Document:

Exhibit 10.38 

 

 

 

 SECURITIES PURCHASE AGREEMENT

 

by and among 

 

CIG WIRELESS CORP.

 

and 

 

THE INVESTORS NAMED HEREIN

 

Dated August 1, 2013

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions	2
	 	 	 
	2.	Purchase and Sale of Securities	11
	 	 	 
	 	2.1.	Initial Closing	11
	 	2.2.	Time and Place of Initial Closing	12
	 	2.3.	Use of Proceeds from the Initial Closing	12
	 	2.4.	Additional Closings	12
	 	 	 	 
	3.	Representations and Warranties of the Company	13
	 	 	 
	 	3.1.	Organization and Qualification	13
	 	3.2.	Authorization; Enforcement; Validity	14
	 	3.3.	No Conflicts	14
	 	3.4.	Filings, Consents and Approvals	15
	 	3.5.	Issuance of the Shares	15
	 	3.6.	Capitalization	15
	 	3.7.	Subsidiaries	16
	 	3.8.	SEC Reports	16
	 	3.9.	Financial Statements	17
	 	3.10.	Tax Matters	17
	 	3.11.	Material Changes	18
	 	3.12.	Environmental Compliance	18
	 	3.13.	Litigation	19
	 	3.14.	Employment Matters	19
	 	3.15.	Compliance	20
	 	3.16.	Regulatory Permits	20
	 	3.17.	Title to Assets	21
	 	3.18.	Patents and Trademarks	21
	 	3.19.	Insurance	22
	 	3.20.	Transactions With Affiliates and Employees	22
	 	3.21.	Material Contracts	22
	 	3.22.	Internal Controls	25
	 	3.23.	Certain Fees	26
	 	3.24.	Private Placement	26
	 	3.25.	Registration Rights	26
	 	3.26.	No Integrated Offering	26
	 	3.27.	Listing and Maintenance Requirements	26
	 	3.28.	Investment Company	27
	 	3.29.	Questionable Payments	27
	 	3.30.	Application of Takeover Protections; Rights Agreements	27
	 	3.31.	Intentionally Deleted	27

 

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	 	3.32.	Off Balance Sheet Arrangements	27
	 	3.33.	Acknowledgment Regarding Investors’ Purchase of Shares	27
	 	3.34.	Regulation M Compliance	28
	 	3.35.	PFIC	28
	 	3.36.	OFAC	28
	 	3.37.	Money Laundering Laws	28
	 	3.38.	Intentionally Deleted	28
	 	3.39.	Solvency	29
	 	3.40.	Disclosure	29
	 	3.41.	Utilities and Access	29
	 	3.42.	Ground Leases	30
	 	3.43.	Easements	30
	 	3.44.	Tenant Leases	31
	 	3.45.	Company Owned Tower Sites	31
	 	3.46.	Master Tower Spreadsheet	31
	 	3.47.	Acquisition Agreements	32
	 	 	 	 
	4.	Representations and Warranties of the Investors	32
	 	 	 
	 	4.1.	Authorization	32
	 	4.2.	Purchase Entirely for Own Account	32
	 	4.3.	Investment Experience	32
	 	4.4.	Disclosure of Information	32
	 	4.5.	Restricted Securities	32
	 	4.6.	Accredited Investor	33
	 	4.7.	No General Solicitation	33
	 	4.8.	Brokers and Finders	33
	 	 	 	 
	5.	Conditions to Closings	33
	 	 	 
	 	5.1.	Conditions to the Investors’ Obligations at Initial Closing	33
	 	5.2.	Conditions to Obligations of the Company at Initial Closing	34
	 	5.3.	Conditions to the Investors’ Obligations at Additional Closing	35
	 	5.4.	Conditions to Obligations of the Company at Additional Closing	36
	 	 	 	 
	6.	Covenants and Agreements of the Company	37
	 	 	 
	 	6.1.	Reservation of Common Stock	37
	 	6.2.	Trading	37
	 	6.3.	Financial Covenants	37
	 	6.4.	Legends	37
	 	6.5.	No Integration	39
	 	6.6.	Securities Laws Disclosure; Publicity	40
	 	6.7.	Furnishing of Information	40
	 	6.8.	Updated Disclosure Schedules	40
	 	 	 	 
	7.	Survival and Indemnification	41

 

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	 	7.1.	Survival	41
	 	7.2.	Indemnification	41
	 	7.3.	Conduct of Indemnification Proceedings	42
	 	7.4.	Calculation of Indemnifiable Losses	42
	 	 	 	 
	8.	Miscellaneous		42
	 	 	 	 
	 	8.1.	Successors and Assigns	42
	 	8.2.	Counterparts; Faxes	42
	 	8.3.	Titles and Subtitles	43
	 	8.4.	Notices	43
	 	8.5.	Expenses	44
	 	8.6.	Amendments and Waivers	44
	 	8.7.	Replacement of Shares	44
	 	8.8.	Remedies	44
	 	8.9.	Payment Set Aside	45
	 	8.10.	Publicity	45
	 	8.11.	Severability	45
	 	8.12.	Rescission and Withdrawal Right	45
	 	8.13.	Construction	45
	 	8.14.	Entire Agreement	46
	 	8.15.	No Third-Party Beneficiaries	46
	 	8.16.	Further Assurances	46
	 	8.17.	Governing Law; Consent to Jurisdiction	46

 

    	-iii-

    	 

    

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE
AGREEMENT (“Agreement”) is made as of this 1st day of August, 2013 (the “Signing Date”)
by and among CIG Wireless Corp., a Nevada corporation (the “Company”) and the investors set forth on Schedule
I, affixed hereto, as such Schedule may be amended from time to time in accordance with the terms of this Agreement
(each an “Investor” and collectively the “Investors”).

 

Recitals:

 

A.           The
Company desires, pursuant to this Agreement, to raise up to $34,999,997.64 through the issuance and sale of the following to the
Investors (the “Private Placement”): (i) 349,707 shares of a newly created series of the Company’s Preferred
Stock, par value $0.00001 per share, designated “Series A-1 Preferred Stock,” par value $0.00001 per share (the “Series
A-1 Preferred Stock”), which Series A-1 Preferred Stock shall have the rights, preferences and privileges set forth in
the Certificate of Designation, Preferences and Rights, in the form of Exhibit A annexed hereto and made a part hereof (the
“Series A Certificate of Designation”), and each share of Series A-1 Preferred Stock shall have an initial stated
value of $100.00 and shall not be convertible; and (ii) 29,297,652 shares of a newly created series of the Company’s Preferred
Stock, par value $0.00001 per share, designated “Series A-2 Convertible Preferred Stock,” par value $0.00001 per share
(the “Series A-2 Preferred Stock” and together with the Series A-1 Preferred Stock, the “Preferred
Stock”), which Series A-2 Preferred Stock shall have the rights, preferences and privileges set forth in the Series A
Certificate of Designation, and each share of Preferred Series A-2 Stock shall have an initial stated value of $0.001 and shall
initially be convertible into 29,297,652 shares of the Company’s Common Stock, par value $0.00001 per share (the “Common
Stock”), initially on a one-for-one basis;

 

B.           The
Investors desire to purchase from the Company, and the Company desires to issue and sell to the Investors, upon the terms and conditions
stated in this Agreement, such number of shares of Preferred Stock as is set forth next to each such Investor’s name on Schedule
I affixed hereto (collectively, the “Initial Securities”);

 

C.           Subject
to the conditions hereinafter set forth, on the date hereof, the Investors will purchase $34,999,997.64 of the Preferred Stock
in the Private Placement (the “Initial Closing”);

 

D.           Contemporaneous
with the sale of the Initial Securities at the Initial Closing, the parties hereto will enter into a Registration Rights Agreement,
in the form of Exhibit B annexed hereto and made a part hereof (the “Registration Rights Agreement”),
pursuant to which, among other things, the Company will provide certain registration rights to the Investors with respect to the
Private Placement under the Securities Act of 1933 and the rules and regulations promulgated thereunder (as amended, the “1933
Act”), and applicable state securities laws; and

 

E.           The
Company and the Investors are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange
Commission (the “SEC”) under the 1933 Act and Regulation S (“Regulation S”),
as promulgated by the SEC under the 1933 Act.

 

    	 

    	 

    

  

NOW, THEREFORE,
in consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

1.           Definitions.
In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms
shall have the meanings set forth in this Section 1:

 

“1933 Act”
has the meaning set forth in the Recitals.

 

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

 

“2013 Budget”
means the Company’s budget for the period of August 1, 2013 through and including December 31, 2013, annexed hereto as Exhibit
G and made a part hereof.

 

“Acquisition
Agreements” means (x) the Liberty Purchase Agreement; (y) that certain Asset Purchase Agreement, dated as of May 17,
2013, by and between CIG Towers, LLC and Southern Tower Antenna Rental, L.L.C.; and (z) that certain Purchase Agreement, dated
as of February 13, 2013, by and among CIG Towers, LLC, NTCH-Colorado LLC, PTA-FLA, Inc. and NTCH-NM, LLC as amended by that certain
First Amendment to Purchase Agreement, dated as of May 13, 2013, by and among CIG Towers, LLC, NTCH-Colorado LLC, PTA-FLA, Inc.
and NTCH-NM, LLC.

 

“Action”
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or, to the Company’s Knowledge, threatened in writing against the Company, any Subsidiary or any of their respective
properties or any officer, director or employee of the Company or any Subsidiary acting in his or her capacity as an officer, director
or employee before or by any Governmental Authority.

 

“Additional
Closing Date” has the meaning set forth in Section 2.4(a).

 

“Additional
Securities” has the meaning set forth in Section 2.4(b).

 

“Additional
Series A-1 Preferred Stock” has the meaning set forth in Section 2.4(b).

 

“Additional
Series A-2 Preferred Stock” has the meaning set forth in Section 2.4(b).

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly Controls, is Controlled by, or is under common
Control with, such Person.

 

“Agreement”
has the meaning set forth in the Recitals.

 

    	-2-

    	 

    

  

“Approved Acquisition”
has the meaning set forth in the Series A Certificate of Designation.

 

“Appurtenant
Property” means all right, title and interest of the Company, if any, in and to all (a) streets, roads, easements, covenants,
restrictions, contract rights and rights-of-way appurtenant to the Tower Assets, (b) covenants, restrictions, agreements, development
rights, air rights, density rights, drainage rights, riparian and/or littoral rights benefiting the Tower Assets, (c) utility mains,
service laterals, hydrants, valves and appurtenances servicing the Tower Assets, and (d) oil, gas, minerals, soil, flowers, shrubs,
crops, trees, timber, compacted soil, submerged lands and fill appurtenant to the Tower Assets.

 

“Associated
Tower Improvements” means Company’s rights, title and interest in improvements to the Tower Sites and the Development
Tower Sites.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Buy-In”
has the meaning set forth in Section 6.4(e).

 

“Buy-In Price”
has the meaning set forth in Section 6.4(e).

 

“Cash and Cash
Equivalents” means, as of a given date, all unrestricted cash, bank accounts, certificates of deposit, commercial paper,
treasury bills and notes, marketable securities and other cash equivalents of the Company and its Subsidiaries, including the amounts
of any received but uncleared checks, drafts and wires issued prior to such time, less the amounts of any outstanding checks or
transfers at such time, each determined in accordance with GAAP.

 

“CIG LLC Agreement”
means that certain Amended and Restated Limited Liability Company Operating Agreement of Communications Infrastructure Group, LLC,
dated June 30, 2012, as amended, by and among the Company, Communications Infrastructure Group, LLC, Compartment IT2, LP, Compartment
IT5, LP, Compartment IT9, LP, CIG Towers, LLC and CIG Solutions, LLC.

 

“Closing Bid
Price” means, for any security as of any date, the last closing price for such security on the Principal Trading Market,
as reported by Bloomberg, or, if the Principal Trading Market begins to operate on an extended hours basis and does not designate
the closing bid price then the last bid price of such security prior to 4:00:00 p.m., New York City Time, as reported by Bloomberg,
or, if the Principal Trading Market is not the principal securities exchange or trading market for such security, the last closing
price of such security on the principal securities exchange or trading market where such security is listed or traded as reported
by Bloomberg, or if the foregoing do not apply, the last closing price of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no closing bid price is reported for such security by Bloomberg,
the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTCQX (formerly
the Pink Sheets LLC). If the Closing Bid Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company
and the holder thereof. If the Company and the holder are unable to agree upon the fair market value of such security, then the
Company shall, within two business days submit via facsimile (a) the disputed determination to an independent, reputable investment
bank selected by the Company and approved by the holder or (b) the disputed arithmetic calculation to the Company’s independent,
outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform
the determinations or calculations and notify the Company and the holder of the results no later than ten business days from the
time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination
or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

 

    	-3-

    	 

    

 

“Closing Date”
means the Initial Closing Date or Additional Closing Date.

 

“Common Stock”
has the meaning set forth in the Recitals, and also includes any securities into which the Common Stock may be reclassified.

 

“Communications
Equipment” means the equipment used in a wireless communications system, including, but not limited to: wireless communications
antennae, coaxial cables, wireless communications equipment boxes, wireless communications transmission equipment, related electronic
equipment and microwave dishes.

 

“Company”
has the meaning set forth in the Recitals.

 

“Company’s
Actual Knowledge” means the actual knowledge of Paul McGinn and Romain Gay-Crosier, and any other officers of the Company,
without requirement of due inquiry and investigation.

 

“Company’s
Knowledge” means the actual knowledge of Paul McGinn and Romain Gay-Crosier, and any other officers of the Company, after
due inquiry and investigation.

 

“Comp Tower”
means CIG Comp Tower, LLC, a Delaware limited liability company.

 

“Conditional
Put Notice” has the meaning set forth in Section 2.4(a).

 

“Confidentiality
Agreement” means that certain confidentiality agreement, dated June 7, 2013, by and between the Company and Fir Tree,
Inc.

 

“Contracts”
has the meaning set forth in Section 3.21(a).

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the Series A-2 Preferred Stock.

 

    	-4-

    	 

    

 

“Credit Agreement”
means that certain Credit Agreement, dated as of August 17, 2012 and as is in effect on the date hereof, by and among Comp Tower,
as borrower, the lenders party thereto, and Macquarie Bank Limited, as administrative agent and collateral agent.

 

“Deadline Date”
has the meaning set forth in Section 6.4(e).

 

“Development
Tower” means all of Company’s rights, title and interest in and to any one (1) of the Towers in various stages
of completion of construction as described on the Master Tower Spreadsheet.

 

“Development
Tower Site” means (a) a Development Tower; and (b) the land owned by Company, leased or licensed to Company, or which
Company has an easement, upon which such Tower is located, together with the buildings, structures, other improvements and facilities
(if any) located on such land.

 

“Disclosure
Materials” has the meaning set forth in Section 3.8.

 

“Disclosure
Schedules” has the meaning set forth in Section 3.

 

“Draw Amount”
has the meaning set forth in Section 2.4(a).

 

“DTC”
has the meaning set forth in Section 6.4(c).

 

“Easements”
has the meaning set forth in Section 3.43.

 

“Evaluation
Date” has the meaning set forth in Section 3.22.

 

“Environmental
Laws” means any federal, state or local law, now in effect, including, without limitation, any judicial or administrative
interpretation thereof, any judicial or administrative order, consent decree or judgment, or agreement with any Governmental Authority,
relating to (a) pollution, exposure to oil, pollutants, contaminants, hazardous or toxic materials or waste, (b) the protection,
preservation or restoration of the environment, including laws relating to exposures to, or emissions, discharges, releases or
threatened releases of oil, pollutants, contaminants, hazardous or toxic materials or wastes into ambient air, surface water, ground
water or land surface or subsurface strata or (c) the manufacture, processing, labeling, distribution, use, treatment, storage,
transport, handling or disposal of oil, pollutants, contaminants, hazardous or toxic materials or wastes or relating to the environment,
plant and animal life, natural resources or health, safety or any Hazardous Substance including, but not limited to (i) the Federal
Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), 42 U.S.C. 9601 et seq., the Resource Conservation
and Recovery Act, 42 U.S.C. 6901 et seq., the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq., the Toxic Substances
Control Act, 15 U.S.C. 2601 et seq., the Clean Air Act, 42 U.S.C. 7401 et seq., the Safe Drinking Water Act, 42 U.S.C. 300f et
seq., the Hazardous Materials Transportation Act, 49 U.S.C. 5101 et seq., the Atomic Energy Act, 42 U.S.C. 2011 et seq., the Federal
Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. 136 et seq., and the Occupational Safety and Health Act, 29 U.S.C. 651 et
seq., in each case as have been amended from time to time, and any other federal, state or local Laws now relating to any of the
foregoing, and (ii) any common law or equitable doctrine (including, without limitation, injunctive relief and tort doctrines such
as negligence, nuisance, trespass and strict liability) that may impose liability or obligations for injuries or damages due to
the presence of, effects of or exposure to any Hazardous Substance.

 

    	-5-

    	 

    

 

“Event of Default”
means: (a) any breach of, or non-compliance with, this Agreement by the Company, (b) any breach of, or non-compliance with, with
the covenants set forth in Section 6.13 of the Credit Agreement, solely as in effect on the date hereof and without giving
effect to any amendment, modification or waiver thereof, by Comp Tower; (c) any event, the occurrence or non-occurrence of which,
that with the passage of time or the giving of notice, or both, would become a breach of or non-compliance with this Agreement
by the Company; or (d) any “Event of Default” as that term is defined in the Series A Certificate of Designation.

 

“Existing Tower
Sites” means all Tower Sites other than the Tower Sites to be acquired pursuant to the Acquisition Agreements.

 

“FAA”
means the U.S. Federal Aviation Administration.

 

“Facility Fee”
means: (x) with respect to the Initial Closing, $350,000; and (y) with respect to each Additional Closing, an amount equal
to 1.0% of the Draw Amount being funded at such Additional Closing.

 

“FCC”
means the U.S. Federal Communication Commission.

 

“Fully Diluted
Basis” means, as of the date of determination, a number of shares calculated on a basis which gives effect to (x) all
of the then outstanding capital stock of the Company that is either Common Stock or convertible into, exercisable for or exchangeable
into Common Stock, and (y) all of the then outstanding warrants, options, debentures, notes, instruments and other securities that
are convertible into, exercisable for or exchangeable into Common Stock, and in each case, the issuance of the maximum number of
shares of Common Stock upon the conversion, exercise or exchange thereof.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States on the Initial Closing Date, using principles
consistently applied.

 

“Governmental
Authority” means any U.S. or other national, federal, state, provincial, county, municipal or local government, foreign
or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry,
board or other similar body exercising executive, legislative, judicial, arbitral, regulatory or administrative authority or functions
of or pertaining to government, including any authority or other self-regulatory organization or quasi-governmental entity established
to perform any of such functions, including without limitation, the FAA and FCC.

 

“Ground Lease”
means a lease (including any license or sublicense) between a Landlord, as lessor or licensor, and the Company or any Subsidiary,
as lessee, licensee or grantee, for a Tower Site.

 

    	-6-

    	 

    

 

“Ground Lessor”
means (i) the fee owners, (ii) any other Person entitled to possession of, or (iii) any other holder of the reversionary interest
in, the real property leased, subleased, licensed or sublicensed, as the case may be.

 

“Hazardous Substance”
has the meaning set forth in Section 3.12.

 

“Improvements”
means all towers, poles, anchors, guy wires and other improvements which are located on or appurtenant to the Tower Assets.

