Document:

Exhibit 4.83

 

fORBEARANCE
AGREEMENT

 

THIS AMENDED AND
RESTATED FORBEARANCE AGREEMENT (this "Agreement") is made effective as of March 18, 2013, by and between NEWLEAD
HOLDINGS, LTD. ("Borrower"); and WILLIAMS INDUSTRIES, LLC ("Lender").

 

RECITALS:

 

A.           The
parties entered into a Promissory Note (the “Note”) on December 28, 2012 by which Borrower agreed to pay $2,000,000.00
to Lender as part of an asset purchase transaction where Borrower agreed to purchase real and personal property from Lender, pursuant
to that certain Asset Purchase Agreement dated June 13, 2013, as amended October 15, 2012, November 7, 2012, November 21,
2012 and March ___, 2013 (the “Purchase Agreement”). The Note had a payment date of January 29, 2013, which was later
extended by the parties to March 6, 2013. The parties intend to close on the Note and close the asset purchase transaction as soon
as Borrower receives a lending commitment for the principal amount on the Note.

 

B.           Borrower
has requested that Lender forbear, and Lender has consented, under the limited conditions set forth herein, to forbear from exercising
its rights and remedies under the Note with respect to the Existing Events of Default, as more particularly set forth herein. Capitalized
terms not defined herein have the meaning set forth in the Note.

 

AGREEMENTS:

 

NOW, THEREFORE,
in consideration of (i) the facts set forth hereinabove (which are hereby incorporated into and made a part of this Agreement),
(ii) the covenants and agreements contained herein, and (iii) for other good and valuable consideration, the receipt, adequacy
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.           Existing
Events of Default. Borrower acknowledges the existence of certain Events of Default, all of which remain uncured after
any applicable notice and opportunity to cure under the Loan Documents (the “Existing Events of Default”), which
include failure to payoff the Note at its Maturity Date.

 

2.           Forbearance.

 

(a)          Subject
to the conditions set forth herein, Lender shall forbear from exercising its rights and remedies with respect to the Existing Events
of Default from the date hereof until the earliest to occur of the following (the “Forbearance Termination Events”):
(a) the time at which Borrower fails to comply in any respect with its obligations under this Agreement, (b) the occurrence or
discovery of any Event of Default under the Purchase Agreement, (other than the Existing Events of Default) (the period beginning
on the date hereof and terminating on the earliest of such dates being hereafter referred to as the “Forbearance Period”)
or (c) 5:00 pm, March 18, 2014. During the Forbearance Period, Borrower shall continue to pay all amounts that, absent the maturity
of the Note and/or the occurrence of an Event of Default and the acceleration of the Note, Borrower would be obligated, pursuant
to the terms of this Forbearance Agreement, to pay during the Forbearance Period.

  

    	 

    	 

    

  

(b)          Except
with respect to the Lender’s specific agreements set forth herein to forbear with respect to the Existing Events of Default
in accordance with the terms of this Agreement, nothing set forth herein shall constitute a forbearance or waiver of Lender’s
rights at any time, including during the term of the Forbearance Period, to enforce any and all rights such lender has under the
Purchase Agreement or any Lease Agreement between the parties, in equity, at law, by agreement or otherwise, including, without
limitation, to immediately recover the full amount of the Obligations. In addition, at the end of the Forbearance Period, unless
Lender has agreed in writing to continue to forbear, upon terms and conditions satisfactory to Lender and in Lender’s sole
and absolute discretion, Lender shall have the right to enforce any and all rights Lender has under the Loan Documents, in equity,
at law, by agreement or otherwise, including, without limitation, to immediately recover the full amount of the Obligations.

 

(c)          The
agreement of Lender to the forbearance described herein (i) in no way shall be deemed an agreement by Lender to waive Borrower’s
compliance with all other terms of the Note or the Purchase Agreement, and (ii) shall not limit or impair Lender’s right
to demand strict performance of all other terms and covenants as of any date. The forbearance granted by Lender to Borrower herein
is strictly limited to a forbearance in accordance with the terms set forth herein.

 

3.          Payment
Schedule. Borrower hereby agrees to make the following payments to Lender, which payments shall be applied to the principal
amount owing under the Note; provided further that all such payments shall be made by wire transfer of immediate funds to Chicago
Title Insurance Company for delivery to Lender or its designee in accordance with the terms of an Irrevocable Instruction letter
between Borrower, Lender and Chicago Title Insurance Company:

 

	 	(i)	$50,000 on or before March 18, 2013;
	 	 	 
	 	(ii)	$50,000 on or before April 18, 2013;
	 	 	 
	 	(iii)	$50,000 on or before May 18, 2013;
	 	 	 
	 	(iv)	$205,555.55 on or before June 18, 2013;
	 	 	 
	 	(v)	$205,555.55 on or before July 18, 2013;
	 	 	 
	 	(vi)	$205,555.55 on or before August 18, 2013;
	 	 	 
	 	(vii)	$205,555.55 on or before September 18, 2013;
	 	 	 
	 	(viii)	$205,555.55 on or before October 18, 2013;

 

    	2

    	 

    

 

	 	(ix)	$205,555.55 on or before November 18, 2013;
	 	 	 
	 	(x)	$205,555.55 on or before December 18, 2013;
	 	 	 
	 	(xi)	$205,555.55 on or before January 18, 2014;
	 	 	 
	 	(xii)	$205,555.55 on or before February 18, 2014.

  

Notwithstanding the foregoing,
all amounts owing under the Note shall accelerate and be due and owing upon the closing of the Borrower’s credit facility
with Deutshe Bank or another lender, which closing is anticipated to occur within six (6) months from the date of this Agreement.

