Document:

EX-4.59

 Exhibit 4.59 

INVESTMENT AGREEMENT 

RELATING TO 
 US$100,000,000 8.0
PER CENT. CONVERTIBLE BOND 
 AND 

OTHER CONVERTIBLE BONDS 
 ISSUED
BY 
 TTP CAR INC. 

 THIS INVESTMENT AGREEMENT (this “Agreement”) is entered into on June 6, 2018 by and
among: 
  

	(1)	 TTP CAR INC., an exempted company with limited liability duly incorporated in the Cayman Islands with
registered office address at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands (the “Company”); 

 

	(2)	 TTP CAR (HK) LIMITED, a company duly incorporated and validly existing under the Laws of Hong Kong (the
“HK Company”); 

  

	(3)	 SHANGHAI JINPAI E-COMMERCE CO., LTD. (上海谨拍电子商务有限公司), a wholly foreign owned company duly incorporated and validly existing under the Laws of
the PRC (“Shanghai Jinpai”); 

  

	(4)	 SHANGHAI JINWU AUTO TECHNOLOGY CONSULTANT CO., LTD.
(上海谨务汽车技术咨询有限公司), a limited liability company duly incorporated and validly
existing under the Laws of the PRC (“Shanghai Jinwu”); 

  

	(5)	 SUQIAN TTP CAR TECHNOLOGY CO., LTD.
(宿迁天天拍车汽车科技有限公司), a limited liability company duly incorporated and validly
existing under the Laws of the PRC (“Suqian TTPai”); 

  

	(6)	 TTP CAR (JIANGSU) FINANCE LEASING CO., LTD.
(天天拍车(江苏)融资租赁有限公司), a limited liability company duly
incorporated and validly existing under the Laws of the PRC (“Jiangsu TTPai”); 

  

	(7)	 SHANGHAI ANTUO OLD VEHICLE BROKER CO., LTD.
(上海安拓旧机动车经纪有限公司), a limited liability company duly incorporated and validly
existing under the Laws of the PRC (“Shanghai Antuo”); 

  

	(8)	 SHANGHAI JINHAN COMMERCE INFORMATION CONSULTING CO., LTD. (上海谨汉商务信息咨询有限公司), a limited liability company duly incorporated and validly existing under
the Laws of the PRC (“Shanghai Jinhan” together with Shanghai Jinpai, Shanghai Jinwu, Suqian TTPai, Jiangsu TTPai, and Shanghai Antuo, collectively, the “PRC Domestic Companies” and each a “PRC Domestic
Company”); 

  

	(9)	 Weiwei WANG (汪薇薇), a
citizen of the PRC whose PRC identification number is ***** (the “Founder”); 

  

	(10)	 GOLD REGENT INVESTMENT LIMITED, a company duly incorporated and validly existing under the Laws of the
British Virgin Islands (“Gold Regent”); 

  

	(11)	 GOLD INFINITY HOLDINGS LIMITED, a company duly incorporated and validly existing under the Laws of the
British Virgin Islands (“Gold Infinity”, together with the Founder and Gold Regent, the “Founder Parties” and each a “Founder Party”); and 

  
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	(12)	 AUTOHOME INC., an exempted company duly incorporated and validly existing in the Cayman Islands with
principal executive offices address at 10th Floor Tower B, CEC Plaza, 3 Dan Ling Street, Haidian District, Beijing, 100080, The People’s Republic of China (the “Investor” or “Autohome”). 

Each of the parties to this Agreement is referred to herein individually as a “Party” and collectively as the “Parties”.

 RECITALS 
  

	(A)	 The Group has been engaged in the business of operation of auction platform for used autos (the
“Business”). The details of the Company as at the date of hereof are set out in Schedule 1. 

  

	(B)	 The Company seeks expansion capital to grow the Business and, correspondingly, seeks to secure an investment
from the Investor. The Investor agrees to invest in the Company by subscribing for the Bond (as defined below), and the Company agrees to issue the Bond to the Investor, pursuant to the terms of this Agreement. 

 

	(C)	 In addition to the Bond, the Company agrees to issue the Special Bonds (as defined below) to the Investor from
time to time following the Closing upon the request of the Investor, pursuant to the terms of this Agreement. 

  

	(D)	 The Parties intend to enter into this Agreement and make the respective warranties, covenants and agreements as
set forth herein. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	 DEFINITIONS  

 

	1.1	 Definitions. In this Agreement: 

 

			
	 “Action”
	  	means any charge, claim, action, complaint, petition, investigation, appeal, suit, litigation, grievance, inquiry or other proceeding, whether administrative, civil, regulatory or criminal, whether at law or in equity, or otherwise
under any applicable Law, and whether or not before any mediator, arbitrator or Governmental Authority;
		
	 “Affiliate(s)”
	  	means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person;

  
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	 “Associate”
	  	means, with respect to any Person, (1) a corporation or organization (other than the Group Companies) of which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of ten
(10) percent or more of any class of Equity Securities of such corporation or organization, (2) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a
similar capacity, or (3) any relative or spouse of such Person, or any relative of such spouse;
		
	 “Autohome Competitor”
	  	means (i) any Person operating the business as listed in SCHEDULE 12; (ii) any other Person (other than any Group Company) that primarily engages in the Business and/or any other business that is in direct competition
with the principal business of the Investor and its Subsidiaries, and (iii) the Affiliates of the Persons referred to in (i) and (ii);
		
	 “Benefit Plan”
	  	means any deferred compensation contract, bonus plan, incentive plan, profit sharing plan, mandatory provident scheme, occupational retirement scheme, retirement contract or any other plan which provides or provided benefits for
employee, officer, consultant, and/or director of a Person or with respect to which contributions are, or have been, made on account of any employee, officer, consultant, and/or director of such a Person;
		
	 “Board”
	  	means the board of directors of the Company;
		
	 “Bond”
	  	means the 8.0% convertible bond in the principal amount of US$100,000,000 to be issued by the Company pursuant to this Agreement to the Investor, in the form set forth in SCHEDULE 4;
		
	 “Bond Certificate”
	  	means a certificate issued in the name of the Investor and includes any replacement Bond Certificates issued pursuant to the Bond Conditions, in such form as approved by the Investor;
		
	 “Bond Conditions”
	  	means the conditions of the Bond, in the form set forth in SCHEDULE 4;
		
	 “Bond Conversion Shares”
	  	means the Series D-1 Preferred Shares of the Company issuable upon conversion of the Bond;

  
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	 “Bond Register”
	  	means the register of holders of the Bond and the Special Bonds as maintained by the Company;
		
	 “Business Day”
	  	means any day that is not a Saturday, Sunday, public holiday or other day on which commercial banks are required or authorized by Law to be closed in the Cayman Islands, Hong Kong or the PRC;
		
	 “CFC”
	  	means a controlled foreign corporation as defined in the Code;
		
	 “Chargor”
	  	means each of the Founder Parties;
		
	 “Charter Documents”
	  	means, with respect to a particular legal entity, the articles or certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of
association, bylaws, articles of organization, limited liability company agreement, limited partnership agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive,
governing, or charter documents, or equivalent documents, of such entity;
		
	 “Code”
	  	means the United States Internal Revenue Code of 1986, as amended;
		
	 “Company IT Assets”
	  	means all software, systems, servers, computers, hardware, firmware, middleware, networks, data, data communications lines, routers, hubs, switches and all other information technology equipment, and all associated documentation
owned by or licensed, pursuant to valid and enforceable license agreements, to the Company and its Subsidiaries;
		
	 “Confidential Data”
	  	means any and all non-public information of the Discloser and includes, without limitation, information relating to: (a) the technical specifications of the Discloser’s current
and future products or service; (b) the development, research, testing, marketing and financial activities and business methods of the Discloser; (c) the identity, contact information, order histories, profile information and special needs
of the customers or suppliers of the Discloser; (d) the people and organizations with whom the Discloser has business relationships and those relationships; (e) any information that is disclosed in writing and marked as confidential or is
disclosed orally as confidential and sent to the Recipient within thirty (30) days of the oral disclosure; and (f) any Intellectual Property of the Discloser;

  
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	 “Contract”
	  	means, as to any Person, any contract, agreement, undertaking, understanding, indenture, note, bond, loan, instrument, lease, mortgage, deed of trust, franchise, or license to which such Person is a party or by which such Person or
any of its property is bound, whether oral or written;
		
	 “Consent”
	  	means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement, license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any
Person, including any Governmental Authority;
		
	 “Control”
	  	means, with respect to a Person, the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting
of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The term “Controlled” has meanings correlative to the foregoing;
		
	 “Control Document”
	  	the Contracts entered into by the WFOE, each of Shanghai Jinwu and Shanghai Antuo, the Founder, and certain other parties, whereby the WFOE obtains effective Control of each of Shanghai Jinwu and Shanghai Antuo for the purposes
of consolidating financing statements under U.S. GAAP, including (i) Exclusive Option Agreement (排他性购买权协议) by and between
Shanghai Jinpai and the Founder dated August 31, 2015; (ii) Equity Pledge Agreement (股权质押协议) by and between Shanghai Jinpai and the Founder dated
August 31, 2015; (iii) Proxy Agreement (股东表决权委托协议) by and among Shanghai Jinpai, Shanghai Jinwu and the Founder dated
August 31, 2015; (iv) Exclusive Support Service Contract (独家支持服务合同) by and between Shanghai Jinpai and Shanghai Jinwu dated
August 31, 2015; (v) Exclusive Option Agreement (排他性购买权协议) by and among Shanghai Jinpai, the Founder and Yu Butao dated
August 31, 2015; (vi) Equity Pledge Agreement (股权质押协议) by and among Shanghai Jinpai, the Founder and Yu Butao dated August 31, 2015; (vii)
Proxy Agreement (股东表决权委托协议) by and among Shanghai Jinpai, Shanghai Antuo, the Founder and Yu Butao dated August 31, 2015;
(viii) Exclusive Support Service Contract (独家支持服务合同) by and between Shanghai Jinpai and Shanghai Antuo dated August 31,
2015;

  
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	 “Conversion Shares”
	  	means, collectively, the Bond Conversion Shares and the Issuable Securities;
		
	 “Data Sharing Period”
	  	means the period starting from the Closing Date through the date on which the Investor or any of its Subsidiaries engages in the Business or makes equity investment in a third party (other than the Group Companies) which primarily
engages in the Business;
		
	 “Disclosure Schedule”
	  	means a disclosure schedule, in the form agreed between the Company and the Investor, dated as of the date of this Agreement, and executed by the Company and acknowledged by the Investor;
		
	 “Equity Securities”
	  	means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of
such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing;
		
	 “ESOP”
	  	TTP Car Inc. 2015 Share Incentive Plan and all amendments and modifications thereto;
		
	 “FCPA”
	  	means the Foreign Corrupt Practices Act of the United States;
		
	 “Founder Holding Company”
	  	means each of Gold Regent and Gold Infinity;

  
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	 “Governmental Authority”
	  	means any government of any nation, federation, province or state or any other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, including any governmental authority, agency, department, board, commission or instrumentality of any country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory
organization;
		
	 “Governmental Order”
	  	means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the
supervision of any Governmental Authority;
		
	 “Group”
	  	means the Company and its Subsidiaries, including without limitation, the HK Company, and each PRC Domestic Company;
		
	 “Group Compan(ies)”
	  	means any member of the Group;
		
	 “Hanfor”
	  	means Yantai Hanfor Boqian Investment Center (Limited
Partnership)(烟台汉富博乾投资中心(有限合伙)) , a limited partnership established under the
Laws of the PRC;
		
	 “Hanfor Option Agreement”
	  	means an Option Agreement dated September 30, 2017 executed by and among the Company, Hanfor and certain other parties thereto;
		
	 “Hanfor Supplementary Agreement”
	  	has the meaning given to it under Section 6.1;
		
	 “Hong Kong”
	  	means the Hong Kong Special Administrative Region of the PRC;
		
	 “Indebtedness”
	  	of any Person means, without duplication, each of the following of such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or
services (other than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced
by notes, bonds, debentures or similar instruments, including obligations so evidenced that are incurred in connection with the acquisition of properties, assets or businesses, (v) all indebtedness created or arising under any conditional sale
or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in
the event of default are limited to repossession or sale of such property), (vi) all obligations that are capitalized (including capitalized lease obligations), (vii) all obligations under banker’s acceptance, letter of credit or similar
facilities, (viii) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any Equity Securities of such Person, (ix) all obligations in respect of any interest rate swap, hedge or cap agreement, (x) all
guarantees issued in respect of the Indebtedness referred to in clauses (i) through (ix) above of any other Person, but only to the extent of the Indebtedness guaranteed; (xi) all indebtedness of the type described in clauses (i) through
(x) above secured by any Lien existing on property owned by such Person, and (xii) any accrued interest, prepayment premiums or penalties related to any of the foregoing;

  
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	 “Insolvency Event”
	  	 means, in respect of any Person:
  

(a)   the person is unable to or states that it is unable to pay its debts as they fall due or stops
or threatens to stop paying its debts as they fall due;
  