 

“Indebtedness”
means, at any date, without duplication: (a) all indebtedness of the Company for borrowed money; (b) all obligations of the Company
for the deferred purchase price of property or services (other than trade payables, current accounts payable and similar current
non-interest bearing obligations incurred in the ordinary course of the Company’s business); (c) all obligations of the Company
evidenced by notes, bonds, debentures or other similar instruments; (d) all indebtedness created or arising under any conditional
sale or other title retention agreement with respect to property acquired by the Company (even though the rights and remedies of
the seller or lender under such agreement in the Event of Default are limited to repossession or sale of such property), but in
any such case the amount of such indebtedness shall be limited to the fair market value of such property; (e) all capital lease
obligations of the Company; (f) all obligations of the Company, contingent or otherwise, as an account party or applicant under
or in respect of acceptances, letters of credit, surety bonds or similar arrangements; (g) all guarantee obligations of the Company
in respect of obligations of the kind referred to in clauses (a) through (e) above; and (h) all obligations of the kind referred
to in clauses (a) through (g) above secured by any Lien on property (including accounts and contract rights) owned by the Company,
whether or not such the Company has assumed or become liable for the payment of such obligation. The Indebtedness of the Company
shall include the Indebtedness of any other entity to the extent the Company is liable therefor as a result of the Company’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide
that the Company is not liable therefor.

 

“Indemnified
Person” has the meaning set forth in Section 7.3.

 

“Initial Closing”
has the meaning set forth in the Recitals.

 

“Initial Closing
Date” has the meaning set forth in Section 2.2.

 

“Initial Closing
Purchase Price” has the meaning set forth on Schedule I annexed hereto and made a part hereof.

 

“Initial Stated
Value” means the initial Series A-1 Stated Value, as in effect on the Initial Closing Date after giving effect to the
Initial Closing, and as may be adjusted from time to time in the definition thereof in the Series A Certificate of Designation.

 

“Initial Securities”
has the meaning set forth in the Recitals.

 

“Insurance Policies”
has the meaning set forth in Section 3.19.

 

“Intellectual
Property” has the meaning set forth in Section 3.18.

 

    	-7-

    	 

    

 

“Investor(s)”
has the meaning set forth in the Recitals.

 

“Investor Counsel”
means Lowenstein Sandler LLP.

 

“Investor Fees”
has the meaning set forth in Section 8.5.

 

“Investor Response
Notice” has the meaning set forth in Section 2.4(b).

 

“Landlord”
means the “grantor” or “lessor” or “landlord” or “licensor” under each Ground Lease.

 

“Legend Removal
Date” has the meaning set forth in Section 6.4(c).

 

“Liberty Purchase
Agreement” means that certain Purchase and Sale Agreement between the Company, as buyer, and Liberty Towers, LLC, as
seller, dated May 3, 2013.

 

“Lien”
means any lien, charge, claim, encumbrance, liability, obligation, pledge, security interest, mortgage, deed of trust, right of
first refusal or right of first offer, preemptive right, subscription right, or other rights, restrictions or limitations of any
kind.

 

“Losses”
has the meaning set forth in Section 7.2.

 

“LQA TCF”
has the meaning ascribed thereto in the Series A Certificate of Designation.

 

“Master Tower
Spreadsheet” has the meaning set forth in Section 3.46.

 

“Material Adverse
Effect” means a material adverse effect on (i) the assets and liabilities, results of operations, condition (financial
or otherwise) or business of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to issue and
sell either the Initial Securities or any Additional Securities, and to perform its obligations under the Transaction Documents.

 

“Material Contract”
means any contract of the Company or any Subsidiary (i) that was required to be filed as an exhibit to the SEC Reports pursuant
to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K of the 1933 Act or (ii) the loss of which could reasonably be expected
to have a Material Adverse Effect.

 

“Money Laundering
Laws” has the meaning set forth in Section 3.37.

 

“Nevada Opinion”
means a legal opinion from special Nevada counsel to the Company who is reasonably acceptable to the Requisite Investors, dated
as of the applicable Closing Date, in the form of Exhibit C-2 annexed hereto and made a part hereof (and, in the case of an Additional
Closing, with such changes thereto as are appropriate to reflect the Additional Closing, subject to the approval of the Requisite
Investors).

 

“OFAC”
has the meaning set forth in Schedule 3.36.

 

“Owned Property”
has the meaning set forth in Section 3.17(a).

 

    	-8-

    	 

    

 

“PCBs”
has the meaning set forth in Section 3.12.

 

“Permits”
has the meaning set forth in Section 3.16.

 

“Permitted Encumbrance”
means: (a) Liens pursuant to the Tenant Leases; (b) Liens pursuant to the Credit Agreement; (c) Liens for current
taxes not yet due; and (d) other Liens, if any, arising in the ordinary course of business which do not interfere with the
use of the Tower Assets as currently used or otherwise adversely affect the Tower Assets or the Company.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically
listed herein.

 

“Placement Agent”
means Macquarie Capital (USA) Inc.

 

“Preferred Stock”
has the meaning set forth in the Recitals.

 

“Principal Trading
Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of
the date of this Agreement and the Initial Closing Date, shall be the OTCQX.

 

“Private Placement”
has the meaning set forth in the Recitals.

 

“Registration
Rights Agreement” has the meaning set forth in the Recitals.

 

“Regulation
D” has the meaning set forth in the Recitals.

 

“Regulation
S” has the meaning set forth in the Recitals.

 

“Required Approvals”
has the meaning set forth in Section 3.4.

 

“Requisite Investors”
means (a) Fir Tree Capital Opportunity (LN) Master Fund, LP, a Cayman Islands exempted limited partnership and (b) Fir
Tree REF III Tower LLC, a Delaware limited liability company.

 

“Rule 144”
has the meaning set forth in Section 6.7.

 

“SEC”
has the meaning set forth in the Recitals.

 

“SEC Reports”
has the meaning set forth in Section 3.8.

 

“Securities”
means the Initial Securities and the Additional Securities, if any.

 

“Senior Debt”
shall have the meaning ascribed thereto in the Series A Certificate of Designation.

 

“Series A Certificate
of Designation” has the meaning set forth in the Recitals.

 

    	-9-

    	 

    

  

“Series A-1
Preferred Stock” has the meaning set forth in the Recitals.

 

“Series A-1
Stated Value” means the initial stated value of the Series A-1 Preferred Stock, as may be adjusted from time to time
under the Series A Certificate of Designation.

 

“Series A-2
Preferred Stock” has the meaning set forth in the Recitals.

 

“Signing Date”
has the meaning set forth in the Recitals.

 

“Subsidiary”
means Communications Infrastructure Group, LLC, CIG Properties, LLC, CIG Services, LLC, CIG Towers, LLC, CIG BTS Towers, LLC, CIG
GA Holding, LLC, CIG DT Holding, LLC, Specialty Towers Management, LLC and CIG Solutions, LLC and Comp Tower.

 

“Tenants”
means each of the lessees, licensees or other occupants under the Tenant Leases.

 

“Tenant Leases”
means the leases, licenses and other occupancy agreements, including any amendments thereto, described on Schedule 3.44,
pursuant to which any Person is granted the right to use space or to install equipment on the Towers or on any of the improvements
located on the Tower Sites.

 

“Third Party
Contract” means any Material Contract with a third party related to all or any portion of a Tower Site or a Development
Tower Site, other than a Tenant Lease or Ground Lease.

 

“Tower”
means a monopole, self-supporting lattice, guyed telecommunications tower or other structure mounted in or upon a supporting structure
which is owned, leased or managed by Company and upon which communications equipment may be located, which shall include the tower
foundation, footings, bolts, tower structure, anchors, caissons, guyes, lighting, lightening rod and tower grounding system.

 

“Tower Assets”
means the (i) Tower Sites; (ii) Development Tower Sites; (iii) Ground Leases; (iv) Tenant Leases; (v) Tower
Related Assets; (vi) Third Party Contracts; (vii) Associated Tower Improvements; (viii) all utility deposits and
reservation feeds paid by or on behalf of the Company in connection with the Tower Assets; (xi) intellectual property related
to the Towers, Tower Sites or Development Tower Sites; and (x) any other tangible or intangible assets owned by the Company
that are reasonably necessary for the development, operation, maintenance and leasing of the Towers, Tower Sites or Development
Tower Sites.

 

“Tower Related
Assets” means, with respect to each Tower Site and Development Tower Site: (i) the security deposits for Tower Sites
(if any) from tenants under the Tenant Leases; (ii) all rights to any warranties held by Company with respect to such Tower Site
and Development Tower Site, including the related Tower; (iii) all rights under any governmental approvals necessary for the ownership
and operation of such Tower Site and Development Tower Site, but not including any FCC broadcast licenses used or required in order
to provide communications services or to operate communications equipment to the extent assignable or transferable; and (iv) copies
of all material files and records of Company related to the ownership, occupancy or leasing of such Tower Site and Development
Tower Site (other than relating to Communications Equipment).

 

    	-10-

    	 

    

 

“Tower Sites”
means (i) each of the Company’s Towers that are fully constructed or generating revenue; (ii) the land owned by Company,
leased or licensed to Company, or which Company has an Easement, upon which such Tower is located, together with the buildings,
structures, other improvements and facilities (if any) located on such land; (iii) the Associated Tower Improvements pertaining
to such Tower; (iv) the Tower Related Assets pertaining to such Tower; (v) the Third Party Contracts pertaining to such Tower;
(vi) any leases or licenses between Company and tenants, including the Tenant Leases, pertaining to such Tower; (vii) the Ground
Leases pertaining to such Tower; and (viii) all Appurtenant Property thereto, in each case, giving effect to the consummation of
the transactions contemplated under the Acquisition Agreements.

 

“Trading Day”
means a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market; provided, that
in the event that the Common Stock is not listed or quoted as set forth on a Trading Market, then Trading Day shall mean a Business
Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, New York Stock Exchange MKT, the NASDAQ Global Select Market, the NASDAQ Global
Market, the NASDAQ Capital Market, OTCQX, or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on
the date in question.

 

“Transaction
Documents” means this Agreement, the Series A Certificate of Designation, and the Registration Rights Agreement, and
each other document, agreement, instrument and certificate executed and delivered in connection therewith in respect of the Initial
Closing and each Additional Closing, if any.

 

“Transfer Agent”
means Pacific Stock Transfer, or any successor transfer agent for the Company.

 

“Updated Schedules”
has the meaning set forth in Section 6.8.

 

“WG Opinion”
means a legal opinion from Wuersch & Gering LLP, the Company’s
counsel, dated as of the applicable Closing Date, in the form of Exhibit C-1 annexed hereto and made a part hereof (and,
in the case of an Additional Closing, with such changes thereto as are appropriate to reflect the Additional Closing, subject to
the approval of the Requisite Investors)..

 

2.          Purchase
and Sale of Securities.

 

2.1.          Initial
Closing. Subject to the terms and conditions of this Agreement, including without limitation, the conditions set forth in Section 5,
there shall be a closing at which the Company shall issue and sell, and each Investor listed on Schedule I attached hereto,
shall severally, and not jointly, purchase, the number and type of shares of Preferred Stock, in the respective amounts set forth
opposite their names on Schedule I affixed hereto, in exchange for the cash consideration set forth as the “Initial
Closing Purchase Price” opposite their respective names on Schedule I affixed hereto, in immediately available funds,
by wire transfer to an account designated by the Company for such purpose. At the Initial Closing, the Initial Closing Price shall
be delivered by the Investors net of the Facility Fee and Investor Fees (in such allocation among them as they may determine in
their sole discretion).

 

    	-11-

    	 

    

  

2.2.          Time
and Place of Initial Closing. Subject to the terms and conditions contained in this Agreement, the Initial Closing shall take
place at the offices of Investor Counsel, 1251 Avenue of the Americas, 17th Floor, New York, New York 10020, at 10:00 a.m. (New
York Time), on the date hereof (the “Initial Closing Date”) provided that all of the conditions set forth in
Sections 5.1 and 5.2 have then been satisfied or waived in accordance with the terms thereof, or at such other location
and on such other date as the Company and the Investors shall mutually agree.

 

2.3.          Use
of Proceeds from the Initial Closing. The Company will use the proceeds from the sale of the Initial Securities at the Initial
Closing solely (a) to fund the pending acquisitions pursuant to the Acquisition Agreements, and (b) for the purposes set forth
on Schedule 2.3, annexed hereto and made a part hereof, and, for the avoidance of doubt, not for (x) the repayment of any
outstanding Indebtedness for borrowed money of the Company or any of its Subsidiaries or (y) redemption or repurchase of any of
its or its Subsidiaries’ equity securities.

 

2.4.          Additional
Closings.

 

(a)          At
any time and from time to time during the period beginning on the Initial Closing Date and ending on October 31, 2014, the Company
may deliver a written notice to the Investors requesting that the Investors purchase additional shares of the Series A-1 Preferred
Stock on the terms and conditions set forth in this Section 2.4 (the “Conditional Put Notice”), provided,
that, with respect to each Conditional Put Notice, (i) the purchase price (the “Draw Amount”) specified
therein (x) is in whole increments of $1,000,000 and (y) does not exceed the difference of $25,000,000 minus the total purchase
price previously paid by the Investors pursuant to this Section 2.4, and (ii) the proceeds from the sale and issuance of
such shares shall only be used to fund the consideration and related transaction expenses reasonably incurred by the Company for
an Approved Acquisition. The Conditional Put Notice shall specify the following: (a) the Draw Amount; (b) the date on which such
purchase shall close (not to be less than 15 or more than 30 days from the date of such notice) (the “Additional Closing
Date”); (c) the proposed use of proceeds of such purchase, including a flow of funds memorandum; and (d) a reasonably
detailed description, together with copies of all relevant Transaction Documents (if in draft form on the date of such notice,
then the most current drafts thereof) for the proposed acquisition to be funded from such purchase. The Company shall provide (x)
such additional information as the Investors may request with respect to the Conditional Put Notice or any information set forth
therein, and (y) in the case of clauses (c) and (d), if those items are in draft form on the date of such notice, the most current
draft thereof then available, and updated drafts as they become available to the Company.

 

    	-12-

    	 

    

 

(b)          Within
fifteen (15) days after receipt of the Conditional Put Notice, the Investors shall either accept or reject such Conditional Put
Notice by delivering written notice to the Company of their determination in their sole discretion (“Investor Response
Notice”). If the Investor Response Notice states the Investors’ rejection of the Conditional Put Notice, then the
Investors shall have no obligation to purchase any additional shares of Series A-1 Preferred Stock pursuant thereto, and the Company
shall not be entitled to submit another Conditional Put Notice sooner than thirty (30) days from receipt of the Investor Response
Notice, without the Investors’ prior written approval. If the Investor Response Notice states the Investors’ acceptance
of the Conditional Put Notice, then, an Additional Closing shall take place at the offices of Investor Counsel, 1251 Avenue of
the Americas, 17th Floor, New York, New York 10020, at 10:00 a.m. (New York Time), on the Additional Closing Date, provided that
all of the conditions set forth in Sections 5.3 and 5.4 have then been satisfied or waived in accordance with
the terms thereof, or at such other location and on such other date as the Company and the Investors shall mutually agree. At the
Additional Closing, the Investors shall purchase, severally not jointly (in such allocation among them as they may determine in
their sole discretion), a number of shares of Series A-1 Preferred Stock equal to the quotient of the Draw Amount divided by the
Initial Stated Value (the “Additional Series A-1 Preferred Stock”), and the Company shall issue to the Investors
certificates evidencing the shares of Additional Series A-1 Preferred Stock to be issued and sold to each of the Investors, and
the Investors shall pay to the Company, severally and not jointly (in such allocation among them as they may determine in their
sole discretion), the aggregate Draw Amount. In addition, at the Additional Closing, the Company shall also issue to the Investors
(pro rata among them based on the allocation determined by them for such Additional Closing) certificates evidencing an aggregate
number of shares of Series A-2 Preferred Stock (the “Additional Series A-2 Preferred Stock” and together with
the Additional Series A-1 Preferred Stock, the “Additional Securities”) that are then convertible (based on
the then current Series A-2 Conversion Ratio, as that term is defined in the Series A Certificate of Designation) into a number
of shares of Common Stock equal to the product of (x) 1.36% of the Fully Diluted Amount, multiplied by (y) the quotient
of the Draw Amount divided by $1,000,000.

 

3.          Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investors on and as of the Signing Date and
on the applicable Closing Date, knowing and intending their reliance hereon, that, except as set forth in the schedules corresponding
to the specific Section in this Section 3 delivered on the Signing Date (collectively, the “Disclosure Schedules”):

 

3.1.          Organization
and Qualification. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the
requisite corporate power and authority to own or lease and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. The Company and each of its Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not have a Material Adverse Effect, and no proceeding has been instituted, is pending,
or, to the Company’s Knowledge, has been threatened in writing in any such jurisdiction revoking, limiting or curtailing
or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	-13-

    	 

    

  

3.2.          Authorization;
Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of each of the Transaction Documents to which it is a party by the Company and the consummation
by it of the transactions contemplated hereby and thereby (including, but not limited to, the sale and delivery of the Securities)
have been duly authorized by all necessary corporate action on the part of the Company, and no further corporate action is required
by the Company, its Board or its stockholders in connection therewith other than in connection with the Required Approvals. Each
of the Transaction Documents to which it is a party has been (or upon delivery will have been) duly executed by the Company and
is, or when delivered in accordance with the terms hereof, will constitute the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies. Except as set forth on Schedule 3.2 hereto,
there are no stockholder agreements, voting agreements, or other similar arrangements with respect to the Company’s capital
stock to which the Company is a party or, to the Company’s Knowledge, between or among any of the Company’s stockholders.

 

3.3.          No
Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party and the
consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation, the issuance of
the Shares) do not and will not (i) conflict with or violate any provisions of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or otherwise result in a violation of the organizational documents of the Company, (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would result in a default) under, result in
the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company
or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound, or affected, or (iii)
subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal
and state securities laws and regulations and the rules and regulations, assuming the correctness of the representations and warranties
made by the Investors herein, of any self-regulatory organization to which the Company or its securities are subject, including
all applicable Trading Markets), or by which any property or asset of the Company or a Subsidiary is bound or affected, except
in the case of clauses (ii) and (iii) such as would not, individually or in the aggregate, have a Material Adverse Effect.

 

    	-14-

    	 

    

 

3.4.          Filings,
Consents and Approvals. Neither the Company nor any of its Subsidiaries is required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any Governmental Authority or other Person in connection
with the execution, delivery and performance by the Company of the Transaction Documents (including the issuance of the Shares),
other than (i) the filing with the SEC of one or more Registration Statements in accordance with the requirements of the Registration
Rights Agreement, (ii) filings required by applicable state securities laws, (iii) the filing of a Notice of Sale of Securities
on Form D with the SEC under Regulation D of the 1933 Act, (iv) the filing of any requisite notices and/or application(s) to the
Principal Trading Market for the issuance and sale of the Common Stock and the listing of the Common Stock for trading or quotation,
as the case may be, thereon in the time and manner required thereby, and (v) those that have been made or obtained prior to the
date of this Agreement (collectively, the “Required Approvals”).