 

4.           Miscellaneous.

 

(a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

(b)          Each
of Borrower, Guarantor and Lender acknowledges that there are no other understandings, agreements or representations, either oral
or written, express or implied, that are not embodied in the Purchase Agreement, including its Exhibits, and this Agreement, which
collectively represent a complete integration of all prior and contemporaneous agreements and understandings of Borrower and Lender;
and that all such prior understandings, agreements and representations are hereby modified as set forth in this Agreement. Except
as expressly modified hereby, the terms of the loan documents are and remain unmodified and in full force and effect.

 

(c)          This
Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors
and assigns.

 

(d)          This
Agreement may be executed in one or more counterparts, all of which, when taken together, shall constitute one original Agreement.

 

(e)          Time
is of the essence of Borrower’s obligations under this Agreement.

 

    	3

    	 

    

  

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

 

	 	WILLIAMS INDUSTRIES, LLC
	 	 
	 	By:	/s/ Lloyd Williams
	 	 	Title: President
	 	 
	 	NEWLEAD HOLDINGS, LTD
	 	 
	 	By:	/s/ Michail S. Zolotas
	 	 	Title: CEO

 

    	4SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”)is dated as of August 26, 2013, between Biozone Pharmaceuticals, Inc., a Nevada
corporation (the “Company”), and the purchasers signatory hereto (the each a “Purchaser”
and collectively, the “Purchasers”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended
(the “Securities Act”), the Company desires to issue and sell to the Purchasers, and the Purchasers desire to
purchase from the Company, severally and not jointly (i) 10% convertible promissory notes, in the aggregate principal face amount
of $2,000,000 (the “Purchase Price”) and in the form attached hereto as Exhibit A (the “Notes”),
which Notes shall be convertible into shares (the “Conversion Shares”) of common stock of the Company, par value
$0.001 per share (the “Common Stock”), and (ii) warrants, in the form attached hereto as Exhibit B (the
“Warrants” and with the Notes, the “Securities”) to purchase shares of Common Stock (the
“Warrant Shares” and with the Conversion Shares, the “Shares”);

 

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

 

		1.	Purchase and Sale of the Securities.

 

(a)          Closing.
On the Closing Date (as defined below), upon the terms and subject to the conditions set forth herein:

 

		(i)	the Company hereby agrees to sell to the Purchasers,
and the Purchasers hereby agree to purchase from the Company, (i) the Notes and (ii) the Warrants, in consideration of the Purchase
Price, as set forth on each such Purchaser’s signature page. For purposes of this Agreement, “Closing Date”
means the date on which all of the Transaction Documents have been executed and delivered by the parties thereto, and all conditions
precedent to (i) Purchasers’ obligations to pay the Purchase Price and (ii) the Company’s obligation to deliver the
Securities, in each case, have been satisfied or waived.

 

		(ii)	The Purchasers shall deliver the Purchase Price, via
wire transfer of immediately available funds, to escrow agent pursuant to the terms of the Escrow Agreement, in the form attached
hereto as Exhibit C (the “Escrow Agreement” and together with this Agreement, the Notes, the
Warrants and any and all exhibits and schedules hereto or hereto, the “Transaction Documents”), using the wiring
instructions contained in the Escrow Agreement.

 

The Company and the Purchasers shall each
deliver to the other items set forth in Section 1(b) deliverable at the closing (the “Closing”).Upon waiver
or satisfaction of the covenants and conditions set forth in Sections 1(b) and 1(c), the Closing shall occur at such location within
the United States as the parties shall mutually agree.

 

		(b)	Deliverables.

 

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

 

		A.	this Agreement, duly executed by the Company;

 

		B.	a Note, duly executed by the Company, in the Purchase
Price set forth on such Purchaser’s signature page; and

 

    	 

    	 

    

 

		C.	a Warrant, duly executed by the Company, to purchase
that number of shares equal to (i) the aggregate purchase price of the Note divided by (ii) 0.20 (the “Warrant Shares”);

 

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

 

		A.	this Agreement, duly executed by such Purchaser; and

 

		B.	the Purchase Price by wire transfer to escrow agent pursuant
to the terms of the Escrow Agreement.

 

		(c)	Closing Conditions.

 

		(i)	The obligations of the Company hereunder in connection
with the Closing are subject to the waiver or satisfaction of the following conditions:

 

		A.	the accuracy on the Closing Date of the representations
and warranties of Purchasers contained herein;

 

		B.	all obligations, covenants and agreements of Purchasers
required to be performed at or prior to the Closing Date shall have been performed; and

 

		C.	the delivery by Purchasers of the items set forth in
Section 1(b)(ii) of this Agreement.

 

		(ii)	The obligations of Purchasers hereunder in connection
with the Closing are subject to the waiver or satisfaction of the following conditions:

 

		A.	the accuracy in all material respects on the Closing
Date of the representations and warranties of Company contained herein

 

		B.	all obligations and agreements of the Company required
to be performed at or prior to the Closing Date shall have been performed; and

 

		C.	the delivery by the Company of the items set forth in
Section 1(b)(i) of this Agreement.

 

		2.	Intentionally Omitted.

 

3.           Representations
and Warranties of the Company. The Company represents and warrants to each Purchaser as follows:

 

(a)          Subsidiaries.
The Company’s Subsidiaries as of the date hereof are set forth in Schedule 3(a). Except as set forth in Schedule 3(a), the
Company owns, directly or indirectly, 100% of each Subsidiary and such ownership interest is free and clear of any liens, and all
of the issued and outstanding shares of capital stock of each Subsidiary are validly issued, fully paid and non-assessable and
free of preemptive and similar rights to purchase securities. Neither the Company nor the Subsidiaries are subject to any obligation
(contingent or otherwise) to repurchase or otherwise acquire or retire any shares of the capital stock of any Subsidiary or any
convertible securities, rights, warrants or options of the type described in the preceding sentence. Neither the Company nor any
Subsidiary is party to, nor has any knowledge of, any agreement restricting the voting or transfer of any shares of the capital
stock of any Subsidiary.

