Document:

Exhibit 4.1

 

COMMON STOCK PURCHASE WARRANT

 

APPLIED DNA SCIENCES, INC.

 

	Warrant Shares: _______	Issuance Date: December ___, 2018

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
year anniversary of the Initial Exercise Date (the “Termination Date”; provided, however that if such date is
not a Trading Day, the Termination Date shall be the immediately following Trading Day) but not thereafter, to subscribe for and
purchase from Applied DNA Sciences, Inc., a Delaware corporation (the “Company”), up to _____ shares of Common
Stock, par value $0.001 per share (the “Common Stock”) (as subject to adjustment hereunder, the “Warrant
Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 1(b). This Warrant is one of the Warrants issued pursuant to the Company’s Registration Statement
on Form S-3 (File number 333-218158) (the “Registration Statement”).

 

Section 1.Exercise.

 

(a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy (or .pdf copy via e-mail attachment) of the Notice of Exercise in the form attached hereto as Exhibit A (the
“Notice of Exercise”). Within the earlier of (i) two Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 1(d)(i) herein) following the date of exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 1(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to
the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three days on which the principal Trading Market (as defined below) is open
for trading (“Trading Days”) of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within one business day of receipt of such
notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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(b) Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $0.50, subject to adjustment hereunder (the
“Exercise Price”).

 

(c) Cashless
Exercise. A “cashless exercise” as described below, may occur after March 11, 2019 (the “Cashless Date”),
if the VWAP of the Common Stock on any Trading Day on or after the Cashless Date fails to exceed the Exercise Price in effect as
of the date hereof (subject to adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar
events). In such event, in lieu of the formula below, the aggregate number of Warrant Shares issuable in such cashless exercise
pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the aggregate number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise and (y) 0.70. Additionally, if at the time of exercise hereof
there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance
of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

 

	(A)	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg, L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;
		 
	(B)	= the Exercise Price of this Warrant, as adjusted hereunder; and
		 
	(X)	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act of 1933, as amended (the “Securities Act”), the Warrant Shares shall take on the registered
characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 1(c).

 

“Bid Price” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

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

 

“VWAP” means, for any
date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

Notwithstanding anything herein to the
contrary, subject to the limitations set forth in Section 1(e), on the Termination Date, this Warrant shall be automatically
exercised via cashless exercise pursuant to this Section 1(c) if the applicable VWAP is greater than the Exercise Price.

 

(d) Mechanics
of Exercise.

 

      (i) Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of
the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two Trading
Days after the delivery to the Company of the Notice of Exercise and (B) one Trading Day after delivery of the aggregate Exercise
Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company
of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the
aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If
the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5.00
per Trading Day for each of the first three Trading Days after such Warrant Share Delivery Date and $10.00 per Trading Day for
each day thereafter until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the
Notice of Exercise.

 

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      (ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

      (iii) Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 1(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise by delivery of written notice
of rescission to the Company.

 

      (iv) Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 1(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the
Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder. For example, if the Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof. The obligation of the Company to pay compensation for Buy-In
under this Section 1(d)(iv) is subject to delivery by the Holder of the aggregate Exercise Price in accordance with the terms
of Section 1(a).

 

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      (v) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

      (vi) Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

      (vii) Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

(e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates (as defined
in Rule 405 promulgated under the Securities Act, “Affiliates”), and any other Persons acting as a group together
with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of
this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(e) applies, the
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not
in compliance with the Beneficial Ownership Limitation (other than to the extent that information on the number of outstanding
shares of Common Stock of the Company is provided by the Company and relied upon by the Holder). In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder and the Company shall have no obligation to verify or confirm the accuracy of such determination
and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation.
For purposes of this Section 1(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 1(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of
the shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(e) shall
continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Warrant.

 

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(f) Call
Provision. Subject to the provisions of Section 1(e) and this Section 1(f), if, after the Initial Exercise Date,
(i) the VWAP for each of 20 consecutive Trading Days (the “Measurement Period,” which 20 consecutive Trading
Day period shall not have commenced until after the Initial Exercise Date) exceeds 300% of the Exercise Price (subject to adjustment
for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), (ii) the
daily dollar volume on each Trading Day during the Measurement Period exceeds $300,000 per Trading Day, and (iii) the Holder is
not in possession of any information that constitutes, or might constitute, material non-public information which was provided
by the Company, any of its subsidiaries, or any of their officers, directors, employees, agents or Affiliates, then the Company
may, within one Trading Day of the end of such Measurement Period, call for cancellation of all or any portion of this Warrant
for which a Notice of Exercise has not yet been delivered (such right, a “Call”) for consideration equal to
$0.001 per Warrant Share.  To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a
“Call Notice”), indicating therein the portion of unexercised portion of this Warrant to which such notice applies. 
If the conditions set forth below for such Call are satisfied from the period from the date of the Call Notice through and including
the Call Date (as defined below), then any portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall
not have been received by the Call Date will be cancelled at 6:30 p.m. (New York City time) on the tenth Trading Day after the
date the Call Notice is received by the Holder (such date and time, the “Call Date”).  Any unexercised
portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice.  In furtherance
thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to
a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date.  The parties agree that any Notice
of Exercise delivered following a Call Notice which calls less than all of the Warrants shall first reduce to zero the number of
Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. 
For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant
Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of
50 Warrant Shares, then (x) on the Call Date the right under this Warrant to acquire 25 Warrant Shares will be automatically cancelled,
(y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares
in respect of the exercises following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise
this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices).  Subject
again to the provisions of this Section 1(f), the Company may deliver subsequent Call Notices for any portion of this Warrant
for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this
Warrant, the Company may not deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall
be void), unless, from the beginning of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance
with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) a
registration statement shall be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company
for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall be listed or quoted for trading on the Trading
Market, and (4) there is a sufficient number of authorized shares of Common Stock for issuance of all Warrant Shares under this
Warrant, and (5) the issuance of all Warrant Shares subject to a Call Notice shall not cause a breach of any provision of Section 1(e)
herein.  The Company’s right to call the Warrants under this Section 1(f) shall be exercised ratably among the
Holders based on each Holder’s initial purchase of Warrants.

 

Section 2.Certain
Adjustments.

 

(a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on fractional shares in Section 1(d)(v).
Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

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(b) Adjustment
Upon Issuance of Shares of Common Stock. If and whenever on or after the date of issuance (the “Issuance Date”),
the Company issues or sells, or in accordance with this Section 2(b) is deemed to have issued or sold, any shares of Common
Stock and/or Common Stock Equivalents (including the issuance or sale of shares of Common Stock owned or held by or for the account
of the Company, but excluding any Exempt Issuance issued or sold or deemed to have been issued or sold) for a consideration per
share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect immediately prior to
such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable
Price”) (the foregoing a “Dilutive Issuance”), then immediately upon such Dilutive Issuance, the Exercise
Price then in effect shall be reduced to an amount equal to the New Issuance Price. “Exempt Issuance” means
the issuance of (a) Common Stock, options or other equity awards to employees, officers, consultants, members of its strategic
advisory board, or directors of the Company pursuant to any stock or option plan or employee stock purchase plan duly adopted for
such purpose (provided that issuances to consultants and members of its strategic advisory board shall be unregistered and carry
no registration rights and shall not exceed an aggregate of 150,000 shares (subject to adjustment for any stock splits or recapitalizations
following date hereof) in any three-month period), by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b)
securities issuable upon the exercise or exchange of or conversion of these Warrants and/or other securities exercisable or exchangeable
for or convertible into shares of Common Stock issued and outstanding on the date of this Warrant; provided that such
securities have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to
extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a
majority of the disinterested directors of the Company; provided that such securities are issued as “restricted securities”
(as defined in Rule 144 under the Securities Act) and carry no registration rights that require or permit the filing of any registration
statement in connection therewith within 90 days of the date of this Warrant and provided that any such issuance shall only be
to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner
of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to an entity whose primary business is investing in securities. For all purposes of the foregoing
(including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 2(b)),
the following shall be applicable:

 

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      (i) Issuance
of Options. If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase shares
of preferred stock and/or Common Stock or Common Stock Equivalents (“Options”) and the lowest price per share
for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or
exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is
less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold
by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 2(b)(i),
the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon
conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant
to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise
of such Option and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option
or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common
Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Common Stock Equivalents
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof. Except as contemplated below, no further
adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock
Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares
of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalents. This Section 2(b)(i) shall not
apply to any Exempt Issuance.

 

      (ii) Issuance
of Common Stock Equivalents. If the Company in any manner issues or sells any Common Stock Equivalents and the lowest price
per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Exercise Price, then such share of Common Stock shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock Equivalents for such price
per share. For the purposes of this Section 2(b)(ii), the “lowest price per share for which one share of Common Stock
is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal
to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to one share of Common Stock upon the issuance or sale of the Common Stock Equivalent and upon conversion, exercise or exchange
of such Common Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such
Common Stock Equivalent for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock Equivalent (or
any other Person) upon the issuance or sale of such Common Stock Equivalent plus the value of any other consideration received
or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent (or any other Person). Except as contemplated
below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if any such issuance or sale
of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of the Warrant has been or is to be
made pursuant to other provisions of this Section 2(b), except as contemplated below, no further adjustment of the Exercise
Price shall be made by reason of such issuance or sale.