 

3.5.          Issuance
of the Shares. The Series A-1 Preferred Stock and the Series A-2 Preferred Stock has been duly and validly authorized and when
issued to the Investors in accordance with the terms of this Agreement will be validly issued, fully paid and nonassessable, shall
have the rights, preferences and limitations set forth in the Series A Certificate of Designation, and shall be free and clear
of all Liens, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws.
Upon the due conversion of the Series A-2 Preferred Stock in accordance with the Series A Certificate of Designation, the Conversion
Shares will be validly issued, fully paid and nonassessable, and shall be free and clear of all Liens, except for restrictions
on transfer set forth in the Transaction Documents or imposed by applicable securities laws.

 

3.6.          Capitalization.

 

(a)          The
number of shares and type of all authorized, issued and outstanding capital stock, options and other securities of the Company
(whether or not presently convertible into or exercisable or exchangeable for shares of capital stock of the Company) has been
set forth in the SEC Reports and has changed since the date of such SEC Reports only to reflect stock option and warrant exercises
that do not, individually or in the aggregate, have a material effect on the issued and outstanding capital stock, options and
other securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid
and non-assessable, have been issued in compliance in all material respects with all applicable federal and state securities laws,
and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
any capital stock of the Company. Except as specified in the SEC Reports: (i) no shares of the Company’s capital stock are
subject to preemptive rights or any other similar rights or any Liens suffered or permitted by the Company; (ii) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or
rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company, or contracts, commitments,
understandings or arrangements by which the Company is or may become bound to issue additional shares of capital stock of the Company
or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company; (iii) there are no
outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing
indebtedness of the Company or by which the Company is or may become bound; (iv) there are no financing statements securing obligations
in any material amounts, either singly or in the aggregate, filed in connection with the Company; (v) there are no agreements or
arrangements under which the Company is obligated to register the sale of any of their securities under the 1933 Act (except the
Registration Rights Agreement); (vi) there are no outstanding securities or instruments of the Company or which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become
bound to redeem a security of the Company; (vii) there are no securities or instruments containing anti-dilution or similar provisions
that will be triggered by the issuance of the Securities or the Conversion Shares; (viii) the Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement; and (ix) the Company has no liabilities
or obligations required to be disclosed in the SEC Reports (as defined herein) but not so disclosed in the SEC Reports, other than
those incurred in the ordinary course of the Company’s and the Subsidiaries’ businesses and which, individually or
in the aggregate, do not or would not have a Material Adverse Effect.

 

    	-15-

    	 

    

  

(b)          Schedule
3.6 sets forth a true and complete table setting forth the pro forma capitalization of the Company on a Fully Diluted Basis
giving effect to: (i) the issuance of the Preferred Stock in the Initial Closing; (ii) any adjustments in other securities
resulting from the issuance of the Preferred Stock in the Initial Closing; and (iii) the exercise or conversion of all outstanding
securities. Except as described on Schedule 3.6, the issuance and sale of the Securities hereunder will not obligate the
Company to issue shares of Common Stock or other securities to any other Person (other than the Investors) and will not result
in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security. The Conversion Shares underlying
the Series A-2 Preferred Stock issued at the Initial Closing will equal 47.5% of the Company on a Fully Diluted Basis, excluding
solely for purposes of this representation, the shares of common stock issuable upon conversion of the Class A Interests (as defined
in the CIG LLC Agreement), pursuant to, and in accordance with, the CIG LLC Agreement.

 

3.7.          Subsidiaries.
The Company has no direct or indirect Subsidiaries other than those listed in Schedule 3.7 hereto. Except as disclosed in
Schedule 3.7 hereto, the Company owns, directly or indirectly, all of the capital stock or comparable equity interests of
each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock or comparable equity
interest of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to
subscribe for or purchase securities.

 

3.8.          SEC
Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it under
the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter
period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”
and together with this Agreement and the Schedules to this Agreement (if any), the “Disclosure Materials”).
Except as disclosed in Schedule 3.8 hereto, all SEC Reports have been filed on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective
filing dates, or to the extent corrected by a subsequent restatement, the SEC Reports complied in all material respects with the
requirements of the Securities Act and the 1934 Act and the rules and regulations of the SEC 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. All material agreements to which the Company or any Subsidiary is a party or to which the property or assets of
the Company or any of its Subsidiaries are subject are included as part of or specifically identified in the SEC Reports.

 

    	-16-

    	 

    

  

3.9.          Financial
Statements. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to
the extent corrected by a subsequent restatement). Such financial statements have been prepared in accordance with GAAP applied
on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all
material respects the financial position of the Company and its consolidated subsidiaries taken as a whole 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, year-end audit adjustments. The LQA TCF as of June 30, 2013 (x) for the Company and its Subsidiaries on a consolidated
basis was no less than $1,100,000, and (y) for the Company and its Subsidiaries on a consolidated and pro forma basis, giving effect
to the Towers acquired pursuant to all of the Acquisition Agreements as though each such acquisition had closed on April 1, 2013,
was no less than $2,100,000. Schedule 3.9(a) sets forth a true and accurate list of all payments, whether contingent or
fixed, that are or may become due by the Company or any of its Subsidiaries under each of the Acquisition Agreements. Schedule
3.9(b) sets forth a true and accurate list of all liabilities and obligations, of any kind, whether contingent or fixed, that
are being assumed by the Company or any of its Subsidiaries under each of the Acquisition Agreements.

 

3.10.         Tax
Matters. Except as disclosed in Schedule 3.10 hereto, each of the Company and each Subsidiary has timely prepared and
filed all tax returns required to have been filed by the Company or such Subsidiary with all appropriate Governmental Authorities
and timely paid all taxes shown thereon or otherwise owed by it. The charges, accruals and reserves on the books of the Company
in respect of taxes for all fiscal periods are adequate in all material respects, and there are no material unpaid assessments
against the Company or any Subsidiary nor, to the Company’s Knowledge, any basis for the assessment of any additional taxes,
penalties or interest for any fiscal period or audits by any federal, state or local taxing authority except for any assessment
which is not material to the Company and its Subsidiaries, taken as a whole. All taxes and other assessments and levies that the
Company or any Subsidiary is required to withhold or to collect for payment have been duly withheld and collected and paid to the
proper Governmental Authority or third party when due. There are no tax Liens or other tax claims pending or, to the Company’s
Knowledge, threatened against the Company or any Subsidiary or any of their respective assets or properties. There are no outstanding
tax sharing agreements or other such arrangements between the Company and any Subsidiary or other corporation or entity. Neither
the Company nor any Subsidiary is presently undergoing any audit by a taxing authority, or has waived or extended any statute of
limitations at the request of any taxing authority.

 

    	-17-

    	 

    

  

3.11.         Material
Changes. Since January 1, 2013, except as specifically disclosed in the SEC Reports or as set forth in Schedule 3.11
hereto, (i) there have been no events, occurrences or developments that have had or would reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any material
liabilities (contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii) neither the Company nor any Subsidiary
has altered its method of accounting or the manner in which it keeps its accounting books and records, (iv) neither the Company
nor any Subsidiary has declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock (other than in connection with repurchases
of unvested stock issued to employees of the Company or any Subsidiary), (v) neither the Company nor any Subsidiary has issued
any equity securities to any officer, director or Affiliate, except Common Stock issued in the ordinary course as dividends on
outstanding preferred stock or pursuant to existing Company stock option or stock purchase plans or executive and director corporate
arrangements disclosed in the SEC Reports and (vi) there has not been any material change or amendment to, or any waiver of any
material right by the Company or any Subsidiary under, any Material Contract under which the Company, any of its Subsidiaries,
or any of their respective assets is bound or subject. Except for the issuance of the Securities contemplated by this Agreement
or as set forth in Schedule 3.11 hereto, no event, liability or development has occurred or exists with respect to the Company
or its Subsidiaries or their respective business, properties, operations or financial condition that would be required to be disclosed
by the Company under applicable securities laws at the time this representation is made that has not been publicly disclosed at
least one Trading Day prior to the date that this representation is made.

 

3.12.         Environmental
Compliance. Except as disclosed in any Environmental Report provided by the Company, the Company is and has been in compliance
with all Environmental Laws. To the Company’s Knowledge, there has been no release or threatened release of any pollutant,
substance, contaminant or toxic or hazardous material, chemical, waste, or petroleum or any fraction thereof, including petroleum
products, PCBS, or asbestos, that is currently identified as hazardous, toxic or dangerous by any Environmental Laws (each a “Hazardous
Substance”) on, upon, into or from any site currently or heretofore owned, leased or otherwise used by Company. There
have been no Hazardous Substances generated by Company that have been disposed of or come to rest at any site that has been included
in any published U.S. federal, state or local “superfund” site list or any other similar list of hazardous or toxic
waste sites published by any Governmental Authority in the United States. To the Company’s Knowledge, there are no tanks
other than those usually and customarily emplaced for the purpose of fueling emergency generators and with respect to which no
releases, discharges, leaks or spills have occurred. To the best of the Company’s Knowledge and to the extent applicable,
all such tanks have been properly registered and licensed as required under, and are in compliance with, all Environmental Laws.
To the Company’s Knowledge, there are no aboveground or underground storage tanks located on, no polychlorinated biphenyls
(“PCBs”) or PCB-containing equipment used or stored on, and no hazardous waste as defined by the Resource Conservation
and Recovery Act, as amended, stored on, any site owned or operated by Company. Company and each of its Affiliates has obtained
and complied, in all material respects, with all necessary Permits required by any Environmental Laws with respect to the Tower
Sites to treat, transport, store, dispose of and otherwise handle Hazardous Substances, and has reported, to the extent required
by all Environmental Laws, all Tower Sites where Hazardous Substances have been treated, stored, disposed of or otherwise handled.
To the Company’s Knowledge, there have been no “releases” or threats of “releases” (as defined in
any Environmental Laws) at, from, in or on any Tower Sites. There is no on-site or off-site location to which Company or any of
its Affiliates has transported or disposed of Hazardous Substances from a Tower Site or arranged for the transportation or disposal
of Hazardous Substances from a Tower Site that is or is threatened to be the subject of any federal, state, local or foreign enforcement
action or any other investigation that could lead to any claim against Company or Investors for any clean-up cost, remedial work,
damage to natural resources or personal injury, including any claim under any Environmental Law. The Company has not received written
notice that it is a “potentially responsible party” under any Environmental Laws or that Company is in material violation
of any Environmental Laws relating to the operation of its business or properties. To the Company’s Knowledge, no Tower Site
is currently or has ever been designated under any Environmental Law as a treatment, storage and/or disposal facility, nor has
the Company or any other Person ever applied for a Permit or other authorization from a Governmental Authority designating any
Tower Site as a treatment, storage or disposal facility, under any Environmental Law.

 

    	-18-

    	 

    

  

3.13.         Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities or the Conversion Shares or (ii) except as specifically disclosed in the SEC Reports, could, if there
were an unfavorable decision, individually or in the aggregate, have a Material Adverse Effect. The SEC has not issued any stop
order or other order suspending the effectiveness of any registration statement filed by the Company or any of its Subsidiaries
under the 1934 Act or the 1933 Act.

 

3.14.         Employment
Matters. No material labor dispute exists or, to the Company’s Knowledge, is imminent with respect to any of the employees
of the Company. 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, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement,
and the Company and each Subsidiary believes that its relationship with its employees is good. No executive officer of the Company
(as defined in Rule 501(f) of the 1933 Act) has notified the Company or any such Subsidiary that such officer intends to leave
the Company or any such Subsidiary or otherwise terminate such officer’s employment with the Company or any such Subsidiary.
No executive officer, to the Company’s Knowledge, is in violation of any 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, 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 its Subsidiaries are in compliance with all U.S. federal, state,
local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and
wages and hours. Except as set forth on Schedule 3.14, neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will result in any payment becoming due to any employee, officer or director
of the Company or any Subsidiary.

 

    	-19-

    	 

    

  

3.15.         Compliance.
Neither the Company nor any of its Subsidiaries (i) is in default under or in violation of (and no event has occurred that
has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any of its Subsidiaries
under), nor has the Company or any of its Subsidiaries received written notice of a claim that it is in default under or that it
is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which
it or any of its properties is bound (whether or not such default or violation has been waived), except solely for the suspended
feasibility payments on those certain Development Tower Sites defined as the “Crossroads Sites” in Exhibit D to the
Liberty Purchase Agreements, a schedule of which suspended feasibility payments is attached hereto as Schedule 3.15, (ii) is
in violation of any order of any Governmental Authority having jurisdiction over the Company, any Subsidiary or any of their respective
properties or assets, (iii) is or has been in violation of, or in receipt of written notice that it is in violation of, any
statute, rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary or any of their respective
properties or assets (other than the Tower Development Sites, with respect to which, to the Company’s Actual Knowledge, there
is or has been no material violation), except in the case of municipal ordinances other than land use, planning, zoning, board
of adjustment, and the like, or (iv) is or has been in material violation of, or in receipt of written notice that it is in
material violation of, any municipal ordinances (other than land use, planning, zoning, board of adjustment, and the like) applicable
to the Company or any Subsidiary or any of their respective properties or assets (other than the Tower Development Sites, with
respect to which, to the Company’s Actual Knowledge, there is or has been no material violation). The use, maintenance and
operation of the Tower Assets by Company is in compliance with all applicable law, rules and regulations and with all easements,
restrictive covenants, reservations and similar matters of record (other than the Tower Development Sites, with respect to which,
to the Company’s Actual Knowledge, such use, maintenance and operation is in material compliance), except in the case of
municipal ordinances (other than land use, planning, zoning and board or adjustment, and the like), with respect to which such
use, maintenance and operation is in material compliance (other than the Tower Development Sites, with respect to which, to the
Company’s Actual Knowledge, such use, maintenance and operation is in material compliance). There are no outstanding notices
of violation by any Governmental Authority currently in effect for the Tower Assets (other than the Tower Development Sites, with
respect to which, to the Company’s Actual Knowledge, there are no outstanding notices of violation by any Governmental Authority
currently in effect). There are no Actions pending or threatened, against or affecting the business or assets of the Company or
any Subsidiary before any Governmental Authority, and Company is not in default under any judgment, order, writ, injunction, rule
or regulation of or issued by an Governmental Authority.

 

3.16.         Regulatory
Permits. The Company and each of its Subsidiaries possess all material licenses, approvals, franchises, clearance, registrations,
certificates, authorizations and permits issued by the appropriate Governmental Authorities necessary to conduct its respective
business as currently conducted and as described in the SEC Reports (“Permits”), and (i) neither the Company
nor any of its Subsidiaries has received any notice of Action relating to the revocation or modification of any such Permits and
(ii) the Company is unaware of any facts or circumstances that the Company would reasonably expect to give rise to the revocation
or modification of any Permits.

 

    	-20-

    	 

    

  

3.17.         Title
to Assets.

 

(a)          Owned
Property. Schedule 3.17(a) sets forth a true, correct and complete list of all real property and interests in real property
owned in fee by the Company or any Subsidiary (collectively, the “Owned Property”). Other than the Owned Property,
neither the Company nor any Subsidiary owns a fee interest in any real property. The Company and the Subsidiaries have good, marketable
and insurable title in fee simple to all Owned Property free and clear of all Liens except such as do not materially affect the
value of such property and do not interfere with the use made and proposed to be made of such Owned Property by the Company or
any Subsidiary.

 

(b)          Personal
Property. Except as set forth on Schedule 3.17(b) and for personal property that is specifically the subject of, and covered
by, other representations and warranties as to ownership or title contained in this Agreement, the Company and its Subsidiaries
have good and marketable title to all personal property owned by them which is material to the business of the Company and its
Subsidiaries, taken as whole, in each case free and clear of all Liens except such as do not materially affect the value of such
property and do not interfere with the use made and proposed to be made of such property by the Company and/or any of its Subsidiaries.

 

(c)          Leased
Property. Except for the Ground Leases, the Easements and the Tenant Leases or as otherwise disclosed on the Schedule 3.46
hereto, neither the Company nor any of its Subsidiaries, has any leasehold, license, easement and/or other possessory interest
in any real property, whether as lessor or lessee, sublessor or sublessee and/or licensor or licensee.

 

3.18.         Patents
and Trademarks. The Company and its Subsidiaries own, possess, license or have other rights to use all foreign and domestic
patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses,
inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property (collectively, the “Intellectual
Property”) necessary for the conduct of their respective businesses as now conducted or as proposed to be conducted.
Except as set forth in the SEC Reports and except where such violations or infringements would not have, either individually or
in the aggregate, a Material Adverse Effect, (a) there are no rights of third parties to any such Intellectual Property; (b) to
the Company’s Knowledge, there is no infringement by third parties of any such Intellectual Property; (c) there is no pending
or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s and
its Subsidiaries’ rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form
a reasonable basis for any such claim; (d) there is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding
or claim by others challenging the validity or scope of any such Intellectual Property; and (e) there is no pending or, to the
Company’s Knowledge, threatened action, suit, proceeding or claim by others that the Company and/or any Subsidiary infringes
or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company is
unaware of any other fact which would form a reasonable basis for any such claim.

 

    	-21-

    	 

    

 

3.19.         Insurance.
Set forth on Schedule 3.19 is an accurate and complete list of all insurance policies and insurance bonds which cover the
Company and its Subsidiaries or their businesses, properties, assets or employees (the “Insurance Policies”).
The Insurance Policies are valid, binding and enforceable, all premiums thereon have been paid, and the Company and its Subsidiaries
are otherwise in compliance with the terms and provisions of the Insurance Policies. The Company does not have any fronting or
self-insured insurance policies and none of the Insurance Policies are subject to retrospective premium adjustments. The Insurance
Policies are adequate to fully cover all losses, risks and casualties (subject to the deductibles and retentions therein) to which
the Company and its Subsidiaries may reasonably be exposed. None of the Company nor any of its Subsidiaries has received any correspondence
or communication, and has no Knowledge of any basis for any correspondence or communication, from any of the insurance companies
who issued the Insurance Policies denying coverage or reserving rights under any such Insurance Policies. The Company and its Subsidiaries
have not received any notice of cancellation or notice of a material amendment for any of the Insurance Policies. All
of the Insurance Policies will remain in full force and effect immediately following the consummation of the transactions contemplated
hereby. The Company and each Subsidiary has timely submitted all claims under the Insurance Policies, and all such submissions
have been true and correct as and when submitted, and supplemented to the extent necessary to avoid any denial or reduction in
coverage. The Company and each Subsidiary have submitted to the appropriate insurance company all notices of circumstances with
respect to any matters or set of facts that could become a claim under any of the Insurance Policies. Schedule 3.19 sets
forth an accurate and complete list as of the date hereof of all pending claims and the claims history of the Company and its Subsidiaries
during the past three (3) years, including with respect to insurance obtained but not currently maintained.

 

3.20.         Transactions
With Affiliates and Employees. None of the officers, directors, employees or stockholders of the Company is presently a party
to any transaction with the Company or to a presently contemplated transaction (other than for services as employees, officers
and directors). Schedule 3.20 lists all Contracts to which the Company or any of its Subsidiaries, on the one hand, and
ENEX Group Management, S.A. or any of its Affiliates, on the other hand, are parties or otherwise both bound True and correct copies
of all Contracts (as defined below) listed on Schedule 3.20 have been delivered to the Investors.