 

    	 

    	 

    

 

(b)          Organization
and Qualification. Each of the Company and each Subsidiary is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, and has the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted and contemplated to be conducted. Each of the Company
and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each
jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where
the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a
material adverse effect on the business, condition (financial or otherwise), operations, prospects or property of the Company or
a Subsidiary, taken as a whole (“Material Adverse Effect”), and no proceeding has been initiated in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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

 

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

 

(e)          Filings,
Consents and Approvals. Neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than the filing of Form D with the Securities and Exchange Commission (the “Commission”) and such filings
as are required to be made under applicable state securities laws (the “Required Approvals”).

 

(f)          Issuance
of the Securities. Each of the Note and the Warrant are duly authorized and, when issued and paid for in accordance with the
terms of the applicable Transaction Documents, will be duly and validly issued, fully paid and non-assessable, and free and clear
of all liens other than restrictions on transfer provided for in the Transaction Documents. The shares of Common Stock issuable
upon conversion of the Note have been duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens other than restrictions
on transfer provided for in the Transaction Documents. The shares of Common Stock issuable upon exercise of the Warrant have been
duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly
issued, fully paid and non-assessable, free and clear of all liens other than restrictions on transfer provided for in the Transaction
Documents. The Company has reserved from its duly authorized capital stock such number of securities for issuance of upon conversion
or exercise of the Note and Warrant, as applicable.

 

    	 

    	 

    

 

(g)          Capitalization;
Additional Issuances. All of the issued and outstanding securities of the Company as of the date hereof are as set forth in
the SEC Reports (as defined below). Except as set forth in the SEC Reports filed by the Company since July 2011, and as
of the date hereof, there are no outstanding agreements or preemptive or similar rights affecting the Common Stock and no outstanding
rights, warrants or options to acquire, or instruments convertible into or exchangeable for, or agreements or understandings with
respect to the sale or issuance of, the Common Stock.

 

(h)          Litigation.Except
as set forth in the SEC Reports, there are no actions or proceedings pending or, to the knowledge of the Company, threatened by
or against Company or any of its Subsidiaries involving more than, individually or in the aggregate, Ten Thousand Dollars ($10,000).Except
as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or,
to the knowledge of the Company, threatened against or affecting the Company before or by any court, arbitrator, governmental or
administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the issuance
of the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company

 

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

 

(j)          SEC
Reports; Financial Statements. The Company has filed all reports required to be filed by it under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such shorter
period as the Company was required by law to file such reports) (the foregoing materials being collectively referred to herein
as the “SEC Reports” ) on a timely basis or has timely filed a valid extension of such time of filing and has
filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied
in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the
Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports
comply in all material respects with the rules and regulations of the Commission with respect thereto as in effect at the time
of filing. Such financial statements have been prepared in accordance with U.S. GAAP, except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required
by U.S. GAAP, and fairly present in all material respects the financial position of the Company as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments.

 

(k)          Private
Placement. Assuming the accuracy of Purchaser’s representations and warranties set forth herein, no registration under
the Securities Act is required for the offer and sale of the Securities by the Company to Purchaser as contemplated hereby.

 

(l)          No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to Purchasers.

 

    	 

    	 

    

 

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

 

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

 

(o)          Benefit
Plans.Copies of all documentation relating to any Benefit Plans (including all plan documents, written descriptions of plans,
actuarial reports and governmental filings and determinations with respect to such Benefit Plans) have been delivered or made available
to each Purchaser. None of the Benefit Plans is a “Defined Benefit Plan” that would be subject to Part 3 of Title 1
of the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder (“ERISA”),
Section 412 of the Internal Revenue Code of 1986, as amended, or Title IV of ERISA. None of the Benefit Plans is a “multiemployer
plan” (as such term is defined in Section 3(37) of ERISA) or a “single employer under multiple controlled groups”
as described in Section 4063 of ERISA, and neither the Company nor any Affiliate has ever contributed to or had an obligation to
contribute, or incurred any liability in respect of a contribution to any multiemployer plan. Each Benefit Plan has been operated
in compliance with its terms in all respects, and each Benefit Plan complies, in all respects, with all provisions of applicable
Law except as would not have a Material Adverse Effect. “Affiliate” means any person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a person, as such terms are used
in and construed under Rule 405 under the Securities Act. “Benefit Plans” means any Plan ever maintained, established
or to which contributions have at any time been made by the Company or any of its Affiliates existing at the Closing Date or prior
thereto, to which the Company contributes or has contributed, or under which any consultant, employee, former consultant, former
employee or director or former director of the Company or any beneficiary thereof is covered, has ever been covered, is or has
ever been eligible for coverage or has any benefit rights.

 

(p)          Compliance.
Neither the Company nor any Subsidiary: (i) is in violation of any order of any court, arbitrator or governmental body or (ii)
is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all
foreign, federal, state and local laws applicable to its business, except in each case as could not have or reasonably be expected
to result in a Material Adverse Effect.