 

    	 	8	 

     

    

 

     (iii) Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at which any Common
Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any
time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to
in Section 2(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Common Stock Equivalents provided for such increased or
decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially
granted, issued or sold. For purposes of this Section 2(b)(iii), if the terms of any Option or Common Stock Equivalents that
was outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately preceding sentence,
then such Option or Common Stock Equivalents and the shares of Common Stock deemed issuable upon exercise, conversion or exchange
thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(b)
shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

      (iv) Calculation
of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in connection with
the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary
Security,” and such Option and/or Common Stock Equivalent and/or Adjustment Right, the “Secondary Securities”
and together with the Primary Security, each a “Unit”), together comprising one integrated transaction, the
aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x)
the purchase price of such Unit, (y) if such Primary Security is an Option and/or Common Stock Equivalent, the lowest price per
share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance
with Section 2(b)(i) or Section 2(b)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during
the four Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt,
if such public announcement is released prior to the opening of the Trading Market on a Trading Day, such Trading Day shall be
the first Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Common Stock Equivalents are
issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net
amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents are
issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value
of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration
received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five Trading
Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common Stock Equivalents are issued to
the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of
consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as the case may be). The fair value
of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If
such parties are unable to reach agreement within ten days after the occurrence of an event requiring valuation (the “Valuation
Event”), the fair value of such consideration will be determined within five Trading Days after the tenth day following
such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of
such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall
be borne by the Company. For purposes of hereof, “Adjustment Right” means any right granted with respect to
any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale in accordance with
this Section 2) of shares of Common Stock (other than rights of the type described in Section 2(e)and Section 2(g)
hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

    	 	9	 

     

    

 

      (v) Holder’s
Right of Alternative Exercise Price. In addition to and not in limitation of the other provisions of this Section 2, if
the Company in any manner issues or sells or enters into any agreement to issue or sell, any Common Stock, Options or Common Stock
Equivalents (any such securities, “Variable Price Securities”) after the Closing Date that are issuable or convertible
into or exchangeable or exercisable for shares of Common Stock pursuant to such Options or Common Stock Equivalents, as applicable,
at a price which varies or may vary with the market price of the shares of Common Stock, including by way of one or more reset(s)
to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions (such as share splits, share
combinations, share dividends and similar transactions) (each of the formulations for such variable price being herein referred
to as, the “Variable Price”), the Company shall provide written notice thereof via a facsimile and overnight
courier to the Holder on the date of such agreement and/or the issuance of such Common Stock Equivalents or Options, as applicable.
From and after the date the Company enters into such agreement or issues any such Variable Price Securities, the Holder shall have
the right, but not the obligation, in its sole discretion to substitute the Variable Price for the Exercise Price upon exercise
of this Warrant by designating in the Notice of Exercise delivered upon any exercise of this Warrant that solely for purposes of
such exercise the Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder’s election
to rely on a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable Price
for any future exercise of this Note.

 

      (vi) Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive
a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents or (B) to subscribe
for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed to be the date
of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may
be).

 

      (vii) Floor
Price. In any event the Exercise Price, as adjusted pursuant to the provisions of this Section 2(b), will not be less
than $0.14 per share.

 

(c) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants, issues
or sells any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time shares
of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at
any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock
(“Common Stock Equivalents”) or rights to purchase shares, warrants, securities or other property pro rata to
the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	10	 

     

    

 

(d) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (other than
dividends or distributions subject to Section 2(a)) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that
the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or
in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result
in the Holder exceeding the Beneficial Ownership Limitation).

 

(e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares
of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory stock exchange pursuant to which the shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 1(e) on the exercise of this Warrant), the number of shares of Common Stock of
the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 1(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of
the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not within the Company’s control, including
not approved by the Company’s Board of Directors or the consideration is not in all stock of the Successor Entity, Holder
shall have the option to require the Company or any Successor Entity to purchase its Warrant for the Black Scholes Value of the
unexercised portion of this Warrant as of the date of consummation of such Fundamental Transaction using the same type or form
of consideration (and in the same proportion) that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether
the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable
Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the greater of (1) the highest closing sale price of the Common Stock on its
principal trading venue during the period beginning on the Trading Day immediately preceding the announcement of the applicable
Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day
of the Holder’s request pursuant to this Section 2(e) and (2) the sum of the price per share being offered in cash in
the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered in the applicable Fundamental
Transaction (if any), and (D) a remaining option time equal to the time between the date of the public announcement of the applicable
Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds within five business days of the Holder’s election (or, if later, on the effective date of the Fundamental
Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 2(e) pursuant to customary written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable conditions or delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent
to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder
to such capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	11	 

     

    

 

(f) Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given
date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(g) Notice
to Holder.

 

      (i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

      (ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory stock exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
ten calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
stock exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or stock exchange; provided that the failure to deliver such notice or
any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in
such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	 	12	 

     

    

 

     (iii) Voluntary
Adjustments by the Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of Company with the prior written consent
of the holders of a majority in interest of the Warrants based on the initial amounts under each Warrant of even date with this
Warrant.

 

Section 3.   Transfer
of Warrant.

 

(a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue
Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

    	 	13	 

     

    

 

(c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

Section 4.    Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 1(d)(i), except as expressly set forth
in Section 2.

 

(b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

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

 

(d) Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which
the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such
Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

    	 	14	 

     

    

 

Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

(e) Jurisdiction.
This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without regard for conflict
of laws principles. Each of the Holder and the Company hereto hereby submits to the non-exclusive jurisdiction of the Federal
and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. Each of the Holder and the Company irrevocably and unconditionally waives any
objection to the laying of venue of any suit or proceeding arising out of or relating to this Warrant in Federal and state courts
in the Borough of Manhattan in The City of New York and irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The parties agree,
to the extent permitted by law, to waive their rights to a jury trial in any proceeding arising out of this Warrant.

 

(f) Restrictions.
The Holder acknowledges that if the Warrant Shares acquired upon the exercise of this Warrant are not registered under the Registration
Statement or another effective registration statement, and the Holder does not utilize cashless exercise, the Warrant Shares will
have restrictions upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

(h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the Holder’s address as provided in Warrant Register of the Company.

 

(i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

(j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

    	 	15	 

     

    

 

(k) Successors
and Assigns. Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

(l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

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

 

(Signature Page Follows)

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	APPLIED DNA SCIENCES, INC.	 
		 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

[Signature page to 2018 Warrant]

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:          APPLIED
DNA SCIENCES, INC.

 

(1)       The
undersigned hereby elects to purchase ______ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)       Payment
shall take the form of (check applicable box):

 

[ ] in lawful money of the United
States; or

 

[ ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 1(c).

 

(3)       Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

	
	 
	 
	 
	

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: __________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
_____________________________________

 

Name of Authorized Signatory: _____________________________________________________

 

Title of Authorized Signatory: ______________________________________________________

 

Date: _____________________________

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	 	
	Address:	 
		(Please Print)
	 	
	Phone Number:	
	 	
	Email Address:	
	 	
	Dated:	
	 	
	Holder’s Signature:	
	 	
	Holder’s Address:EX-10.1

 Exhibit 10.1 

Execution Version 

SETTLEMENT AGREEMENT 

AMONG THE DEBTORS, CCOH, THE SPONSOR ENTITIES, THE DELAWARE 

INDIVIDUAL DEFENDANTS, AND THE SETTLING PLAINTIFFS 

 
 This Settlement Agreement, dated as
of December 16, 2018 (this “Settlement Agreement”) is entered into between and among: (a) GAMCO Asset Management, Inc. (“GAMCO”) both individually on behalf of the putative class of public shareholders of
Clear Channel Outdoor Holdings, Inc. (“CCOH”) and derivatively on behalf of CCOH, and Norfolk County Retirement System (“Norfolk”), both individually and derivatively on behalf of CCOH (together with GAMCO and the
Remaining Minority Shareholders (as defined herein), the “Settling Plaintiffs”); (b) CCOH; (c) Bain Capital Partners, LLC and Bain Capital LP (collectively, “Bain”); (d) Thomas H. Lee Partners, L.P.
(“THL,” and together with Bain, the “Sponsor Entities”); (e) the Delaware Individual Defendants (as defined herein); and (f) iHeartMedia, Inc., and its debtor affiliates (collectively, the
“Debtors”) in the Debtors’ chapter 11 cases (the “Chapter 11 Cases”) and embodies the terms and conditions of (x) a global settlement of all direct or derivative claims by or on behalf of the Settling
Plaintiffs or CCOH, as applicable, against the Settling Defendants’/Company’s Releasees (as defined herein), including those that have been asserted, could have been asserted, or could ever be asserted with respect to the Chapter 11 Cases
and/or in the cases captioned (a) GAMCO Asset Mgmt. v. Hendrix, et al., C.A. No. 2018-0633-JRS (Del. Ch.) (the “GAMCO Action”) and (b) Norfolk County Retirement
System v. Hendrix, et al., C.A. No. 2017-0930-JRS (Del. Ch.) (the “Norfolk Action,” and together with the GAMCO Action, the “Delaware Actions”) and (y) the
separation of CCOH (or its successor) and the subsidiaries of CCOH (or its successor) from the Debtors in accordance with the Plan (as defined herein) and the Settlement Term Sheet dated November 22, 2018 attached hereto as Exhibit
B (the “Separation,” and together with the Delaware Actions, the “Settlement”). Subject to the approval of the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy
Court”) and the terms and conditions expressly provided herein, this Settlement Agreement is intended to fully, finally, and forever compromise, settle, release, resolve, and dismiss with prejudice all claims by or on behalf of the Settling
Plaintiffs or CCOH, as applicable, against the Settling Defendants’/Company’s Releasees (as defined herein), including but not limited to those asserted in the Delaware Actions against the Settling Defendants and the Debtors, and those
related to the Separation, upon the completion of the Settling Parties’ (as defined herein) respective obligations set forth herein. 