 

3.21.         Material
Contracts.

 

(a)          Schedule
3.21(a) lists all contracts, agreements, leases, commitments, instruments, plans, permits or licenses, (including all amendments,
extensions, renewals, guaranties and other agreements with respect thereto), other than Tenant Leases, Ground Leases and Easements,
with respect to which the Company or its Subsidiaries is a party or is or its assets are otherwise bound, including without limitation
of the type described below (the “Contracts”):

 

(i)          any
employment, severance, consulting, or other agreements which provide for compensating or providing benefits to, or that otherwise
govern the terms of employment of, present or former employees or consultants of the Company or its Subsidiaries, which provide
for base compensation payable to any employee or consultant of the Company or any of its Subsidiaries in excess of One Hundred
Thousand Dollars ($100,000) per year;

 

    	-22-

    	 

    

  

(ii)         any
collective bargaining agreement or other Contract with any labor organization, union or association in respect of employees of
the Company or any Subsidiary;

 

(iii)        any
lease, sublease or similar Contract with any Person under which the Company or any of its Subsidiaries is a lessor or sublessor
of, or makes available for use to any Person, any of the Company’s or its Subsidiaries’ assets, which provides for
payments to the Company or any of its Subsidiaries in excess of One Hundred Thousand Dollars ($100,000) per year;

 

(iv)        any
lease, sublease or similar Contract with any Person under which the Company or any of its Subsidiaries is a lessee of, or holds
or uses, any machinery, equipment, vehicle or other tangible personal property owned by any Person and such lease, sublease or
similar Contract provides for annual payments by the Company or any of its Subsidiaries in excess of One Hundred Thousand Dollars
($100,000);

 

(v)         any
lease, license, permit, sublease and occupancy agreement with any Person under which the Company
or any of its Subsidiaries is a tenant, lessee, licensee or sublessee of any real property (for the avoidance of doubt, other than
Tenant Leases, Ground Leases and Easements which are covered by Sections 3.42 through 3.44);

 

(vi)        any
Contract under which the Company or any of its Subsidiaries has borrowed any money from, or issued any note, bond, debenture or
other evidence of indebtedness to, any Person, in each case, in excess of One Hundred Thousand Dollars ($100,000);

 

(vii)       any
Contract under which the Company or any of its Subsidiaries has directly or indirectly guaranteed indebtedness of any other Person,
in excess of One Hundred Thousand Dollars ($100,000);

 

(viii)      any
Contract under which the Company or any of its Subsidiaries has, directly or indirectly, made any material advance, loan, extension
of credit or capital contribution to, or other investment in, any Person, in excess of One Hundred Thousand Dollars ($100,000);

 

(ix)         any
Contract under which the Company or any of its Subsidiaries has, directly or indirectly, made any material advance, loan, or extension
of credit to any employee, other than advances for expenses incurred in the ordinary course of business;

 

(x)          any
Contract granting an Encumbrance upon any of the Company’s or any of its Subsidiaries assets, which secures indebtedness
in excess of One Hundred Thousand Dollars ($100,000) or guarantees performance of services in excess of One Hundred Thousand Dollars
($100,000);

 

    	-23-

    	 

    

  

(xi)         any
Contract or group of related Contracts with the same party or group of parties involving payment by the Company or any of its Subsidiaries
which is not terminable by the Company or its Subsidiaries upon sixty (60) days’ or less notice without penalty or involves
payment of more than One Hundred Thousand Dollars ($100,000) annually or Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate;

 

(xii)        any
Contract or group of related Contracts with the same party or group of parties the performance of which is not terminable by the
Company or its Subsidiaries upon thirty (30) days’ or less notice without penalty or involves annual payment to the Company
or any of its Subsidiaries in excess of One Hundred Thousand Dollars ($100,000);

 

(xiii)       all
oral agreements and arrangements of which, at the time of engagement or any subsequent amendment, provided for payments to or by
the Company or its Subsidiaries in excess of One Hundred Thousand Dollars ($100,000);

 

(xiv)      all
Contracts for the acquisition of any material (relative to the Company and its Subsidiaries, as a whole) assets, properties, business
or securities of any Person;

 

(xv)       all
Contracts relating to the capital stock or other securities of the Company or any of its Subsidiaries, including without limitation,
the issuance, registration, pledge, purchase, sale, redemption, transfer or voting thereof;

 

(xvi)      any
Contract for the transfer or sale of any of the Company’s or any of its Subsidiaries’ assets, in exchange for the payment
or transfer of value or other consideration in excess of One Hundred Thousand Dollars ($100,000);

 

(xvii)     nondisclosure
or confidentiality agreements pursuant to which the Company or any of its Subsidiaries, or any other party in favor of the Company
or any of its Subsidiaries, is obligated to maintain the confidentiality of, or not to disclose, designated information;

 

(xviii)    any
Contract which by its terms, expressly prohibits the Company or any of its Subsidiaries from engaging in any activities anywhere
in the world;

 

(xix)       all
Contracts being assumed by the Company or any of its Subsidiaries pursuant to, or entered into by the Company or any of its Subsidiaries
in connection with or as a result of, each of the Acquisition Agreements;

 

(xx)        any
Contract for any joint venture, partnership or similar arrangement; and

 

    	-24-

    	 

    

 

(xxi)       any
Contract which is material to the Company or any of its Subsidiaries, including, without limitation, the Liberty Purchase Agreement.

 

(b)          Except
as described on Schedule 3.21(a), true, complete and correct copies of each of the Contracts set forth on Schedule 3.21(a),
together with all amendments, modifications or waivers thereto through the date of this Agreement, have previously been made available
to the Investors.

 

(c)          Each
of the Contracts set forth on Schedules 3.20 and 3.21(a) is in full force and effect as of the date of this Agreement and
is the legal, valid and binding obligation of the Company and/or its Subsidiaries and, to the Company’s Knowledge, each of
the other parties thereto, enforceable against the Company and/or its Subsidiaries and, to the Company’s Knowledge, each
of the other parties thereto, in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium,
receivership and similar laws affecting the enforcement of creditors’ rights generally, and general equitable principles).

 

(d)          Except
as set forth on Schedule 3.21(d), neither the Company nor any of its Subsidiaries, nor to the Company’s Knowledge,
none of the other parties to any Contracts identified on Schedule 3.21(a) has given notice to the Company or any of its
Subsidiaries, as the case may be, that it intends to terminate or materially adversely alter the provisions of such Contracts either
as a result of transactions contemplated hereby or otherwise.

 

(e)          Except
as set forth on Schedule 3.21(e), as of the date hereof, neither the Company nor any of its Subsidiaries has received notice
that it is in, or given notice of, any material breach or material default or claimed, purported or alleged material breach or
material default on the part of any party in the performance of any of the Contracts identified on Schedules 3.20 and 3.21(a).

 

3.22.         Internal
Controls. The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently applicable
to the Company. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
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 1934 Act Rules 13a-14 and 15d-14) 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 period report under the
1934 Act, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the
Company’s disclosure controls and procedures as of the end of the most recent periodic reporting period under the 1934 Act
(such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the
1934 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 307(b) 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 generally accepted accounting principles and the applicable
requirements of the 1934 Act.

 

    	-25-

    	 

    

 

3.23.         Certain
Fees. No Person will have, as a result of the transactions contemplated by this Agreement or any of the Transaction Documents,
any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of the Company, other than the Placement Agent with
respect to the offer and sale of the Securities and the issuance of the Conversion Shares (which placement agent fees are being
paid by the Company). The Company shall indemnify, pay, and hold each Investor harmless against, any liability, loss or expense
(including, without limitation, attorneys’ fees and out-of-pocket expenses) arising in connection with any such right, interest
or claim.

 

3.24.         Private
Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 4, no registration
under the 1933 Act is required for the offer and sale of the Securities or the issuance of the Conversion Shares by the Company
to the Investors under this Agreement or the other Transaction Documents.

 

3.25.         Registration
Rights. Other than each of the Investors or as set forth in Schedule 3.25 hereto, no Person has any right to cause the
Company to effect the registration under the 1933 Act of any securities of the Company other than those securities which are currently
registered on an effective registration statement on file with the SEC.

 

3.26.         No
Integrated Offering. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 4,
none of the Company, its Subsidiaries nor any of their Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, at any time within the past six months, made any offers or sales of any Company security or solicited any offers to
buy any security under circumstances that would (i) eliminate the availability of the exemption from registration under Regulation
D under the 1933 Act in connection with the offer and sale by the Company of the Securities as contemplated hereby or (ii) cause
the offering of the Securities pursuant to this Agreement and the other Transaction Documents to be integrated with prior offerings
by the Company for purposes of any applicable law, regulation or stockholder approval provisions, including, without limitation,
under the rules and regulations of any Trading Market on which any of the securities of the Company are listed or designated.

 

3.27.         Listing
and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12(b) or 12(g) of the 1934
Act, and the Company has taken no action designed to terminate the registration of the Common Stock under the 1934 Act nor has
the Company received any notification that the SEC is contemplating terminating such registration. The Company has not, in the
12 months preceding the date hereof, received written notice from any Trading Market on which the Common Stock is or has been listed
or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market.
The Company is in compliance in all material respects with the listing and maintenance requirements for continued trading of the
Common Stock on the Principal Trading Market.

 

    	-26-

    	 

    

 

3.28.         Investment
Company. Neither the Company nor any of its Subsidiaries is required to be registered as, and is not an Affiliate of, and immediately
following the Initial Closing will not be required to register as, an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

 

3.29.         Questionable
Payments. Neither the Company nor any of its Subsidiaries, nor, to the Company’s Knowledge, any directors, officers,
employees, agents or other Persons acting on behalf of the Company or any of its Subsidiaries has, in the course of its actions
for, or on behalf of, the Company: (a) directly or indirectly, used any corporate funds for unlawful contributions, gifts, entertainment
or other unlawful expenses relating to foreign or domestic political activity; (b) made any direct or indirect unlawful payments
to any foreign or domestic governmental officials or employees or to any foreign or domestic political parties or campaigns from
corporate funds; (c) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended; or
(d) made any other unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic
government official or employee.

 

3.30.         Application
of Takeover Protections; Rights Agreements. The Company and its Board have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s charter documents or the laws of its state of incorporation
that is or could reasonably be expected to become applicable to any of the Investors as a result of the Investors and the Company
fulfilling their obligations or exercising their rights under the this Agreement and the other Transaction Documents, including,
without limitation, the Company’s issuance of the Securities and the Investors’ ownership of the Securities and, when
issued, the Conversion Shares. The Company has not adopted a stockholder rights plan or similar arrangement relating to accumulations
of beneficial ownership of Common Stock or a change in control of the Company.

 

3.31.         [Intentionally
Deleted.]

 

3.32.         Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary)
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act filings
and is not so disclosed.

 

3.33.         Acknowledgment
Regarding Investors’ Purchase of Shares. The Company acknowledges and agrees that each of the Investors is acting solely
in the capacity of an arm’s length investor with respect to this Agreement and the other Transaction Documents and the transactions
contemplated hereby and thereby. The Company further acknowledges that no Investor is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to this Agreement and the other Transaction Documents and the transactions
contemplated thereby and any advice given by any Investor or any of their respective representatives or agents in connection with
this Agreement and the other Transaction Documents and the transactions contemplated thereby is merely incidental to the Investors’
purchase of the Securities.

 

    	-27-

    	 

    

 

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

 

3.35.         PFIC.
Neither the Company nor any Subsidiary is or intends to become a “passive foreign investment company” within the meaning
of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

3.36.         OFAC.
Neither the Company nor any Subsidiary nor, to the Company’s Knowledge, any director, officer, agent, employee, Affiliate
or Person acting on behalf of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly
use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint
venture partner or other Person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country
sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered
by OFAC.

 

3.37.         Money
Laundering Laws. The operations of each of the Company and any Subsidiary are and have been conducted at all times in compliance
with the money laundering statutes of applicable jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company and/or any Subsidiary with respect to the Money Laundering Laws is pending or, to the Company’s
Knowledge, threatened.

 

3.38.         [Intentionally
Deleted.]

 

    	-28-

    	 

    

 

3.39.         Solvency.
Based on the consolidated financial condition of the Company and its Subsidiaries as of the Initial Closing Date after giving effect
to the receipt by the Company of the proceeds from the sale of the Securities hereunder, and taking into account the Series A-1
Stated Value (as in effect immediately after the Initial Closing Date and treating it, solely for the purpose of making the necessary
calculations in order to affirm this representation, as Indebtedness), (i) the fair saleable value of the Company’s and its
Subsidiaries’ (on a consolidated basis) assets exceeds the amount that will be required to be paid on or in respect of the
Company’s and its Subsidiaries’ (on a consolidated basis) existing debts and other liabilities (including known contingent
liabilities) as they mature; (ii) the Company’s and its Subsidiaries’ (on a consolidated basis) assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs
taking into account the particular capital requirements of the business conducted by the Company, and projected capital requirements
and capital availability thereof; and (iii) the current cash flow of the Company and its Subsidiaries (on a consolidated basis),
together with the proceeds the Company would receive, were it to liquidate all of its and its Subsidiaries’ (on a consolidated
basis) assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect
of its liabilities when such amounts are required to be paid. Neither the Company nor any of its Subsidiaries intends to incur
debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on
or in respect of its debt). The Company has no Knowledge of any facts or circumstances which lead it to believe that it will file
for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Initial
Closing Date.

 

3.40.         Disclosure.
The written materials delivered to the Investors or their counsel and other agents and representatives in connection with the transactions
contemplated by this Agreement and the other Transaction Documents do not contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which
they were made, not misleading.

 

3.41.         Utilities
and Access. All electric, telephone, drainage facilities and other utilities required for use and operation of the Tower Sites
are installed up to the boundaries of the Tower Sites or the Easements within valid, written, recorded Easements. Such utilities
are of adequate size and capacity to service the Tower Sites as they are currently being utilized, and all such utilities are operating
and all due and owing installation and connection charges have been paid in full. The Tower Sites have indefeasible, congruous
legal and practical pedestrian and vehicular access to paved public roads and there is no action pending or threatened or event
existing which, individually or in the aggregate, would reasonably be expected to have the effect of terminating or limiting such
access

 

    	-29-

    	 

    

 

3.42.         Ground
Leases. Schedule 3.42 sets forth each Ground Lease, setting forth the relevant terms for each such lease and a description
of any revenue sharing arrangements with respect to each such lease. The Ground Leases and the Improvements thereon shall be at
each applicable Closing Date free and clear of all Liens other than Permitted Encumbrances. The Company is the original lessee
(or has validly succeeded to the rights of the original lessee) under the Ground Leases, holds the leasehold interest created under
the Ground Leases, and is the sole owner of the Improvements located on the real property being leased thereunder, excepting, however,
those Improvements which were installed by Tenant pursuant to the Tenant Leases and which shall remain the property of such Tenant
thereunder. The Improvements are all constructed within the area leased pursuant to the Ground Leases. The Company represents and
warrants that except as set forth on Schedule 3.42 hereto: (a) the Ground Leases are in full force and effect; (b) the Company
is in actual possession of the leased premises under the Ground Leases, other than leased premises subject to options until commencement
of the Ground Leases; (c) except as set forth on Schedule 3.42, the Company has paid the rent set forth in the Ground Leases
on a current basis and there are no past due amounts; (d) except as expressly set forth in the Ground Leases, the Company is not
obligated to pay any additional rent or charges to the Ground Lessors for any period subsequent to the Initial Closing Date; (e) the
Company has not received written notice from or given notice to any Ground Lessor claiming that such Ground Lessor or the Company
is in default under any Ground Lease, which has not been cured, and, to the Company’s Knowledge, there is no event which,
with the giving of notice or the passage of time or both, would constitute such a default; (f) except as set forth on Schedule
3.46 or as otherwise disclosed on Schedule 3.42, no Ground Lease provides for non-monetary rent or other consideration
to the Ground Lessor thereunder; (g) except as set forth on Schedule 3.42, no Ground Lessor is an Affiliate of the
Company; (h) except respect to the “Crossroads Sites” as set forth on Exhibit D to the Liberty Purchase Agreement,
each Ground Lease (or a memorandum thereof) is recorded in the applicable recorder’s office in the county(ies) in which such
applicable site is located; (i) no consent or approval is required from the applicable Ground Lessor to assign any of the
applicable Ground Leases; (j) except as set forth on Schedule 3.42, each Ground Lease has a remaining term of at least twenty-four
(24) years (including any renewal options); and (k) there has not been a material change in the terms of each such Ground Lease
since its recordation.

 

3.43.         Easements.
Schedule 3.43 sets forth each easement of Company and its Subsidiaries related to the Tower Sites (the “Easements”).
The Easements and the Improvements thereon are, and at each applicable Closing Date, shall be, free and clear of all Liens other
than Permitted Encumbrances. The Company is the original grantee (or has validly succeeded to the rights of the original grantee)
under each of the Easements, has good and marketable title to the Easements, and is the sole owner of the Improvements located
on the easement areas thereunder, excepting, however, those Improvements which were installed by Tenant pursuant to the Tenant
Leases and which shall remain the property of such Tenant thereunder. Except as set forth on Schedule 3.43: (a) each
Easement is in full force and effect; (b) the Company is in actual possession of the easement area under each of the Easements;
(c) except as expressly set forth in any Easement, the Company is not obligated to pay any rent or charges under any of the
Easements for any period subsequent to the Initial Closing Date; (d) the Company has not given notice to or received notice
from any Person claiming that the Company is in default under any Easement, which has not been cured, and, to Company’s Knowledge,
there is no event which, with the giving of notice or the passage of time or both, would constitute such a default; (e) no
Easement provides for non-monetary easement consideration to the property owner thereunder; (f) each Easement is perpetual in duration
or has a minimum remaining term of at least twenty-four (24) years; and (g) there has not been a material change in the terms of
the Easement since its recordation. Copies of all documents relating to the Easements have been provided to the Investors.

 

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3.44.         Tenant
Leases. Schedule 3.44 sets forth each Tenant Lease. The Tenant Leases and the Improvements thereon are free and clear
of all Liens other than Permitted Encumbrances. The Company is the original lessor (or has validly succeeded to the rights of the
original lessor) under each of the Tenant Leases. Except for the rights of the Tenants, as tenants only, pursuant to the Tenant
Leases, no Person other than The Company will on any applicable Closing Date be in, or have any right or claim to, possession of
any of the Tenant Leases. Other than the Tenant Leases, there are no leases, subleases, licenses or other occupancy agreements
(written or oral) which grant any possessory interest in or to the Tower Sites or the Improvements thereon, or which grant other
rights with respect to the use of any of the Tower Sites or Improvements thereon. Except as set forth on Schedule 3.44-1:
(a) each Tenant Lease is in full force and effect and is valid and binding on the parties thereto, except as enforceability may
be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
Laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies; (b) except as set
forth on Schedule 3.44-2, each Tenant existing has accepted possession of its premises under its Tenant Lease; (c) the Company
is collecting the rent set forth in each Tenant Lease on a current basis and there are no past due amounts thereunder; (d) except
as expressly set forth in the Tenant Leases, no Tenant is entitled to any rental concessions or abatements in rent for any period
subsequent to the Initial Closing Date; (e) the Company has not given notice to any Tenant claiming that the Tenant is in default
under its Tenant Lease, which has not been cured, and, to the Company’s Knowledge, there is no event which, with the giving
of notice or the passage of time or both, would constitute such a default; (f) except as set forth on Schedule 3.44-3,
the Company has not received notice from any Tenant claiming that the Company is in default under the Lease, or claiming that there
are defects in the Improvements, which default or defect remains in any manner uncured; (g) the Company has not received notice
from any Tenant asserting any claims, offsets or defenses of any nature whatsoever to the performance of its obligations under
its Tenant Lease and, to the Company’s Knowledge, there is no event which, with the giving of notice or the passage of time
or both, would constitute the basis of such claim, offset or defense; (h) except as expressly set forth in the Tenant Leases, there
are no security deposits or prepaid rentals under any of the Tenant Leases; (i) no Tenant Lease provides for nonmonetary rent or
other consideration to the lessor thereunder, except for the rights of Tenants under the Tenant Leases to install and/or collocate
certain emergency 9-1-1 antennas and other related equipment and certain obligations of the Company and its affiliates to operate
storm water management systems as set forth on Schedule 3.44-4; (j) no Tenant is an Affiliate of the Company; and (k) the
Company has not received or given notice of cancellation, termination, non-renewal or rejection in bankruptcy of any Tenant Lease.