 

    	 

    	 

    

 

(q)          Environmental
Matters. The Company has complied with and is in compliance with all federal, state, local and foreign statutes (civil and
criminal), laws, ordinances, regulations, rules, permits, approvals, judgments, orders and decrees applicable to it or any of its
properties, leased real property, assets, operations and businesses relating to environmental protection, and health and safety
(collectively “Environmental Laws”) including, without limitation, Environmental Laws relating to air, surface
water and groundwater, land and the generation, storage, use, handling, transportation, treatment, release, threatened release,
remediation, exposure to or disposal of Hazardous Wastes, Hazardous Materials and Hazardous Substances (as such terms are defined
in any applicable Environmental Law), as well as oil, petroleum, petroleum products, asbestos or any substance containing asbestos,
and polychlorinated biphenyls (collectively “Hazardous Materials”), (ii) the Company has obtained and fully
complied with and is currently in full compliance with all environmental permits and other environmental approvals necessary for
the conduct of its business and the operation of its properties, and has reported to the appropriate governmental or regulatory
authorities, to the extent required by all Environmental Laws, all past and present sites owned and operated by the Company where
Hazardous Materials have been treated, stored, disposed of or otherwise handled, (iii) to the knowledge of the Company, there is
not nor has there been any condition, event, circumstance, practice, activity, incident which could reasonably be expected to give
rise to any common law liability or liability pursuant to any Environmental Laws or otherwise form the basis of any claim, demand
or litigation against the Company; (iv) there are no claims, demand, suits, judicial or administrative actions, governmental investigators
or legal proceedings pending or, to the knowledge of the Company, threatened against the Company relating in any way to any Environmental
laws, nor has the Company received notice of any violation of, or any claim alleging liability under, any Environmental Laws, (v)
there have been no releases or threats of releases (as these terms are defined in Environmental Laws) of any Hazardous Materials
at, from, in or on any property previously or currently owned or operated by the Company, except as permitted by Environmental
Laws, and (vi) there is no on-site or off-site location to which the Company has transported or disposed of Hazardous Materials
or arranged for the transportation of Hazardous Materials which is the subject of any federal, state, local or foreign enforcement
action or any other investigation which could reasonably be expected to lead to any claim against the Company for any clean-up
cost, remedial work, damage to natural resources, property damage or personal injury, including, but not limited to, any claim
under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and
Recovery Act, the Hazardous Materials Transportation Act or comparable state or local statutes or regulations, except as would
not have a Material Adverse Effect.

 

(r)          Title
to Assets. The Company and each Subsidiary have good and marketable title in all personal property owned by them that is material
to the business of the Company and each Subsidiary, in each case, free and clear of all liens, except for liens that do not materially
affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by
the Company and each Subsidiary and liens for the payment of federal, state, foreign or other taxes, the payment of which is neither
delinquent nor subject to penalties (“Permitted Liens”). Any real property and facilities held under lease by
the Company and each Subsidiary are held by them under valid, subsisting and enforceable leases with which the Company and each
Subsidiary are in compliance.

 

(s)          Intellectual
Property. The Company and each Subsidiary own all right, title and interest in, or possesses adequate and enforceable rights
to use, all patents, patent applications, trademarks, trade names, service marks, copyrights, rights, licenses, franchises, trade
secrets, confidential information, processes, formulations, software and source and object codes necessary for the conduct of their
businesses (collectively, the “Intangibles”). Neither the Company nor any Subsidiary has infringed upon the
rights of others with respect to the Intangibles and neither the Company nor any Subsidiary have received notice that they have
or may have infringed or are infringing upon the rights of others with respect to the Intangibles, or any notice of conflict with
the asserted rights of others with respect to the Intangibles that could, individually or in the aggregate, or could reasonably
be expected to have, have a Material Adverse Effect.

 

(t)          Insurance.
The Company and each Subsidiary is insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and each
Subsidiary are engaged. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse Effect.

  

(u)          Transactions
With Affiliates and Employees.Except as may be described in Schedule 3(u), none of the officers or directors of the Company
and, to the knowledge of the Company, none of the employees of the Company, is presently a party to any transaction with the Company
or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer,
director, or any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess
of $20,000, other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred
in the ordinary course of business on behalf of the Company and (iii) other employee benefits, including stock option agreements,
under any stock option plan of the Company.

 

    	 

    	 

    

 

(v)          Certain
Fees.No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by
the Transaction Documents. Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or
on behalf of other persons for fees of a type contemplated in this Section that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

(w)          Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

 

(x)          Tax
Returns. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and each Subsidiary have filed all necessary federal, state and foreign income and franchise
tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which
has been asserted or threatened against the Company or any Subsidiary.

 

(y)          Foreign
Corrupt Practices. None of the Company, any Subsidiary or, to the knowledge of the Company, any agent or other person acting
on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts,
entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign
or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds,
(iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company
is aware) which is in violation of law or (iv) violated in any material respect any provision of the Foreign Corrupt Practices
Act of 1977, as amended.

 

(z)          No
Disagreements with Accountants or Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated
by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company which
could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents.

 

(aa)         Indebtedness.Except
as disclosed on schedule 3(aa), neither the Company nor any Subsidiary is in default with respect to, or liable under (x) any liabilities
for borrowed money or amounts owed in excess of $25,000 (other than trade accounts payable incurred in the ordinary course of business),
or (y) any guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same
are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable
instruments for deposit or collection or similar transactions in the ordinary course of business.

 

(bb)         Internal
Controls.Except as disclosed in Schedule 3(bb), the Company is in compliance with the provisions of the Sarbanes-Oxley Act
of 2002 currently applicable to the Company. The Company and each Subsidiary maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific
authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S.
GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or
specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures
(as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures
to ensure that material information relating to the Company, including the Subsidiaries, is made known to the certifying officers
by others within those entities, particularly during the period in which the Company’s most recently filed periodic report
under the Exchange Act, as the case may be, is being prepared. The Company's certifying officers have evaluated the effectiveness
of the Company's controls and procedures as of the end of the period covered by the most recently filed periodic report under the
Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report
under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures
based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the
Company's internal controls (as such term is defined in Item 308 of Regulation S-K) or, to the Company's knowledge, in other factors
that could significantly affect the Company's internal controls. The Company maintains and will continue to maintain a standard
system of accounting established and administered in accordance with U.S. GAAP and the applicable requirements of the Exchange
Act.