 WHEREAS: 

A. On November 29, 2017, CCOH entered into a Third Amendment (the “Third Amendment”) to a certain Revolving Promissory
Note, dated November 10, 2005, between iHeartCommunications, Inc., as maker, and CCOH as payee, as amended, amended and restated, supplemented or otherwise modified from time to time (the “Intercompany Note”), which amendment
extended the maturity date of the Intercompany Note from December 15, 2017 to May 15, 2019. 
 B. On December 29, 2017,
Norfolk filed a verified derivative complaint on behalf of CCOH against certain of the Settling Defendants (the “Norfolk Action Defendants”) in the Delaware Court of Chancery (the “Norfolk Complaint”). As in the
GAMCO Action, the Norfolk Complaint challenged the decision to extend the maturity of the Intercompany Note. 
 C. On March 6, 2018, the
Norfolk Action Defendants filed a motion to dismiss the Norfolk Complaint, along with their opening brief in support thereof. The Norfolk Action Defendants argued, inter alia, that the Norfolk Complaint failed to state a valid claim for
relief under governing law. Briefing on the Norfolk Action Defendants’ motion to dismiss was completed on June 26, 2018. Oral argument on the motion to dismiss was heard by the Court of Chancery on September 20, 2018. The Court of
Chancery has not yet issued its decision on the motion to dismiss. 
 D. On March 16, 2018, the Debtors entered into a restructuring
support agreement (the “Restructuring Support Agreement”) with groups representing their primary stakeholders. The Restructuring Support Agreement and the Plan contemplate the Separation, subject to negotiations of an agreement
among the stakeholders, occurring on the effective date of the Debtors’ Plan (the “Plan Effective Date”). The Settlement is the result of extensive negotiations regarding the Separation between the Debtors, the CCOH Special
Committee (as defined herein), and GAMCO, and the Settlement is an integral part of the Debtors’ plan of reorganization and maximizes the value of the Debtors’ interests in CCOH for the benefit of the Debtors’ estates. 

E. On March 14, 2018, the Debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. 

  
 2 

 F. On March 16, 2018, counsel for (i) those Debtors that are also Norfolk Action
Defendants and (ii) the Sponsoring Entities filed a Notice of Suggestion of Pendency of Bankruptcy and Automatic Stay of Proceedings (i) notifying the Court of Chancery that the Debtors had filed the Voluntary Petitions and
(ii) informing the Court of Chancery that actions against the Debtors were subject to the Automatic Stay, pursuant to Section 362(a) of the Bankruptcy Code. That same day, counsel for Norfolk wrote the Court of Chancery stating that the
Automatic Stay only stayed the Norfolk Action as to Debtors, and not as to any of the other Norfolk Action Defendants. 
 G. On
August 27, 2018, GAMCO, a minority shareholder of CCOH, filed a verified class action complaint (the “GAMCO Complaint”) on its own behalf and on behalf of the Proposed Settlement Class. The GAMCO Complaint was filed in the
Delaware Court of Chancery (as defined herein) and named as defendants the Delaware Individual Defendants and certain of the Sponsor Entities. The GAMCO Complaint alleged that the Delaware Individual Defendants breached their fiduciary duties by
failing to employ available contractual rights to demand repayment of the Intercompany Note, and to declare a pro rata dividend to shareholders of CCOH. The GAMCO Complaint also challenged the decision to extend the maturity of the Intercompany
Note. 
 H. In the GAMCO Complaint, GAMCO further alleged that had the Intercompany Note Committee Defendants (as defined herein) exercised
their available contractual rights, certain of the Settling Defendants would have avoided the “virtual certainty” that the Intercompany Note balance would become “impaired or wholly uncollectable” when the Debtors filed for
bankruptcy on March 14, 2018.1 The GAMCO Complaint requested an order declaring that the Delaware Individual Defendants and certain of the Sponsor Entities breached fiduciary duties to the
minority shareholders of CCOH, as well as an award of damages. 
 I. On September 5, 2018, GAMCO filed GAMCO Asset Management,
Inc.’s Limited Objection to the Debtors’ Motion For Approval of the Disclosure Statement [Docket No. 1406] objecting to the release provisions contained in the Plan and reserving its rights with respect to confirmation of the
Plan. In discussions with the Debtors’ Counsel (as defined herein), GAMCO has threatened to object to confirmation of the Plan derivatively on behalf of CCOH based on the treatment of the balance on the Intercompany Note owed to CCOH. 

 

	1 	 See GAMCO Complaint at 2. 

  
 3 

 J. On November 28, 2018, Norfolk filed the Limited Objection of Norfolk County
Retirement System To The Approval Of Fifth Amended Joint Chapter 11 Plan Of Reorganization [Docket No. 2055] objecting to the release provisions contained in the Plan, proposing revisions to the release provisions contained in the Plan, and
reserving its rights with respect to confirmation of the Plan. 
 K. On December 3, 2018, Debtors filed a Notice of Filing of
Separation Settlement Term Sheet [Docket No. 2111] (the “Separation Term Sheet”). The Separation Term Sheet, inter alia, outlined terms of a proposed settlement among GAMCO, CCOH, Debtors, defendants in the GAMCO
Action, and the Sponsoring Entities, including describing releases that would be provided in connection with that settlement. 
 L. On
December 8, 2018, Debtors filed a Joint Emergency Motion for Entry of an Order (I) Directing the Application of Bankruptcy Rules 7023 and 7023.1, (II) Preliminarily Approving the Settlement,
(III) Approving the Retention of Prime Clerk LLC as Notice Administrator, (IV) Approving the Form and Manner of Notice, (V) Scheduling a Fairness Hearing to Consider Final Approval of the
Settlement as Part of Confirmation of the Plan, and (VI) Granting Related Relief [Docket No. 2143] (the “Joint Emergency Motion”), and GAMCO filed an Emergency Motion for Entry of an Order
(I) Directing the Application of Bankruptcy Rule 7023 and 7023.1, (II) Certifying a Class, Designating a Class Representative, and Appointing Class Counsel for Purposes of Settlement, and
(III) Granting Related Relief [Docket No. 2144] (the “GAMCO Class Certification Motion”; and collectively with the Joint Emergency Motion, the “Emergency
Motions”). Debtors and GAMCO, respectively, requested that the Court consider the Emergency Motions at a hearing on December 11, 2018. 

M. On December 10, 2018, Norfolk filed a Preliminary Objection to the Emergency Motions [Docket No. 2149]
(“Norfolk’s Preliminary Objection”). At a hearing on December 11, 2018, the Court scheduled a further hearing concerning Norfolk’s Preliminary Objection for December 17, 2018. 

N. On December 13, 2018, the Debtors and CCOH filed the Joint Further Reply in Support of Joint Emergency Motion and Emergency
Motion [Docket No. 2188] addressing Norfolk’s Preliminary Objection. 

  
 4 

 O. Following the December 11 hearing, counsel for Norfolk and the Settling Defendants
engaged in further negotiations that resulted in the agreement reflected in this Settlement Agreement. 
 P. This Settlement Agreement
(together with the exhibits hereto) reflects the final and binding agreement between the Settling Parties with respect to the Delaware Actions, the Plan, and the Separation. 

Q. GAMCO, based upon its investigation and prosecution of the GAMCO Action and prior related litigation, as well as its pursuit of claims and
objections in connection with the Chapter 11 Cases, has concluded that the terms and conditions of this Settlement Agreement are fair, reasonable, adequate, and in the best interests of CCOH and the Settling Plaintiffs. GAMCO, based on its direct
oversight of the prosecution of the GAMCO Action and prior related litigation, as well as its pursuit of claims and objections in connection with the Chapter 11 Cases, and with the advice of Entwistle & Cappucci LLP, has agreed to settle
and release the claims raised in the GAMCO Action against the Settling Defendants, and all other causes of action that have been asserted, could have been asserted, or could ever be asserted by or on behalf of the Settling Plaintiffs or CCOH,
individually, derivatively, and/or on a class basis relating in any way to the subject matter of the Debtors’ Chapter 11 Cases or the GAMCO Action or the intercompany agreements between CCOH and the Debtors, including any and all claims
relating to the negotiation or execution of this Settlement, pursuant to the terms and provisions of this Settlement Agreement, after considering, among other things: (a) the substantial financial benefit that the Settling Plaintiffs and CCOH
will receive under this Settlement Agreement; and (b) the significant risks and costs of continued litigation and trial against the Settling Defendants. 