 

3.45.         Tower
Sites. The Master Tower Spreadsheet sets forth each Tower Site and Development Tower Site, giving effect to the Tower Sites
to be acquired pursuant to the Acquisition Agreements, and includes, without limitation, the site number, site name, FCC ID, FAA
ID, location detail, asset category, structure type, tower height, tower age, site owner, rent detail, TCF detail, and also identifies
whether each Tower Site is, or is not, a Development Tower Site or an Existing Tower Site. The Tower Sites and the Improvements
located thereon are, and at the applicable Closing Date, shall be free and clear of all Liens other than Permitted Encumbrances.
Except as described on Schedule 3.45: (a) Company has good, indefeasible and insurable fee simple title to the Tower Sites
and all appurtenances and rights in and to the Tower Site; (b) the Company is in possession of each of the Tower Sites; (c) the
Company has paid all applicable taxes which are assessed or imposed and due and payable against the Tower Sites, and there are
no past due amounts; and (d) the Company is not obligated to pay any additional rent or charges to any person in connection with
the Tower Sites.

 

3.46.         Master
Tower Spreadsheet. The master tower spreadsheet attached as Schedule 3.46 and made a part hereof (the “Master
Tower Spreadsheet”), is a true and correct list of all of the Tower Sites and Development Tower Sites, including, and
distinguishing between, the Existing Tower Sites and the Tower Sites acquired pursuant to the Acquisition Agreements, and contains
a true, accurate and complete listing of the information contained therein.

 

    	-31-

    	 

    

 

3.47.         Acquisition
Agreements. Each of the representations and warranties made by the seller(s) under each of the Acquisition Agreements is true,
correct and complete, after giving effect to the disclosures schedules to each such Acquisition Agreement. The Company has given
the Investors true and correct copies of each such Acquisition Agreement and disclosure schedules.

 

4.           Representations
and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company
on and as of the Signing Date and on the applicable Closing Date, knowing and intending that the Company is relying thereon, that:

 

4.1.          Authorization.
The execution, delivery and performance by the Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and will each constitute the valid and legally binding obligation of the Investor, enforceable against the Investor
in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

4.2.          Purchase
Entirely for Own Account. The Securities to be received by the Investor hereunder will be acquired for the Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same
in violation of the 1933 Act. The Investor is not a registered broker dealer or an entity engaged in the business of being a broker
dealer.

 

4.3.          Investment
Experience. The Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities
and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of
the investment contemplated hereby. The Investor has significant experience in making private investments, similar to the purchase
of the Securities hereunder.

 

4.4.          Disclosure
of Information. The Investor has had an opportunity to receive all additional information related to the Company requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions
of the offering of the Securities. The Investor acknowledges receipt of copies of and its satisfactory review of the SEC Reports.
Neither such inquiries nor any other due diligence investigation conducted by the Investor shall modify, amend or affect the Investor’s
right to rely on the Company’s representations and warranties contained in this Agreement.

 

4.5.          Restricted
Securities. The Investor understands that the Securities are characterized as “restricted securities” under the
U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only
in certain limited circumstances.

 

    	-32-

    	 

    

 

4.6.          Accredited
Investor. The Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D, as amended, under
the 1933 Act.

 

4.7.          No
General Solicitation. The Investor did not learn of the investment in the Securities as a result of any “general advertising”
or “general solicitation” as those terms are contemplated in Regulation D, as amended, under the 1933 Act.

 

4.8.          Brokers
and Finders. No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company, any Subsidiary or any other Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of the Investor.

 

5.           Conditions
to Closings.

 

5.1.         Conditions
to the Investors’ Obligations at Initial Closing. The obligation of the Investors to purchase the Initial Securities
at Initial Closing is subject to the fulfillment to the Investors’ satisfaction, on or prior to the Initial Closing Date,
of the following conditions, any of which may be waived in writing by the Requisite Investors in their sole discretion:

 

(a)          The
representations and warranties made by the Company in Section 3 hereof that are qualified as to materiality shall be
true and correct in all respects, and those not so qualified shall be true and correct in all material respects on the Initial
Closing Date. The Company shall have performed in all material respects all obligations herein required to be performed or observed
by it on or prior to the Initial Closing Date;

 

(b)          The
Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary or
appropriate for consummation of the purchase and sale of the Initial Securities then being issued and sold, and all of which shall
be and remain so long as necessary in full force and effect;

 

(c)          The
Company shall have executed and delivered a counterpart to the Registration Rights Agreement to the Investors;

 

(d)          No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority enjoining or preventing the consummation of the Initial Closing or the transactions
contemplated hereby or in the other Transaction Documents;

 

(e)          The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial
Officer, dated as of the Initial Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (b),
(d) and (h) of this Section 5.1;

 

    	-33-

    	 

    

 

(f)          The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer, dated as of the Initial
Closing Date, certifying the resolutions adopted by the Board approving the transactions contemplated by this Agreement and the
other Transaction Documents and the issuance and sale of the Initial Securities, certifying the current versions of the Articles
of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction
Documents and all related documents on behalf of the Company;

 

(g)          The
Investors shall have received the WG Opinion and the Nevada Opinion, each dated as of the Initial Closing Date;

 

(h)          No
stop order or suspension of trading shall have been imposed by any Person with respect to public trading in the Common Stock;

 

(i)          The
Facility Fee applicable to the Initial Closing shall have been paid by the Company to the Investors (in such allocation among them
as they may determine in their sole discretion);

 

(j)          The
Investor Fees shall have been paid by the Company to the Investors (in such allocation among them as they may determine in their
sole discretion);

 

(k)          As
of the Initial Closing Date, after giving effect to the issuance and sale of the Initial Securities and the receipt of the aggregate
Initial Closing Purchase Price, the Company shall have Cash and Cash Equivalents of no less than $1,500,000, and the outstanding
principal balance, together with all accrued and unpaid interest thereon, under the Senior Debt (as defined in the Series A Certificate
of Designation), shall not exceed $20,000,000.

 

(l)          The
Company shall have delivered evidence satisfactory to the Investors of the filing of the Series A Certificate of Designation with
the Secretary of State of the State of Nevada;

 

(m)          The
Company and its Subsidiaries shall have executed and delivered the agreements, documents and instruments set forth on Schedule 5.1(m);

 

(n)          The
Company shall have delivered evidence satisfactory to the Investors of the termination of all agreements with each of ENEX Group
Management, S.A. and CRG Finance A.G.

 

(o)          The
Investors shall have received the 2013 Budget, in form and substance satisfactory to them, in their sole discretion; and

 

(p)          The
Certificate of Withdrawal of Certificate of Designation for the Series A Preferred Stock, in the form of Exhibit F annexed
hereto and made a pert hereof, shall have been filed by the Company with the Nevada Secretary of State and accepted by the Nevada
Secretary of State at least one (1) Business Day prior to the Initial Closing Date.

 

5.2.        Conditions
to Obligations of the Company at Initial Closing. The Company’s obligation to sell and issue the Initial Securities at
the Initial Closing is subject to the fulfillment to the satisfaction by the Company on or prior to the Initial Closing Date of
the following conditions, any of which may be waived in writing by the Company:

 

    	-34-

    	 

    

 

(a)          The
representations and warranties made by the Investors in Section 4 hereof shall be true and correct in all material respects
on the Initial Closing Date;

 

(b)          The
Company shall have received a duly executed counterpart of the Registration Rights Agreement from each of the Investors;

 

(c)          Each
of the Investors shall have delivered to the Company the Initial Closing Purchase Price set forth opposite such Investor’s
name on Schedule I affixed hereto; and

 

(d)          No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority enjoining or preventing the consummation of the transactions contemplated hereby
or in the other Transaction Documents.

 

(e)          The
Company shall have received a lock-up agreement, in the form of Exhibit D annexed hereto and made a part hereof, duly executed
by each of the Investors.

 

5.3.        Conditions
to the Investors’ Obligations at Additional Closing. The obligation of the Investors to purchase the Additional Securities
at each Additional Closing, if any, is subject to the fulfillment to the Investors’ satisfaction, on or prior to the applicable
Additional Closing Date, of the following conditions, any of which may be waived in writing by the Requisite Investors in their
sole discretion:

 

(a)          After
giving effect to the applicable Updated Schedules accepted pursuant to Section 6.8, the representations and warranties made
by the Company in Section 3 hereof that are qualified as to materiality shall be true and correct in all respects,
and those not so qualified shall be true and correct in all material respects on the applicable Additional Closing Date. The Company
shall have performed in all material respects all obligations herein required to be performed or observed by it on or prior to
the applicable Additional Closing Date;

 

(b)          The
Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary or
appropriate for consummation of the purchase and sale of the Additional Securities at the applicable Additional Closing then being
issued and sold, and all of which shall be and remain so long as necessary in full force and effect;

 

(c)          No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority enjoining or preventing the consummation of the applicable Additional Closing or
transactions contemplated hereby in the other Transaction Documents;

 

    	-35-

    	 

    

 

(d)          The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial
Officer, dated as of the applicable Additional Closing Date, certifying to (x) the fulfillment of the conditions specified in subsections
(a), (b), (c), (g) and (i) of this Section 5.3, and (y) the proceeds from the issuance of the Additional Securities shall
only be used to fund the consideration and the reasonable transaction expenses incurred by the Company for the Approved Acquisition
described in the Conditional Put Notice;

 

(e)          The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer, dated as of the applicable
Additional Closing Date, certifying the resolutions adopted by the Board approving the Additional Closing and the other transactions
contemplated by this Agreement and the other Transaction Documents, and the issuance and sale of the Additional Securities, certifying
the current versions of the Articles of Incorporation and Bylaws of the Company and certifying as to the signatures and authority
of persons signing the Transaction Documents and all related documents on behalf of the Company;

 

(f)          The
Investors shall have received the WG Opinion and the Nevada Opinion, each dated as of the applicable Additional Closing Date;

 

(g)          No
stop order or suspension of trading shall have been imposed by any Person with respect to public trading in the Common Stock;

 

(h)          No
event or events shall have occurred from and after the Initial Closing Date that, individually or in the aggregate, is reasonably
likely, in the reasonable judgment of the Requisite Investors, to result in a Material Adverse Effect;

 

(i)          The
acquisition described in the Conditional Put Notice is an Approved Acquisition;

 

(j)          The
Facility Fee applicable to the Additional Closing shall have been paid by the Company to the Investors (in such allocation among
them as they may determine in their sole discretion);

 

(k)          The
fees and expense of the Investors in connection with the Additional Closing, as set forth in Section 8.5, shall have been
paid by the Company to the Investors (in such allocation among them as they may determine in their sole discretion); and

 

(l)          No
Event of Default has occurred and is continuing since the Initial Closing Date.

 

5.4.        Conditions
to Obligations of the Company at Additional Closing. The Company’s obligation to sell and issue the Additional Securities
at each Additional Closing is subject to the fulfillment to the satisfaction by the Company on or prior to the Additional Closing
Date of the following conditions, any of which may be waived in writing by the Company:

 

(a)          The
representations and warranties made by the Investors in Section 4 hereof shall be true and correct in all material respects
on the Additional Closing Date;

 

    	-36-

    	 

    

 

(b)          Each
of the Investors shall have delivered to the Company the respective portion of the Draw Amount; and

 

(c)          No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority enjoining or preventing the consummation of the transactions contemplated hereby
or in the other Transaction Documents.

 

6.           Covenants
and Agreements of the Company.

 

6.1.          Reservation
of Common Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of providing for the conversion of the Series A-2 Preferred Stock, such number of shares of Common
Stock as shall from time to time equal to the number of shares sufficient to permit the conversion of the Series A-2 Preferred
Stock pursuant to this Agreement in accordance with its terms, without regard to any exercise limitations contained therein.

 

6.2.          Trading.
The Company shall promptly following the date hereof secure and maintain the listing of the Conversion Shares upon each securities
exchange or quotation system upon which the Common Stock is then traded, so that as of the applicable Closing Date such Conversion
Shares shall have been authorized for trading on the relevant securities exchange or quotation system.

 

6.3.          Financial
Covenants. For as long as the Investors own any Securities or Conversion Shares, any breach of, or non-compliance with, with
the covenants set forth in Section 6.13 of the Credit Agreement, solely as in effect on the date hereof and without giving
effect to any amendment, modification or waiver thereof, by Comp Tower shall constitute an Event of Default by the Company under
this Agreement. For the avoidance of doubt, any waiver, amendment or modification by the lenders or administrative agent under
the Credit Agreement shall have no effect with respect to this Agreement.

 

6.4.          Legends.

 

 (a)          Certificates
evidencing the Securities and, when issued, the Conversion Shares shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form, until such time as they may be resold without restriction
as to current public information, manner of sale or volume limitations under applicable securities laws:

    	-37-

    	 

    

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

(b)          The
Company acknowledges and agrees that an Investor may from time to time pledge, and/or grant a security interest in, some or all
of the legended Securities or Conversion Shares in connection with applicable securities laws, pursuant to a bona fide margin agreement
in compliance with a bona fide margin loan. Such a pledge would not be subject to approval or consent of the Company and no legal
opinion of legal counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal
opinion shall be required in connection with a subsequent transfer or foreclosure following default by an Investor’s transferee
of the pledge. No notice shall be required of such pledge, but Investor’s transferee shall promptly notify the Company of
any such subsequent transfer or foreclosure. Each Investor acknowledges that the Company shall not be responsible for any pledges
relating to, or the grant of any security interest in, any of the Securities or Conversion Shares or for any agreement, understanding
or arrangement between any Investor and its pledgee or secured party.

 

(c)          Removal
of Legends. The legend set forth in Section 6.4(a) above shall be removed and the Company shall issue one or more certificates
without such legend or any other legend to the holder of the applicable Securities or Conversion Shares upon which it is stamped
or issue to such holder by electronic delivery at the applicable balance account at the Depository Trust Company (“DTC”),
if (i) such Securities or Conversion Shares are registered for resale under the 1933 Act (provided that the Investor agrees to
only sell such Securities or Conversion Shares when, and as permitted, by the effective registration statement permitting such
resale), (ii) such Securities or Conversion Shares are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate
of the Company), or (iii) such Securities or Conversion Shares are eligible for under the 1933 Act without regard to current public
information, manner of sale or volume limitations. Any fees (with respect to the Transfer Agent, Company counsel or otherwise)
associated with the removal of such legend shall be borne by the Company. Following the Effective Date (as that term is defined
in the Registration Rights Agreement), or at such earlier time as a legend is no longer required for certain Securities or Conversion
Shares, the Company will no later than three (3) Trading Days following the delivery by an Investor to the Company or the Transfer
Agent (with notice to the Company) of a legended certificate representing such Securities or Conversion Shares (endorsed or with
stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer) and an
opinion of counsel to the extent required by Section 6.4(b) (such third Trading Day, the “Legend Removal Date”),
deliver or cause to be delivered to such Investor a certificate representing such Securities or Conversion Shares, as the case
may be, that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 6. Certificates for Securities
or Conversion Shares subject to legend removal hereunder may be transmitted by the Transfer Agent to the Investors by crediting
the account of the Investor’s prime broker with DTC.

 

    	-38-

    	 

    

 

(d)          Irrevocable
Transfer Agent Instructions. The Company represents and warrants that it shall not issue any instruction to its transfer agent
in connection with this Agreement, without the prior written consent of the Requisite Investors, and that the Securities and Conversion
Shares shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement
and the other Transaction Documents and applicable law. The Company acknowledges that a breach by it of its obligations under this
Section 6.4(d) will cause irreparable harm to an Investor. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Section 6.4(d) will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Section 6.4(d), that an Investor shall be entitled, in addition to all other
available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without
the necessity of showing economic loss and without any bond or other security being required.

 

(e)          Buy-In.
If the Company shall fail for any reason or for no reason to issue to an Investor unlegended certificates within three (3) Business
Days of receipt of all documents necessary for the removal of the legend set forth above (the “Deadline Date”),
then, in addition to all other remedies available to such Investor, if on or after the Business Day immediately following such
three (3) Business Day period, such Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by the holder of shares of Common Stock that such Investor anticipated receiving from the Company without
any restrictive legend (a “Buy-In”), then the Company shall, within three (3) Business Days after such Investor’s
request and in such Investor’s sole discretion, either (i) pay cash to the Investor in an amount equal to such Investor’s
total purchase price (including brokerage commissions, if any) for the Conversion Shares so purchased (the “Buy-In Price”),
at which point the Company’s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate
with respect to the subject Conversion Shares, or (ii) promptly honor its obligation to deliver to such Investor a certificate
or certificates representing such Conversion Shares and pay cash to the Investor in an amount equal to the excess (if any) of the
Buy-In Price over the product of (a) such number of Conversion Shares, multiplied by (b) the Closing Bid Price on the Deadline
Date.

 

6.5.          No
Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the 1933 Act) that will be integrated with the offer or sale of the Shares in a manner that would require the registration under
the 1933 Act of the sale of the Shares to the Investors, or that will be integrated with the offer or sale of the Shares for purposes
of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing of such
other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

    	-39-

    	 

    

 

6.6.          Securities
Laws Disclosure; Publicity. By 9:00 a.m., New York City time, on the Trading Day immediately following the execution of this
Agreement, the Company shall issue a press release disclosing all material terms of the transactions contemplated hereby, which
press release shall be subject to review and reasonable approval by the Requisite Investors. On or before 9:00 a.m., New York City
time, on the second Trading Day immediately following the execution of this Agreement, the Company will file a Current Report on
Form 8-K with the SEC describing the terms of the Transaction Documents (and including as exhibits to such Current Report on Form
8-K the material Transaction Documents (including, without limitation, this Agreement, the Series A Certificate of Designation
and the Registration Rights Agreement)), which Form 8-K shall be subject to review and reasonable approval by the Requisite Investors.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Investor or an Affiliate of any Investor,
or include the name of any Investor or an Affiliate of any Investor in any press release or filing with the SEC (other than the
Registration Statement) or any regulatory agency or Trading Market, without the prior written consent of such Investor, except
(i) as required by federal securities law in connection with (A) any registration statement contemplated by the Registration
Rights Agreement and (B) the filing of final Transaction Documents (including signature pages thereto) with the SEC and (ii) to
the extent such disclosure is required by law, request of the Staff of the SEC or Trading Market regulations, in which case the
Company shall provide the Investors with prior written notice of such disclosure permitted under this subclause (ii).