 

    	 

    	 

    

 

(cc)         OFAC.
None of the Company, any Subsidiary or, to the knowledge of the Company, any director, officer, agent, employee or affiliate of
the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”); and the Company will not, directly or indirectly, use the proceeds of the offering, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person, for the purpose
of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

(dd)         Full
Disclosure. All of the disclosure furnished by or on behalf of the Company to Purchaser regarding the Company, its business
and the transactions contemplated hereby is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they
were made, not misleading.

 

4.            Representations
and Warranties of Purchaser. Each Purchaser, severally and not jointly, represents and warrants to the Company, only with respect
to itself, as follows:

 

(a)          Purchaser
is an “accredited investor” as defined by Rule 501 under the Securities Act. Purchaser is capable of evaluating the
merits and risks of its investment in the Securities and has the ability and capacity to protect its interests.

 

(b)          Purchaser
understands that the Securities have not been registered. Purchaser understands that the Securities will not be registered under
the Securities Act in reliance upon an exemption in reliance on Section 4(2) of the Securities Act.

 

(c)          Purchaser
acknowledges that Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating
the merits and risks of an investment in the Securities and of making an informed investment decision with respect thereto.

 

(d)          Purchaser
is purchasing the Securities for investment purposes and not with a view to distribution or resale, nor with the intention of selling,
transferring or otherwise disposing of all or any part thereof for any particular price, or at any particular time, or upon the
happening of any particular event or circumstance, except selling, transferring, or disposing the Securities in compliance with
all applicable provisions of the Securities Act, the rules and regulations promulgated by the Commission thereunder, and applicable
state securities laws; and that an investment in the Securities is not a liquid investment.

 

(e)          Purchaser
has all requisite legal and other power and authority to execute and deliver this Agreement and to carry out and perform its obligations
under the terms of this Agreement. This Agreement constitutes a valid and legally binding obligation of Purchaser, enforceable
in accordance with its terms, except: (i) as may be limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 

(f)          There
are no actions, suits, proceedings or investigations pending against Purchaser or Purchaser’s assets before any court or
governmental agency (nor, to Purchaser’s knowledge, is there any threat thereof) which would impair in any way Purchaser’s
ability to enter into and fully perform Purchaser’s commitments and obligations under this Agreement or the transactions
contemplated hereby.

 

    	 

    	 

    

 

(g)          The
execution, delivery and performance of and compliance with this Agreement and the issuance of the Securities to Purchaser will
not result in any violation of, or conflict with, or constitute a default under, any of Purchaser’s articles of incorporation
or by-laws, or equivalent limited liability company, trust or partnership documents, if applicable, or any agreement to which Purchaser
is a party or by which it is bound, nor result in the creation of any mortgage, pledge, lien, encumbrance or charge against any
of the assets or properties of Purchaser or the Securities purchased by Purchaser.

 

(h)          Purchaser
is aware that the Securities will be (unless registered by the Company), when issued, “restricted securities” as that
term is defined in Rule 144 of the general rules and regulations under the Securities Act, and may not be offered, sold or transferred
except pursuant to an effective registration statement or an exemption from registration under the Securities Act.

 

(i)          Purchaser
understands that the Securities shall bear the following legend or one substantially similar thereto, which Purchaser has read
and understands:

 

NEITHER THIS SECURITY NOR ANY SECURITY
INTO WHICH IT MAY BE CONVERTED HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR APPLICABLE STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY SECURITY INTO WHICH IT MAY BE CONVERTED MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF AT ANY TIME IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM REGISTRATION.

 

(j)          Any
sales, transfers, or other dispositions of the Securities by Purchaser, if any, will be made in compliance with the Securities
Act and all applicable rules and regulations promulgated thereunder.

 

(k)          Purchaser
further represents that the address of Purchaser set forth on the signature page is its principal place of business; that Purchaser
is purchasing the Securities for Purchaser’s own account and not, in whole or in part, for the account of any other person;
and that Purchaser has not formed any entity, and is not an entity formed, for the purpose of purchasing the Securities.

 

(l)          Purchaser
represents and warrants that no finder, broker, agent, financial advisor or other intermediary, nor any purchaser representative
or any broker-dealer acting as a broker, is entitled to any compensation in connection with the transactions contemplated by this
Agreement.

 

		5.	Other Agreements.

 

(a)          Certain
Covenants of the Company. Until such time as the principal amount under each Note (the “Loan Amount”) or
any accrued fees or interest remain unpaid or outstanding, the Company shall comply and operate in accordance with all of the following
covenants and agreements:

 

		(i)	Payment of Obligations. The Company will timely
pay and discharge all of its material obligations and liabilities, including, without limitation, tax liabilities, except where
the same may be contested in good faith by appropriate proceedings.

 

		(ii)	Conduct of Business and Maintenance. The Company
will continue to engage in business of the same general type as now conducted by it and to preserve, renew and keep in full force
and effect, its corporate existence and its assets, rights, privileges and franchises to the extent necessary or desirable in
the normal conduct of business. The Company shall conduct its business in a manner so that it will not become subject to the Investment
Company Act of 1940, as amended.

 

		(iii)	Compliance with Laws. The Company will comply in
all material respects with all applicable laws, ordinances, rules, regulations, decisions, orders and requirements of governmental
authorities.

 

    	 

    	 

    

 

		(iv)	Use of Proceeds. None of the Loan Amount shall be
used for any purpose other than those set forth in the Notes and Escrow Agreement.