(b)   any Indebtedness of the Person is subject to a moratorium;

 
 (c)   a liquidator, provisional
liquidator or administrator has been appointed to the Person, a controller has been appointed to any property of the Person or an event occurs which gives any other Person a right to seek such an appointment;

 
 (d)   an order has been made, a
resolution has been passed or proposed in a notice of meeting or in an announcement to any recognized securities exchange, or an application to court has been made for the winding up or dissolution of the Person or for the entry into of any
arrangement, compromise or composition with, or assignment for the benefit of, creditors of the Person or any class of them;

  
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		  	 (e)   a trustee has been appointed to take control of the property of the Person
in connection with a proposal to enter into a personal insolvency agreement;
  

(f)   an order has been made or an application to court has been made for bankruptcy of the Person
or an event occurs which gives any other Person a right to seek such an order or make such an application;
  

(g)   a security interest becomes enforceable or is enforced over, or a writ of execution, garnishee
order, mareva injunction or similar order has been issued over or affecting, all or a substantial part of the assets of the Person; or
  

(h)   the Person has otherwise become, or is otherwise taken to be, insolvent in any jurisdiction or
an event occurs in any jurisdiction in relation to the Person which is analogous to, or which has a substantially similar effect to, any of the events referred to in paragraphs (a) to (g) above;

		
	 “Intellectual Property”
	  	means all intellectual property and industrial property rights, however arising, pursuant to the Laws of any jurisdiction throughout the world, whether registered or unregistered, including any and all: (a) registered and
unregistered trademarks, service marks, trade names, brand names, logos, corporate names, trade dress, and design rights and all registrations, applications therefor and renewal thereof, together with the goodwill connected with the use of and
symbolized thereby, (b) internet domain names, whether or not trademarked, registered in any top-level domain by any authorized private registrar or Governmental Authority, accounts with Twitter, Facebook
and other similar social media companies and all applications and registrations therefor and renewals thereof; (c) works of authorship (including software and databases), designs and design registrations, including copyrights, copyrightable
works, author, performer, moral and neighboring rights; (d) inventions (whether patentable or unpatentable), trade secrets, know-how, and other confidential and proprietary information and all rights
therein to the extent protectable under applicable Law; (e) patents, patent applications, patent disclosures and other patent rights together with all reissues, divisionals, provisionals, continuations and continuations-in-part, re-examinations, renewals, substitutions and extensions thereof, and any other Governmental Authority-issued indicia of invention ownership
(including inventor’s certificates, petty patents and patent utility models); and (f) other similar intellectual property rights;

  
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	 “Investor Warranties”
	  	means the warranties on the part of the Investor set out in SCHEDULE 3;
		
	 “Investors Agreement”
	  	means the Sixth Amended and Restated Shareholders’ Agreement to be entered into by and among the parties named therein on or prior to the Closing, which shall be in substantially the form attached hereto as SCHEDULE
9;
		
	 “IPO”
	  	means the first public offering by the Company of its ordinary shares;
		
	 “Issuable Securities”
	  	has the meaning given to it under Section 6.2(l);
		
	 “Key Employee”
	  	means any of the key employees of the Group Companies listed in SCHEDULE 11;
		
	 “Law(s)”
	  	means any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any formally issued written interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended,
and any and all applicable Governmental Orders;
		
	 “Liabilit(ies)”
	  	means, with respect to any Person, all liabilities, obligations and commitments of such Person, whether accrued, absolute, contingent or otherwise, and whether due or to become due;

  
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	 “Lien”
	  	means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien, charge, easement, adverse claim, restrictive covenant, or other restriction or limitation of any kind whatsoever, including any restriction on
the use, voting, transfer, receipt of income, or exercise of any attributes of ownership;
		
	 “Loss”
	  	means, with respect to any Person, any action, claim, cost, Tax, damage, disbursement, expense, liability, loss, deficiency, diminution in value, reasonably foreseeable loss of profit, obligation, penalty, settlement, suit of any
kind or nature, together with all fees and expenses incurred in the investigation, collection, prosecution and defense of claims and amounts paid in settlement, including, without limitation, any Taxes that may be payable by such Person by reason of
the indemnification of any Loss hereunder;
		
	 “Material Adverse Effect”
	  	 means any of the following:
  

(i) event, occurrence, fact, condition, change or development that have, individually or together with other events, occurrences, facts, conditions, changes or
developments, a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition (financial or otherwise), assets or liabilities of the Group taken as a whole, (including any change in applicable
Law or the interpretation or enforcement thereof or other regulatory change that affects the Company or any of its Subsidiaries) and that have resulted in or would reasonably be expected to result in a Loss of the Group in an amount higher than
US$10,000,000,
  
 (ii) material impairment of the ability of any party to any
Transaction Document (other than the Investor and its Affiliates) to perform the material obligations of such party under such Transaction Document,
  

(iii) material impairment of the validity or enforceability of this Agreement or any other Transaction Document against any party hereto or thereto (other than
the Investor),
  
 (iv) material impairment of the Company’s ability to complete
the Qualified IPO on or before December 31, 2020,

  
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		  	 (v) any Key Employee has committed an act of misappropriation or embezzlement of assets of the Group or engages in any business that is
related to the Business or otherwise competes with the Group Companies, or
  
 (vi)
during the period starting from the Closing Date through the date on which the Bond or any Special Bond is fully or partially converted into preferred shares of the Company pursuant to the terms thereof, the Company fails to satisfy the applicable
Performance Target for a particular fiscal year.
  
 For purposes of determining whether
there has been a Material Adverse Effect under this section (vi):
  
 (1) the
“Performance Target” means (a) with respect to the Group’s 2018 fiscal year, the Transaction Volume of such fiscal year that exceeds 153,248 units; (b) with respect to the Group’s 2019 fiscal year, the Transaction
Volume of such fiscal year that exceeds 338,464 units; (c) with respect to the Group’s 2020 fiscal year, the Transaction Volume of such fiscal year that exceeds 626,937 units; (d) with respect to the Group’s 2021 fiscal year, the
Transaction Volume of such fiscal year that exceeds 928,934 units; and
  
 (2) the
“Transaction Volume” of a certain fiscal year means the number of “whole car” vehicles sold through the online marketplaces that are independently operated by the Group during such fiscal year, including the Transaction Volume
generated from the business cooperation between the Group and the Investor or any of its Affiliates but excluding any vehicle involved in a transaction (x) that is ultimately invalided, revoked, terminated or cancelled within such fiscal year
or following the end of such fiscal year; or (y) is consummated within seven (7) days following the date of the consummation of a previous transaction involving the same vehicle at a pre-tax purchase
price of such vehicle lower than the pre-tax purchase price of such vehicle in such previous transaction (each such transaction as defined under (x) and (y), an “Invalid Transaction”). The
calculation of the Transaction Volume and the number of vehicles involved in Invalid Transactions of a certain fiscal year shall be based on the Operating Data provided by the Group for such fiscal year, provided that in the event that the Investor
and the Company are unable to agree on the Transaction Volume and the number of vehicles involved in Invalid Transactions in any given fiscal year within thirty (30) days after the end of such fiscal year, the Transaction Volume and the number
of vehicles involved in Invalid Transactions in such fiscal year shall be determined by an independent technical consultant jointly selected by the Company and the Investor which consultant shall determine the Transaction Volume and the number of
vehicles involved in Invalid Transactions during such fiscal year based on its independent verification of the Operating Data provided by the Group to the Investor. The costs associated with such independent technical consultant shall be borne by
the Company. The Company shall provide such independent technical consultant with the Operating Data and shall assist such independent technical consultant in its verification of the Operating Data. The determination of such independent technical
consultant of the Transaction Volume and the number of vehicles involved in Invalid Transactions of such fiscal year shall be final, binding, and non-appealable in the absence of a showing of manifest error or
fraud;

  
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	 “Memorandum and Articles”
	  	means the seventh amended and restated memorandum and articles of association of the Company as amended from time to time by special resolution of the shareholders of the Company in substantially the form attached hereto as
SCHEDULE 5;
		
	 “MOFCOM”
	  	means the Ministry of Commerce of the PRC or its competent local counterparts;
		
	 “ODI Approval”
	  	means any applicable PRC regulatory approvals for consummation of the transactions as contemplated under the Hanfor Option Agreement and the Hanfor Supplementary Agreement;
		
	 “Operating Data”
	  	means all operating data and information collected and aggregated by the Group in connection with its business that the Investor reasonably requests, including without limitation, the Transaction Volume and the number of vehicles
involved in Invalid Transactions (each as defined herein);

  
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	 “Ordinary Shares”
	  	means the ordinary shares of the Company of par value of US$0.0001 each;
		
	 “Original Share Restriction Agreement”
	  	means the Third Amended and Restated Share Restriction Agreement, dated as of March 15, 2017, by and among the Company, the Founder Parties, and certain other parties thereto;
		
	 “Permitted Liens”
	  	means (i) Liens for Taxes not yet delinquent or the validity of which are being contested in good faith and for which there are adequate reserves on the applicable financial statements, (ii) Liens incurred in the ordinary
course of business, which (x) do not individually or in the aggregate materially detract from the value, use, or transferability of the assets that are subject to such Liens, and (y) were not incurred in connection with the borrowing of
money, and (iii) Liens created pursuant to the Control Documents;
		
	 “Person”
	  	shall be construed as broadly as possible and shall include an individual, a partnership (including a limited liability partnership), a company, an association, a joint stock company, a limited liability company, a trust, a joint
venture, a legal person, an unincorporated organization and a Governmental Authority;
		
	 “PFIC”
	  	means a passive foreign investment company as defined in the Code;
		
	 “PRC”
	  	means the People’s Republic of China, solely for purposes of this Agreement, excluding Hong Kong, the Macau Special Administrative Region and the islands of Taiwan;
		
	 “PRC GAAP”
	  	means the generally accepted accounting principles in the PRC in effect from time to time;
		
	 “Qualified IPO”
	  	shall have the meaning given to it under the Bond Conditions;
		
	 “Registrar”
	  	means the Registrar of Companies of the Cayman Islands;
		
	 “Related Party”
	  	means any Affiliate, officer, director, supervisory board member, employee, or holder of any Equity Security of any Group Company, and any Affiliate or Associate of any of the foregoing;

  
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	 “Related Party Agreement”
	  	means any contract by and between any Group Company, on the one hand, and a Related Party, on the other hand;
		
	 “Representative(s)”
	  	means, in relation to a Person, its directors, officers, employees, agents, financial advisors, legal advisors, auditors, accountants, insurers or contractors (as applicable or as the case may be), consultants, or persons or
entities acting on any of their behalf (as applicable);
		
	 “SAFE”
	  	means the State Administration of Foreign Exchange of the PRC or, with respect to any reporting, filing or registration to be accepted or effected by or with the State Administration of Foreign Exchange, any of its branches which is
competent to accept or effect such reporting, filing or registration under the Laws of the PRC;
		
	 “SAMR”
	  	means the State Administration for Market Regulation of the PRC or, with respect to the issuance of any business license or filing or registration to be effected by or with the State Administration for Market Regulation, any
Governmental Authority which is similarly competent to issue such business license or accept such filing or registration under the Laws of the PRC;
		
	 “Share Charge”
	  	means the deed to share charge in substantially the form attached hereto as SCHEDULE 6;
		
	 “Series D Preferred Shares”
	  	means, collectively, the Series D-1 Preferred Shares and the Series D-2 Preferred Shares as a single series;
		
	 “Series D-1 Preferred Shares”
	  	means the Series D-1 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles;
		
	 “Series D-2 Preferred Shares”
	  	means the Series D-2 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles;

  
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	 “Share Restriction Agreement”
	  	means the Fourth Amended and Restated Share Restriction Agreement to be entered into by and among the parties named therein on or prior to the Closing, which shall be in substantially the form attached hereto as SCHEDULE
10;
		
	 “Shareholders’ Agreement”
	  	means the Fifth Amended and Restated Shareholders’ Agreement, dated as of September 30, 2017, by and among the Company, the Founder, and certain other parties thereto;
		
	 “Special Bond”
	  	means the 8.0% convertible bond in the principal amount as set forth under the relevant Additional Closing Notice to be issued by the Company pursuant to Section 2.3 of this Agreement to the Investor or its designee, in
the form set forth in SCHEDULE 13;
		
	 “Special Bond Certificate”
	  	means a certificate issued in the name of the Investor and includes any replacement Special Bond Certificates issued pursuant to the Special Bond Conditions, in such form as approved by the Investor;
		
	 “Special Bond Conditions”
	  	means the conditions of the Special Bond, in the form set forth in SCHEDULE 13;
		
	 “Statement Date”
	  	means December 31, 2017;
		
	 “Strategic Cooperation Business”
	  	means, collectively, the Business and other used-auto-related business, including without limitation, online auction for used autos, guaranteed sale of used autos, and auto finance;
		
	 “Subsidiary”
	  	with respect to any given Person, means any Person Controlled by such Person;
		
	 “Tax(es)”
	  	means all taxes, levies, rates, imposts, duties, deductions, charges and withholdings whatsoever imposed by any authority having power to tax and all penalties, fines, surcharges, interest or other payments on or in respect thereof
and “Taxation” shall be construed accordingly;
		
	 “Tax Return”
	  	means any return, report or statement showing Taxes, used to pay Taxes, or required to be filed with respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including
any information return, claim for refund, amended return or declaration of estimated or provisional Tax;

  
 17 

			
		
	 “Transaction Documents”
	  	means this Agreement, the Bond and the Bond Conditions, the Special Bonds and the Special Bond Conditions, the Investors Agreement, the Share Restriction Agreement, the Memorandum and Articles and the Share Charge;
		
	 “United States” or “US”
	  	means the United States of America;
		
	 “US$”
	  	means the lawful currency for the time being of the United States;
		
	 “Warrant(ies)”
	  	means any of the Warrantors Warranties or the Investor Warranties;
		
	 “Warrantors”
	  	means, collectively, the Group Companies and the Founder Parties; and
		
	 “Warrantors Warranties”
	  	means the warranties on the part of the Warrantors set out in SCHEDULE 2.