R. Norfolk, based upon its investigation and prosecution of the Norfolk Action and prior related litigation, as well as its pursuit of claims
and objections in connection with the Chapter 11 Cases, has concluded that the terms and conditions of this Settlement Agreement are fair, reasonable, adequate, and in the best interests of CCOH and the Settling Plaintiffs. Norfolk, based on its
direct oversight of the prosecution of the Norfolk Action and prior related litigation, as well as its pursuit of claims and objections in connection with the Chapter 11 Cases, and with the advice of Settling Plaintiffs’ Counsel, has agreed to
settle and release the claims raised in the Norfolk Action against certain of the Settling Defendants, and all other causes of action that have been asserted, could have been asserted, or could ever be asserted by or on behalf of the Settling

  
 5 

 
Plaintiffs or CCOH, individually, derivatively, and/or on a class basis relating in any way to the subject matter of the Debtors’ Chapter 11 Cases or the Norfolk Action or the intercompany
agreements between CCOH and the Debtors, including any and all claims relating to the negotiation or execution of this Settlement, pursuant to the terms and provisions of this Settlement Agreement, after considering, among other things: (a) the
substantial financial benefit that the Settling Plaintiffs and CCOH will receive under this Settlement Agreement; and (b) the significant risks and costs of continued litigation and trial against the Settling Defendants. 

S. The CCOH Special Committee has concluded that the terms and conditions of this Settlement Agreement are fair, reasonable, adequate, and in
the best interests of CCOH. The CCOH Special Committee, based on its pursuit of claims and objections in connection with the Chapter 11 Cases, and with the advice of CCOH Special Committee’s Counsel and financial advisors, has agreed, on behalf
of CCOH, to the fullest extent of the CCOH Special Committee’s authority to do so under its authorizing resolutions, to settle and release causes of action that have been asserted, could have been asserted, or could ever be asserted by or on
behalf of CCOH, individually, derivatively, and/or on a class basis relating in any way to the subject matter of the Debtors’ Chapter 11 Cases or the intercompany agreements between CCOH and the Debtors, including the claims in the Norfolk
Action and any and all claims relating to the negotiation or execution of this Settlement, pursuant to the terms and provisions of this Settlement Agreement, after considering, among other things: (a) the substantial financial benefit that CCOH
will receive under this Settlement Agreement; and (b) the significant risks and costs of continued litigation. 
 T. This Settlement
Agreement constitutes a compromise of all matters that are in dispute between the Settling Parties. The Settling Defendants and CCOH are entering into this Settlement Agreement solely to implement the Separation and eliminate the uncertainty,
burden, and expense of further protracted litigation. Each of the Settling Defendants denies any wrongdoing, and this Settlement Agreement shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any of
the Settling Defendants with respect to any claim or allegation of any fault or liability or wrongdoing or damage whatsoever, or any infirmity in the defenses that the Settling Defendants have, or could have, asserted. The Settling Defendants and
the Debtors expressly deny that the Settling Plaintiffs or CCOH have asserted any valid claims against any of the Settling Defendants or the Debtors, and expressly deny any and all allegations of fault, liability, wrongdoing or damages whatsoever.

  
 6 

 U. Similarly, this Settlement Agreement shall in no event be construed or deemed to be
evidence of or an admission or concession on the part of the Settling Plaintiffs of any infirmity in any of the claims asserted in the Delaware Actions, or an admission or concession that any of the Settling Plaintiffs’ claims to liability had
any merit. 
 NOW THEREFORE, it is hereby stipulated and agreed, by and among the Settling Parties, by and through their respective
undersigned attorneys and subject to approval by the Bankruptcy Court pursuant to sections 105(a), 363(b), and 1123(b) of title 11 of the United States Code, rules 23 and 23.1 of the Federal Rules of Civil Procedure, and rules 7023, 7023.1, and 9014
of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), that, in consideration of the benefits flowing to the Settling Plaintiffs and CCOH from this Settlement Agreement, all Released Claims as against the Settling
Defendants’/Company’s Releasees and all Released Claims as against the Settling Plaintiffs’ Releasees shall be settled and released, upon and subject to the terms and conditions set forth below and as incorporated into the Plan;
provided that, for the avoidance of doubt, the obligations of a Releasee under the Settlement Agreement, the Separation Documents, or the Plan shall not be released. 

DEFINITIONS 
 1. As
used in this Settlement Agreement and any exhibits attached hereto and made a part hereof, the following capitalized terms shall have the following meanings: 

(a) “Bain” means Bain Capital Partners, LLC and Bain Capital LP. 

(b) “Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas. 

(c) “Board Defendants” means Blair Hendrix, Douglas L. Jacobs, Daniel G. Jones, Paul Keglevic, Vincente Piedrahita, Robert W.
Pittman, Olivia Sabine, and Dale W. Tremblay. 
 (d) “CCOH and the Delaware Individual Defendants’ Counsel” means Wilson
Sonsini Goodrich & Rosati, P.C. 
 (e) “CCOH Special Committee” means the special committee of independent directors
established by the board of directors of CCOH on January 23, 2018, to consider, review, and negotiate certain transactions between the Debtors and CCOH in connection with the Debtors’ Chapter 11 Cases. 

  
 7 

 (f) “CCOH Special Committee’s Counsel” means Willkie Farr &
Gallagher LLP. 
 (g) “Class Period” means, for settlement purposes only, the period from March 14, 2015 to
March 14, 2018. 
 (h) “Confirmation Order” means an order of the Bankruptcy Court confirming the Plan. 

(i) “Corporate Services Agreement” means that certain Corporate Services Agreement dated November 16, 2005 by and between
iHeartMedia Management Services, Inc. and CCOH. 
 (j) “Debtors’ Counsel” means the law firm of Kirkland & Ellis,
LLP. 
 (k) “Delaware Actions” means collectively, the cases filed in the Delaware Court of Chancery captioned (a) GAMCO
Asset Management, Inc. v. Blair Hendrix, et. al., Case No. 208-0633-VCS (Del. Ch.) and (b) Norfolk County Retirement System v. Hendrix, et al., C.A.
No. 2017-0930-JRS (Del. Ch.). 
 (l) “Delaware Court of Chancery” means the Court of
Chancery of the State of Delaware. 
 (m) “Delaware Individual Defendants” means collectively, the Board Defendants and the
Intercompany Note Committee Defendants. 
 (n) “Effective Date” with respect to the Settlement Agreement means the first date by
which all of the events and conditions specified in section 16 of this Settlement Agreement have been met and have occurred or have been waived in writing pursuant to the notice provision provided herein. 

(o) “iHC” means iHeartCommunications, Inc. 

(p) “iHM” means iHeartMedia, Inc. 

(q) “Intercompany Note Committee Defendants” means Dale W. Tremblay, Douglas L. Jacobs, and Paul Keglevic, as members of the
independent committee of the CCOH Board of Directors as of November 8, 2017 that was created in 2013 to monitor the balance of the Intercompany Note. 

(r) “Litigation Expenses” means reasonable costs and expenses incurred in connection with commencing, prosecuting, and settling the
Delaware Actions and the claims and objections in connection with the Chapter 11 Cases (which may include the costs and expenses of the Settling Plaintiffs’ Counsel directly related to their representation of the Proposed Settlement Class).

  
 8 

 (s) “Notice” means the Notice of Settlement, substantially in the form attached
hereto as Exhibit 1 to Exhibit A, which is to be mailed to the Proposed Settlement Class. 
 (t) “Notice
Administrator” means Prime Clerk LLC, the firm retained, subject to approval of the Bankruptcy Court, to provide all notices approved by the Bankruptcy Court to the Proposed Settlement Class. 

(u) “Notice Costs” means the reasonable costs, fees, and expenses that are incurred in connection with providing notices to the
Proposed Settlement Class concerning this Settlement Agreement as set forth herein (including, without limitation, mailing of the Notice to the Proposed Settlement Class and publication of the Summary Notice). 

(v) “Plan” means the Debtors’ Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of iHeartMedia, Inc. and its
Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code, attached hereto as Exhibit D, as may be modified or amended from time to time. 

(w) “Preliminary Approval Order” means the order, substantially in the form attached hereto as Exhibit A, with any
revisions reasonably acceptable to CCOH, GAMCO, Norfolk, and the Debtors, to be entered by the Bankruptcy Court preliminarily approving the Settlement and directing that notice of the Settlement be provided to the Proposed Settlement Class. 

(x) “Proposed Settlement Class” means all persons and entities who or which purchased or otherwise acquired or held shares of CCOH
common stock during the Class Period. Included within the Proposed Settlement Class are all persons and entities who or which purchased or otherwise acquired shares of CCOH common stock on the open market and/or pursuant or traceable to
the registered public offerings on or about November 11, 2005. 
 (y) “Released Claims” means all claims, objections and all
other causes of action that have been asserted, could have been asserted, or could ever be asserted by or on behalf of the Settling Plaintiffs or CCOH, individually, derivatively, and/or on a class basis relating in any way to the subject matter of
the Debtors’ Chapter 11 Cases or the Delaware Actions or the intercompany agreements between CCOH and the Debtors, including any and all claims relating to the Separation and actions taken to effectuate the Separation, including, without
limitation, the refinancing of certain indebtedness of CCOH, or the negotiation or execution of the Settlement, with the exception of the Releasee’s ongoing obligations under the Settlement, the Separation Documents, or the Plan. 