 

6.7.          Furnishing
of Information. As long as any Investor owns Securities, the Company covenants to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant
to the 1934 Act. As long as any Investor owns Conversion Shares, if the Company is not required to file reports pursuant to such
laws, it will prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) promulgated by the
SEC pursuant to the 1933 Act, as such Rule may be amended from time to time, such information as is required for the Investors
to sell the Conversion Shares under Rule 144 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended from
time to time (“Rule 144”). The Company further covenants that it will take such further action as any holder
of Conversion Shares may reasonably request, all to the extent required from time to time to enable such Person to sell the Conversion
Shares without registration under the 1933 Act within the limitation of the exemptions provided by Rule 144.

 

6.8.          Updated
Disclosure Schedules. At least ten (10) days before each Additional Closing, if any, the Company shall deliver to the Investors
an updated version of the Disclosure Schedules (the “Updated Schedules”) so that, after giving effect to such
Updated Schedules, the condition in Section 5.3(a) shall be able to be satisfied with respect to such Additional Closing.
The Updated Schedules shall be in writing, and blacklined (using customary blacklining software highlighting all changes made therein)
against the immediately prior version of the Disclosure Schedules or Updated Schedules, as the case may be, provided by the Company
to the Investors. Notwithstanding the foregoing, the Investors shall have the right to review the Updated Schedules, and either
accept or reject them in their sole discretion, by giving written notice thereof to the Company at any time before such Additional
Closing. If so rejected, the condition in Section 5.3(a) shall not be able to be satisfied, if at all, unless and until
the Company submits Updated Schedules with respect to such Additional Closing that are in all respects acceptable to the Requisite
Investors, in their sole discretion, provided, that, the need to furnish revised versions of the Updated Schedules shall not operate
to extend the date for the Additional Closing, unless consented thereto in writing by the Requisite Investors, in their sole discretion,
and if not so extended, the Company shall once again comply with the notice requirements for an Additional Closing under Section
2.4. Subject to the next two sentences, the Updated Schedules accepted under this Section 6.8 for a given Additional
Closing shall become the Disclosure Schedules applicable to the representations and warranties under Section 3 of this
Agreement. If any Updated Schedules are accepted by the Investors, such acceptance shall only be for purposes of Section 5.3(a)
and shall not be deemed a waiver or, or in any way prevent the Investors from asserting, their rights under Section 7 of
this Agreement. For the avoidance of doubt, the Investors shall be entitled to elect to consummate the Additional Closing and subsequently
pursue their rights and remedies under Section 7 with respect to any inaccuracies in the representations and warranties,
notwithstanding their acceptance of the Updated Schedules.

 

    	-40-

    	 

    

 

6.9.          Insurance.
Neither the Company, nor any Affiliates of the Company, shall: (a) make any modifications, alterations and/or improvements
to any of the Towers, Tower Sites or Development Tower Sites that would make, as of the date of such modifications, alterations
and/or improvements, void or voidable any insurance in force with respect thereto and/or (b) knowingly do or permit to be
done any act or thing upon any of the Towers, Tower Sites or Development Tower Sites which will invalidate or be in conflict with
any insurance policies covering such Towers, Tower Sites or Development Tower Sites, as the case may be.

 

7.           Survival
and Indemnification.

 

7.1.          Survival.
All representations, warranties, covenants and agreements contained in this Agreement shall be deemed to be representations, warranties,
covenants and agreements as of the date hereof and shall survive the Initial Closing Date until the later of the third anniversary
of (x) the Initial Closing Date, and (y) the last Additional Closing Date, if any; provided, however, that the provisions
contained in: (a) Sections 3.1 through and including 3.6 hereof shall survive indefinitely; and (b) Sections 3.10,
3.12, 3.14, 3.15 and 3.16 shall survive until 90 days after the applicable statute of limitations.

 

7.2.          Indemnification.
The Company agrees to indemnify and hold harmless, each Investor and its Affiliates and the directors, officers, employees and
agents of each Investor and its Affiliates, from and against any and all losses, claims, damages, liabilities and expenses (including
without limitation reasonable attorney fees and disbursements and other expenses incurred in connection with investigating, preparing
or defending any action, claim or proceeding, pending or threatened and the costs of enforcement hereof) (collectively, “Losses”)
to which such Person may become subject, as a result of, relating to or arising in any way from: (i) any breach of any representation,
warranty, covenant or agreement made by, or to be performed on the part of, the Company or any Subsidiary under the Transaction
Documents; or (ii) the Company’s use of proceeds from the Initial Closing (whether or not permitted under Section 2.3)
or any Additional Closing.

 

    	-41-

    	 

    

 

7.3.          Conduct
of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”)
of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 7.2, such Indemnified Person shall
promptly notify the Company in writing and the Company shall assume the defense thereof, including the employment of counsel reasonably
satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however,
that the failure of any Indemnified Person to notify the Company shall not relieve the Company of its obligations hereunder
except to the extent that the Company is actually and materially prejudiced by such failure to notify. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention
of such counsel; or (ii) in the reasonable judgment of counsel to such Indemnified Person (A) representation of both parties by
the same counsel would be inappropriate due to actual or potential differing interests between them, or (B) the Company shall have
failed to promptly assume the defense of such proceeding. The Company shall not be liable for any settlement of any proceeding
effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned, but if settled
with such consent, or if there be a final judgment for the plaintiff, the Company shall indemnify and hold harmless such Indemnified
Person from and against any Losses by reason of such settlement or judgment. Without the prior written consent of the Indemnified
Person, which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Person from all liability arising out of such proceeding.

 

7.4.          Calculation
of Indemnifiable Losses. In calculating the Losses under this Section 7, the calculation shall be based on the multiple
of earnings or projected earnings that is impacted by the facts and circumstances giving rise to such Losses.

 

8.           Miscellaneous.

 

8.1.          Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company and the
Investors; provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or
in part to an Affiliate or to a third party acquiring some or all of its Securities in a private transaction without the prior
written consent of the Company or the other Investors, after notice duly given by such Investor to the Company, provided, that
no such assignment or obligation shall affect the obligations of such Investor hereunder. The provisions of this Agreement shall
inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Except for the Investor
Counsel, which is an express intended third party beneficiary of this Agreement, and except for provisions of this Agreement expressly
to the contrary, nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement.

 

8.2.          Counterparts;
Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be delivered via facsimile, which shall be deemed
an original.

 

    	-42-

    	 

    

 

8.3.          Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

8.4.          Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such
delivery, (ii) if given by telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of complete
transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three (3) Business Days after such notice is deposited in first class mail, postage prepaid, and (iv) if given
by an nationally recognized overnight air courier, then such notice shall be deemed given one (1) Business D after delivery to
such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as
such party may designate by ten (10) days’ advance written notice to the other party:

 

If to the Company:

 

CIG Wireless Corp.

Five Concourse Parkway, Suite 3100

Atlanta, GA 30328

Attention: Paul McGinn, CEO

Fax: 678-332-5050

E-mail: pmcginn@cigwireless.com

 

With a copy to:

 

Wuersch & Gering LLP

100 Wall Street, 10th Floor

New York, NY 10005

Attention: Travis L. Gering, Esq.

Fax: 610-819-9104

E-mail: travis.gering@wg-law.com

 

If to any of the Investors:

 

to the addresses set
forth on Schedule I affixed hereto.

 

With a copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, NY 10020

Attn: Steven E. Siesser, Esq.

Fax: 973-597-2507

E-mail: ssiesser@lowenstein.com

 

    	-43-

    	 

    

 

8.5.          Expenses.
The Company shall pay the fees and expenses of the Investors, including without limitation, the reasonable and customary fees and
expenses of Investor Counsel, in connection with the negotiation, preparation, execution and delivery of this Agreement and the
other Transaction Documents and any amendments, modifications or waivers thereto, as well as any fees and expenses incurred by
the Investors in connection with their administration, monitoring and supervision of their investment in the Company, including
without limitation, travel, meals, and lodging, as and when such fees and expenses are incurred (the “Investor Fees”).
The Investor Fees incurred through the Initial Closing Date shall be paid to the Investors (in such allocation among them as they
may determine in their sole discretion) on the Initial Closing Date. The Company shall bear its own expenses in connection with
the negotiation, preparation, execution and delivery of this Agreement.

 

8.6.          Amendments
and Waivers. This Agreement shall not be amended and the observance of any term of this Agreement shall not be waived (either
generally or in a particular instance and either retroactively or prospectively) without the prior written consent of the Company
and the Requisite Investors; provided, however, that any provision hereof which impairs the rights or increases the
obligations of a specific Investor disproportionately to other Investors shall not be amended or waived without the prior written
consent of the Company and that particular Investor; provided, further, that any provision affecting the rights or
obligations of Investor Counsel, shall not be waived or amended without the prior written consent of the Investor Counsel. Any
amendment or waiver effected in accordance with this Section 8.6 shall be binding upon each holder of any Securities purchased
under this Agreement at the time outstanding, each future holder of all such Securities, and the Company.

 

8.7.          Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company and the Transfer Agent
of such loss, theft or destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact
and an agreement to indemnify and hold harmless the Company and the Transfer Agent for any losses in connection therewith or, if
required by the Transfer Agent, a bond in such form and amount as is required by the Transfer Agent. The applicants for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement
Shares. If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, the Company
may require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

8.8.          Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other than in connection
with any action for a temporary restraining order) the defense that a remedy at law would be adequate.

 

    	-44-

    	 

    

 

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

 

8.10.         Publicity.
No public release or announcement concerning the transactions contemplated hereby shall be issued by the Company or the Investors
without the prior consent of the Company (in the case of a release or announcement by the Investors) or the Investors (in the case
of a release or announcement by the Company) (which consents shall not be unreasonably withheld), except as such release or announcement
may be required by law or the applicable rules or regulations of any securities exchange or securities market on which the Securities
are then listed and trading, in which case the Company or the Investors, as the case may be, shall allow the Investors or the Company,
as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement
in advance of such issuance.

 

8.11.         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

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

 

8.13.         Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as
if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

    	-45-

    	 

    

 

8.14.         Entire
Agreement. This Agreement, including the Exhibits and Disclosure Schedules, and the other Transaction Documents constitute
the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof. Prior drafts
or versions of this Agreement shall not be used to interpret this Agreement.

 

8.15.         No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except (i)
the Placement Agent is an intended third party beneficiary of Article III hereof and may enforce the provisions of such Section
directly against the parties with obligations thereunder.

 

8.16.         Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

8.17.         Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the
State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the
exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for
the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this
Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may
be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this
Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding
and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such
suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. THE COMPANY AND EACH OF THE INVESTORS HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO OR ARISING OUT OF THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

[SIGNATURE PAGES FOLLOW]

 

    	-46-

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has executed this Purchase Agreement or caused its duly authorized officer to execute this Purchase Agreement as of
the date first above written.

 

	 	CIG WIRELESS CORP.
	 	 	 
	 	By:	/s/ Paul McGinn
	 	 	Name: Paul McGinn
	 	 	Title:  Chief Executive Officer

 

[Company Signature Page
To Securities Purchase Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Securities Purchase Agreement or caused a duly authorized person to execute this Securities Purchase
Agreement as of the date first above written.

 

	 	 	INVESTOR:
	 	 	 
	 	 	Fir Tree REF III Tower LLC
	 	 	Print name of entity
	 	 	 
	 	 	By:	/s/ Brian Meyer
	 	 	 	Name: Brian Meyer
	 	 	 	Title: Authorized Person
	 	 	 
	 	 	Delaware
	 	 	Print jurisdiction of organization of entity
	 	 	 
	 	 	
        c/o Fir Tree, Inc.

        505 Fifth Avenue, 23rd Floor

        New York, NY 10017

        (212) 599-0090

        (212) 659-4885 (fax)

        Attention: Brian Meyer

        General Counsel

	 	 	 
	 	 	37-1732224
	 	 	Taxpayer ID#

 

Aggregate dollar amount of Initial Securities
committed to be purchased pursuant to the terms of the Agreement:

    $17,500,000       

 

[Investor
Signature Page to Securities Purchase Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Securities Purchase Agreement or caused a duly authorized person to execute this Securities Purchase
Agreement as of the date first above written.

 

	 	 	INVESTOR:
	 	 	 
	 	 	Fir Tree Capital Opportunity (LN) Master Fund, LP
	 	 	Print name of entity
	 	 	 
	 	 	By:	/s/ Brian Meyer
	 	 	 	Name: Brian Meyer
	 	 	 	Title: Authorized Person
	 	 	 
	 	 	Cayman Islands
	 	 	Print jurisdiction of organization of entity
	 	 	 
	 	 	
        c/o Fir Tree, Inc.

        505 Fifth Avenue, 23rd Floor

        New York, NY 10017

        (212) 599-0090

        (212) 659-4885 (fax)

        Attention: Brian Meyer

        General Counsel

	 	 	 
	 	 	98-1083589
	 	 	Taxpayer ID#

 

Aggregate dollar amount of Initial Securities
committed to be purchased pursuant to the terms of the Agreement:

    $17,500,000       

 

[Investor
Signature Page to Securities Purchase Agreement]

 

    	 

    	 

    

 

SCHEDULE I

 

 

  

INVESTORS

 

 

 

INITIAL CLOSING

 

 

 

 

	Name 
of Investor	 	Initial Closing 
 Purchase Price	 	 	Number of Shares
 of Series A-1
 Preferred Stock	 	 	Number of Shares
 of Series A-2
 Preferred Stock	 
	Fir Tree Capital Opportunity Master Fund, L.P. 
c/o Fir Tree, Inc. 
505 Fifth Avenue, 23rd Floor 
New York, NY 10017 
(212) 599-0090 
(212) 659-4885 (fax) 
Attention: Brian Meyer 

                 General Counsel	 	$	17,499,998.82	 	 	 	174,853.5	 	 	 	14,648,826	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fir Tree REF III Master Fund, LLC 
c/o Fir Tree, Inc. 
505 Fifth Avenue, 23rd Floor 
New York, NY 10017 
(212) 599-0090 
(212) 659-4885 (fax) 
Attention: Brian Meyer 
                 General Counsel	 	$	17,499,998.82	 	 	 	174,853.5	 	 	 	14,648,826	 
	Total	 	$	34,999,997.64	 	 	 	349,707	 	 	 	29,297,652	 

  

    	 

    	 

    

 

Exhibits

 

	Exhibit A	Series A Certificate of Designation
	Exhibit B	Registration Rights Agreement
	Exhibit C-1	Form of WG Opinion 
	Exhibit C-2	Form of Nevada Opinion 
	Exhibit D	Form of Lock-Up
	Exhibit E	[INTENTIONALLY DELETED]
	Exhibit F	Certificate of Withdrawal
	Exhibit G	2013 Budget

 

    	 

    	 

    

 

Schedule 5.1(m)

 

		i)	Written acknowledgment from Chartis regarding the Financing,
which confirms that the Company’s D&O policy will remain in effect after the closing of the Financing

 

		ii)	Amendments to the Limited Liability Company Agreements
of the following of the Company’s subsidiaries, each in form and substance satisfactory to the Investors:

 

		(1)	CIG Properties, LLC

		(2)	CIG Services, LLC

		(3)	CIG Towers, LLC

		(4)	CIG BTS Towers, LLC

		(5)	CIG GA Holding, LLC

		(6)	CIG DT Holding, LLC

		(7)	CIG Comp Tower, LLC

		(8)	CIG Solutions, LLC

		(9)	Specialty Towers Management, LLC

 

		iii)	Amendment No. 3 to Amended and Restated Operating Agreement
of Communication Infrastructure Group, LLC, in form and substance satisfactory to the Investors

 

		iv)	Amendment No.1 to Employment Agreement by and between
the Company and Michael Hofe, in form and substance satisfactory to the Investors

 

		v)	Amendment No.1 to Employment Agreement by and between
the Company and B. Eric Sivertsen, in form and substance satisfactory to the Investors

 

		vi)	Amendment No.1 to Employment Agreement by and between
the Company and Paul McGinn Employment Agreement, in form and substance satisfactory to the Investors

 

		vii)	Option Cancellation Agreements, by and between the Company
and each of the following parties, each in form and substance satisfactory to the Investors:

 

		(1)	Paul McGinn

		(2)	Gabriel Margent

		(3)	Gert Rieder

		(4)	Grant Barber

		(5)	Wuersch & Gering LLP

 

		viii)	The establishment of compensation terms for current and
future members of the Board of Directors that are in all respects acceptable to the Requisite Investors, in their sole discretionExhibit 10.39

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of August 1, 2013, by and among CIG Wireless Corp.,
a Nevada corporation (the “Company”), and the several investors signatory hereto (each an “Investor”
and collectively, the “Investors”).

 

This Agreement is made
pursuant to the Securities Purchase Agreement, dated as of the date hereof between the Company and each Investor (the “Purchase
Agreement”).

 

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

 

1.           Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

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

 

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

 

“Additional
Closing Date” has the meaning set forth in the Purchase Agreement.

 

“Additional
Series A-2 Preferred Shares” means the shares of Additional Series A-2 Preferred Stock issued to the Investors
on each Additional Closing Date pursuant to the Purchase Agreement.

 

“Additional
Series A-2 Preferred Stock” has the meaning set forth in the Purchase Agreement.

 

“Additional
Shares” shall mean any and all shares of Common Stock other than the Initial Shares that are issued or issuable to the
Investor at any time and from time to time after the Initial Closing Date, including, without limitation, (i) shares of Common
Stock issued or issuable to the Investors upon conversion of the Additional Series A-2 Preferred Shares and any shares of Common
Stock issued or issuable as payment-in-kind dividends on the Additional Series A-2 Preferred Shares in accordance with the terms
thereof, and (ii) upon any change in the Series A-2 Conversion Ratio (as that term is defined in the Series A Certificate of Designations)
such that additional shares of Common Stock become issuable upon conversion of the Series A-2 Preferred Shares or Additional Series
A-2 Preferred Shares.

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly Controls, is Controlled by, or is under common
Control with, such Person.

 

    	 

    	 

    

 

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Allowable Grace
Period” shall have the meaning set forth in Section 2(e).

 

“Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Common Stock”
means the common stock of the Company, par value $0.00001 per share, and any securities into which such common stock may hereinafter
be reclassified.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Demand Notice”
shall have the meaning set forth in Section 2(a).

 

“Demand Registration
Statement” shall have the meaning set forth in Section 2(a).

 

“Effective Date”
means the date that each Registration Statement filed pursuant to Section 2(a) is first declared effective by the SEC.

 

“Effectiveness
Deadline” means, with respect to each Demand Registration Statement or New Demand Registration Statement, the 60th
calendar day following the applicable Filing Deadline (or, in the event the SEC reviews and has written comments to such Demand
Registration Statement or New Demand Registration Statement, the 90th calendar day following the applicable Filing Deadline);
provided, however, that if the Company is notified by the SEC that such Demand Registration Statement will not be
reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall
be the fifth (5th) Trading Day following the date on which the Company is so notified if such date precedes the dates
otherwise required above; provided, further, that if the Effectiveness Deadline falls on a Saturday, Sunday or other
day that the SEC is closed for business, the Effectiveness Deadline shall be extended to the next Business Day on which the SEC
is open for business, provided, further, if the Demand Notice giving rise to such Demand Registration Statement or
New Demand Registration Statement was delivered within the first 15 calendar days of a fiscal quarter, then the Effective Deadline
otherwise calculated under this definition shall be extended (up to 15 calendar days) by a like number of calendar days.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(b).

 

“Event”
shall have the meaning set forth in Section 2(c).

 

“Event Date”
shall have the meaning set forth in Section 2(c).