  

	1.2	 In addition, the following terms shall have the meanings defined for such terms in the Sections or Schedules
set forth below: 

			
		
	 “Additional Closing”
	  	 Section 2.3

		
	 “Additional Closing Date”
	  	 Section 3.2

		
	 “Additional Closing Notice”
	  	 Section 2.3

		
	 “Additional Closing Subscription Price”
	  	 Section 2.3

		
	 “Agreement”
	  	 Preamble

		
	 “Arbitration Notice”
	  	Section 11.2(a)
		
	 “Autohome”
	  	Preamble
		
	 “Business”
	  	Recitals
		
	 “Closing”
	  	Section 3.1
		
	 “Closing Date”
	  	Section 3.1

  
 18 

			
		
	 “Company”
	  	Preamble
		
	 “Company Affiliate”
	  	Section 6.2(i)
		
	 “Company Security Holder”
	  	Section 8 of SCHEDULE 2
		
	 “Confidential Information”
	  	Section 8.1
		
	 “DD document”
	  	Section 28 of SCHEDULE 2
		
	 “Discloser”
	  	Section 8.4
		
	 “Dispute”
	  	Section 11.2(a)
		
	 “Financial Statements”
	  	Section 11 of SCHEDULE 2
		
	 “Founder”
	  	Preamble
		
	 “Government Official”
	  	Section 6.2(i)
		
	 “HKIAC”
	  	Section 11.2(b)
		
	 “HKIAC Rules”
	  	Section 11.2(b)
		
	 “Indemnification Agreements”
	  	Section 7.1(i)
		
	 “Indemnifying Party”
	  	Section 9.1
		
	 “Indemnified Party”
	  	Section 9.1
		
	 “Investor”
	  	Preamble
		
	 “Investor Nominee Director”
	  	Section 7.1(h)
		
	 “Investor Observer”
	  	Section 7.1(h)
		
	 “Material Contract”
	  	Section 15 of SCHEDULE 2
		
	 “Negotiation Notice”
	  	Section 6.2(e)
		
	 “Negotiation Period”
	  	Section 6.2(e)
		
	 “Part(ies)”
	  	Preamble

  
 19 

			
		
	 “Proceeds”
	  	Section 5
		
	 “Recipient”
	  	Section 8.4
		
	 “SAFE Rules and Regulations”
	  	Section 8 of SCHEDULE 2
		
	 “Social Welfare”
	  	Section 22 of SCHEDULE 2
		
	 “Subscription Price”
	  	Section 2.2
		
	 “Third Party”
	  	Section 6.2(e)
		
	 “VIE Share Transfer”
	  	Section 6.2(c)

  

	1.3	 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (a) the
defined terms shall have the meanings assigned to them in its definition and include the plural as well as the singular, and pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (b) all references in this
Agreement to designated “Sections” and other subdivisions are to the designated sections and other subdivisions of the body of this Agreement unless explicitly stated otherwise, and all references in this Agreement to designated Schedules
are to the schedules attached to this Agreement unless explicitly stated otherwise, (c) the words “herein”, “hereof”, and “hereunder” and other words of similar import refer to this Agreement as a whole and not to
any particular section or other subdivision, (d) the titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement, (e) any reference in this
Agreement to any “Party” or any other Person shall be construed so as to include its successors in title, permitted assigns and permitted transferees, (f) any reference in this Agreement to any agreement or instrument is a reference
to that agreement or instrument as amended or novated, and (g) this Agreement is jointly prepared by the Parties and should not be interpreted against any Party by reason of authorship. 

 

	2.	 TRANSACTION 

  

	2.1	 Authorization. Subject to the terms and conditions hereof, on or prior to the Closing, the Company shall
have authorized, among others, (a) the issuance, pursuant to the terms and conditions of this Agreement, of the Bond and the Special Bonds, (b) the issuance of the Bond Conversion Shares upon the mandatory or optional conversion conditions
of the Bond in accordance with the terms and conditions thereof, and (c) the reservation of the Bond Conversion Shares for issuance upon full conversion of the Bond. 

 

	2.2	 Agreement to Subscribe and Issue the Bond. At the Closing, subject to the terms and conditions hereof,
the Investor hereby agrees to subscribe from the Company, and the Company hereby agrees to issue to the Investor, the Bond for an aggregate subscription price of US$100,000,000 (the “Subscription Price”). 

  
 20 

	2.3	 Agreement to Subscribe and Issue the Special Bonds. Subject to the terms and conditions of this
Agreement, at any time and from time to time after the Closing and until the third anniversary of the Closing Date, the Investor shall have the right, but not the obligation to, by delivery of a written notice (such notice, an “Additional
Closing Notice”) to the Company, request the Company to sell to the Investor or its designee one or more Special Bonds, at one or more additional closings (each, an “Additional Closing”), for the subscription price equal to
the principal amount of the relevant Special Bonds as set forth under such Additional Closing Notice (such subscription price, the “Additional Closing Subscription Price”), in the Investor’s discretion, and the Company agrees
to sell to the Investor, following the receipt of such Additional Closing Notice, at the Additional Closing, the Special Bonds in the aggregate principal amount as set forth under such Additional Closing Notice for the applicable Additional Closing
Subscription Price, provided that immediately after any Additional Closing, the aggregate principal amount of all the outstanding Special Bonds shall not exceed US$65,000,000. Each outstanding Special Bond shall rank pari passu to the
outstanding Bond and all other Special Bonds but payments thereon shall apply to the oldest bonds issued by the Company under this Agreement first. Unless otherwise provided in the Special Bond Conditions, the Standard Conversion Price as defined
under the Special Bond Conditions shall be 130% of the Series D-1 Per Share Price, i.e., US$4.9515, and the initial term of the Special Bond shall be three (3) years commencing on its issue
date. 

  

	3.	 CLOSING 

  

	3.1	 Closing. Subject to satisfaction or waiver of the conditions specified in
Section 7 hereof (except for such conditions as, under their terms, are only capable of being satisfied at the Closing which shall be satisfied on the Closing Date), the consummation of the transactions contemplated under
Section 2.2 (the “Closing”) shall take place at 10 a.m. (China standard time) at the office of O’Melveny & Myers LLP Shanghai Office, situated at 37/F Tower One, Plaza 66, 1266 Nanjing Road
West, Shanghai, PRC as soon as reasonably possible and in any event no later than the seventh (7th) day after all closing conditions specified in Section 7 hereof have
been waived or satisfied (except for such conditions as, under their terms, are only capable of being satisfied at the Closing which shall be satisfied on the Closing Date), or at such other time and place as the Company and the Investor may
mutually agree in writing (such date being the “Closing Date”). 

  

	3.2	 Additional Closing. An Additional Closing contemplated under Section 2.3 shall
take place at 10 a.m. (China standard time) at the office of O’Melveny & Myers LLP Shanghai Office, situated at 37/F Tower One, Plaza 66, 1266 Nanjing Road West, Shanghai, PRC as soon as reasonably possible and in any event no later
than the fifth (5th) day after the receipt of the Additional Closing Notice for such Additional Closing from the Investor by the Company, or at such other time and place as the Company and the
Investor may mutually agree in writing (such date being an “Additional Closing Date”), provided that the obligations of the Investor to consummate such Additional Closing under this Section 3.2 are subject
to the fulfillment of the following conditions: 

  

	 	(a)	 The Investor shall have each of the items required to be delivered by the Company pursuant to
Section 3.3(c). 

  
 21 

	 	(b)	 The Closing shall have been duly consummated pursuant to this Agreement. 

 

	 	(c)	 Each Warrantor shall have performed and complied with all obligations and conditions contained in the
Transaction Documents to which it is a party, that are required to be performed or complied with by each of them following the Closing. 

  

	 	(d)	 Since the date hereof, there shall have been no Material Adverse Effect. 

 

	 	(e)	 Since the Closing Date, there shall have been no Event of Default (as defined under the Bond Conditions and the
Special Bond Conditions) with respect to the Bond or any Special Bond. 

  

	 	(f)	 No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or
entered any Law (whether temporary, preliminary or permanent) which (i) is in effect, and (ii) has the effect of making the transactions contemplated by the Transaction Documents illegal or otherwise prohibiting consummation of the
transactions contemplated hereby. 

  

	 	(g)	 The security interest contemplated under the Share Charge shall have come into full force and effect.

  

	3.3	 Procedure. 

  

	 	(a)	 Closing Deliverables at the Closing. At the Closing, the Company shall deliver (or caused to be
delivered) to the Investor: 

  

	 	(i)	 the Bond Certificate in respect of the Bond issued to the Investor; 

 

	 	(ii)	 the updated register of directors of the Company, certified by the registered office provider of the Company,
evidencing the appointment of the Investor Nominee Director as contemplated by Section 7.1(h); 

  

	 	(iii)	 a certified true copy of the Company’s Bond Register certified by a director of the Company, reflecting
the issuance of the Bond to the Investor pursuant to Section 2; and 

  

	 	(iv)	 certified true copies of the resolutions of the board and shareholders, each certified by a director of the
Company, approving (i) the issuance of the Bond and the Special Bonds, (ii) execution, delivery and performance of the Transaction Documents, (iii) appointment of the Investor Nominee Director and the Investor Observer with effect
from Closing, and (iv) adoption of the Memorandum and Articles and making the necessary filings with the Registrar. 

  

	 	(b)	 Closing Payment. At the Closing, against delivery of all of the deliverables by the Company as
contemplated under Section 3.2(a), the Investor shall pay the Company the Subscription Price by wire transfer of immediately available funds to the bank account of the Company set forth in Section 3.3 of the Disclosure Schedule.

  
 22 

	 	(c)	 Closing Deliverables at an Additional Closing. At an Additional Closing, the Company shall deliver (or
caused to be delivered) to the Investor or its designee: 

  

	 	(i)	 the Special Bond Certificate in respect of the Special Bonds issued to the Investor or its designee at such
Additional Closing; and 

  

	 	(ii)	 a certified true copy of the Company’s updated Bond Register certified by a director of the Company,
reflecting the issuance of the Special Bonds to the Investor pursuant to Section 2 at such Additional Closing. 

  

	 	(d)	 Additional Closing Payment. At an Additional Closing, against delivery of all of the deliverables by the
Company as contemplated under Section 3.3(c), the Investor shall pay the Company or cause to be paid to the Company the applicable Additional Closing Subscription Price by wire transfer of immediately available funds to the bank account of the
Company set forth in Section 3.3 of the Disclosure Schedule. 

  

	4.	 WARRANTIES 

  

	4.1	 Company’s Warranties 

Each of the Founder Parties and the Group Companies hereby jointly and severally warrants to the Investor that, subject to such exceptions as
may be specifically set forth in the Disclosure Schedule which exceptions shall be deemed to be part of the Warrantors Warranties, the Warrantors Warranties are true and correct at the date of this Agreement and at the Closing Date subject to
Section 4.2. 
  

	4.2	 Knowledge 

Any Company Warranty qualified by the expression “to the Warrantors’ knowledge” or any similar expression shall, unless
otherwise stated, be deemed to refer to the actual knowledge of the Founder and other Key Employees, and that knowledge acquired by each such individual after making such due inquiry and exercising such due diligence as a prudent business person
would have made or exercised in the management of his or her business affairs, including but not limited to due inquiry of all officers, directors, employees, consultants and professional advisers (including attorneys, accountants and auditors) of
the Group Companies who could reasonably be expected to have knowledge of the matters in question. 
  

	4.3	 Investor’s Warranties 

The Investor warrants to the Company that the Investor Warranties are true and correct at the date of this Agreement and at the Closing Date.

  
 23 

	4.4	 Disclosure Schedule 

The Investor hereby acknowledges that it has received and reviewed the Disclosure Schedule on the date hereof. The Disclosure Schedule is
prepared in sections corresponding to the numbered and lettered sections and subsections contained in the Warrantors Warranties, and the disclosures in any section or subsection of the Disclosure Schedule shall only qualify the corresponding
sections and subsections contained in the Warrantors Warranties, or other sections and subsections contained in the Warrantors Warranties to the extent it is specifically cross-referenced in such other corresponding sections and subsections of the
Disclosure Schedule. 
  

