto.

    	 	-12-	 

     

    

Section 2.          Conditions.

The effectiveness of this
Amendment is subject to the satisfaction of the following conditions precedent:

2.1.       The
Parent, the Borrower, the Agent and the Required Lenders shall have executed and delivered this Amendment.

2.2.       The
Agent shall have received the duly executed Colonial Revolver Notes and ACM-TCM Revolver Notes for each Lender that requests a Revolver
Note.

2.3.       Agent
shall have received UCC and Lien searches and other evidence satisfactory to Agent that such Liens are the only Liens upon the Collateral,
except Permitted Liens.

2.4.       Agent
shall have received a certificate of a duly authorized officer of the Parent and each Borrower (collectively, the “Obligors”),
certifying (i) that attached copies of such Obligor’s Organic Documents are true and complete, and in full force and effect,
without amendment except as shown; (ii) that an attached copy of resolutions authorizing execution and delivery of the Loan Documents
is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked,
and constitute all resolutions adopted with respect to this credit facility; and (iii) to the title, name and signature of each Person
authorized to sign the Loan Documents. Agent may conclusively rely on this certificate until it is otherwise notified by the applicable
Obligor in writing.

2.5.       Agent
shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other appropriate official
of such Obligor’s jurisdiction of organization. Agent shall have received good standing certificates for each Obligor, issued by
the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization.

2.6.       Borrowers
shall have paid all fees set forth in the Fee Letter.

2.7.       Agent
shall have received a written opinion of counsel, in form and substance and by a law firm satisfactory to Agent, with respect to this
Amendment and the Revolving Notes.

Section 3.         Representations.

In order to induce the Agent
and the Lenders to enter into this Amendment, each Obligor hereby represent and warrant to the Bank that as of the date hereof:

    	 	-13-	 

     

    

3.1.       Authorization,
Etc. The Obligors have the power and authority to execute, deliver and perform this Amendment and the other Loan Documents (if any)
called for hereby. The Obligors have taken all necessary action (including, without limitation, obtaining approval of its equity holders,
if necessary) to authorize its execution, delivery and performance of this Amendment and the other Loan Documents (if any) called for
hereby. No consent, approval or authorization of, or declaration or filing with, any Governmental Authority, and no consent of any other
Person, is required in connection with such Obligor’s execution, delivery and performance of this Amendment or such other Loan
Documents, except for those already duly obtained. This Amendment and the other Loan Documents (if any) called for hereby have been duly
executed and delivered by the Obligors and constitute the legal, valid and binding obligation of the Obligors, enforceable against them
in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting
the enforcement of creditor rights generally or by equitable principles relating to enforceability. The execution, delivery and performance
of this Amendment and the other Loan Documents (if any) called for hereby by the relevant Obligors does not (i) contravenes the
terms of any Obligor’s Organic Documents; (ii) conflict with or constitute a violation or breach of, or constitutes a default
under, or results in the creation or imposition of any Lien (other than pursuant to the Security Documents) upon the Property of any
Obligor by reason of the terms of any material contractual obligation (including without limitation contractual obligations arising from
any material agreements to which any Obligor is a party or which is binding upon it); or (iii) violates any requirement of law in any
material respect.

3.2.       Representations
and Warranties. After giving effect to this Amendment, the representations and warranties set forth in Section 9 of the Loan
Agreement and in the other Loan Documents are and shall be and remain true and correct.

3.3.       No
Default. No Default or Event of Default exists under the Loan Agreement or shall result after giving effect to this Amendment. No
Regulatory Event shall have occurred and be continuing.

3.4.       No
Material Adverse Effect. Since December 31, 2020, no Material Adverse Effect has occurred.

Section 4.         Reaffirmations.