 

		(v)	Notice of Legal Matters. The Company shall notify
Purchaser promptly after the Company shall obtain knowledge of any written notice of any legal or arbitral proceedings, and of
all proceedings by or before any governmental authority, and each material development in respect of such legal or other proceeding
affecting the Company, except proceedings which, if adversely determined, would not reasonably be likely to have a Material Adverse
Effect.

 

		(vi)	Books and Records; Inspection and Audit Rights.
The Company will keep proper books of record and account in which full, true and correct entries are made of all dealings and
transactions in relation to its business and activities. The Company will permit any representatives designated by Purchaser,
upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its business, assets, affairs, finances, prospects, and condition with its officers and independent accountants, all
at such reasonable times during normal business hours and as often as reasonably requested. Promptly upon Purchaser’s written
request therefor, the Company shall deliver to Purchaser such documents and other evidence of the existence, good standing, foreign
qualification and financial condition of the Company as Purchaser shall request from time to time.

 

		(vii)	Change of Control, etc.The Company shall not (i)
merge or consolidate with or into any person, (ii) sell, assign, lease, license or otherwise dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any person,
or (iii) issue or sell securities of the Company (whether in one transaction or in a series of transactions) such that the shareholders
of the Company as of the date of this Agreement hold or will hold less than a majority of the outstanding (on a fully-diluted
basis) equity securities or voting power of the Company (“Change of Control”).

 

		(viii)	Indebtedness and Liens. The Company shall not create
or suffer to exist any debt or liens other than (i) debt incurred by the Company in the ordinary course of business, not to exceed
$25,000 in the aggregate, (ii) debt which is subordinated in the right of payment to amounts payable to Purchaser pursuant to
this Agreement on terms reasonably satisfactory to Purchaser; and (iii) Permitted Liens.

 

		(ix)	Investments, Loans, Acquisitions and Hedge Agreements.
The Company shall not: (i) purchase or acquire or make any investment in any other person, (ii) purchase or acquire all or substantially
all of the assets of any person or any division of any person; (iii) make any loan, advance or extension of credit to, or contribution
to the capital of, any other person other than reimbursement of reasonable, bona fide and properly documented business expenses
incurred on behalf of the Company; (iv) sell, whether at face value or at a discount, any account receivable of the Company; or
(v) make any commitment or acquire any option or enter into any other arrangements for the purpose of making any of the foregoing
investments, loans or acquisitions.

 

		(x)	Restricted Payments. The Company shall not declare,
order, pay or make any dividend or distribution of assets or payment of cash, or both, directly or indirectly to any person.

 

    	 

    	 

    

 

		(xi)	Transactions with Affiliates. The Company shall
not enter into any transaction, including, without limitation, the purchase, sale, or exchange of property or the rendering of
any service, with any Affiliate, except in the ordinary course of and pursuant to the reasonable requirements of the Company's
business and upon fair and reasonable terms no less favorable to the Company than it would obtain in a comparable arm's-length
transaction with a person not an Affiliate. “Affiliate” means, as applied to any person, (a) any other person
directly or indirectly controlling, controlled by or under common control with, that person, (b) any other person that owns or
controls (i) 10% or more of any class of equity securities of that person or any of its Affiliates or (ii) 10% or more of any
class of equity securities (including any equity securities issuable upon the exercise of any option or convertible security)
of that person or any of its Affiliates, or (c) any director, partner, officer, manager, agent, employee or relative of such person.
For the purposes of this definition, “control” (including with correlative meanings, the terms “controlling,”
“controlled by,” and “under common control with”), as applied to any person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of that person, whether through ownership
of voting securities or by contract or otherwise.

 

(b)          Notice
of Other Material Events. Until such time as the Loan Amount or any accrued fees or interest remain unpaid or outstanding,
the Company shall provide notice of the following:

 

		(i)	The Company shall furnish to each Purchaser prompt (but
in no event more than two (2) business days after the relevant occurrence) written notice of the occurrence of any Event of Default
or any other event or circumstance that results in, or could reasonably be expected to result in, a Material Adverse Effect.

		 	 

		(ii)	The Company shall furnish to Purchaser written notice
of the following not less than thirty (30) days prior to the occurrence thereof: (A) any change of the Company’s corporate
name or of any trade name used to identify it in the conduct of its business or in the ownership of its properties, (B) any change
of the state in which the Company is organized or conducts business, (C) any change of the Company’s principal place of
business, or (D) any change of the Company’s identity or corporate structure.

		 	 

		(iii)	Each notice delivered under this Section shall be accompanied
by a statement of the Company setting forth the details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.

 

(c)          Further
Assurances. At any time or from time to time after the execution hereof, the Company will promptly execute, deliver, verify,
acknowledge, record and/or file any and all further documents and instruments (including financing statements and continuation
statements), and promptly take any and all such other and further actions, as Purchaser may request in order to evidence or more
fully effectuate the transactions and security arrangements contemplated hereby and to otherwise carry out the terms hereof.

 

(d)          Reservation
of Shares. The Company shall at all times reserve and keep available out of its authorized and unissued capital stock, solely
for the purpose of providing for the exercise of the conversion rights provided for under the Note and Warrant, such number of
shares of Common as shall, from time to time, be sufficient for issuance upon conversion of such Note and Warrant in full.