 

    	 

    	 

    

 

 

“Filing Deadline”
means, with respect to each Demand Registration Statement required to be filed pursuant to Section 2(a), the 30th
day following the delivery to the Company by any Investor of a Demand Notice; provided, however, that if the
Filing Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Filing Deadline shall be extended
to the next Business Day on which the SEC is open for business.

 

“FINRA”
shall have the meaning set forth in Section 3(i).

 

“Governmental
Authority” means any U.S. or other national, federal, state, provincial, county, municipal or local government, foreign
or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry,
board or other similar body exercising executive, legislative, judicial, arbitral, regulatory or administrative authority or functions
of or pertaining to government, including any authority or other self-regulatory organization or quasi-governmental entity established
to perform any of such functions, including without limitation, the U.S. Federal Aviation Administration and the U.S. Federal Communication
Commission.

 

“Grace Period”
shall have the meaning set forth in Section 2(e).

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial Closing
Date” has the meaning set forth in the Purchase Agreement.

 

“Initial Series
A-2 Preferred Shares” means the shares of Series A-2 Preferred Stock issued to the Investors on the Initial Closing
Date pursuant to the Purchase Agreement.

 

“Initial Shares”
means shares of Common Stock issued or issuable to the Investors upon conversion of the Initial Series A-2 Preferred Shares and
any shares of Common Stock issued or issuable as payment-in-kind dividends on the Initial Series A-2 Preferred Shares in accordance
with the terms thereof.

 

“Investor”
or “Investors” shall have the meaning set forth in the preamble to this Agreement.

 

“Liquidated
Damages” shall have the meaning set forth in Section 2(c).

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“New Demand
Registration Statement” shall have the meaning set forth in Section 2(a).

 

    	 

    	 

    

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically
listed herein.

 

“Piggyback Registration”
shall have the meaning set forth in Section 2(g)(i).

 

“Principal Trading
Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of
the date of this Agreement and the Initial Closing Date, shall be the OTCQX.

 

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

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the 1933 Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

 

“Purchase Agreement”
shall have the meaning set forth in the Recitals.

 

“Registrable
Securities” means all of (i) the Shares, (ii) the Additional Shares and (iii) any securities issued or issuable upon
any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing, provided,
that the Holder has completed and delivered to the Company a Selling Stockholder Questionnaire; and provided, further,
that Shares shall cease to be Registrable Securities upon the earliest to occur of the following: (A) sale pursuant to a Registration
Statement or Rule 144 under the 1933 Act (in which case, only such security sold shall cease to be a Registrable Security); or
(B) becoming eligible for sale without restriction under Rule 144.

 

“Registration
Statements” means any one or more registration statements of the Company filed under the 1933 Act that covers the resale
of any of the Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Demand Registration
Statements, any New Demand Registration Statements and any Remainder Demand Registration Statements), amendments and supplements
to such Registration Statements, including post-effective amendments, all exhibits and all material incorporated by reference or
deemed to be incorporated by reference in such Registration Statements.

 

“Remainder Demand
Registration Statement” shall have the meaning set forth in Section 2(a).

 

“Rule 144”
means Rule 144 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

    	 

    	 

    

 

 

“Rule 415”
means Rule 415 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

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

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance, comments, requirements or requests of the SEC staff
and (ii) the 1933 Act.

 

“Selling Stockholder
Questionnaire” means a questionnaire in the form attached as Annex B hereto, or such other form of questionnaire
as may reasonably be adopted by the Company from time to time.

 

“Shares”
means the Initial Shares and the Additional Shares.

 

“Trading Day”
means a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market; provided, that in the event
that the Common Stock is not listed or quoted as set forth on a Trading Market, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, New York Stock Exchange MKT, the NASDAQ Global Select Market, the NASDAQ Global
Market, the NASDAQ Capital Market, OTCQX, or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on
the date in question.

 

“Transaction
Documents” means this Agreement, the Series A Certificate of Designation, and the Purchase Agreement, and each other
document, agreement, instrument and certificate executed and delivered in connection therewith in respect of the Initial Closing
Date and each Additional Closing Date.

 

“Transfer Agent”
means Pacific Stock Transfer, or any successor transfer agent for the Company.

 

    	 

    	 

    

 

2.           Registration.

 

(a)          Registration
Statements. At any time and from time to time following the Initial Closing Date any Investor may make up to three (3) demands
for the Company to register under the 1933 Act all of the Registrable Securities not already covered by an existing and effective
Registration Statement by delivering to the Company a written notice of each such demand (each, a “Demand Notice”).
On or prior to each Filing Deadline, the Company shall prepare and file with the SEC a Registration Statement covering the resale
of all of the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415 or, if Rule 415 is not
available for offers and sales of the Registrable Securities, by such other means of distribution of Registrable Securities as
the Holders may reasonably specify (each, a “Demand Registration Statement”). The Demand Registration Statement
shall be on Form S-3 (except if the Company is then ineligible to register for resale of the Registrable Securities on Form S-3,
in which case such registration shall be on such other form available to register for resale of the Registrable Securities as a
secondary offering) subject to the provisions of Section 2(e) and shall contain (except if otherwise required pursuant to
written comments received from the SEC upon a review of such Registration Statement) the “Plan of Distribution”
section attached hereto as Annex A. Notwithstanding the registration obligations set forth in this Section 2, in
the event the SEC informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415,
be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly (1) inform
each of the holders thereof and use its commercially reasonable efforts to file amendments to the Demand Registration Statement
as required by the SEC and/or (2) withdraw the Demand Registration Statement and file a new registration statement (a “New
Demand Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be
registered by the SEC, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary
offering; provided, however, that prior to filing such amendment or New Demand Registration Statement, the Company
shall be obligated to use its commercially reasonable efforts to advocate with the SEC for the registration of all of the Registrable
Securities in accordance with the SEC Guidance. Notwithstanding any other provision of this Agreement and subject to the payment
of Liquidated Damages in Section 2(c), if any SEC Guidance sets forth a limitation of the number of Registrable Securities
permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company
used diligent efforts to advocate with the SEC for the registration of all or a greater number of Registrable Securities), unless
otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered
on such Registration Statement will first be reduced by the Registrable Securities not acquired pursuant to the Purchase Agreement
(whether pursuant to registration rights or otherwise) (applied, in the case that some Registrable Securities may be registered,
to the Holders on a pro rata basis based on the total number of unregistered Registrable Securities held by such Holders)
and second, by the Registrable Securities represented by the Shares (applied, in the case that some Shares may be registered, to
the Holders on a pro rata basis based on the total number of unregistered Shares held by such Holders, subject to a determination
by the SEC that certain Holders must be reduced first based on the number of Shares held by such Holders). In the event the Company
amends the Demand Registration Statement or files a New Demand Registration Statement, as the case may be, under clauses (1) or
(2) above, the Company will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by Commission
or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form
S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the
Demand Registration Statement, as amended, or the New Demand Registration Statement (the “Remainder Demand Registration
Statements”).

 

    	 

    	 

    

(b)          Effectiveness
Period. The Company shall use its commercially reasonable efforts to cause each Registration Statement to be declared effective
by the SEC as soon as practicable and, with respect to any Demand Registration Statement or New Demand Registration Statement,
as applicable, no later than the Effectiveness Deadline applicable to such Registration Statement (including filing with the SEC
a request for acceleration of effectiveness in accordance with Rule 461 promulgated under the 1933 Act within five (5) Business
Days after the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration
Statement will not be “reviewed,” or not be subject to further review and the effectiveness of such Registration Statement
may be accelerated), and shall use its commercially reasonable efforts to keep each Registration Statement continuously effective
under the 1933 Act until the earlier of (i) such time as all of the Registrable Securities covered by such Registration Statement
have been publicly sold by the Holders or (ii) the date that all Registrable Securities covered by such Registration Statement
may be sold by non-affiliates without restriction under Rule 144 as determined by counsel to the Company pursuant to a written
opinion letter to such effect, addressed and reasonably acceptable to the Company’s Transfer Agent (the “Effectiveness
Period”). The Company shall request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a
Trading Day. The Company shall promptly notify the Holders via facsimile or electronic mail of a “.pdf” format data
file of the effectiveness of a Registration Statement within one (1) Business Day of the Effective Date with respect to such Registration
Statement. The Company shall, by 9:30 a.m. New York City Time on the first Trading Day after such Effective Date, file a final
Prospectus with the SEC, as required by Rule 424(b). Failure to so notify the Holders on or before the second Business Day after
such notification or effectiveness or failure to file a final Prospectus as aforesaid shall be deemed an Event under Section
2(c).

 

(c)          Liquidated
Damages. If: (i) any Demand Registration Statement is not filed with the SEC on prior to the Filing Deadline applicable to
such Demand Registration Statement, (ii) the Demand Registration Statement or New Demand Registration Statement, as applicable,
is not declared effective by the SEC (or otherwise does not become effective) for any reason on or prior to the Effectiveness Deadline
applicable to such Registration Statement, (iii) after its Effective Date, (A) such Registration Statement ceases for any
reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement),
to remain continuously effective as to all Registrable Securities for which it is required to be effective or (B) the Holders are
not permitted to utilize the Prospectus therein to resell such Registrable Securities, in the case of (A) and (B), for more than
an aggregate of 30 Trading Days (which need not be consecutive) (other than during an Allowable Grace Period (as defined in Section
2(e) of this Agreement)), (iv) a Grace Period (as defined in Section 2(e) of this Agreement) exceeds the length of an
Allowable Grace Period, or (v) after the date six months following the Initial Closing Date, the Company fails to file with the
SEC any required reports under Section 13 or 15(d) of the 1934 Act such that it is not in compliance with Rule 144(c)(1) as a result
of which the Holders who are not affiliates are unable to sell Registrable Securities without restriction under Rule 144 (or any
successor thereto), (any such failure or breach in clauses (i) through (v) above being referred to as an “Event,”
and, for purposes of clauses (i), (ii) or (v), the date on which such Event occurs, or for purposes of clause (iii), the date on
which such 30 Trading Day period is exceeded, or for purposes of clause (iv) the date on which such Allowable Grace Period is exceeded,
being referred to as an “Event Date”), then in addition to any other rights the Holders may have hereunder or
under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event
shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in
cash, as partial liquidated damages and not as a penalty (“Liquidated Damages”), equal to 1.5% of the aggregate
purchase price paid by such Holder pursuant to the Purchase Agreement for any Registrable Securities held by such Holder on the
Event Date. The parties agree that (1) notwithstanding anything to the contrary herein or in the Purchase Agreement, no Liquidated
Damages shall be payable for any period after the expiration of the Effectiveness Period (except in respect of an Event described
in Section 2(c)(v) herein), and in no event shall, the aggregate amount of Liquidated Damages (excluding Liquidated Damages
payable in respect of an Event described in Section 2(c)(v) herein) payable to a Holder exceed, in the aggregate, 18%
of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement and (2) in no event shall the Company be
liable in any 30-day period for Liquidated Damages under this Agreement in excess of 2% of the aggregate purchase price paid by
the Holders pursuant to the Purchase Agreement. If the Company fails to pay any Liquidated Damages pursuant to this Section
2(c) in full within five (5) Business Days after the date payable, the Company will pay interest thereon at a rate of 1.5%
per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the
date such Liquidated Damages are due until such amounts, plus all such interest thereon, are paid in full. The Liquidated Damages
pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event, except
in the case of the first Event Date. In the event that the Company registers some but not all of the Registrable Securities, the
2% of Liquidated Damages referred to above for any monthly period shall be reduced to equal the percentage determined by multiplying
2% by a fraction, the numerator of which shall be the number of Registrable Securities for which there is not an effective Registration
Statement at such time and the denominator of which shall be the number of Registrable Securities at such time. The Effectiveness
Deadline for a Registration Statement shall be extended without default or Liquidated Damages hereunder in the event that the Company’s
failure to obtain the effectiveness of the Registration Statement on a timely basis results from the failure of an Investor
to timely provide the Company with information requested by the Company and necessary to complete the Registration Statement in
accordance with the requirements of the 1933 Act (in which the Effectiveness Deadline would be extended with respect to Registrable
Securities held by such Investor).

 

    	 

    	 

    

 

 

(d)          Selling
Stockholder Questionnaires. Each Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire not
more than five (5) Trading Days following the date of this Agreement. At least ten (10) Trading Days prior to the first anticipated
filing date of a Registration Statement for any registration under this Agreement, the Company will notify each Holder of the information
the Company requires from that Holder other than the information contained in the Selling Stockholder Questionnaire, if any, which
shall be completed and delivered to the Company promptly upon request and, in any event, within three (3) Trading Days prior to
the applicable anticipated filing date. Each Holder further agrees that it shall not be entitled to be named as a selling securityholder
in the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder
has returned to the Company a completed and signed Selling Stockholder Questionnaire and a response to any requests for further
information as described in the previous sentence. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire
or a request for further information, in either case, after its respective deadline, the Company shall use its commercially reasonable
efforts to take such actions as are required to name such Holder as a selling security holder in the Registration Statement or
any pre-effective or post-effective amendment thereto and to include (to the extent not theretofore included) in the Registration
Statement the Registrable Securities identified in such late Selling Stockholder Questionnaire or request for further information.
Each Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire or request for further information
as described in this Section 2(e) will be used by the Company in the preparation of the Registration Statement and hereby
consents to the inclusion of such information in the Registration Statement.

 

    	 

    	 

    

 

 

(e)          Grace
Periods. Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared effective
by the SEC, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of
such information at the time is not, in the good faith judgment of the Company, in the best interests of the Company (a “Grace
Period”); provided, however, the Company shall promptly (i) notify the Holders in writing of the existence
of material non-public information giving rise to a Grace Period (provided that the Company shall not disclose the content of such
material non-public information to the Holders) or the need to file a post-effective amendment, as applicable, and the date on
which such Grace Period will begin, and (ii) notify the Holders in writing of the date on which the Grace Period ends; provided,
further, that no single Grace Period shall exceed forty-five (45) consecutive days, and during any three hundred
sixty-five (365) day period, the aggregate of all Grace Periods shall not exceed an aggregate of ninety (90) days (each Grace Period
complying with this provision being an “Allowable Grace Period”). For purposes of determining the length of
a Grace Period, the Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred to in
clause (i) above and shall end on and include the later of the date the Holders receive the notice referred to in clause (ii) above
and the date referred to in such notice; provided, however, that no Grace Period shall be longer than an Allowable
Grace Period. Notwithstanding anything to the contrary, the Company shall cause the Company’s Transfer Agent to deliver unlegended
shares of Common Stock to a transferee of a Holder in accordance with the terms of the Purchase Agreement in connection with any
sale of Registrable Securities with respect to which a Holder has entered into a contract for sale prior to the Holder’s
receipt of the notice of a Grace Period and for which the Holder has not yet settled.

 

(f)          Form
of Registration Statement. In the event that Form S-3 is not  available for the registration of the resale of Registrable
Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably
acceptable to the Holders and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available,
provided, that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time
as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

 

(g)          Right
to Piggyback Registration.

 

(i)          If
at any time following the date of this Agreement that any Registrable Securities remain outstanding (A) there is not one or more
effective Registration Statements covering all of the Registrable Securities and (B) the Company proposes for any reason to register
any shares of Common Stock under the 1933 Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar
or successor form)) with respect to an offering of Common Stock by the Company for its own account or for the account of any of
its stockholders, it shall at each such time promptly give written notice to the Holders of its intention to do so (but in no event
less than thirty (30) days before the anticipated filing date) and, to the extent permitted under the provisions of Rule 415 under
the 1933 Act, include in such registration all Registrable Securities with respect to which the Company has received written requests
for inclusion therein within fifteen (15) days after receipt of the Company’s notice (a “Piggyback Registration”).
Such notice shall offer the Holders the opportunity to register such number of shares of Registrable Securities as each such Holder
may request and shall indicate the intended method of distribution of such Registrable Securities.

    	 

    	 

    

 

 

(ii)         Notwithstanding
the foregoing, (1) if such registration involves an underwritten public offering, the Holders must sell their Registrable Securities
to, if applicable, the underwriter(s) at the same price and subject to the same underwriting discounts and commissions that apply
to the other securities sold in such offering (it being acknowledged that the Company shall be responsible for other expenses as
set forth in Section 4) and subject to the Investors entering into customary underwriting documentation for selling stockholders
in an underwritten public offering, and (2) if, at any time after giving written notice of its intention to register any Registrable
Securities pursuant to Section 2(g)(i) and prior to the effective date of the registration statement filed in connection
with such registration, the Company shall determine for any reason not to cause such registration statement to become effective
under the 1933 Act, the Company shall deliver written notice to the Holders and, thereupon, shall be relieved of its obligation
to register any Registrable Securities in connection with such registration; provided, however, that nothing
contained in this Section 2(g)(ii) shall limit the Company’s liabilities and/or obligations under this Agreement,
including, without limitation, the obligation to pay Liquidated Damages under Section 2(c).

 

3.           Registration
Procedures

 

In connection with the
Company’s registration obligations hereunder, the Company shall:

 

(a)          Not
less than five (5) Trading Days prior to the filing of a Registration Statement and not less than one (1) Trading Day prior to
the filing of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), the Company
shall, furnish to the Holder copies of such Registration Statement, Prospectus or amendment or supplement thereto, as proposed
to be filed, which documents will be subject to the review of such Holder (it being acknowledged and agreed that if a Holder does
not object to or comment on the aforementioned documents within such five (5) Trading Day or one (1) Trading Day period, as the
case may be, then the Holder shall be deemed to have consented to and approved the use of such documents). The Company shall not
file any Registration Statement or amendment or supplement thereto in a form to which a Holder reasonably
objects in good faith, provided that, the Company is notified of such objection in writing within the five (5) Trading Day
or one (1) Trading Day period described above, as applicable.

 

    	 

    	 

    

 

(b)          (i)         Prepare and file with the SEC such amendments (including post-effective amendments) and supplements, to each Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective
as to the applicable Registrable Securities for its Effectiveness Period (except during an Allowable Grace Period); (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424 (except during an Allowable Grace Period); (iii) respond as
promptly as reasonably practicable to any comments received from the SEC with respect to each Registration Statement or any amendment
thereto and, as promptly as reasonably possible, provide the Holders true and complete copies of all correspondence from and to
the SEC relating to such Registration Statement that pertains to the Holders as “Selling Stockholders” but not any
comments that would result in the disclosure to the Holders of material and non-public information concerning the Company; and
(iv) comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement until such time as all of such Registrable Securities shall have been disposed of (subject
to the terms of this Agreement) in accordance with the intended methods of disposition by the Holders thereof as set forth in such
Registration Statement as so amended or in such Prospectus as so supplemented; provided, however, that each Investor
shall be responsible for the delivery of the Prospectus to the Persons to whom such Investor sells any of the Shares (including
in accordance with Rule 172 under the 1933 Act), and each Investor agrees to dispose of Registrable Securities in compliance with
the plan of distribution described in the Registration Statement and otherwise in compliance with applicable federal and state
securities laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant
to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form
10-Q or Form 8-K or any analogous report under the 1934 Act, the Company shall have incorporated such report by reference into
such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which
the 1934 Act report which created the requirement for the Company to amend or supplement such Registration Statement was filed.