  
 9 

 (z) “Releasee(s)” means each and any of the Settling
Defendants’/Company’s Releasees and each and any of the Settling Plaintiffs’ Releasees. 
 (aa) “Releases” means the
releases set forth in section 7 and section 10 of this Settlement Agreement. 
 (bb) “Remaining Minority Shareholders” means all
members of the Proposed Settlement Class except for GAMCO and Norfolk. 
 (cc) “Restructuring Support Agreement” means that
certain Restructuring Support Agreement, made and entered into as of March 16, 2018, by and among the Debtors, the Consenting Creditors (as defined therein) party thereto from time to time, and the Consenting Sponsors (as defined therein)
party thereto from time to time, as such may be amended from time to time in accordance with its terms. 
 (dd) “Separation” means
the separation of CCOH (or its successor) and the Subsidiaries of CCOH (or its successor) from the Debtors in accordance with the Plan. 

(ee) “Separation Documents” means collectively, (i) the Settlement and Separation Agreement, substantially in the form attached
hereto as Exhibit 1 to Exhibit C, with any revisions reasonably acceptable to (a) CCOH, (b) the Debtors, and (c) GAMCO, solely with respect to any revisions that are materially inconsistent with the Term Sheet
and adverse to CCOH; (ii) the Transition Services Agreement, substantially in the form attached hereto as Exhibit 2 to Exhibit C, with any revisions reasonably acceptable to
(a) CCOH, (b) the Debtors, and (c) GAMCO, solely with respect to any revisions that are materially inconsistent with the Term Sheet and adverse to CCOH; (iii) the Tax Matters Agreement, substantially in the form attached hereto as
Exhibit 3 to Exhibit C, with any revisions reasonably acceptable to (a) CCOH, (b) the Debtors, and (c) GAMCO, solely with respect to any revisions that are materially
inconsistent with the Term Sheet and adverse to CCOH; (iv) the Merger Agreement, substantially in the form attached hereto as Exhibit 4 to Exhibit C, with any revisions reasonably acceptable to (a) CCOH, (b) the
Debtors, and (c) GAMCO, solely with respect to any revisions that are materially inconsistent with the Term Sheet and adverse to CCOH; (v) the Revolving Loan Agreement, substantially in the form attached hereto as Exhibit 5
to Exhibit C, with any revisions reasonably acceptable to (a) CCOH, (b) the Debtors, and (c) GAMCO, solely with respect to any revisions that are materially inconsistent with the Term Sheet and adverse to CCOH; and
(vi) any other documents entered into in connection with, or contemplated by, the foregoing, or the Plan. 

  
 10 

 (ff) “Settlement” means the settlement between the Settling Parties, including
without limitation, the resolution of the Delaware Actions as against the Settling Defendants and potential claims and objections in connection with the Chapter 11 Cases, on the terms and conditions set forth in this Settlement Agreement. 

(gg) “Settlement Agreement” means this Agreement of Settlement Among the Settling Parties. 

(hh) “Settlement Class Member” means each person and entity who or which is a member of the Proposed Settlement Class. 

(ii) “Settlement Hearing” means the hearing set by the Bankruptcy Court under Rule 23(e)(2) and 23.1 of the Federal Rules of Civil
Procedure and Bankruptcy Rules 7023, 7023.1, and 9014 to consider final approval of the terms of the Settlement. 
 (jj) “Settling
Defendants” means the Delaware Individual Defendants, the Sponsor Entities, iHC, and iHM. 
 (kk) “Settling
Defendants’/Company’s Releasees” means collectively, the Settling Defendants, CCOH, the Debtors, and their respective current and former officers, directors, employees, employers, parent entities, controlling persons, principals,
affiliates or subsidiaries, partners, stockholders, representatives, members, agents, attorneys, financial or investment advisers, consultants, accountants, investment bankers, commercial bankers, executors, trustees, heirs, administrators,
predecessors, successors, insurers, reinsurers, and assigns, if any. 
 (ll) “Settling Parties” means collectively, the Settling
Defendants, the Settling Plaintiffs, the Debtors, and CCOH. 
 (mm) “Settling Plaintiffs” means GAMCO, Norfolk, and any or all of
the Remaining Minority Shareholders. 
 (nn) “Settling Plaintiffs’ Counsel” means collectively, the law firms of
(a) Entwistle & Cappucci, LLP, (b) Labaton Sucharow LLP, (c) Grant & Eisenhofer, P.A., and (d) Friedman Oster & Tejtel PLLC. 

  
 11 

 (oo) “Settling Plaintiffs’ Releasees” means collectively, the Settling
Plaintiffs and their respective current and former officers, directors, employees, employers, parent entities, controlling persons, principals, affiliates or subsidiaries, partners, stockholders, representatives, members, agents, attorneys,
financial or investment advisers, consultants, accountants, investment bankers, commercial bankers, executors, trustees, heirs, administrators, predecessors, successors, insurers, reinsurers, and assigns, if any. 

(pp) “Settlement Consideration” means the consideration set forth in section 6 and section 7 of this Settlement Agreement. 

(qq) “Sponsor Entities” means Bain and THL. 

(rr) “Sponsor Entities’ Counsel” means Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C. and Ross Aronstam &
Mortiz LLP. 
 (ss) “Summary Notice” means the Summary Notice of (I) Pendency of Proposed Settlement Among
the Debtors, CCOH, the Sponsor Entities, the Delaware Individual Defendants, and the Settling Plaintiffs, (II) Settlement Fairness Hearing, and (III) Application for an Award of Settling Plaintiffs’
Attorneys’ Fees and Reimbursement of Litigation Expenses, substantially in the form attached hereto as Exhibit 2 to Exhibit A, to be published as set forth in the Preliminary Approval Order. 

(tt) “Term Sheet” means that certain Settlement Term Sheet dated November 22, 2018 attached hereto as Exhibit B.

 (uu) “THL” means Thomas H. Lee Partners, L.P. 

CLASS CERTIFICATION 

2. Prior to or promptly upon execution of this Settlement Agreement, but in no event later than ten (10) calendar days following such
execution, GAMCO shall move for: (a) certification of the Proposed Settlement Class pursuant to Bankruptcy Rules 7023, 7023.1, and 9014, and rules 23(a) and 23(b)(1) of the Federal Rules of Civil Procedure; (b) designation of GAMCO as
class representatives for the Proposed Settlement Class; and (c) appointment of Entwistle & Cappucci LLP as counsel for the Proposed Settlement Class pursuant to Rule 23(g) of the Federal Rules of Civil Procedure. Solely for
purposes of the Settlement and for no other purpose, the Settling Defendants, the Debtors, and CCOH do not contest certification of the Proposed Settlement Class, designation of GAMCO as class representatives, and appointment of Entwistle &
Cappucci LLP as counsel for the Proposed Settlement Class. In the event that the 

  
 12 

 
Settlement is terminated pursuant to the terms of this Settlement Agreement, the certification of the Proposed Settlement Class in connection with this Settlement Agreement shall become null
and void. In such case, the Settling Plaintiffs shall have the ability to continue to prosecute the GAMCO Complaint and/or the Norfolk Complaint, respectively, in the Delaware Court of Chancery, and shall have the ability to otherwise seek
certification of the Proposed Settlement Class, and Settling Defendants shall have the right to contest both the merits and class certification. 

PRELIMINARY APPROVAL OF SETTLEMENT 

3. Prior to or promptly upon execution of this Settlement Agreement, but in no event later than ten (10) calendar days following such
execution, the Debtors, CCOH, Norfolk, and GAMCO shall move for preliminary approval of the Settlement in the Bankruptcy Court and the scheduling of a hearing for consideration of final approval of the Settlement before the Bankruptcy Court, and the
other Settling Parties shall not oppose that motion. Concurrently with the joint motion for preliminary approval, the Debtors, CCOH, and GAMCO shall apply to the Bankruptcy Court for entry of the Preliminary Approval Order, substantially in the form
attached hereto as Exhibit A. 
 4. If the Bankruptcy Court denies the joint motion for preliminary approval, then the Settling
Parties shall retain all of their respective rights as if this Settlement Agreement had never been entered. 
 THE SETTLEMENT
CONSIDERATION 
 5. In full and final satisfaction, compromise, settlement, and discharge of the Delaware Actions, and in exchange
for the Releases, agreements to cooperate, and other promises and consideration set forth herein, the Settling Defendants and the Debtors agree to provide the consideration set forth in section 6 and section 7 below and the other consideration set
forth in the Term Sheet attached hereto as Exhibit B. GAMCO’s view of the value and benefits of the Settlement, including those reflected in the Term Sheet negotiated by GAMCO, the Debtors, CCOH, and others, was previously
described in the Supplemental Declaration of Andrew J. Entwistle in Further Support of GAMCO Asset Management, Inc.’s Emergency Motion for Entry of an Oder (I) Directing the Application of Bankruptcy Rules 7023 and 7023.1,
(II) Certifying a class, Designating a Class Representative, and Appointing Class Counsel for Purposes of Settlement, and (III) Granting Related Relief [Docket No. 2193]. The Settling
Defendants and the Debtors recognize that Norfolk and its counsel’s prosecution of the Norfolk Action was a causal 

  
 13 

 
factor in (a) the Settling Defendants and the Debtors’ willingness to provide the consideration set forth in the Term Sheet and (b) the Debtors’ agreement following the
December 11 hearing at which Norfolk raised certain objections to the Settlement to, among other things, (i) increase the amount available to CCOH under the Revolving Loan Agreement at the prime rate of interest from $170,000,000 to
$200,000,000 as reflected in the Revolving Loan Agreement between iHC and CCOH attached hereto, (ii) commit to provide indemnification for certain tax liabilities of CCOH as set forth in the Tax Matters Agreement attached hereto, and
(iii) commit to provide indemnification to CCOH for potential liabilities relating to certain existing leases between CCOH and third parties as reflected in the Separation Agreement attached hereto (collectively, the “Additional
Post-Hearing Consideration”). The Debtors recognize that the Additional Post-Hearing Consideration provides CCOH and its affiliates with significant estimated value, including valuable commercial considerations, and with contingent
value potentially in excess of $25,000,000.
 6. As of and upon the occurrence of the Plan Effective Date, a corporate separation of CCOH
from iHC or any other affiliated entity will occur pursuant to the terms of the Plan, the Term Sheet, and the Separation Documents attached hereto as Exhibit C. 