 

		6.	Events of Default.

 

		(a)	Each of the following events, individually, shall constitute
an “Event of Default”:

 

		(i)	the Company shall fail to pay any Loan Amount when and
as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

		(ii)	the Company shall fail to pay any accrued but unpaid
interest when and as the same shall become due and payable;

 

    	 

    	 

    

 

		(iii)	the Company shall fail to perform any obligation or pay
any fee or any other amount payable under any of the Transaction Documents, when and as the same shall become due and payable;

		 	 

		(iv)	any representation or warranty made by or on behalf of
the Company in or in connection with any Transaction Document, or in any report, certificate or other document furnished pursuant
to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed
made or shall be breached;

		 	 

		(v)	the Company shall fail to observe or perform any covenant,
condition or agreement contained in any Transaction Document (other than those specified in clause (i), (ii), and (iii) of this
Section 6 and such failure shall continue unremedied for a period of ten (10) days after notice thereof from Purchaser to the
Company;

		 	 

		(vi)	an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Company or its debts, or of
a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Company or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for ninety (90) days or an order or decree approving or ordering any of the foregoing shall be entered;

		 	 

		(vii)	the Company shall (i) voluntarily commence any proceeding
or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (vi) of this Section 6, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or for a substantial part of
its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v)
make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

		 	 

		(viii)	the Company shall be unable, admit in writing its inability,
or fail generally, to pay its debts as they become due;

		 	 

		(ix)	one or more final judgments for the payment of money
in an aggregate amount in excess of $25,000 shall be rendered against the Company and the same shall remain undischarged for a
period of twenty (20) consecutive days during which execution shall not be effectively stayed, or any action shall be legally
taken by a judgment creditor to attach or levy upon any assets of the Company to enforce any such judgment;

		 	 

		(x)	any default by the Company under, or the occurrence of
any event of default as defined in, any other indebtedness owed by the Company;

		 	 

		(xi)	any event, transaction, action or omission of or involving
the Company shall occur which Purchaser reasonably believes will result in a Material Adverse Effect;

		 	 

		(xii)	any of this Agreement or the Note shall cease to be,
or shall be asserted by the Company or other obligor thereunder not to be, in full force and effect; or

		 	 

		(xiii)	a Change of Control shall occur

 

    	 

    	 

    

 

(b)          Remedies.
Notwithstanding anything to the contrary in any Transaction Document, upon the occurrence of an Event of Default, and in every
such event (other than an event with respect to the Company described in clauses (vi), (vii) or (viii) of Section 6, at any time
during the continuance of such event, Purchaser may, at its sole election, by notice to the Company, declare the Loan Amount then
outstanding to be due and payable in whole (or in part, in which case any Loan Amount not so declared to be due and payable may
thereafter be declared to be due and payable), and thereupon the outstanding Loan Amount so declared to be due and payable, together
with all fees and other payment obligations of the Company accrued but unpaid under the Transaction Documents, shall become due
and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Company, and in case of any event with respect to the Company described in clauses (vi), (vii) or (viii) of Section 6, the Loan
Amount then outstanding, together with all fees and other payment obligations of the Company accrued but unpaid under the Transaction
Documents, shall automatically become due and payable, without presentment, demand, protest or notice of any kind, all of which
are hereby waived by the Company.

 

		7.	Intentionally Omitted.

 

		8.	Piggy-Back Registration Rights.

 

(a)          For
a period of twelve (12) months following the Closing Date, if the Company shall decide to prepare and file with the Commission
a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of
its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities
issuable in connection with the stock option or other employee benefit plans, then the Company shall send to each Purchaser a written
notice of such determination and, if within fifteen days after the date of such notice, any such Purchaser shall so request in
writing, the Company shall include in such registration statement, all or any part of Purchaser’s shares of Common Stock
underlying the Notes or the Warrants (collectively, the “Registrable Securities”) such Purchaser requests to
be registered; provided, however, that, the Company shall not be required to register any Registrable Securities
pursuant to this Section that are eligible for resale without restriction pursuant to Rule 144 promulgated under the Securities
Act or that are the subject of a then effective registration statement; provided, further, however,

 

(i)           
if the registration statement is an offering to be made on a continuous basis pursuant to Rule 415 and is not on a Form S-3, and
the Commission advises the Company that all of the Registrable Securities which such Holders have requested to be registered may
not be included under Rule 415(a)(i), then the number of Registrable Securities to be registered for each Purchaser shall be reduced
pro-rata among all the Purchasers to an amount to which is permitted by the Commission for resale under Rule 415(a)(i) and each
Purchaser shall have the right to designate which of its Registrable Securities shall be omitted from the registration statement;
provided, further, however, the Registrable Securities hereunder shall have first priority over shares being
registered by any other third parties other than the Company; and

 

(ii)          
if the registration so proposed by the Company involves an underwritten offering of the securities so being registered for the
account of the Company, to be distributed by or through one or more underwriters of recognized standing, and the managing underwriter
of such underwritten offering shall advise the Company in writing that, in its opinion, the distribution of all or a specified
portion of the Registrable Securities which the Purchasers have requested the Company to register and otherwise concurrently with
the securities being distributed by such underwriters will materially and adversely affect the distribution of such securities
by such underwriters (such opinion to state the reasons therefor), then the Company will promptly furnish each such Purchaser of
Registrable Securities with a copy of such opinion, and by providing such written notice to each such Purchaser, such Purchaser
may be denied the registration of all or a specified portion of such Registrable Securities (in case of such a denial as to a portion
of such Registrable Securities, such portion to be allocated pro rata among the Purchasers); provided, however, shares
to be registered by the Company for issuance by the Company shall have first priority, each holder of Registrable Securities hereunder
shall have second priority, and any other shares being registered on account of other third parties shall have third priority.