 

(c)          Notify
the Holders (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend the
use of the Prospectus until the requisite changes have been made) as promptly as reasonably practicable (and, in the case of (i)(A)
below, not less than two Trading Days prior to such filing, in the case of (iii) and (iv) below, not more than one Trading Day
after such issuance or receipt, in the case of (v) below, not less than one Trading Day after a determination by the Company that
the financial statements in any Registration Statement have become ineligible for inclusion therein and, in the case of (vi) below,
not more than one Trading Day after the occurrence or existence of such development) and (if requested by any such Person) confirm
such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed; (B) when the SEC notifies the Company whether there
will be a “review” of such Registration Statement and whenever the SEC comments in writing on any Registration Statement
(in which case the Company shall provide to each of the Holders true and complete copies of all comments that pertain to the Holders
as a “Selling Stockholder” or to the “Plan of Distribution” and all written responses thereto, but not
information that the Company believes would constitute material and non-public information); and (C) with respect to each Registration
Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or any other Governmental
Authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to
the Holders as “Selling Stockholders” or the “Plan of Distribution”; (iii) of the issuance by the SEC or
any other Governmental Authority of any stop order suspending the effectiveness of a Registration Statement covering any or all
of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities
for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of
any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion
therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or
other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under
which they were made), not misleading.

 

    	 

    	 

    

 

 

(d)          Use
commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the
effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any
of the Registrable Securities for sale in any jurisdiction, as soon as practicable.

 

(e)          If
requested by a Holder, furnish to such Holder, without charge, at least one conformed copy of each Registration Statement and each
amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the SEC; provided, that the Company shall have no obligation
to provide any document pursuant to this clause that is available on the SEC’s EDGAR system.

 

(f)          Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall
not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company
to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in
any such jurisdiction.

 

(g)          If
requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement and under law, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holders may reasonably request.

 

    	 

    	 

    

 

 

(h)          Following
the occurrence of any event contemplated by Section 3(c)(iii)-(v), as promptly as reasonably practicable (taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event), prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file
any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they
were made), not misleading.

 

(i)          The
Company may require each selling Holder to furnish to the Company a certified statement as to (i) the number of shares of Common
Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority (“FINRA”)
affiliations, (iii) any natural persons who have the power to vote or dispose of the common stock and (iv) any other information
as may be requested by the SEC, FINRA or any state securities commission. During any periods that the Company is unable to meet
its obligations hereunder with respect to the registration of Registrable Securities because any Holder fails to furnish such information
within three Trading Days of the Company’s request, any Liquidated Damages that are accruing at such time as to such Holder
only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only,
until such information is delivered to the Company.

 

(j)          The
Company shall cooperate with the placement agent and any registered broker dealer that is required to make a filing with FINRA
pursuant to Rule 5100 in connection with the resale of any Registrable Securities by any Holder and pay the filing fee required
for the first such filing.

 

(k)          If
at any time the Company receives a Demand Notice, the Company shall take all such action as shall be necessary to (1) register
the Common Stock under Section 12 of the 1934 Act in order to enable the Holders to use the Registration Statement to be filed
in response to such Demand Notice pursuant to Section 2(a) for the sale of their Registrable Securities, such action to
be taken as soon as practicable after the Company’s receipt of such Demand Notice, and in no event later than the Effective
Date of such Registration Statement; and (2) cause all the Registrable Securities (A) if the Common Stock is then listed on a national
securities exchange acceptable to the Holders of a majority in interest of the outstanding Registrable Securities, to continue
to be so listed, (B) if the Common Stock is not then listed on a national securities exchange acceptable to the Holders of a majority
in interest of the outstanding Registrable Securities, to, as promptly as practicable, and in no event later than the Effective
Date of the Registration Statement filed pursuant to Section 2(a) in response to such Demand Notice, be listed on such national
securities exchange and (C) to be registered with or approved by such other Governmental Authorities as may be necessary to enable
the Holders to consummate the disposition of the Registrable Securities.

 

(l)          If
the Company does not then have a Transfer Agent, the Company shall provide and cause to be maintained a registrar and transfer
agent for all Registrable Shares covered by any Registration Statement from and after a date not later than the Effective Date
of such Registration Statement.

 

    	 

    	 

    

 

(m)          If
the Company does not then have a CUSIP number for the Registrable Securities, the Company shall provide a CUSIP number for all
Registrable Shares, not later than the Effective Date of the Registration Statement therefor.

 

4.           Registration
Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company whether or not any Registrable
Securities are sold pursuant to a Registration Statement, provided, that, the fees and expenses of counsel to the Holders
shall be limited to the reasonable and customary fees and expenses of one counsel. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses
(A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (B)
with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements
of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination
of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders)
and (C) if not previously paid by the Company in connection with an Issuer Filing, with respect to any filing that may be required
to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant to Rule 5100,
so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the
printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the Registration
Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) 1933
Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by
the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall
be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by
this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities
on any securities exchange as required hereunder.

 

    	 

    	 

    

 

5.          Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each
Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each
Person who controls any such Holder (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers,
directors, partners, members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent
permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”),
as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the
1933 Act, 1934 Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue
statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and approved by such Holder expressly for use in the
Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood
that each Holder has approved Annex A hereto for this purpose), (B) in the case of an occurrence of an event of the type
specified in Section 3(c)(iii)-(v), related to the use by a Holder of an outdated or defective Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the
Advice contemplated and defined in Section 6(e) below, but only if and to the extent that following the receipt of the Advice
the misstatement or omission giving rise to such Loss would have been corrected or (C) any such Losses arise out of the Investor’s
(or any other indemnified Person’s) failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented),
if required, to the Persons asserting an untrue statement or alleged untrue statement or alleged untrue statement or omission or
alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement
or omission was corrected in such Prospectus or supplement. The Company shall notify the Holders promptly of the institution, threat
or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the
Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
an Indemnified Party (as defined in Section 5(c)) and shall survive the transfer of the Registrable Securities by the Holders.

 

(b)          Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the 1933 Act and Section 20 of
the 1934 Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to
the extent, that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein or (ii) to the extent, but only to the extent, that such information relates
to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and approved by
such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto
for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (iii) in the case of
an occurrence of an event of the type specified in Section 3(c)(iii)-(vi), to the extent, but only to the extent, related
to the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the
Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(e).
In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

    	 

    	 

    

 

 

(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable
fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has
agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of
such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in
writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have
the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that
the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for
all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without
its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified
Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

 

    	 

    	 

    

 

Subject to the terms
of this Agreement, all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 5(c))
shall be paid to the Indemnified Party, as incurred, within twenty Trading Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification
hereunder). The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any
such action shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 5, except
to the extent that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action..

 

(d)          Contribution.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions
that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or
relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section 5(d) was
available to such party in accordance with its terms.

 

The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in
the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the
Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

The indemnity and contribution
agreements contained in this Section 5 are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement.

 

    	 

    	 

    

 

6.           Miscellaneous.

 

(a)          Remedies.
In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that
monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions
of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach,
it shall waive the defense that a remedy at law would be adequate.

 

(b)          No
Piggyback on Registrations. Other than pursuant to the registration rights granted to Housatonic Equity Investors IV, L.P.,
Housatonic Equity Affiliates IV, L.P. and Chesapeake Towers Development, LLC (collectively, the “Liberty Investors”)
under that certain Registration Rights Agreement, dated as of August 1, 2013, by and among the Company and the Liberty Investors
with respect to the shares of Common Stock issued pursuant to that certain Purchase and Sale Agreement, dated as of May 3, 2013,
by and between the Company and Liberty Towers, LLC, each such agreement as in effect on the date hereof, neither the Company nor
any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in
a Registration Statement other than the Registrable Securities and the Company shall not prior to the Effective Date of any Registration
Statement enter into any agreement providing any such right to any of its security holders. The Company shall not, from the date
hereof until the date that is 60 days after the Effective Date of any Registration Statement, prepare and file with the SEC a registration
statement relating to an offering for its own account under the 1933 Act of any of its equity securities other than a registration
statement on Form S-8 or, in connection with an acquisition, on Form S-4. For the avoidance of doubt, the Company shall not be
prohibited from preparing and filing with the SEC a registration statement relating to an offering of Common Stock by existing
stockholders of the Company under the 1933 Act pursuant to the terms of registration rights held by such stockholder as of the
date of this Agreement (that is not a Registration Statement under this Agreement) or from filing amendments to registration statements
filed prior to the date of this Agreement.

 

(c)          Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to
it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration
Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration
Statement

 

(d)          Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c)(iii)-(vi), such Holder will forthwith discontinue disposition
of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
may provide appropriate stop orders to enforce the provisions of this paragraph.

 

    	 

    	 

    

  

(e)          No
Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date hereof, enter into any agreement with respect to its securities, that
would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof.

 

(f)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
or waived unless the same shall be in writing and signed by the Company and Holders holding a majority of the then outstanding
Registrable Securities, provided that any party may give a waiver as to itself. Notwithstanding the foregoing, a waiver or consent
to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and that does not
directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities to which
such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(g)          Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(h)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights (except
by merger or in connection with another entity acquiring all or substantially all of the Company’s assets) or obligations
hereunder without the prior written consent of all the Holders of the then outstanding Registrable Securities. Each Holder may
assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

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

 

(j)          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
in accordance with the provisions of the Purchase Agreement.

 

    	 

    	 

    

  

(k)          Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

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

 

(m)          Headings.
The headings in this Agreement are for convenience only and shall not limit or otherwise affect the meaning hereof.

 

(n)          Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under this Agreement are several and not
joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance
of the obligations of any other Investor hereunder. The decision of each Investor to purchase the Series A-2 Preferred Shares pursuant
to the Transaction Documents has been made independently of any other Investor. Nothing contained herein or in any other agreement
or document delivered at any closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute
the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Investor
acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and
that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Shares or enforcing
its rights under the Transaction Documents. Each Investor shall be entitled to protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional
party in any Proceeding for such purpose. The Company acknowledges that each of the Investors has been provided with the same Agreement
for the purpose of closing a transaction with multiple Investors and not because it was required or requested to do so by any Investor.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGES TO FOLLOW]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	CIG WIRELESS CORP.
	 	 	 	 
	 	By:	/s/ Paul McGinn
	 	 	Name:	Paul McGinn
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Registration Rights Agreement as of the date first written above. 

 

	 	FIR TREE REF III TOWER LLC
	 	 	 	 
	 	By:	/s/ Brian Meyer
	 	 	Name:	Brian Meyer
	 	 	Title:	Authorized Person
	 	 	Address for Notices:
	 	 	c/o Fir Tree, Inc.
	 	 	505 Fifth Avenue, 23rd Floor
	 	 	New York, NY 10017
	 	 	(212) 599-0090
	 	 	(212) 659-4885 (fax)

	 	Attention:	Brian Meyer
	 	 	General Counsel

 

	 	FIR TREE CAPITAL OPPORTUNITY (LN) MASTER FUND, LP
	 	 	 	 
	 	By:	/s/ Brian Meyer
	 	 	Name:	Brian Meyer
	 	 	Title:	Authorized Person
	 	 	Address for Notices:
	 	 	c/o Fir Tree, Inc.
	 	 	505 Fifth Avenue, 23rd Floor
	 	 	New York, NY 10017
	 	 	(212) 599-0090
	 	 	(212) 659-4885 (fax)

	 	Attention:	Brian Meyer
	 	 	General Counsel

 

[Signature Page to Registration Rights
Agreement]

 

    	 

    	 

    

 

Annex A

 

PLAN OF DISTRIBUTION

 

The selling stockholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests
in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership
distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common
stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or
in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices
related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders
may use any one or more of the following methods when disposing of shares or interests therein:

 

		o	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		o	block trades in which the broker-dealer will attempt to sell the shares as agent, but may position
and resell a portion of the block as principal to facilitate the transaction;

 

		o	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		o	an exchange distribution in accordance with the rules of the applicable exchange;

 

		o	privately negotiated transactions;

 

		o	short sales effected after the effective date of the registration statement of which this prospectus
is a part;

 

		o	through the writing or settlement of options or other hedging transactions, whether through an
options exchange or otherwise;

 

		o	broker-dealers may agree with the selling stockholders to sell a specified number of such shares
at a stipulated price per share; and

 

		o	a combination of any such methods of sale.

 

The selling stockholders
may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by them and, if
they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
common stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933, as amended, amending the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer
the shares of common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will
be the selling beneficial owners for purposes of this prospectus.

 

    	 

    	 

    

 

In connection with
the sale of our common stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions
they assume. The selling stockholders may also sell shares of our common stock short and deliver these securities to close out
their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling
stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation
of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares
offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction).

 

The aggregate proceeds
to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less
discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents.
We will not receive any of the proceeds from this offering. Upon any exercise of the warrants by payment of cash, however, we will
receive the exercise price of the warrants.

 

The selling stockholders
also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act,
provided that they meet the criteria and conform to the requirements of that rule.

 

The selling stockholders
and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters”
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are “underwriters”
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.

 

To the extent required,
the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering
prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.

 

In order to comply
with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified
for sale or an exemption from registration or qualification requirements is available and is complied with.

 

    	 

    	 

    

 

We have advised the
selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act of 1934, as amended, may apply to
sales of shares in the market and to the activities of the selling stockholders and their affiliates. In addition, we will make
copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the
purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer
that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under
the Securities Act.

 

We have agreed to indemnify
the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating
to the registration of the shares offered by this prospectus.

 

We have agreed with
the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration
statement or (2) the date on which the shares may be sold pursuant to Rule 144 of the Securities Act.

 

    	 

    	 

    

 

Annex B

 

CiG
Wireless Corp.

 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE

 

The undersigned holder
of shares of the common stock, par value $0.00001 per share of CIG Wireless Corp. (the “Company”) issued pursuant
to a certain Securities Purchase Agreement by and among the Company and the Investors named therein, dated as of August 1, 2013
(the “Agreement”, understands that the Company intends to file with the Securities and Exchange Commission a
registration statement on Form S-3 (the “Resale Registration Statement”) for the registration and the resale
under Rule 415 of the Securities Act of 1933, as amended (the “1933 Act”), of the Registrable Securities in
accordance with the terms of the Agreement. All capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Agreement.

 

In order to sell or
otherwise dispose of any Registrable Securities pursuant to the Resale Registration Statement, a holder of Registrable Securities
generally will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented,
the “Prospectus”), deliver the Prospectus to purchasers of Registrable Securities (including pursuant to Rule
172 under the 1933 Act) and be bound by the provisions of the Agreement (including certain indemnification provisions, as described
below). Holders must complete and deliver this Notice and Questionnaire in order to be named as selling stockholders in the Prospectus.
Holders of Registrable Securities who do not complete, execute and return this Selling Stockholder Notice and Questionnaire
within five (5) Trading Days following the date of the Agreement (1) will not be named as selling stockholders in the Resale Registration
Statement or the Prospectus and (2) may not use the Prospectus for resales of Registrable Securities.

 

Certain legal consequences
arise from being named as a selling stockholder in the Resale Registration Statement and the Prospectus. Holders of Registrable
Securities are advised to consult their own securities law counsel regarding the consequences of being named or not named as a
selling stockholder in the Resale Registration Statement and the Prospectus.

 

NOTICE

 

The undersigned holder
(the “Selling Stockholder”) of Registrable Securities hereby gives notice to the Company of its intention to
sell or otherwise dispose of Registrable Securities owned by it and listed below in Item (3), unless otherwise specified in Item
(3), pursuant to the Resale Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands
and agrees that it will be bound by the terms and conditions of this Notice and Questionnaire and the Agreement.

 

The undersigned hereby
provides the following information to the Company and represents and warrants that such information is accurate and complete:

 

    	 

    	 

    

 

QUESTIONNAIRE

1.  Name.

 

		(a)	Full Legal Name of Selling Stockholder:
	 	 	 
	 	 	 

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
Listed in Item 3 below are held:
	 	 	 
	 	 	 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
alone or with others has power to vote or dispose of the securities covered by the questionnaire):
	 	 	 
	 	 	 

 

2.  Address for Notices
to Selling Stockholder:

 

	 
	 
	 

	Telephone:	 

	Fax:	 

	Contact Person:	 

	E-mail address of Contact Person:	 

 

3.  Beneficial Ownership
of Registrable Securities Issuable Pursuant to the Purchase Agreement:

 

		(a)	Type and Number of Registrable Securities beneficially owned and issued pursuant to the Agreement:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		(b)	Number of shares of Common Stock to be registered pursuant to this Notice for resale:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

4.  Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes    ̈
            No    ̈

 

		(b)	If “yes” to Section 4(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes    ̈
            No    ̈

 

		Note:	If no, the SEC’s staff has indicated that you should be identified as an underwriter in the
Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes    ̈
            No    ̈

 

		Note:	If yes, provide a narrative explanation below:
	 	 	 
	 	 	 
	 	 	 

 

		(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes    ̈
            No    ̈

 

		Note:	If no, the SEC’s staff has indicated that you should be identified as an underwriter in the
Registration Statement.

 

5. Beneficial Ownership of Other
Securities of the Company Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than the Registrable
Securities listed above in Item 3.

 

			Type and amount of other securities beneficially owned:

 

	 
	 
	 

 

    	 

    	 

    

 

6. Relationships with the Company:

 

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity
securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or
its predecessors or affiliates) during the past three years.

 

			State any exceptions here:

 

	 
	 

 

7. Plan of Distribution:

 

The undersigned has reviewed
the form of Plan of Distribution attached as Annex A to the Registration Rights Agreement, and hereby confirms that, except as
set forth below, the information contained therein regarding the undersigned and its plan of distribution is correct and complete.

 

			State any exceptions here:

 

	 
	 

 

***********

 

The undersigned agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and
prior to the effective date of any applicable Resale Registration Statement. All notices hereunder and pursuant to the Agreement
shall be made in writing, by hand delivery, confirmed or facsimile transmission, first-class mail or air courier guaranteeing overnight
delivery at the address set forth below. In the absence of any such notification, the Company shall be entitled to continue to
rely on the accuracy of the information in this Notice and Questionnaire.

 

By signing below, the undersigned consents
to the disclosure of the information contained herein in its answers to Items (1) through (7) above and the inclusion of such information
in the Resale Registration Statement and the Prospectus. The undersigned understands that such information will be relied upon
by the Company in connection with the preparation or amendment of any such Registration Statement and the Prospectus.

 

    	 

    	 

    

 

 

By signing below, the undersigned acknowledges
that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act of 1934,
as amended, and the rules and regulations thereunder, particularly Regulation M in connection with any offering of Registrable
Securities pursuant to the Resale Registration Statement. The undersigned also acknowledges that it understands that the answers
to this Questionnaire are furnished for use in connection with Registration Statements filed pursuant to the Registration Rights
Agreement and any amendments or supplements thereto filed with the SEC pursuant to the 1933 Act.

 

The undersigned hereby acknowledges and
is advised of the following Interpretation A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations regarding
short selling:

 

“An Issuer filed a Form S-3 registration
statement for a secondary offering of common stock which is not yet effective. One of the selling stockholders wanted to do a short
sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The
issuer was advised that the short sale could not be made before the registration statement become effective, because the shares
underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section
5 if the shares were effectively sold prior to the effective date.”

 

By returning this Questionnaire, the undersigned
will be deemed to be aware of the foregoing interpretation.

 

I confirm that, to the best of my knowledge and belief, the
foregoing statements (including without limitation the answers to this Questionnaire) are correct.

 

IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	Dated:	 	 	Beneficial Owner:	 

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND
QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

_____________________

_____________________

_____________________

_____________________

 

Tel: _____________

Fax: _____________

Email: _______________

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