	4.5	 No Waiver of Contractual Representations and Warranties 

The Warrantors have agreed that the Investor’s rights to indemnification for the express representations and warranties set forth herein
are part of the basis of the bargain contemplated by this Agreement; and the Investor’s rights to indemnification shall not be affected or waived by virtue of (and the Investor shall be deemed to have relied upon the express representations and
warranties set forth herein notwithstanding) any knowledge on the part of the Investor of any untruth of any such representation or warranty of the Warrantors expressly set forth in this Agreement, regardless of whether such knowledge was obtained
through the Investor’s own investigation or through disclosure by the Warrantors or another person, and regardless of whether such knowledge was obtained before or after the execution and delivery of this Agreement. 

 

	5.	 USE OF PROCEEDS 

The Company shall use the proceeds from the issuance and sale of the Bond and the Special Bonds (the “Proceeds”) for purpose
of (i) business expansion, capital expenditures and general working capital needs of the Company’s Subsidiaries in accordance with the budgets and business plans of the Company duly adopted in accordance with the Investors Agreement and
the Memorandum and Articles, (ii) the performance of the Company’s obligations under the Hanfor Supplementary Agreement, and (iii) the repayment of the Indebtedness as set forth in Section 5 of the Disclosure Schedule. The Group
Companies shall use the Proceeds without violating any applicable Laws, including without limitation any SAFE Rules and Regulations and all applicable Laws relating to economic or financial sanctions (including those administered by the Office of
Foreign Assets Control of the U.S. Department of the Treasury). The Proceeds shall not be used in the payment of any debts or obligations of any Group Company or its subsidiaries or in the acquisition, repurchase or cancellation of securities held
by any shareholders of the Group Companies or for any other purpose without the prior written consent of the Investor, except pursuant to the Hanfor Supplementary Agreement and the Section 5 of the Disclosure Schedule. 

  
 24 

	6.	 COVENANTS 

  

	6.1	 Pre-Closing Covenants 

 

	 	(a)	 Certain Due Diligence Matters. Prior to the Closing Date, each Warrantor shall procure achievement of
all matters set forth in this Section 6.1(a) to the satisfaction of the Investor, and provide evidence thereof to the Investor: 

  

	 	(i)	 The Company and Hanfor shall have agreed on and executed certain Supplementary Agreement with respect to the
disposal of Hanfor’s Share Purchase Option as defined under the Hanfor Option Agreement (the “Hanfor Supplementary Agreement”) in the form as approved by the Investor in writing. 

 

	 	(ii)	 Hanfor’s application for ODI Approval shall have been initiated and shall have been formally accepted by
MOFCOM. 

  

	 	(iii)	 The relevant Group Companies shall have collected and the Company shall have caused the relevant Group
Companies to collect all the receivables due as of the Closing Date owed by the Affiliates of the Company and/or the Founder Parties, including without limitation,
上海美天迈二手车经营有限公司, to the relevant Group Companies, the details of which receivables and the
corresponding inventory car business are set forth under Section 6.1(a)(iii) of the Disclosure Schedule. The Group Companies shall have terminated the business relationship with
上海美天迈二手车经营有限公司 only with respect to the inventory car business as set forth under
Section 6.1(a)(iii) of the Disclosure Schedule as of the Closing Date to the reasonable satisfaction of the Investor. 

  

	 	(b)	 Access. Between the date hereof and the Closing, the Warrantors shall permit the Investor, or any
representative thereof, to (i) visit and inspect the properties of any Group Company, (ii) inspect the contracts, books of account, records, ledgers, and other documents and data of any Group Company, (iii) discuss the business,
affairs, finances and accounts of any Group Company with officers and employees thereof, and (iv) review such other information as the Investor reasonably request, in such a manner so as not to unreasonably interfere with their normal
operations. 

  

	 	(c)	 Covenants. Between the date hereof and the Closing, except as the Investor otherwise agree in writing,
the Warrantors shall procure each Group Company to: (i) conduct its business in the ordinary course consistent with past practice, as a going concern and in compliance with all applicable Laws and contracts, (ii) pay or perform its debts,
taxes, and other obligations when due, (iii) maintain its assets in a condition comparable to their current condition, reasonable wear, tear and depreciation excepted, (iv) use reasonable best efforts to preserve intact its current
business organizations and keep available the services of its current officers and employees and preserve its relationships with customers, suppliers, financiers, partners and others having business dealings with it, (v) otherwise periodically
report to the Investor concerning the status of its business, operations and finance, and (vi) take all actions reasonably necessary, to consummate the transactions contemplated by this Agreement and the other Transaction Documents promptly,
including the taking of all reasonable acts necessary to cause all of the conditions precedent of the Investor to be satisfied. 

  
 25 

	 	(d)	 Negative Covenants. Between the date hereof and the Closing, except as the Investor otherwise agrees in
writing, the Warrantors shall procure that no Group Company: (i) take any action that would make any Company Warranty inaccurate at the Closing, (ii) waive, release or assign any material right or claim, (iii) take any action that
would reasonably be expected to materially impair the value of any Group Company, (iv) sell, purchase, assign, lease, transfer, pledge, encumber or otherwise dispose of any material asset, (v) issue, sell, or grant any Equity Security,
(vi) declare, issue, make, or pay any dividend or other distribution with respect to any Equity Security, (vii) incur any Indebtedness for borrowed money or capital lease commitments or assume or guarantee any Indebtedness of any Person,
(viii) enter into any contract or other transaction with any Related Party, or (ix) authorize, approve or agree to any of the foregoing. 

  

	 	(e)	 Information. From the date hereof until the Closing, (i) the Company shall promptly notify the
Investor of any Action commenced or threatened in writing against any Group Company, (ii) each Party hereto shall promptly notify the other Parties of any breach, violation or non-compliance by the first
party of any representation, warranty or covenant made by such first party hereunder, and (iii) each Party will promptly provide the other Parties with copies of all correspondence and inquiries to and from, and all filings made with, any
Governmental Authority with respect to the transactions contemplated hereby. 

  

	 	(f)	 Exclusivity. From the date hereof until the Closing, unless otherwise agreed by the Investor, the
Warrantors shall not, and they shall not permit any of their Representatives or any Group Company to, directly or indirectly solicit, initiate or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or approve or authorize any transaction with any Person that would involve an investment in, purchase of shares of, or acquisition of any Group Company or any material assets thereof or
would be in substitution or an alternative for or would impede or interfere with the transactions contemplated hereby. The Warrantors shall, and shall cause their Representatives and the other Group Companies to, immediately terminate all existing
activities, discussions and negotiations with any third parties with respect to the foregoing, and if any of them hereafter receives any correspondence or communication that constitutes, or could reasonably be expected to lead to, any such
transaction they shall immediately give notice thereof (including the third party and the material terms of such transaction) to the Investor. 

  
 26 

	6.2	 Post-Closing Covenants 

 

	 	(a)	 Cayman Islands Filing. Within ten (10) Business Days after the Closing, the Company shall file the
Memorandum and Articles and relevant resolutions with the Registrar and deliver to the Investor a stamped copy of such filed Memorandum and Articles. 

  

	 	(b)	 VIE Corporate Governance Structure. 

 

	 	(i)	 If the Closing takes place, Shanghai Jinwu shall take all necessary corporate actions such that within ten
(10) Business Days following the Closing Date (i) the board of directors of Shanghai Jinwu shall have three (3) members, among which one individual designated by the Investor in writing shall be a director of Shanghai Jinwu,
(ii) the current supervisor of Shanghai Jinwu shall be removed and one individual designated by the Investor in writing shall be the supervisor of Shanghai Jinwu, and (iii) the articles of association of Shanghai Jinwu shall be amended and
restated to the effect that the actions as set forth under Sections 6.1 and 6.2 of the Investors Agreement with respect to Shanghai Jinwu and the appointment and removal of the financial executive officers and financial controllers of Shanghai Jinwu
shall be subject to the unanimous consent of the directors of Shanghai Jinwu and the governance structure of Shanghai Jinwu shall reflect the foregoing appointments and the evidence of the foregoing appointments and the amendment and restatement of
the articles of association shall be delivered to the Investor. Shanghai Jinwu shall complete the requisite filings with respect to the foregoing changes of Shanghai Jinwu with the competent local counterpart of the SAMR and deliver to the Investor
the evidence of the completion of such filings within fifteen (15) Business Days following the Closing Date. 

  

	 	(ii)	 Following the Closing Date, the Company and the Founder shall procure that the Group Companies that are
Controlled by the Company through the contractual arrangement and the nominee shareholders of such Group Companies take all necessary actions to adopt the corporate governance structure that are substantially the same as the corporate governance
structure of Shanghai Jinwu as set forth under Section 6.2(b)(i). 

  

	 	(c)	 VIE Share Transfer. 

 

	 	(i)	 Following the Closing Date, if any investor of the Company (other than the Investor) exercises its contractual
right to subscribe for or acquire equity interests in Shanghai Jinwu (such subscription or acquisition, a “VIE Share Transfer”), on or before the completion of such VIE Share Transfer, Shanghai Jinwu and the Founder shall procure
the transfer by the Founder or the issuance by Shanghai Jinwu of the percentage holdings of the equity interest of Shanghai Jinwu, at the option of the Investor, which shareholding percentage corresponds to the shareholding percentage of the
Investor in the Company on a non-diluted and fully-converted basis as of the time of such VIE Share Transfer, to the entity or individual designated by the Investor for the lowest consideration to the extent
permissible under the applicable Laws and provide to the Investor evidence proving the completion of such transfer of equity interest or capital increase of Shanghai Jinwu to the reasonable satisfaction of the Investor, at the expense of Shanghai
Jinwu, provided that the Investor shall cause such entity or individual designated by it to enter into the Control Documents with Shanghai Jinwu and Shanghai Jinpai. 

  
 27 

	 	(ii)	 Following the Closing Date, the Company and the Founder shall procure that the Group Companies that are
Controlled by the Company through the contractual arrangement and the nominee shareholders of such Group Companies will grant the entity or individual designated by the Investor the right to hold the equity interests of such Group Companies, which
shall be substantially the same as the right as set forth under Section 6.2(c)(i). 

  

	 	(d)	 Certain Due Diligence Matters. Each Warrantor shall procure achievement of all matters set forth in this
Section 6.2(d) to the satisfaction of the Investor, and provide evidence thereof to the Investor: 

  

	 	(i)	 As soon as practicable and in any event no later than one (1) month after the date hereof, the Company
shall and shall cause the other Group Companies to establish and maintain account receivables administrative policy and system of internal control consistent with industry practices; 

 

	 	(ii)	 As soon as practicable after the Closing and in any event no later than six (6) months after the Closing
Date, Shanghai Jinwu shall complete the requisite filings of each of its branch offices with the competent local counterpart of the SAMR; 

  

	 	(iii)	 As soon as practicable after the Closing and in any event no later than six (6) months after the Closing
Date, the transfer of the trademark “天天拍” to Shanghai Antuo shall complete and the public announcement of such trademark transfer shall be made;

  

	 	(iv)	 As soon as practicable after the Closing and in any event no later than one (1) month after the date
hereof, the Company shall launch and maintain solid fraud prevention and reporting mechanism in consistent with industry practices to stop fraudsters; 

  

	 	(v)	 As soon as practicable after the Closing Date, Shanghai Jinwu shall use its reasonable best efforts to obtain
the ICP license; 

  

	 	(vi)	 As soon as practicable after the Closing and in any event no later than six (6) months after the Closing
Date, the Company shall cause the existing tenant of the lease contract for Guangzhou branch, subject to the consent of the landlord, to sub-lease the lease contract to Shanghai Jinwu or transfer its rights
and obligations thereunder to Shanghai Jinwu; 

  
 28 

	 	(vii)	 As soon as practicable after the Closing and in any event no later than six (6) months after the Closing
Date, Shanghai Jinwu shall obtain written consent from the landlord of certain lease contracts to which Shanghai Jinpai is a signatory in relation to the use by Shanghai Jinwu of the premises thereunder; 

 

	 	(viii)	 As soon as practicable after the Closing and in any event no later than six (6) months after the Closing
Date, if not already done, a loan contract shall be entered into by each Group Company, its affiliates or shareholders in relation to the inter-company or shareholder borrowing between or among them, if any; 

 

	 	(ix)	 Following the Closing, the Company shall cause each of the PRC Domestic Companies to fully comply with all
applicable Laws governing labor relations or employment matters in all material respects and cure any incompliance thereof, including without limitation, the defect of the contracting party to labor contracts, the number of dispatched employees
exceeding the statutory cap, the payment of Social Welfare premium by third parties, and the underpayment of the Social Welfare premium, if any; 

  

	 	(x)	 The Company shall make best efforts to avoid any downward adjustment or cancellation of credit facility or
acceleration of repayment as a result of the breach of Shanghai Jinpai or Shanghai Jinwu under the Facility Agreement dated December 29, 2017 by SPD Silicon Valley Bank Co., Ltd.
(浦发硅谷银行有限公司), Shanghai Jinpai and Shanghai Jinwu; and 

 

	 	(xi)	 The Group Companies shall not engage into the inventory car business as set forth under
Section 6.1(a)(iii) of the Disclosure Schedule with 上海美天迈二手车经营有限公司 after the Closing
Date. 