7. The Settling Defendants, the Debtors, and all their respective current and former officers, directors, employees, affiliates, partners,
members, agents, attorneys, heirs, administrators, and assigns, if any, will forever, fully, and unconditionally release, discharge, and covenant not to sue the Settling Plaintiffs, CCOH, and their respective current and former officers, directors,
employees, employers, parent entities, controlling persons, principals, affiliates or subsidiaries, partners, stockholders, representatives, members, agents, attorneys, financial or investment advisers, consultants, accountants, investment bankers,
commercial bankers, executors, trustees, heirs, administrators, predecessors, successors, insurers, reinsurers, and assigns, if any, from all claims, objections and all other causes of action that have been asserted, could have been asserted, or
could ever be asserted by the Settling Defendants or the Debtors, individually, derivatively, and/or on a class basis relating in any way to the subject matter of the Debtors’ Chapter 11 Cases or the Delaware Actions or the intercompany
agreements between CCOH and the Debtors, including any and all claims relating to the negotiation or execution of the Settlement, provided that claims for indemnification against a Debtor, a Debtor’s affiliate, or any other Releasee, and claims
otherwise preserved by or arising under the Settlement, the Separation Documents, or the Plan, are not released. 

  
 14 

 8. The Settling Defendants and the Debtors acknowledge that they have been advised
concerning, and/or are familiar with, the provisions of California Code Section 1542, which provides: 
 A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR; 

9. The Settling Defendants and the Debtors expressly acknowledge that they may hereafter discover facts in addition to those that they now know
or believe to be true with respect to the Released Claims and that this Settlement Agreement has been negotiated and agreed upon in light of such possible unknown facts, and expressly waive, or shall be deemed to have waived, any and all rights
under California Civil Code Section 1542 and under any other federal or state statute or law of similar effect. The Settling Defendants and the Debtors expressly acknowledge that this waiver was separately bargained for and is a material term
of this Settlement Agreement. 
 RELEASE OF CLAIMS BY SETTLING PLAINTIFFS AND CCOH 

10. In exchange for the Settlement Consideration set forth above: 

(a) the Settling Plaintiffs, CCOH, and all their respective current and former officers, directors, employees, affiliates, partners, members,
agents, attorneys, heirs, administrators, and assigns, if any, will forever, fully, and unconditionally release, discharge, and covenant not to sue the Settling Defendants, the Debtors, and their respective current and former officers, directors,
employees, employers, parent entities, controlling persons, principals, affiliates or subsidiaries, partners, stockholders, representatives, members, agents, attorneys, financial or investment advisers, consultants, accountants, investment bankers,
commercial bankers, executors, trustees, heirs, administrators, predecessors, successors, insurers, reinsurers, and assigns, if any, from the Released Claims which include, among other things, all claims, objections and all other causes of action
that have been asserted, could have been asserted, or could ever be 

  
 15 

 
asserted by or on behalf of the Settling Plaintiffs or CCOH, individually, derivatively, and/or on a class basis relating in any way to the subject matter of the Debtors’ Chapter 11 Cases or
the Delaware Actions or the intercompany agreements between CCOH and the Debtors, including any and all claims relating to the negotiation or execution of the Settlement, provided that claims for indemnification against a Debtor, a Debtor’s
affiliate, or any other Releasee, and claims otherwise preserved by or arising under the Settlement, the Separation Documents, or the Plan, are not released; 

(b) the Settling Plaintiffs and CCOH acknowledge that they have been advised concerning, and/or are familiar with, the provisions of California
Code Section 1542, which provides: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR; 

(c) the Settling Plaintiffs and CCOH expressly acknowledge that they may hereafter discover facts in addition to those that they now know or
believe to be true with respect to the Released Claims and that this Settlement Agreement has been negotiated and agreed upon in light of such possible unknown facts, and expressly waive, or shall be deemed to have waived, any and all rights under
California Civil Code Section 1542 and under any other federal or state statute or law of similar effect. The Settling Plaintiffs and CCOH expressly acknowledge that this waiver was separately bargained for and is a material term of this
Settlement Agreement; and 
 (d) the Settling Plaintiffs and CCOH will support the Plan. 

ATTORNEYS’ FEES AND LITIGATION EXPENSES 

11. Subject to the terms and conditions of this Settlement Agreement and any order of the Bankruptcy Court, the Settling Defendants, CCOH, and
the Debtors have agreed the Debtors will pay Settling Plaintiffs’ Counsel’s fees and Litigation Expenses in the amount of (a) $4,700,000 in the aggregate to Entwistle & Cappucci LLP and (b) $2,450,000 in the aggregate to Labaton
Sucharow LLP, Grant & Eisenhofer, P.A., and Friedman Oster & Tejtel PLLC, collectively. No award of attorneys’ fees and/or Litigation Expenses will be payable unless and until (i) there is a

  
 16 

 
final and non-appealable Confirmation Order from the Bankruptcy Court finally approving the Settlement, (ii) there are final and non-appealable judgments dismissing each of the Delaware Actions with prejudice, and (iii) the Plan Effective Date has occurred. Except as provided in this paragraph, neither the Settling Plaintiffs nor the
Settling Plaintiffs’ Counsel will seek or be entitled to any fees, expenses, costs, or compensation relating to the Chapter 11 Cases or the Delaware Actions. 

12. The costs of the notice process of this Settlement Agreement, including the payment of all fees and expenses incurred by the Notice
Administrator, and the fees and Litigation Expenses of Settling Plaintiffs’ Counsel, will be paid in full by the Debtors. 

NOTICE AND SETTLEMENT ADMINISTRATION 

13. As part of the Preliminary Approval Order, the Debtors shall seek appointment of Prime Clerk LLC as the Notice Administrator. The Notice
Administrator shall administer the Notice process described below under Debtors’ Counsel’s supervision and subject to the jurisdiction of the Bankruptcy Court. None of the Settling Parties shall have any involvement in or any
responsibility, authority, or liability whatsoever for the notice process and shall have no liability whatsoever to any person or entity, including, but not limited to, Settling Plaintiffs’ Counsel in connection with the foregoing. Settling
Plaintiffs’ Counsel shall cooperate in the administration of the Settlement Agreement to the extent reasonably necessary to effectuate its terms. 

14. In accordance with the terms of the Preliminary Approval Order to be entered by the Bankruptcy Court, Debtors’ Counsel shall cause the
Notice Administrator to mail the Notice Form to those members of the Proposed Settlement Class as may be identified through reasonable effort. Debtors’ Counsel shall also cause the Notice Administrator to have the Summary Notice published
in accordance with the terms of the Preliminary Approval Order. For the purposes of identifying and providing notice to the Proposed Settlement Class, within ten (10) business days of the date of entry of the Preliminary Approval Order, the
Debtors shall provide or cause to be provided to the Notice Administrator, in electronic format, a list (consisting of names and addresses) of the Proposed Settlement Class. 

  
 17 

 15. Any Settlement Class Member who or that does not timely and validly object to the
Settlement in the manner stated in the Preliminary Approval Order: (a) shall be deemed to have waived his, her, or its ability, to the extent any ability exists, to request to be excluded from the Proposed Settlement Class; (b) shall be
forever barred from requesting exclusion from the Proposed Settlement Class in this or any other proceeding; and (c) shall be bound by the provisions of this Settlement Agreement, the Settlement, and all proceedings, determinations,
orders, and judgments in the Chapter 11 Cases and relating to the Settlement, including, but not limited to, the Plan, the Confirmation Order, and the Releases provided for herein, whether favorable or unfavorable to the Proposed Settlement Class.