4.1.         Collateral. The Obligors
heretofore executed and delivered to the Agent the Security Documents. The Obligors hereby acknowledge and agree that the Liens created
and provided for by the Security Documents continue to secure, among other things, the Obligations arising under the Amended Loan Agreement;
and the Security Documents and the rights and remedies of the Agent thereunder, the obligations of the Obligors thereunder, and the Liens
created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing
herein contained shall in any manner affect or impair the priority of the Liens created and provided for by the Security Documents as
to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

4.2.       Guaranties.
Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to any modification of
the Loan Agreement and the other Loan Documents effected pursuant to this Amendment. Each Guarantor hereby confirms to the Agent and
the Lenders that, after giving effect to this Amendment, the Guaranty of such Guarantor and each other Loan Document to which such Guarantor
is a party continues in full force and effect and is the legal, valid and binding obligation of such Guarantor, enforceable against such
Guarantor in accordance with their terms except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws
affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. Each Guarantor
acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required
by the terms of the Loan Agreement or any other Loan Document to consent to the waivers or modifications to the Loan Agreement effected
pursuant to this Amendment and (ii) nothing in the Amended Loan Agreement, this Amendment or any other Loan Document shall be deemed
to require the consent of such Guarantor to any future waivers or modifications to the Amended Loan Agreement.

    	 	-14-	 

     

    

Section
5.          Joinder. 

5.1.       Upon
the effectiveness of this Amendment, each of CIBC Bank USA and Axos Bank (each, a “New Lender” and collectively, the
“New Lenders”) (i) shall be deemed automatically to have become a party to the Amended Loan Agreement and have
all the rights and obligations of a “Lender” under the Amended Loan Agreement as if it were an original signatory thereto
and (ii) agrees to be bound by the terms and conditions set forth in the Amended Loan Agreement as if it were an original signatory
thereto. Each New Lender hereby confirms that it has received a copy of the Loan Documents and the exhibits related thereto, together
with copies of the documents which were required to be delivered under the Amended Loan Agreement as a condition to the making of the
Revolver Loans and other extensions of credit thereunder. Each New Lender acknowledges and agrees that it has made and will continue to
make, independently and without reliance upon the Agent or any other Lender and based on such documents and information as they have deemed
appropriate, its own credit analysis and decisions relating to the Amended Loan Agreement. Each New Lender further acknowledges and agrees
that the Agent has not made any representations or warranties about the credit worthiness of the Borrowers or any other party to the Amended
Loan Agreement or any other Loan Document or with respect to the legality, validity, sufficiency or enforceability of the Amended Loan
Agreement or any other Loan Document or the value of any security therefor.

5.2.       Upon
effectiveness of this Amendment, the Lenders each agree to make such purchases and sales of interests in the outstanding Revolver Loans
among themselves so that each Lender is then holding its full Pro Rata share of all Revolver Loans. Such purchases and sales shall be
arranged through the Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Agent may reasonably
request in connection therewith.

Section 6.          Miscellaneous.

6.1.      Except
as specifically amended herein, the Loan Agreement shall continue in full force and effect in accordance with its original terms. Reference
to this specific Amendment need not be made in the Loan Agreement, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or with respect to the Loan Agreement, any reference in any
of such items to the Loan Agreement being sufficient to refer to the Amended Loan Agreement. This Amendment is not a novation nor is
it to be construed as a release, waiver or modification of any of the terms, conditions, representations, warranties, covenants, rights
or remedies set forth in the Loan Agreement or the other Loan Documents, except as specifically set forth herein. Without limiting the
foregoing, the Obligors agree to comply with all of the terms, conditions, and provisions of the Amended Loan Agreement and the other
Loan Documents except to the extent such compliance is irreconcilably inconsistent with the express provisions of this Amendment.

 

    	 	-15-	 

     

    

6.2.      The Borrowers agree to pay on demand
all reasonable out-of-pocket costs and expenses of or incurred by the Agent in connection with the negotiation, preparation, execution
and delivery of this Amendment and the other instruments and documents being executed and delivered in connection herewith and the transactions
contemplated hereby, including the reasonable fees, charges and disbursements of counsel for the Agent.

6.3.      This Amendment may be executed
in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall
constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of Amendment. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State
of Illinois.

[Remainder
Left Intentionally Blank]

    -16-

     

    

In Witness
Whereof, the parties have executed this Amendment under seal on the date first written above.