  

	 	(e)	 Strategic Cooperation. 

 

	 	(i)	 Cooperation Agreement. Prior to or on the Closing Date, the Investor or its applicable Affiliate(s) and
the applicable Group Company(ies) shall enter into a strategic business cooperation agreement to provide strategic cooperation arrangement between the Investor and the Group Companies. 

 

	 	(ii)	 Principle. Following the Closing Date, the Company will grant the Investor the rights and privileges to
cooperate with the Company and/or the other Group Companies on the Strategic Cooperation Business on the most favorable terms and conditions which the Company can propose and each Group Company and the Investor will enter into separate strategic
business cooperation agreement to set forth the detailed terms and conditions of each Strategic Cooperation Business. 

  
 29 

	 	(iii)	 Right of First Negotiation. To the extent permissible by Laws and subject to the applicable approval
requirements with respect to related-party transactions, following the Closing Date, before entering into any negotiation, agreement or arrangement in respect of any transaction in connection with the Strategic Cooperation Business with any third
party, including without limitation, any of the Autohome Competitors, any shareholders of the Company, and any of their respective Affiliate (collectively, the “Third Party”), (x) the Company shall notify the Investor in writing
that it, or any other Group Company, may pursue a potential transaction in connection with the Strategic Cooperation Business and it desires to enter into good faith negotiation with the Investor regarding such transaction (such notice, the
“Negotiation Notice”). After the Investor’s receipt of the Negotiation Notice, both the Company and the Investor shall negotiate reasonably and in good faith concerning the terms of such transaction for a period of forty-five
(45) Business Days following the receipt of the Negotiation Notice by the Investor (subject to an automatic extension of additional thirty (30) Business Days in the event that the Parties are then actively negotiating in good faith such
transaction) (such period, as extended from time to time, the “Negotiation Period”). If no definitive agreement in respect of such transaction as set forth in the Negotiation Notice is reached between any Group Company and the
Investor within the Negotiation Period, the Group Company shall be free to contact any Third Party with respect to the transaction as set forth under the Negotiation Notice. Each of the Group Companies agrees that it shall not, and it shall not
permit any of its Representatives, directly or indirectly, solicit, initiate or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or approve or
authorize any transaction with any Person that would involve such transaction within the Negotiation Period and it shall not enter into any agreement or arrangement in respect of such transaction with any Third Party within the Negotiation Period.
In the event that the Group Company proposes to enter into a definitive agreement for, or close any transaction on such terms and conditions, in the aggregate, materially more favorable to the Third Party than those offered by the Group Company to
the Investor during the Negotiation Period, the Group Company shall not enter into such agreement or close such transaction without following the procedures set out in this Section 6.2(e)(iii) again to negotiate with the Investor by offering
the same terms and conditions that it offered to such Third Party. 

  

	 	(iv)	 Non-compete. Without prejudice and subject to
Section 6.2(e)(iii), if any Group Company or the Founder Party desires to enter into transactions involving the provision of its proprietary services after complying with its obligations pursuant to Section 6.2(e)(iii), which in the
reasonable opinion of the Investor, may impair the interests of the Investor, before entering into such transactions, the Group Company or the Founder Party shall submit the proposal to the Board for approval in accordance with the Investors
Agreement and the Memorandum and Articles. 

  
 30 

	 	(v)	 Data Sharing. 

 

	 	(i)	 To the extent permissible under the applicable Laws, each Group Company hereby grants to the Investor and each
of its Subsidiaries which have formal business cooperation with the Group, solely during the Data Sharing Period, a non-exclusive, non-transferable, royalty-free limited
right and license to use the Operating Data solely in the manner contemplated by this Section 6.2(e)(v). 

  

	 	(ii)	 The license granted in this Section 6.2(e)(v) shall entitle the Investor and each of its Subsidiaries to
use and access the Operating Data for the purposes of assessing and analyzing the performance of the operation of the Group’s business and monitoring the Investor’s investment in the Company. 

 

	 	(iii)	 The Company and the Investor agree to engage in a good faith negotiation to enter into a definitive agreement
in respect of the confidentiality and access of the Operating Data consistent with market practice as soon as possible following the Closing Date. 

  

	 	(iv)	 Unless otherwise provided herein, any and all Operating Data supplied by the Group Companies to the Investor or
its Subsidiaries may not be shared with any third parties without the Company’s prior written consent. Unless otherwise provided herein, the Investor may not disclose, sell, sub-license or otherwise
transfer the Operating Data to any third party or use the Operating Data other than the purpose as provided in this Section 6.2(e)(v) without the Company’s prior written consent. 

 

	 	(f)	 Most Favored Nation Treatment. In the event that (i) before the Closing Date the Company had
granted any other investors or shareholders any rights, privileges or protections more favorable than those granted to the Investor under the Transaction Documents which were not disclosed to the Investor in Section 6.2(f) of the Disclosure
Schedule, or (ii) from and after the Closing Date, if the Company grants any other investors or shareholders any rights, privileges or protections more favorable than those granted to the Investor under the Transaction Documents for the purpose
of consummating a new round of equity financing in which the per share purchase price of the Equity Securities of the Company is lower than US$4.7610, the Investor would, at its option, be entitled to the same rights, privileges or protections at
least pari passu with such investors or shareholders, unless otherwise waived in writing by the Investor. 

  
 31 

	 	(g)	 Qualified IPO. The Company shall, and each Founder Party shall cause the Company to, use best efforts to
complete a Qualified IPO on or before December 31, 2020. 

  

	 	(h)	 Post-IPO Independent Director Appointment. Subject to the
completion of the Closing and applicable Law (including the rules of relevant stock exchanges) and without prejudice to the Investor’s right to designate the Investor Nominee Director and the Investor Observer pursuant to Section 2.2 of
the Investors Agreement, following the closing of the IPO, the Founder shall cause the Company to and the Company shall take all necessary or desirable actions as may be required under the applicable Laws and in accordance with its then-effective
memorandum and articles of association to cause an individual designated by the Investor to be appointed to the Board, provided that such individual shall meet the director independence and qualification requirements under applicable Laws.

  

	 	(i)	 Compliance and Anti-bribery. Each Group Company shall, and each Founder Party shall cause each Group
Company to, use its best efforts to cause any direct or indirect Subsidiary or entity Controlled by the Company, including without limitation the Group Companies, whether now in existence or formed in the future, to comply in all material respects
with all applicable Laws. Without limiting the generality of the foregoing, each of the Group Companies and Founder Parties shall not, and the Founder Parties shall cause the Company not to, and the Company and the Founder Parties shall cause the
Company, its Affiliates and their respective employees, officers, directors, agents, representatives or any other person acting for or on behalf of the foregoing (individually and collectively, a “Company Affiliate”) not to take any
action, directly or indirectly, in violation of the FCPA, the anti-bribery Laws of the PRC (including, without limitation, the Criminal Law of the PRC, the Anti-Unfair Competition Law of the PRC, and their respective implementation rules), or any
other applicable similar anti-bribery, anti-corruption, recordkeeping and internal controls Laws, including (but without limitation to): (a) paying, promising to pay or authorizing the payment of any money, offering, giving or authorizing the giving
of anything of value; (b) using any funds for any unlawful contribution, gift, entertainment or other unlawful payments, in each case to (i) any official, employee or any other person acting in an official capacity for any Governmental
Authority or any PRC state-owned enterprise, any political party or official thereof or to any candidate for political office (individually and collectively, a “Government Official”), or (ii) any person under circumstances
where such Company Affiliate knows or is aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any Government Official, with the intent of obtaining any
improper advantage, affecting or influencing any act or decision of any such Government Official in his official capacity, inducing any Government Official to do or omit to do any act in relation to his lawful duty or influence or affect any act or
decision of any Governmental Authority, assisting any Group Company in obtaining or retaining business for, or with, or directing business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group Company
in obtaining or retaining business, and (c) accepting anything of value for any of the foregoing purposes. In addition, each of the Group Companies and Founder Parties shall not, and the Founder Parties shall cause the Company not to, and the
Company and the Founder Parties shall cause the Company, its Affiliates and their respective Company Affiliates not to, establish or maintain any fund or assets in which any Group Company has proprietary rights that have not been recorded in the
books and records of such Group Company. 

  
 32 

	 	(j)	 Hanfor Option. Each Parties agree that the Hanfor Supplementary Agreement shall take effect upon the
Closing Date and the Group Companies shall duly perform their respective obligations thereunder and comply therewith. 

  

	 	(k)	 Brand Name of Investor. Without the prior written consent of the Investor, none of the Group Companies
and the Parties hereto (other than the Investor) shall, and each foregoing Person shall cause any of its Affiliates not to, (i) use in advertising, publicity, announcements, or otherwise, the name of Autohome or any of its Affiliates (including
but without limitation to “Pingan”, “平安”, “Autohome”, and
“汽车之家”) or the officers, directors, employees or partners of Autohome or any of its Affiliates, or any company name, trade name, trademark, service mark,
domain name, device, design, symbol or any abbreviation, contraction or simulation thereof owned or used by Autohome or any of its Affiliates (in each case either alone or in combination thereof), or (ii) represent, directly or indirectly, that
any product or services provided by any Group Company has been approved or endorsed by Autohome or any of its Affiliates. The obligations of each Group Company and each Party hereto (other than the Investor) under this
Section 6.2(k) shall survive any termination or expiration of this Agreement. Each Party hereto (other than the Investor) acknowledges that Autohome or any of its Affiliates may claim against the defaulting Party in
connection with any breach of this Section 6.2(k) by, including without limitation, (x) using the trademark, brand or trade name of a Party for the purpose of commercial publicity without the prior written consent of
such Party; (y) fabricating the cooperation; and (z) exaggerating the scope, content, effect and scale of the cooperation (in each case, may or may not constitute unfair competition). 

 

	 	(l)	 Issuable Securities. The Company covenants and agrees that (a) following the issuance of any
Special Bonds pursuant to Sections 2.3 and 3.2 there shall be reserved for issuance and allotment upon conversion of such Special Bonds such number of Series D-2 Preferred Shares or other preferred
shares of the Company issuable upon conversion of such Special Bonds, and for issuance and allotment upon conversion of such Series D-2 Preferred Shares or other preferred shares of the Company, such number of
Ordinary Shares, in each case as may be from time to time issuable upon conversion of such Special Bonds or conversion of such Series D-2 Preferred Shares or other preferred shares of the Company (the
“Issuable Securities”). All Issuable Securities shall be duly authorized and, when issued upon such conversion, shall be validly issued, fully paid and nonassessable, free and clear of any Liens (except as provided under applicable
securities Laws and under the Transaction Documents), and free and clear of any preemptive rights, rights of first refusal or similar rights other than those that have been or will be duly waived prior to the Additional Closing in full; (b) the
Company will take all such action as may be necessary to assure that such Issuable Securities shall be issued as provided herein without violation of any applicable law; and (c) the Company will take all such actions as may be necessary to
assure that all Consents of any competent Governmental Authority or of any other Person that are required to be obtained by each Warrantor in connection with the consummation of such Additional Closing shall be obtained on or prior to such
Additional Closing. 

  
 33 

	7.	 CLOSING CONDITIONS 

 

	7.1	 Conditions of the Investor’s Obligations at the Closing 

The obligations of the Investor to consummate the Closing under Section 3 of this Agreement are subject to the fulfillment, to the
satisfaction of the Investor on or prior to the Closing, or waiver by the Investor in writing, of the following conditions: 
  

	 	(a)	 Representations and Warranties. Each of the Warrantors Warranties shall have been true and complete when
made and shall be true and complete on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of such Closing, except in either case for those representations and warranties that
address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

  

	 	(b)	 Performance. Each Warrantor shall have performed and complied with all obligations and conditions
contained in the Transaction Documents to which it is a party, that are required to be performed or complied with by each of them on or before the Closing. 

  

	 	(c)	 Authorizations. All Consents of any competent Governmental Authority or of any other Person that are
required to be obtained by each Warrantor in connection with the consummation of the transactions contemplated by such Transaction Document to which it is a party (including but not limited to those related to the lawful issuance, sale and
reservation of the Bond, the Special Bonds, and Conversion Shares, and any waivers of notice requirements, rights of first refusal, preemptive rights, put or call rights), including without limitation, necessary board and shareholder approvals of
each Group Company and all Consents as set forth under Section 6 of the Disclosure Schedule, shall have been duly obtained and effective as of the Closing, and evidence thereof shall have been delivered to the Investor. 