 

    	 

    	 

    

 

9.          Indemnification by the Company.
The Company shall indemnify each of Purchaser and its officers, directors, shareholders, members, partners, employees, agents and
Affiliates in respect of, and hold each of them harmless from and against, any and all Losses (as defined below, and whether or
not involving any person not a party to this Agreement) suffered, incurred or sustained by any of them or to which any of them
becomes subject resulting from, arising out of or relating to (a) any material misrepresentation on the part of the Company, (b)
a breach by the Company of any of the representations and warranties contained herein, or (c) any non-fulfillment of or failure
to perform any covenant or agreement on the part of the Company contained in this Agreement or in any of the Transaction Documents
(including any certificates delivered in connection herewith or therewith). If and to the extent that the indemnification hereunder
is finally determined by a court of competent jurisdiction to be unenforceable, the Company shall make the maximum contribution
to the payment and satisfaction of the indemnified Losses as shall be permissible under applicable laws. “Losses”
means any and all damages, fines, fees, taxes, penalties, deficiencies, diminution in value of investment, losses and expenses,
including interest, reasonable expenses of investigation, court costs, reasonable fees and expenses of attorneys, accountants and
other experts or other expenses of litigation or other proceedings or of any claim, default or assessment (including, without limitation,
fees and expenses of attorneys, incurred in connection with (i) the investigation or defense of any claim made by a person not
a party hereto and (ii) asserting or disputing any rights under this Agreement against any party hereto or otherwise).

 

		10.	Intentionally Omitted.

 

		11.	Miscellaneous.

 

(a)          The
Company agrees not to transfer or assign this Agreement or any of the Company’s rights or obligations herein and each Purchaser
agrees that the transfer or assignment of the Securities acquired pursuant hereto shall be made only in accordance with all applicable
laws.

 

(b)          This
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.
The Transaction Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof
and may be amended or waived only by a written instrument signed by all parties.

 

(c)          Any
notice or other document required or permitted to be given or delivered to the parties hereto shall be in writing and sent: (i)
by fax, if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges
prepaid), or (b) by registered or certified mail, with return receipt requested (postage prepaid), or (c) by a recognized overnight
delivery service (with charges prepaid), to the following addresses:

 

(i)          
If to the Company, to the addresses set forth on its signature page hereto

 

(ii)          If to
a Purchaser, to the addresses set forth on its signature page hereto.

 

(d)          No
provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed by all parties
hereto. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be
a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such
right.

 

(e)          This
Agreement shall be enforced, governed and construed in all respects in accordance with the laws of the State of New York as such
laws are applied by the New York courts to contracts solely performed within its borders, except with respect to the conflicts
of law provisions thereof.

 

    	 

    	 

    

 

(f)          Any
legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be
instituted exclusively in New York County, New York. The parties hereto hereby: (i) waive any objection which they may now have
or hereafter have to the venue of any such suit, action or proceeding, and (ii) irrevocably consent to the jurisdiction of the
federal and state courts located in New York County, New York in any such suit, action or proceeding. The parties further agree
to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the federal
and state courts located in New York County, New York. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law.

 

(g)          If
any provision of this Agreement is held to be invalid or unenforceable under any applicable statute or rule of law, then such provision
shall be deemed modified to conform with such statute or rule of law. Any provision hereof that may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of any other provisions hereof.

 

(h)          The
Company understands and agrees that money damages may not be a sufficient remedy for any breach of this Agreement by the Company,
and that Purchaser shall be entitled to equitable relief, including an injunction and specific performance, as a remedy for any
such breach, without the necessity of establishing irreparable harm or posting a bond therefor. Such remedies shall not be deemed
to be the exclusive remedies for a breach by the Company of this Agreement, but shall be in addition to all other remedies available
at law or equity to Purchaser.

 

(i)           All
pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine, singular or plural, as identity
of the person or persons may require.

 

(j)           This
Agreement may be executed in counterparts and by facsimile, each of which shall be deemed an original, but all of which, taken
together, shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	 

    	 

    

 

Company Signature Page

 

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

 

BIOZONE PHARMACEUTICALS, INC.

 

	By:	/s/ Elliot Maza	 
	 	Name: Elliot Maza	 
	 	Title: Chief Executive Officer
    and Chief Financial Officer	 

 

	Address for Notice:
	 
	BioZone Pharmaceuticals, Inc.
	Attn: Elliot Maza, CEO
	580 Garcia Avenue
	Pittsburg, CA  94565
	Telephone: (925) 473-1000
	Facsimile: (925) 473-1001
	Email: emaza@biozonelabs.com
	 
	BioZone Pharmaceuticals, Inc.
	Attn: Elliot Maza, CEO
	550 Sylvan Avenue, Suite 101
	Englewood Cliffs, NJ  07632
	Telephone: (201) 608-5101 
	Facsimile: (201) 608-5103
	 
	With a Copy to:
	 
	Paul J. Sievers
	Manly, Stewart & Finaldi
	19100 Von Karman Avenue, Suite 800
	Irvine, CA  92612
	Telephone: (949) 943-8425
	Facsimile: (949) 252-9991
	Email: psievers@manlystewart.com

 

    	 

    	 

    

 

Purchaser Signature Page

 

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

 

MusclePharm Corp.

 

	By: 	/s/ Brad Pyatt	 
	 	Name: Brad Pyatt	 
	 	Title: Chief Executive Officer	 

 

	Purchase Price: $2,000,000.00
	 
	Address for Notice:
	 
	MusclePharm Corporation 
	4721 Ironton Street, Unit A
	Denver, CO 80237
	Attn: Brad Pyatt, CEO 
	Telephone: (303) 396-6144
	Facsimile: (800) 490-7165
	Email: brad.pyatt@MusclePharm.com
	 
	With a Copy to:
	 
	Harvey Kesner
	Sichenzia Ross Friedman Ference LLP
	 61 Broadway, 32nd Floor
	New York / NY 10006
	Telephone: (212) 930-9700
	Facsimile: (212) 930-9725
	Email: hkesner@SRFF.COM

 

    	 

    	 

    

 

Exhibit A

Form of Convertible Note

 

    	 

    	 

    

 

Exhibit B

 

Form of Warrant

 

    	 

    	 

    

 

Exhibit C

 

Escrow Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]