 CONDITIONS OF SETTLEMENT AND EFFECT OF 

 DISAPPROVAL, CANCELLATION OR TERMINATION 

16. The Effective Date of the Settlement shall be deemed to occur on the occurrence or waiver in writing of all of the following events: 

(a) the Bankruptcy Court has entered the Preliminary Approval Order, substantially in the form set forth in Exhibit A attached
hereto; 
 (b) the Settling Defendants have not exercised their option to terminate the Settlement pursuant to the provisions of this
Settlement Agreement; 
 (c) CCOH has not exercised its option to terminate the Settlement pursuant to the provisions of this Settlement
Agreement; 
 (d) the Debtors have not exercised their option to terminate the Settlement pursuant to the provisions of this Settlement
Agreement; 
 (e) the Settling Plaintiffs have not exercised their option to terminate the Settlement pursuant to the provisions of this
Settlement Agreement; and 
 (f) the Bankruptcy Court has entered the Confirmation Order that certifies the Proposed Settlement
Class and approves the Settlement as described herein, following notice to the Proposed Settlement Class and a hearing, as prescribed by Rule 23 of the Federal Rules of Civil Procedure, and the Confirmation Order is final and no longer
subject to appeal. 
 17. If (i) the Settling Defendants exercise their right to terminate the Settlement as provided in this Settlement
Agreement; (ii) CCOH exercises its right to terminate the Settlement as provided in this Settlement Agreement; (iii) the Debtors exercise their right to terminate the Settlement as provided in this Settlement Agreement; (iv) the
Settling Plaintiffs exercise their right to terminate the Settlement as provided in this Settlement Agreement; (v) the Bankruptcy Court disapproves the Settlement; (vi) the Delaware Court of Chancery disapproves the Settlement; or
(vii) the Effective Date as to the Settlement otherwise fails to occur, then: 

  
 18 

 (a) the Settlement and the Settlement Agreement shall be canceled and terminated; 

(b) the Settling Plaintiffs and the Settling Defendants shall revert to their respective positions in the Delaware Actions as of immediately
prior to the date of execution of this Settlement Agreement; 
 (c) the Settling Parties shall retain all of their respective rights and
defenses as of immediately prior to the date of execution of this Settlement Agreement; and 
 (d) the terms and provisions of this
Settlement Agreement shall have no further force and effect with respect to the Settling Parties and shall not be used against any of the Settling Parties or in the Delaware Actions or any other proceeding for any purpose, and any order entered by
the Bankruptcy Court in accordance with the terms of this Settlement Agreement shall be treated as vacated, nunc pro tunc. In addition, no filings or orders submitted to the Bankruptcy Court shall be used in any other proceeding for any
purpose. 
 18. It is further stipulated and agreed that each of the Settling Parties shall have the right to terminate the Settlement and
this Settlement Agreement, by providing written notice of their election to do so (“Termination Notice”) to the other parties to this Settlement Agreement within thirty (30) days after: (a) the Bankruptcy Court’s
refusal to enter the Preliminary Approval Order in any material respect or (b) the Bankruptcy Court’s refusal to enter a Confirmation Order that approves the Settlement or any material part thereof. Any decision or proceeding, however,
whether in the Bankruptcy Court or any other court, with respect to an application for attorneys’ fees or reimbursement of Litigation Expenses shall not affect the finality of any Confirmation Order, if applicable, and shall not be grounds for
termination of the Settlement. 
 NO ADMISSION OF WRONGDOING 

19. Neither this Settlement Agreement (whether or not consummated), including the exhibits hereto, the negotiations leading to the execution
of this Settlement Agreement, nor any proceedings taken pursuant to or in connection with this Settlement Agreement and/or approval of the Settlement (including any arguments proffered in connection therewith): 

(a) shall be offered against any of the Settling Defendants’/Company’s Releasees as evidence of, or construed as, or deemed to be
evidence of any presumption, concession, or admission by any of the Settling Defendants’/Company’s Releasees with respect to the truth of any fact alleged by the Settling Plaintiffs or CCOH, or the validity of any claim that

  
 19 

 
has been asserted, could have been asserted, or could ever be asserted, the deficiency of any defense that has been or could have been asserted in the Delaware Actions or in any other litigation,
or of any liability, negligence, fault, or other wrongdoing of any kind of any of the Settling Defendants’/Company’s Releasees or in any way referred to for any other reason as against any of the Settling Defendants’/Company’s
Releasees, in any arbitration proceeding or other civil, criminal, or administrative action or proceeding, other than such proceedings as may be necessary to effectuate the provisions of this Settlement Agreement; 

(b) shall be offered against any of the Settling Plaintiffs’ Releasees as evidence of, or construed as, or deemed to be evidence of any
presumption, concession, or admission by any of the Settling Plaintiffs’ Releasees that any of their claims are without merit, that any of the Settling Defendants’/Company’s Releasees had meritorious defenses, or that damages
recoverable from the Settling Defendants under the GAMCO Complaint and/or the Norfolk Complaint would not have exceeded the Settlement Consideration or with respect to any liability, negligence, fault, or other wrongdoing of any kind, or in any way
referred to for any other reason as against any of the Settling Plaintiffs’ Releasees, in any arbitration proceeding or other civil, criminal, or administrative action or proceeding, other than such proceedings as may be necessary to effectuate
the provisions of this Settlement Agreement; or 
 (c) shall be construed against any of the Releasees as an admission, concession, or
presumption that the consideration to be given hereunder represents the amount which could be or would have been recovered after trial against the Settling Defendants. 

MISCELLANEOUS PROVISIONS 

20. All of the exhibits attached hereto are hereby incorporated by reference as though fully set forth herein. Notwithstanding the foregoing,
in the event that there exists a conflict or inconsistency between the terms of this Settlement Agreement and the terms of any exhibit attached hereto, the terms of the Settlement Agreement shall prevail. 

21. Nothing in this Settlement Agreement is intended to or shall limit the releases provided for in the Plan. 

22. The Settling Parties intend this Settlement Agreement and the Settlement to be a final and complete resolution of all disputes that have
been asserted, could have been asserted, or could ever be asserted by or on behalf of the Settling Plaintiffs or CCOH, individually, derivatively, and/or on a class basis, with respect to the Released Claims, including without

  
 20 

 
limitation, in the Delaware Actions. The Settling Parties agree that the amounts paid and the other terms of the Settlement were negotiated at arms’ length and in good faith by the Settling
Parties, and reflect the Settlement that was reached voluntarily after extensive negotiations and consultation with experienced legal counsel, who were fully competent to assess the strengths and weaknesses of their respective clients’ claims
or defenses. The terms of the Settlement, as reflected in this Settlement Agreement, may not be modified or amended, nor may any of its provisions be waived except by a writing signed on behalf of the Settling Plaintiffs, CCOH, the Debtors, and the
Settling Defendants (or their successors-in-interest). 
 23.
The Releasees who are not signatories hereto shall be third-party beneficiaries under the Settlement and shall be entitled to enforce this Settlement Agreement in accordance with its terms. It is not the intention of the Settling Parties to confer
third-party beneficiary rights or remedies upon any other person or entity. 
 24. The obligations and duties in this Settlement Agreement
may not be assigned or transferred absent written consent of the Settling Parties. 
 25. The headings herein are used for the purpose of
convenience only and are not meant to have legal effect. 
 26. The administration and consummation of the Settlement as embodied in this
Settlement Agreement shall be under the authority of the Bankruptcy Court, and the Bankruptcy Court shall retain jurisdiction for the purpose of entering orders providing for awards of attorneys’ fees and Litigation Expenses to Settling
Plaintiffs’ Counsel and enforcing the terms of this Settlement Agreement. 
 27. The waiver by one Settling Party of any breach of this
Settlement Agreement by any other Settling Party shall not be deemed a waiver of any other prior or subsequent breach of this Settlement Agreement. 

28. This Settlement Agreement may be executed in one or more counterparts, including by signature transmitted via facsimile, or by a .pdf or
..tif image of the signature transmitted via email. All executed counterparts and each of them shall be deemed to be one and the same instrument. 

29. This Settlement Agreement shall be binding upon and inure to the benefit of the Settling Parties and their respective affiliates,
successors, heirs, executors, trustees, administrators, agents, and assigns, including any and all Releasees and any corporation, partnership, or other entity into or with which any Settling Party may merge, consolidate or reorganize. 

  
 21 

 30. The construction, interpretation, operation, effect and validity of this Settlement
Agreement and all documents necessary to effectuate it shall be governed by the internal laws of the State of Texas without regard to conflicts of laws, except to the extent that federal law requires that federal law govern. 

31. Any action arising under or to enforce this Settlement Agreement or any portion thereof, shall be commenced and maintained only in the
Bankruptcy Court, except that the releases may be enforced in any court of competent jurisdiction. 
 32. This Settlement Agreement shall not
be construed more strictly against one Settling Party than another merely by virtue of the fact that it, or any part of it, may have been prepared by counsel for one of the Settling Parties, it being recognized that it is the result of
arms’-length negotiations between the Settling Parties and all Settling Parties have contributed substantially and materially to the preparation of this Settlement Agreement. 

33. All counsel and any other person executing this Settlement Agreement and any of the exhibits hereto, or any related Settlement documents,
warrant and represent that they have the full authority to do so and that they have the authority to take appropriate action required or permitted to be taken pursuant to the Settlement Agreement to effectuate its terms. 

34. Settling Plaintiffs’ Counsel, CCOH and the Delaware Individual Defendants’ Counsel, Debtors’ Counsel, Sponsor Entities’
Counsel, and the CCOH Special Committee’s Counsel shall cooperate with one another in connection with the Debtors seeking Bankruptcy Court approval of the Preliminary Approval Order and the Settlement, as embodied in this Settlement Agreement,
and cooperate with each other and use best efforts to promptly agree upon and execute all such other documentation as may be reasonably required to obtain final approval by the Bankruptcy Court of the Settlement, dismissal with prejudice of the
Delaware Actions, and dismissal with prejudice of any action that is currently pending or that is later filed in state or federal court asserting any of the Released Claims. 

35. In addition, in connection with obtaining dismissal with prejudice of the Delaware Actions, Settling Plaintiffs and Settling
Plaintiffs’ Counsel agree to file a stipulation and proposed order of dismissal with prejudice in each of the Delaware Actions substantially in the form attached hereto as Exhibit E. Finally,
within the first business day after the signing of this Settlement Agreement, Norfolk agrees to withdraw its Emergency Motion to Consolidate and Appoint Lead Plaintiff and Co-Lead Counsel pending in the
Delaware Court of Chancery and seek a stay of the Norfolk Action pending final approval of this Settlement Agreement by the Bankruptcy Court. 