 

	 	(d)	 Proceedings and Documents. All corporate and other proceedings in connection with the transactions to be
completed at the Closing and all documents incident thereto, including without limitation written approval from the requisite number of the then current holders of equity interests of the Company and each other Group Company, as applicable, with
respect to this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby, shall have been completed in form and substance reasonably satisfactory to the Investor, and the Investor shall have received all
copies of such documents. 

  
 34 

	 	(e)	 Memorandum and Articles. The Memorandum and Articles shall have been duly adopted by all necessary
action of the Board and shareholders of the Company and such adoption shall have become effective prior to the Closing with no alternation or amendment as of the Closing, and reasonable evidence thereof shall have been delivered to the Investor.

  

	 	(f)	 Transaction Documents. Each of the parties to the Transaction Documents, other than the Investor, shall
have executed and delivered such Transaction Documents (other than the Special Bonds and the Special Bond Conditions) to the Investor. 

  

	 	(g)	 Opinion of Counsel. The Investor shall have received from Maples and Calder (Hong Kong) LLP, Cayman
counsel for the Company, an opinion, dated as of the Closing, in substantially the form attached hereto as SCHEDULE 7. The Investor shall have received from Han Kun Law Offices, PRC counsel for the Company, an opinion, dated as of the
Closing, in substantially the form attached hereto as SCHEDULE 7. 

  

	 	(h)	 Board of the Company. The Company shall have taken all necessary corporate action such that
(i) effective from the Closing the Board shall have eight (8) members, among which one individual designated by the Investor in writing shall be appointed as a director of the Company (the “Investor Nominee Director”), and
(ii) one individual designated by the Investor in writing shall be appointed as a non-voting observer to the Board (the “Investor Observer”), and evidence of the foregoing appointment
shall have been delivered to the Investor. 

  

	 	(i)	 Indemnification Agreements. The Company shall have executed and delivered to the Investor copy of the
indemnification agreement with the Investor Nominee Director (the “Indemnification Agreement”) in form and substance attached hereto as SCHEDULE 8. 

 

	 	(j)	 No Material Adverse Effect. Since the date hereof, there shall have been no Material Adverse Effect.

  

	 	(k)	 Due Diligence. The Investor shall have completed its business, legal, financial due diligence
investigation of the Group to its satisfaction in its sole discretion. 

  

	 	(l)	 No Order. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any Law (whether temporary, preliminary or permanent) which (i) is in effect, and (ii) has the effect of making the transactions contemplated by the Transaction Documents illegal or otherwise prohibiting consummation of
the transactions contemplated hereby. 

  
 35 

	 	(m)	 Closing Deliverables. The Investor shall have each of the items required to be delivered by the Company
pursuant to Section 3.3(a). 

  

	 	(n)	 Closing Certificate. The Founder, in her capacity as the chief executive officer and a director of the
Company, shall have executed and delivered to the Investor at the Closing a certificate dated as of the Closing stating that (i) the conditions specified in this Section 7 (except for those conditions specifically
subject to the satisfaction of the Investor) have been fulfilled as of the Closing, and (ii) attaching thereto good standing certificate with respect to the Company from the applicable authority dated no more than ten (10) days prior to
the Closing. 

  

	 	(o)	 Share Charge. The Share Charge shall have been duly executed by each Chargor and the Company and
delivered to the Investor and each of the deliverables as set forth under Section 2.2 of the Share Charge that shall have been delivered upon or immediately after the execution of the Share Charge shall have been duly executed and delivered to
the Investor. The security interest contemplated under the Share Charge shall have come into full force and effect. 

  

	 	(p)	 Employment and Related Agreements. Each Key Employee (including the Founder) shall have entered into an
employment agreement, a confidentiality, non-compete, non-solicitation and invention assignment agreement or an employment agreement containing confidentiality, non-compete, non-solicitation and invention assignment provisions with the relevant Group Company in form and substance reasonably satisfactory to the Investor, and copies
thereof shall have been delivered to the Investor. 

  

	7.2	 Conditions of the Company’s Obligations at the Closing 

The obligations of the Company to consummate the Closing under Section 3 of this Agreement are subject to the fulfillment, to the
satisfaction of the Company on or prior to the Closing, or waiver by the Company, of the following conditions: 
  

	 	(a)	 Representations and Warranties. The Investor Warranties shall have been true and complete when made and
shall be true and complete on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing, except in either case for those representations and warranties that address
matters only as of a particular date, which representations will have been true and complete as of such particular date. 

  

	 	(b)	 Performance. The Investor shall have performed and complied with all covenants, obligations and
conditions contained in this Agreement and the other Transaction Documents to which it is a party that are required to be performed or complied with by the Investor on or before the Closing. 

 

	 	(c)	 Execution of Transaction Documents. The Investor shall have executed and delivered to the Company the
Transaction Documents to which the Investor is a party (other than the Special Bonds and the Special Bond Conditions). 

  
 36 

	 	(d)	 No Order. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any Law (whether temporary, preliminary or permanent) which (i) is in effect, and (ii) has the effect of making the transactions contemplated by the Transaction Documents illegal or otherwise prohibiting consummation of
the transactions contemplated hereby. 

  

	8.	 CONFIDENTIALITY 

 

	8.1	 Each Party shall, and shall cause any Person who is Controlled by such Party to, keep confidential the
existence and content of this Agreement, the other Transaction Documents and any related documentation, the identities of any of the Parties, and other information of a non-public nature received from any
other Party or prepared by such Party exclusively in connection herewith or therewith (collectively, the “Confidential Information”) unless the Company and the Investor shall mutually agree otherwise; provided, that any Party may
disclose Confidential Information or permit the disclosure of Confidential Information (a) to the extent required by applicable Laws or the rules of any stock exchange, (b) to its officers, directors, employees, and professional advisors
on a need-to-know basis for the performance of its obligations in connection herewith so long as such Party advises each Person to whom any Confidential Information is
so disclosed as to the confidential nature thereof, and (c) to its current or bona fide prospective investor, investment bankers and any Person otherwise providing substantial debt or equity financing to such Party so
long as the Party advises each Person to whom any Confidential Information is so disclosed as to the confidential nature thereof. 

  

	8.2	 For the avoidance of doubt, Confidential Information does not include information that (a) was already in
the possession of the receiving Party before such disclosure by the disclosing Party, (b) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this
Section 8, or (c) is or becomes available to the receiving Party from a third party who has no confidentiality obligations to the disclosing Party. 

 

	8.3	 Each Party shall not make any announcement regarding the consummation of the transaction contemplated by this
Agreement, other Transaction Documents and any related documentation in a press release, conference, advertisement, announcement, professional or trade publication, marketing materials or otherwise to the general public without the other
Parties’ prior written consent. 

  

	8.4	 The Investor intends to transfer some Confidential Data, including without limitation, operating data and
technical data, necessary to allow for performance of its obligations pursuant to this Agreement. All Confidential Data transferred from the Investor or any Affiliate of the Investor (each, a “Discloser”) to any Group Company (each,
a “Recipient”) shall be considered confidential information of the Discloser which (i) shall be utilized by the Recipient solely for purposes of performing obligations pursuant to this Agreement and (ii) shall not be
disclosed by the Recipient to any third party without the prior written consent of the Discloser. All Confidential Data acquired by Recipient or its employees or agents shall remain Discloser’s exclusive property, and Recipient shall use best
efforts (which in any event shall not be less than the efforts Recipient takes to ensure the confidentiality of its own proprietary and other confidential information) to keep, and have its employees and agents keep, any and all such information and
data confidential, and shall not copy or publish or disclose it to others, or authorize its employees, or agents or anyone else to copy, publish, or disclose it to others, without Discloser’s prior written approval and shall return such
information and data to Discloser at its request. Recipient shall only use any Confidential Data in connection with the performance of its obligations under this Agreement. The Confidentiality obligations of the Parties shall survive for five
(5) years following the termination or expiration of this Agreement. Upon termination or expiration of this Agreement, each Recipient shall deliver to the Discloser, or at the Discloser’s option destroy, all Confidential Data (in physical
or in electronic format including databases) of the Discloser then in the possession of the Recipient and shall not retain copies thereof, and shall send written testimony confirming the list of items destroyed and the date(s) destroyed.

  
 37 

	9.	 INDEMNITY 

  

	9.1	 General Indemnity 

Each Warrantor (each, an “Indemnifying Party”) hereby agrees to, jointly and severally, indemnify and hold harmless the
Investor and its Affiliates, together with their respective directors, stockholders, members, partners, successors and assigns (each, an “Indemnified Party”) from and against, and shall reimburse each Indemnified Party for, any and
all Losses suffered by such Indemnified Party as a result of or based upon or arising from any untruthfulness, inaccuracy, or incompleteness in or breach or nonperformance of any of the representations, warranties, covenants or agreements made by
the Warrantors under this Agreement. The representations, warranties, covenants and agreements made by any Warrantor in or pursuant to this Agreement or any of the other Transaction Documents or the Control Documents shall survive the Closing Date
and each Additional Closing Date. 
  

	9.2	 Tax Indemnity 

Notwithstanding anything contained in the Disclosure Schedule, each Warrantor shall jointly and severally indemnify at all times and hold
harmless each Indemnified Party from and against any Losses attributable to (x) any Taxes of any Group Company for all taxable periods ending on or before the Closing and the portion through the end of the Closing for any taxable period that
includes (but does not end on) the Closing, (y) all Liability for any Taxes of any other Person imposed by any Governmental Authority on any Group Company as a transferee, successor, withholding agent, or accomplice in connection with an event
or transaction occurring before the Closing, and (z) all Liability for Taxes attributable to any misrepresentation or breach of warranty made in Section 9 of SCHEDULE 2 of this Agreement. 

  
 38 

	9.3	 Special Indemnity 

Notwithstanding anything contained in the Disclosure Schedule, each Indemnifying Party shall jointly and severally indemnify at all times and
hold harmless each Indemnified Party from and against any and all Losses suffered by such Indemnified Party, directly or indirectly, as a result of, or based upon or arising from any of the following: 

 

	 	(a)	 any failure of any Group Company to obtain or maintain, prior to the Closing, any approvals, permits,
certificates, licenses, filings or registrations required for its respective business and operations as now conducted under applicable Laws and any failure of any Group Company to conduct its respective business in compliance with applicable Laws or
Governmental Orders; and 

  

	 	(b)	 any violation, infringement or misappropriation of any Intellectual Properties of any other Person by the
Warrantors. 

  

	9.4	 Indemnity Limitations 

Except to the extent arising as a direct result of fraud, willful misconduct or willful concealment by any Warrantor (as the case may be),
notwithstanding the foregoing provisions, (i) any Indemnified Party shall be entitled to seek indemnification with respect to any Loss after the aggregate amounts of Losses as a result of, or based upon or arising from any inaccuracy in or
breach or nonperformance of any of the representations, warranties, covenants or agreements made by any Warrantor in or pursuant to this Agreement or any Losses indemnifiable pursuant to Sections 9.1, 9.2, and 9.3 are greater than or equal to
US$1,000,000; (ii) the aggregate indemnification liability of the Warrantors under this Agreement with respect to the Investor (including all of its relevant Indemnified Parties) shall be capped at the sum of the Subscription Price and the aggregate
amount of the Additional Closing Subscription Price of each then outstanding Special Bond (if any); (iii) the Founder Parties shall bear and assume the relevant indemnification liability only when all the Group Companies fail to satisfy the relevant
indemnification liability pursuant to this Agreement in full within thirty (30) days after the claim is duly filed; and (iv) the aggregate indemnification liability of the Founder Parties under this Agreement with respect to the Investor
(including all of its relevant Indemnified Parties) shall be limited to the amount equal to the then fair market value of all the Ordinary Shares held by the Founder Parties in the Company as of the date of this Agreement, which such fair market
value shall be determined by the Board in good faith. 
  

	10.	 TERMINATION 

  

	10.1	 Prior to the Closing Date, any Party (except as otherwise provided below in this Section 10.1) shall have
the right (but not obligation) to terminate this Agreement by delivering a written notice to the other Parties upon the occurrence of any of the following events: 

 

	 	(a)	 by mutual written consent of the Parties; 

 

	 	(b)	 the Closing does not occur on or before September 1, 2018, in which event the Party responsible for the non-occurrence of the Closing shall not have the right to terminate; 

  
 39 

	 	(c)	 any Warrantor or Chargor breaches any provision of any Transaction Document to which it is a party in any
material aspect, and such breach, if capable of being cured, is not cured within thirty (30) days after the date of written notification of such breach, in which event only the Investor has the right to terminate; and 

 

	 	(d)	 the Investor breaches any Transaction Document to which it is a party in any material aspect, and such breach,
if capable of being cured, is not cured within thirty (30) days after the date of written notification of such breach, in which event only the Warrantors have the right to terminate. 

 

	10.2	 Effect of Termination 

If this Agreement is validly terminated pursuant to the provisions of this Section 10, then this Agreement shall
become void and have no further effect; provided, however, that no Party shall be relieved from any liabilities for a breach of this Agreement or for any misrepresentation hereunder, nor shall such termination be deemed to constitute a waiver of any
available remedy (including specific performance if available) for any such breach or misrepresentation; provided further that the provisions of Sections 1, 8, 11, 12 and 13 shall survive the termination. 