	 	BORROWERS:
	 	 
	 	COLONIAL AUTO FINANCE, INC., an Arkansas corporation
	 	 
	 	 
	 	By: /s/ Vickie D. Judy 
	 	Name: Vickie D. Judy
	 	Title: Secretary
	 	 
	 	AMERICA’S CAR MART, INC., an Arkansas corporation
	 	 
	 	 
	 	By: /s/ Vickie D. Judy 
	 	Name: Vickie D. Judy 
	 	Title: VP, Secretary
	 	 
	 	TEXAS CAR MART, INC., a Texas corporation
	 	 
	 	 
	 	By: /s/ Vickie D. Judy 
	 	Name: Vickie D. Judy 
	 	Title: VP, Secretary 
	 	 
	 	PARENT:
	 	 
	 	AMERICA’S CAR MART, INC., a Texas corporation
	 	 
	 	 
	 	By: /s/ Vickie D. Judy 
	 	Name: Vickie D. Judy
	 	Title: CFO
	 	 

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	AGENT AND LENDERS:
	 	 
	 	BMO HARRIS BANK N.A., as Agent and a Lender
	 	 
	 	By:/s/ Guadalupe Marquez
	 	Name: Guadalupe Marquez
	 	Title: Managing Director

 

    	[Signature Page to Amendment No. 3]

     

    

	 	BOKF, NA D/B/A BOK FINANCIAL, as a Lender
	 	 
	 	 
	 	By: /s/ Jacob Hudson
	 	Name: Jacob Hudson
	 	

                                 Title: Arkansas President

 

    	[Signature Page to Amendment No. 3]

     

    

	 	COMMERCE BANK, as a Lender
	 	 
	 	 
	 	By: /s/ J. Anderson
	 	Name: J. Anderson
	 	

                                 Title: Senior Vice President

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	ARVEST BANK, as a Lender
	 	 
	 	 
	 	By: /s/ Andrew Coffey
	 	Name: Andrew Coffey
	 	

                                 Title: Senior Vice President

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	FIRST HORIZON BANK, as a Lender
	 	 
	 	 
	 	 By: /s/ Blake Chandler
	 	Name: Blake Chandler
	 	

                                 Title: Senior Vice President

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	WELLS FARGO BANK, N.A., as a Lender
	 	 
	 	 
	 	 By: /s/ William M. Laird
	 	Name: William M. Laird
	 	

                                 Title: SVP – Portfolio Manager

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	MUFG UNION BANK, N.A., as a Lender
	 	 
	 	 
	 	 By: /s/ Adrian Avalos
	 	Name: Adrian Avalos
	 	Title: Director

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	CIBC BANK USA, as a New Lender
	 	 
	 	 
	 	 By: /s/ Patrick Alexander
	 	Name: Patrick Alexander
	 	Title: Managing Director

 

 

 

    	[Signature Page to Amendment No. 3]

     

    

	 	AXOS BANK, as a New Lender
	 	 
	 	 
	 	 By: /s/ David Park
	 	Name: David Park
	 	Title: EVP

 

 

    	[Signature Page to Amendment No. 3]

     

    

Schedule 1.1

Revolver Commitments of Lenders

	Lender	Colonial Revolver Commitment	ACM-TCM Revolver Commitment	Total Revolver Commitment
	BMO Harris Bank N.A.	$83,600,000	$4,400,000	$88,000,000
	Wells Fargo Bank, N.A.	$79,800,000	$4,200,000	$84,000,000
	MUFG Union Bank, N.A.	$79,800,000	$4,200,000	$84,000,000
	Axos Bank	$79,800,000	$4,200,000	$84,000,000
	First Horizon Bank	$71,250,000	$3,750,000	$75,000,000
	BOKF, NA d/b/a BOK Financial	$52,250,000	$2,750,000	$55,000,000
	CIBC Bank USA	$47,500,000	$2,500,000	$50,000,000
	Arvest Bank	$38,000,000	$2,000,000	$40,000,000
	Commerce Bank	$38,000,000	$2,000,000	$40,000,000
	Total	$570,000,000	$30,000,000	$600,000,000

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