  
 22 

 36. If any Settling Party is required to give notice to another Settling Party under this
Settlement Agreement, such notice shall be in writing and shall be deemed to have been duly given upon receipt of hand delivery or facsimile or email transmission, with confirmation of receipt. Notice shall be provided as follows: 

 

			
	If to GAMCO individually or as representative of the Proposed Settlement Class:	  	 Andrew J. Entwistle
Entwistle & Cappucci, LLP
299 Park Avenue, 20th Floor
New York, NY
10171
Telephone: (212) 894-7200
Facsimile: (212) 894-7272
 Email: aentwistle@entwistle-law.com

		
	If to Norfolk individually and derivatively on behalf of CCOH:	  	 Ned Weinberger
Labaton Sucharow LLP
300 Delaware Ave., Suite 1340

Wilmington, DE 19801
Telephone: (302) 573-2540
Facsimile: (302)
573-6928
 Email: nweinberger@labaton.com

		
		  	-and-
		
		  	 Gordon Z. Novod
Grant & Eisenhofer, P.A.
485 Lexington Avenue
New York, NY 10017
Telephone:
(646) 722-8523
Facsimile: (646) 722-8501
 Email:
gnovod@gelaw.com

		
		  	-and-

  
 23 

			
		  	 Jeremy S. Friedman
 Spencer Oster

David F.E. Tejtel
Friedman Oster & Tejtel PLLC
240 East 79th Street, Suite A
New York, NY 10075
Telephone:
(888) 529-1108
 Email:
jfriedman@fotpllc.com
            oster@fotpllc.com
            dtejtel@fotpllc.com

		
	If to the Debtors:	  	 James H.M. Sprayregen, P.C.
Anup Sathy, P.C.

Brian D. Wolfe
 William A. Guerrieri

Benjamin M. Rhode
Kirkland & Ellis LLP
Kirkland & Ellis International
LLP
300 North LaSalle Street
Chicago, IL 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200

Email:
james.sprayregen@kirkland.com
            anup.sathy@kirkland.com
            brian.wolfe@kirkland.com
   
         will.guerrieri@kirkland.com
            benjamin.rhode@kirkland.com

		
		  	-and-
		
		  	 Christopher J. Marcus, P.C.
Kirkland & Ellis LLP
Kirkland & Ellis
International LLP
 601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
 Email: christopher.marcus@kirkland.com

  
 24 

			
	If to CCOH or the Delaware Individual Defendants:	  	 William B. Chandler
Bradley D. Sorrels

Shannon E. German
Wilson Sonsini Goodrich & Rosati, P.C.
222 Delaware Avenue, Suite 800
Wilmington, Delaware
19801
Telephone: (302) 304-7600
Facsimile: (866) 974-7329
 Email:
wchandler@wsgr.com
            bsorrels@wsgr.com
            sgerman@wsgr.com

		
	If to the CCOH Special Committee:	  	 Matthew A. Feldman
 Paul V.
Shalhoub
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
Telephone: (212) 728-8000
Facsimile: (212)
728-8111
 Email:
mfeldman@willkie.com
            pshalhoub@willkie.com

  

and
  

Jennifer J. Hardy
Willkie Farr & Gallagher LLP
600 Travis Street
Houston, TX 77002
Telephone: (713) 510-1700
Facsimile: (713) 510-1799
 Email: jhardy2@willkie.com

  
 25 

			
	If to the Sponsor Entities:	  	 Kevin B. Huff
Brendan J. Crimmins
Kellogg, Hansen, Todd, Figel &

Frederick, P.L.L.C.
1615 M Street, N.W., Suite 400
Washington, D.C. 20036
Telephone: (202)
326-7900
Facsimile: (202) 326-7999
 Email:
khuff@kellogghansen.com
            bcrimmins@kellogghansen.com
  

and
  

David E. Ross
Ross Aronstam & Moritz LLP
100 South West Street, Suite 400
Wilmington, Delaware
19801
Telephone: (302) 576-1600
Facsimile: (302) 576-1100
 Email:
dross@ramllp.com

 37. Except as otherwise provided herein, each Settling Party, other than the Delaware Individual Defendants,
shall bear its own costs. 
 38. All agreements made and orders entered during the course of the Delaware Actions relating to the
confidentiality of information shall survive this Settlement. 
 39. No opinion or advice concerning the tax consequences of the proposed
Settlement is being given or will be given by the Settling Parties or their counsel; nor is any representation or warranty in this regard made by virtue of this Settlement Agreement. Each Settlement Class Member’s tax obligations, and the
determination thereof, are the sole responsibility of the Settlement Class Member, and it is understood that the tax consequences may vary depending on the particular circumstances of each individual Settlement Class Member. 

  
 26 

 IN WITNESS WHEREOF, the Settling Parties have caused this Settlement Agreement to be
executed, by their duly authorized attorneys, as of December 16, 2018. 
  

									
	Entwistle & Cappucci, LLP	 	            	 	Kirkland & Ellis LLP
					
	By:	 	 /s/ Andrew J. Entwistle
	 		 	By:	 	 /s/ William A. Guerrieri 

		 	Andrew J. Entwistle	 		 	        	 	William A. Guerrieri

  

			
	 Andrew J. Entwistle
Entwistle & Cappucci, LLP
299 Park Avenue, 20th Floor
New York, NY 10171
Telephone: (212) 894-7200
Facsimile: (212) 894-7272
 Counsel for GAMCO

and the Proposed Settlement Class
	  	 James H.M. Sprayregen, P.C.
Anup Sathy, P.C.

Brian D. Wolfe
 William A. Guerrieri

Benjamin M. Rhode
Kirkland & Ellis LLP
Kirkland & Ellis International LLP
300 North
LaSalle Street
Chicago, IL 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200

 
 -and-

 
 Christopher J. Marcus, P.C.
Kirkland & Ellis
LLP
Kirkland & Ellis International LLP
 601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
 Counsel for the
Debtors

  
 27 

			
	 Labaton Sucharow LLP and Grant &

Eisenhofer, P.A.

		
	By:	 	 /s/ Ned Weinberger

		 	Ned Weinberger

  

	
	 Ned Weinberger
 Labaton Sucharow LLP

300 Delaware Ave., Suite 1340
 Wilmington, DE 19801

Telephone: (302) 573-2540

Facsimile: (302) 573-6928

Email: nweinberger@labaton.com
  

-and-
  

Gordon Z. Novod
Grant & Eisenhofer, P.A.
485 Lexington Avenue
New York, NY 10017
Telephone: (646) 722-8523
Facsimile: (646) 722-8501
  

-and-
  

Jeremy S. Friedman
 Spencer Oster

David F.E. Tejtel
Friedman Oster & Tejtel PLLC
240 East 79th Street, Suite A
New York, NY 10075
Telephone: (888) 529-1108
 Email:
jfriedman@fotpllc.com
            oster@fotpllc.com
            dtejtel@fotpllc.com

Counsel for Norfolk

	

  

  
 28 

									
	Wilson Sonsini Goodrich & Rosati, P.C.	 		 	Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C
					
	By:	 	 /s/ William B. Chandler
	 		 	By:	 	 /s/ Kevin B. Huff

		 	William B. Chandler	 		 		 	Kevin B. Huff
			
	 William B. Chandler
Bradley D. Sorrels

Shannon E. German
Wilson Sonsini Goodrich & Rosati, P.C.
222 Delaware Avenue, Suite 800
Wilmington, Delaware
19801
Telephone: (302) 304-7600
Facsimile: (866) 974-7329

Counsel for CCOH and the Delaware
	 	    	 	 Kevin B. Huff
Brendan J. Crimmins
Kellogg, Hansen, Todd, Figel &

Frederick, P.L.L.C
1615 M Street, N.W., Suite 400
Washington, D.C. 20036
Telephone: (202)
326-7900
Facsimile: (202) 326-7999

  

	Individual Defendants	 		 	-and-
	 Willkie Farr & Gallagher LLP
  
	 	 
     
	 	David E. Ross
Ross Aronstam & Moritz LLP
100 South West Street, Suite 400
Wilmington, Delaware 19801
Telephone: (302)
576-1600

	By:	 	 /s/ Matthew A. Feldman
	 		 	Facsimile: (302) 576-1100
		 	Matthew A. Feldman	 		 	Counsel for the Sponsor Entities

  

			
	 Matthew A. Feldman
Paul V. Shalhoub
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY
10019
Telephone: (212) 728-8000
Facsimile: (212) 728-8111

Counsel for the CCOH Special Committee
	  	

  

  
 29 

 Execution Version 

EXHIBIT A 

Preliminary Approval Order 

 EXHIBIT 1 

Notice of Settlement 

 EXHIBIT 2 

Summary Notice 

 EXHIBIT B 

Settlement Term Sheet 

 EXHIBIT C 

Separation Documents 

 EXHIBIT 1 

Settlement and Separation Agreement 

 EXHIBIT 2 

Transition Services Agreement 

 EXHIBIT 3 

Tax Matters Agreement 

 EXHIBIT 4 

Merger Agreement 

 EXHIBIT 5 

Revolving Loan Agreement 

 EXHIBIT D 

Plan 

 EXHIBIT E 

Stipulation and Proposed Order of Dismissal

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