 

	11.	 GOVERNING LAW AND DISPUTE RESOLUTION 

 

	11.1	 Governing law. The Agreement is governed by and shall be construed in all respects in accordance with
the Laws of Hong Kong. 

  

	11.2	 Dispute Resolution. 

 

	 	(a)	 Unless otherwise provided in the definition of “Material Adverse Effect” under Section 1.1, any
dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either
party to the dispute with notice (the “Arbitration Notice”) to the other. 

  

	 	(b)	 The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the
“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules.
There shall be three (3) arbitrators, who shall be qualified to practice law in Hong Kong. The claimants in the Dispute shall nominate one (1) arbitrator and the respondents in the Dispute shall nominate one (1) arbitrator. If either
party fails to designate an arbitrator within thirty (30) days from the date of the Arbitration Notice, HKIAC shall appoint the arbitrator. The HKIAC Council shall appoint the third arbitrator, who shall serve as the presiding arbitrator.
Failing such designation within thirty (30) days from the confirmation of the second arbitrator, HKIAC shall appoint the presiding arbitrator. 

  

	 	(c)	 The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with
the provisions of this Section 11.2, including the provisions concerning the appointment of the arbitrators, the provisions of this Section 11.2 shall prevail. 

  
 40 

	 	(d)	 Each party to the arbitration shall cooperate with each other party to the arbitration in making full
disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

 

	 	(e)	 The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing
party may apply to a court of competent jurisdiction for enforcement of such award. 

  

	 	(f)	 The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in
accordance with the substantive Laws of Hong Kong (without regard to principles of conflict of Laws thereunder) and shall not apply any other substantive Law. 

 

	 	(g)	 Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court
of competent jurisdiction pending the constitution of the arbitral tribunal. 

  

	 	(h)	 During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to
be performed except with respect to the part in dispute and under adjudication. 

  

	12.	 NOTICES  

 

	12.1	 Any notice or other communication to be given under this Agreement shall be in writing and may be delivered in
person, or sent by e-mail, prepaid mail (or airmail if sent to another country) or facsimile to the relevant Party at its address appearing in this Agreement as follows: 

 

	 	(a)	 in the case of the Group Companies and the Founder Parties at: 

 

			
	 Address
	  	: No. 3111 He Chuan Road, 3rd Floor of Building 3, Shanghai, PRC
	 Tel
	  	: +86 21 8011 9168
	 E-mail
	  	: *****
	 Attention
	  	: Vivian WANG (汪薇薇); Helen ZHANG (张岚)

  

	 	(b)	 in the case of the Investor at: 

 

			
	 Address
	  	 : 10th Floor Tower B, CEC Plaza, 3 Dan Ling Street, Haidian District, 100080, Beijing, the
People’s Republic of China

	 Fax
	  	: +86 (10) 5985-7400
	 E-mail
	  	: *****
	 Attention
	  	: HUANG Jing

  
 41 

 or at such other addresses or facsimile number as it may notify to the other Parties under this
Section 12. 
  

	12.2	 Unless there is evidence that it was received earlier, a notice or communication is deemed given if:

  

	 	(a)	 delivered in person, when left at the address referred to in Section 12.1;

  

	 	(b)	 sent by prepaid registered post or courier, three (3) Business Days (or five (5) Business Days if
sent by airmail) after posting it; 

  

	 	(c)	 sent by electronic mail, on the day such notice or communication is sent (unless the sender receives an
automatic return email message that the original message was undeliverable), if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day; and 

 

	 	(d)	 sent by facsimile, on the day such notice or communication is sent by properly addressing, and sending such
notice or communication through a transmitting organization, with a written confirmation of delivery, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day. 

 

	13.	 MISCELLANEOUS 

 

	13.1	 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties whose rights or obligations hereunder are affected by such terms and conditions. Notwithstanding the foregoing, this Agreement, and the
rights and obligations hereunder, shall not be assigned without the mutual written consent of each of the Parties, except that the Investor may, at any time, assign to its Affiliates, its rights and obligations under this Agreement, the Bond, the
Special Bonds, and any other Transaction Documents, and the Parties agree that to the extent of such assignment, such assignee Affiliate shall be deemed to have the same rights and benefits under the Transaction Documents as the Investor hereunder.

  

	13.2	 Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any such applicable Laws in any jurisdiction,
it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law. 

  

	13.3	 Further Assurances. Upon the terms and subject to the conditions herein, each of the Parties hereto
agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or
advisable under applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and the other Transaction Documents (it being understood that no Party shall
be obligated to grant any waiver of any condition or other waiver hereunder). 

  
 42 

	13.4	 Fees and Expenses. Each Party shall be responsible for its own legal, financial, administrative and
other costs and expenses incurred in connection with financial, legal and business due diligence and the negotiation, execution, delivery and performance of this Agreement and other Transaction Documents. 

 

	13.5	 Finder’s Fees. Each Party warrants to the other Parties hereto that it has retained no finder or
broker in connection with the transactions contemplated by this Agreement and other Transaction Documents and hereby agrees to indemnify and to hold harmless the other Parties hereto from and against any Liability for any commission or compensation
in the nature of a finder’s fee of any broker or other Person or firm (and the costs and expenses of defending against such Liability or asserted Liability) for which the indemnifying Party or any of its employees or representatives are
responsible. 

  

	13.6	 Entire Agreement. This Agreement and the other Transaction Documents constitute the entire agreement of
the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. 

 

	13.7	 Variations. No amendment, change or addition hereto shall be effective or binding on either Party unless
made in writing and executed by each of the Company and the Investor. 

  

	13.8	 No Partnership. Nothing in this Agreement shall constitute, or be deemed to constitute, a partnership,
joint venture, association, agency or other cooperative entity between the Parties or any of them. 

  

	13.9	 Rights Cumulative. The rights, powers and remedies contained in this Agreement are cumulative and not
exclusive of any rights or remedies provided by Law. 

  

	13.10	 Time. Time shall be of the essence of this Agreement both as regards any dates, times and periods
mentioned and as regards any dates, times and periods which may be substituted for them in accordance with this Agreement. 

  

	13.11	 Remedies. The failure to exercise or the delay in exercising any right, power or remedy provided by Law
or under this Agreement shall not operate to impair the same or be construed as a waiver thereof and no single or partial exercise of any such right, power or remedy shall prevent any further or other exercise of the same or the exercise of any
other right, power or remedy. 

  

	13.12	 No Waiver. No waiver by any Party of any requirement of this Agreement or of any remedy or right under
this Agreement shall have effect unless given by notice in writing signed by such Party. No waiver of any particular breach of the provisions of this Agreement shall operate as a waiver of any repetition of such breach. 

  
 43 

	13.13	 Counterparts. This Agreement may be executed in any number of counterparts (whether original or PDF
counterparts) each executed by one or more Parties but, taken together, they shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by email (PDF) shall be as effective as delivery of a manually executed
counterpart of this Agreement. 

  

	13.14	 No Immunity. None of the Parties shall be entitled to claim immunity from legal proceedings with respect
to itself or any of its assets on the grounds of sovereignty under any Law or in any jurisdiction where an action may be brought for the enforcement of any of the obligations arising under or relating to this Agreement. To the extent that any Party
or any of its assets has or hereafter may acquire any right to immunity from set-off, legal proceedings, attachment prior to judgement, other attachment or execution of judgement on the grounds of sovereignty,
such Party hereby irrevocably waives such rights to immunity on the grounds of sovereignty in respect of its obligations arising under or relating to this Agreement. 

[The remainder of this page has been left intentionally blank] 

  
 44 

 IN WITNESS WHEREOF, the Parties have duly executed this Investment Agreement as of the date first above
written. 
 COMPANY: 
 For and on behalf of 

TTP CAR INC. 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Director

 FOUNDER PARTIES: 

Weiwei WANG (汪薇薇) 

 

	
	 /s/ Weiwei WANG

 For and on behalf of 
 GOLD
REGENT INVESTMENT LIMITED 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Director

 For and on behalf of 
 GOLD
INFINITY HOLDINGS LIMITED 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Director

 IN WITNESS WHEREOF, the Parties have duly executed this Investment Agreement as of the date first above
written. 
 HK COMPANY: 
 For and on behalf of

 TTP CAR (HK) LIMITED 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Director

 PRC DOMESTIC COMPANIES: 

For and on behalf of 
 SHANGHAI JINPAI E-COMMERCE CO., LTD. (Official Seal) 

(上海谨拍电子商务有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Legal Representative

 For and on behalf of 

SHANGHAI JINWU AUTO TECHNOLOGY CONSULTANT CO., LTD. (Official Seal) 

(上海谨务汽车技术咨询有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Legal Representative

  
  

 IN WITNESS WHEREOF, the Parties have duly executed this Investment Agreement as of the date first above
written. 
 PRC DOMESTIC COMPANIES: 
 For and on
behalf of 
 SUQIAN TTP CAR TECHNOLOGY CO., LTD. (Official Seal) 

(宿迁天天拍车汽车科技有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

	 Name: Weiwei WANG
(汪薇薇)

	 Title: Legal Representative

 For and on behalf of 
 TTP CAR
(JIANGSU) FINANCE LEASING CO., LTD. (Official Seal) 

(天天拍车(江苏)融资租赁有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Legal Representative

 For and on behalf of 

SHANGHAI ANTUO OLD VEHICLE BROKER CO., LTD. (Official Seal) 

(上海安拓旧机动车经纪有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

	Name: Weiwei WANG (汪薇薇)
	Title: Legal Representative

 IN WITNESS WHEREOF, the Parties have duly executed this Investment Agreement as of the date first above
written. 
 PRC DOMESTIC COMPANIES: 
 For and on
behalf of 
 SHANGHAI JINHAN COMMERCE INFORMATION CONSULTING CO., LTD. (Official Seal) 

(上海谨汉商务信息咨询有限公司
) (盖章) 
  

			
	By:	 	 /s/ Weiwei WANG

			
	Name: Weiwei WANG (汪薇薇)
	Title: Legal Representative

 IN WITNESS WHEREOF, the Parties have duly executed this Investment Agreement as of the date first above
written. 
 INVESTOR: 
 For and on behalf of

 AUTOHOME INC. 
  

			
	By:	 	 /s/ Min Lu

			
	Name: Min Lu
	Title: Chairman of the Board and Chief Executive OfficerExhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of April 8, 2019, between TheMaven, Inc., a Delaware corporation (the
“Company”), and each purchaser identified on the signature pages hereto (each, including its successors and
assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described
in this 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 Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have
the meanings given to such terms in the Debentures (as defined herein), and (b) the following terms have the meanings set forth
in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Amendment”
means the amendment to the Company’s articles of incorporation that increases the number of authorized shares of Common Stock
to such number of authorized shares of Common Stock that all of the Debentures may be converted in full by the holders of the Debentures.

 

“Authorized
Share Increase Date” means, subject to Authorized Share Approval, the date on which the Amendment is filed and accepted
with the State of Delaware.

 

“Authorized
Share Approval” means approval of the Amendment by the shareholders of the Company, among other things, to increase the
number of authorized shares of Common Stock in at least a sufficient number to permit the conversion of the Debentures.

 

“Board
of Directors” means the board of directors of the Company.

 

     

     

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Closing”
means the closing or closings, as applicable, of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the closing date or closing dates, as applicable, which will be the Trading Day on which all of the Transaction
Documents for those investors whose Transactions Documents have been executed and delivered by the applicable parties thereto,
and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived as of that date.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Golenbock Eiseman Assor Bell & Peskoe LLP, with offices located at 711 Third Avenue, 17th
Floor New York, New York 10017.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Debentures.

 

“Debentures”
means the 12% Senior Secured Subordinated Convertible Debentures due, subject to the terms therein, December 31, 2020, issued by
the Company to the Purchasers hereunder, in the form of Exhibit A attached hereto.

 

“Disclosure
Schedules” shall have the meaning ascribed to such term in Section 3.1.

 

“Disclosure
Time” means, the fourth business day after the following (i) if this Agreement is signed prior to midnight on any Trading
Day, 8:00 a.m. (New York City time) on the Trading Day the date hereof, and (ii) if this Agreement is signed after midnight on
any Trading Day, 8:00 a.m. (New York City time) the date hereof.

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

    	 	2	 

     

    

 

“Effective
Date” means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission,
(b) all of the Underlying Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement
for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale
restrictions, (c) following the one year anniversary of the applicable Closing Date provided that a holder of the Underlying Shares
is not an Affiliate of the Company or (d) all of the Underlying Shares may be sold pursuant to an exemption from registration under
Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions and Company Counsel has delivered to such holders
a standing written unqualified opinion that resales may then be made by such holders of the Underlying Shares pursuant to such
exemption which opinion shall be in form and substance reasonably acceptable to such holders.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(bb).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

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

 

“Placement
Agent” means B. Riley FBR, Inc.

 

    	 	3	 

     

    

 

“Pledged
Securities” means any and all certificates and other instruments representing or evidencing all of the capital stock
and other equity interests of the Subsidiaries.

 

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

 

“Public
Information Failure” shall have the meaning ascribed to such term in Section 4.3(b).

 

“Public
Information Failure Payments” shall have the meaning ascribed to such term in Section 4.3(b).

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated on or about the date hereof, among the Company and the
Purchasers, in the form of Exhibit B attached hereto.

 

“Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and
covering the resale of the Underlying Shares by each Purchaser as provided for in the Registration Rights Agreement.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon conversion in full of all Debentures,
ignoring any conversion limitations set forth therein, and assuming that the Conversion Price is at all times on and after the
date of determination 75% of the then Conversion Price on the Trading Day immediately prior to the date of determination.

 

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

 

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

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Debentures and the Underlying Shares.

 

    	 	4	 

     

    

 

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

 

“Security
Agreement” means the Security Agreement, dated October 18, 2018, among the Company and the Purchasers.

 

“Security
Documents” shall mean the Security Agreement, the Subsidiary Guarantees, the original Pledged Securities, along with
medallion guaranteed executed blank stock powers to the Pledged Securities, and any other documents and filing required thereunder
in order to grant the Purchasers a first priority security interest in the assets of the Company and the Subsidiaries as provided
in the Security Agreement, including all UCC-1 filing receipts.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Subordination
Agreements” means the Subordination Agreements, dated as of the date hereof, by and among the Company, the Purchasers,
Sallyport Commercial Finance, LLC and each of the Subsidiaries.

 

“Subsequent
Financing” means any issuance by the Company or any of its Subsidiaries of Common Stock, Common Stock Equivalents for
cash consideration, Indebtedness or a combination of units thereof or debt financing.

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Debentures purchased hereunder as specified
below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in either (a) United States dollars and in immediately available funds and/or (b) the surrender of debt instruments of the Company,
including accrued and unpaid interest due thereon.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Subsidiary
Guarantee” means the Subsidiary Guarantee, dated October 18, 2018, by each Subsidiary in favor of the Purchasers.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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

 

    	 	5	 

     

    

 

“Transaction
Documents” means this Agreement, the Debentures, the Security Agreement, the Registration Rights Agreement, the Subsidiary
Guarantee, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the
transactions contemplated hereunder, including, if applicable, any non-disclosure agreement with a term that extends beyond the
applicable Closing Date.

 

“Transfer
Agent” means American Stock Transfer and Trust Company, the current transfer agent of the Company and any successor transfer
agent of the Company.

 

“Underlying
Shares” means the shares of Common Stock issued and issuable pursuant to the terms of the Debenture without respect to
any limitation or restriction on the conversion of the Debentures.

 

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

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing.
On the applicable Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the
execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not
jointly, agree to purchase, the principal amount of the Debentures that have been subscribed for as of that date. Each Purchaser
shall deliver to the Escrow Agent or the Company, at the direction of the Placement Agent, via wire transfer or a certified check,
immediately available funds (and/or tender of debt instruments of the Company, including accrued and unpaid interest due thereon)
equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the
Company shall deliver to each Purchaser its respective Debenture, as determined pursuant to Section 2.2(a), and the Company and
each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at each Closing, as applicable. Upon satisfaction
of the covenants and conditions set forth in Sections 2.2 and 2.3, each Closing shall occur at the offices of EGS or such other
location as the parties shall mutually agree. Notwithstanding anything herein to the contrary, the Purchasers acknowledge and agree
that, at the election of the Company and the Placement Agent, the transactions contemplated here may consist of one or more Closings.

 

    	 	6	 

     

    

 

2.2           Deliveries.

 

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

 

(i)          this
Agreement duly executed by the Company for the Subscription Amounts accepted as of that date;

 

(ii)         a
legal opinion of Company Counsel, substantially in the form of Exhibit D attached hereto;

 

(iii)        a
Debenture with a principal amount equal to such Purchaser’s Subscription Amount, registered in the name of such Purchaser;

 

(iv)        the
Registration Rights Agreement duly executed by the Company;

 

(v)         the
Subordination Agreements duly executed by the Company, each Subsidiary and Sallyport Commercial Finance, LLC; and

 

(vi)        the
Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed by the
Chief Executive Officer or Chief Financial Officer.

 

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

 

(i)          this
Agreement duly executed by such Purchaser;

 

(ii)         the
Registration Rights Agreement duly executed by such Purchaser;

 

(iii)        the
Subordination Agreements duly executed by such Purchaser; and

 

(iv)        such
Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company and/or tender of debt
instruments of the Company, and accrued interest due thereon.

 

2.3           Closing
Conditions.

 

(a)          The
obligations of the Company hereunder in connection with each Closing are subject to the following conditions being met:

 

(i)          the
accuracy in all material respects on (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) the applicable Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

    	 	7	 

     

    

 

(ii)         all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the applicable Closing Date shall
have been performed; and

 

(iii)        the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)          The
respective obligations of the Purchasers hereunder in connection with each Closing are subject to the following conditions being
met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the applicable Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of the Company required to be performed at or prior to the applicable Closing Date shall
have been performed;

 

(iii)        the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)        there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)         from
the date hereof to the applicable Closing Date, trading in the Common Stock shall not have been suspended by the Commission or
the Company’s principal Trading Market and, at any time prior to the applicable Closing Date, trading in securities generally
as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities
whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by
the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities
or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the
Securities at the applicable Closing.

 

    	 	8	 

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

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

 

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

 

(c)           Authorization;
Enforcement.

 

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

 

    	 	9	 

     

    

 

(ii)         With
respect to the Subsidiary Guarantee, each of the Subsidiaries has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by such agreement and otherwise to carry out its obligations thereunder. The execution
and delivery of the Subsidiary Guarantee and the consummation by the Company of the transactions contemplated thereby have been
duly authorized by all necessary action on the part of the Company, and no further action is required by the respective Subsidiary,
its managers or its members in connection therewith. The Subsidiary Guarantee has been (or upon delivery will have been) duly executed
by the respective Subsidiaries and, when delivered in accordance with the terms thereof, will constitute the valid and binding
obligation of the respective Subsidiary enforceable against such Subsidiary in accordance with its terms, except (A) as listed
by general equitable principals and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (C) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

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

 

    	 	10	 

     

    

 

(e)           Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filing with the Commission pursuant to the Registration Rights Agreement, (ii) the filings required pursuant to Section 4.6
of this Agreement, (iii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities
and the listing of the Underlying Shares for trading thereon in the time and manner required thereby, (iv) Authorized Share Approval,
and (v) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities
laws (collectively, the “Required Approvals”).

 

(f)            Issuance
of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, free and clear of all Liens imposed by the Company, other than restrictions on transfer
provided for in the Transaction Documents. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents,
will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions
on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital stock a number
of shares of Common Stock for issuance of the Underlying Shares at least equal to the Required Minimum on the date hereof.

 

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

 

    	 	11	 

     

    

 

(h)           SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange 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) through the filing date of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC
Reports”), which other than the Annual Report for the fiscal year ended December 31, 2017, the Quarterly Report for the
fiscal quarter ended March 31, 2018, the Quarterly report for the fiscal quarter ended June 30, 2018 and the Quarterly report for
the fiscal quarter ended September 30, 2018 (which has not been filed), were 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
dates, the SEC Reports, other than the June 30, 2018 quarterly report on Form 10-Q, complied in all material respects with the
requirements of the Securities Act and the Exchange Act, as applicable, 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 the light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the SEC Reports, other than the June 30, 2018 quarterly report on Form 10-Q, comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

    	 	12	 

     

    

 

(i)            Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development that
has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than (A) trade payables and accrued expenses 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 disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made
any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to
any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by
this Agreement or as set forth on Schedule 3.1(g) or (i), no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition, that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least 1 Trading Day prior to the date that this representation is made.

 

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

 

    	 	13	 

     

    

 

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

 

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

 

(m)          Environmental
Laws.         The Company and its Subsidiaries (i) are in compliance with
all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient
air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand
letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated
or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required
of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms
and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could
be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    	 	14	 

     

    

 

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

 

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

 

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

 

    	 	15	 

     

    

 

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

 

(r)           Transactions
with Affiliates and Employees. Except as set forth in the SEC Documents or as is set forth on Schedule 3.1(r), none
of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the
Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from providing for the borrowing of money from or lending of
money to, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee,
stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including
stock option agreements under any stock option plan of the Company.

 

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

 

    	 	16	 

     

    

 

(t)            Certain
Fees. Other than the fees and expenses of the Placement Agent, no brokerage or finder’s fees or commissions are or will
be payable by the Company or any Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have
no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated
in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)           Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated
hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

 

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

 

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

 

(x)           Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on
which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or
maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable
future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible
for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current
in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such
electronic transfer.

 

    	 	17	 

     

    

 

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

 

(z)           Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information. The Company understands
and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.
All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their
respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and
correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements made therein, in the light of the circumstances under which they were made, not misleading. The Company acknowledges
and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

(aa)         No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require
the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any
Trading Market on which any of the securities of the Company are listed or designated.

 

    	 	18	 

     

    

 

(bb)         Solvency.
Based on the consolidated financial condition of the Company as of the applicable Closing Date, after giving effect to the receipt
by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s 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, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its 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. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
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 applicable Closing Date. Schedule 3.1(bb)
sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x)
any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether
or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties
by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;
and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance
with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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

 

(dd)         No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers
and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

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

 

    	 	19	 

     

    

 

(ff)          Accountants.
The Company does not currently have an independent auditing firm.

 

(gg)         Seniority.
No Indebtedness or other claim against the Company is senior to the Debentures in right of payment, whether with respect to interest
or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security interests (which is
senior only as to underlying assets covered thereby) and capital lease obligations (which is senior only as to the property covered
thereby).

 

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

 

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

 

(jj)           Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(g) and 4.15 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers
has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short,
securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities
for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including, without
limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and
counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, may presently
have a “short” position in the Common Stock and (iv) each Purchaser shall not be deemed to have any affiliation with
or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the
Securities are outstanding, including, without limitation, during the periods that the value of the Underlying Shares deliverable
with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing
stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted.  The
Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

    	 	20	 

     

    

 

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

 

(ll)           Stock
Option Plans. Each stock option and warrant granted by the Company under the Company’s stock option plan and other equity
incentive plans was granted in accordance with the terms of the Company’s stock option plan or other equity incentive plan.
No stock option or warrant granted under the Company’s stock option plan or equity incentive plan has been backdated. The
Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options
prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material
information regarding the Company or its Subsidiaries or their financial results or prospects.

 

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

 

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

 

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

 

    	 	21	 

     

    

 

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

 

(qq)         No
Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the
Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer
of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the "Bad Actor" disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person
is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(rr)          Other
Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of any Securities.

 

(ss)         Notice
of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in writing, prior to the applicable
Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage
of time, become a Disqualification Event relating to any Issuer Covered Person.

 

3.2           Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the applicable Closing Date to the Company as follows (unless as of a specific date therein, in which
case they shall be accurate as of such date):

 

    	 	22	 

     

    

 

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

 

(b)          Own
Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to
distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)          Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it converts any Debentures it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act.

 

(d)          Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)          General
Solicitation. Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities as a result of any advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or
general advertisement.

 

    	 	23	 

     

    

 

(f)          Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering
of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its
financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such
Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(g)          Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow,
identification of the availability of, and/or securing of, securities of the Company in order for such Purchaser (or its broker
or other financial representative) to effect Short Sales or similar transactions in the future.

 

    	 	24	 

     

    

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the
Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in
order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Transfer
Restrictions.

 

(a)          The
Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in
connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the
terms of this Agreement and the Registration Rights Agreement and shall have the rights and obligations of a Purchaser under this
Agreement and the Registration Rights Agreement.

 

(b)          The
Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following
form:

 

[NEITHER] THIS SECURITY [NOR
THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO 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. THIS SECURITY [AND
THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

    	 	25	 

     

    

 

The Company
acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser
may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to
approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection
therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will
execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection
with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to the Registration
Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act
or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders (as defined in the
Registration Rights Agreement) thereunder.

 

(c)          Certificates
evidencing the Underlying Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) following
any sale of such Underlying Shares pursuant to Rule 144, (ii) if such Underlying Shares are eligible for sale under Rule 144, after
a one year aggregate holding period has passed, or (iii) if such legend is not required under applicable requirements of the Securities
Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its
counsel to issue a legal opinion to the Transfer Agent or the Purchaser if required by the Transfer Agent to effect the removal
of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Debenture is converted at a time
when there is an effective registration statement to cover the resale of the Underlying Shares and such resale is to be made, or
if such Underlying Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current
public information required under Rule 144 as to such Underlying Shares and without volume or manner-of-sale restrictions or if
such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the Commission) then such Underlying Shares shall be issued free of all legends. The Company
agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will,
no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
(as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Underlying
Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause
to be delivered to such Purchaser a certificate representing such shares 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 4. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted where
possible by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository
Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common
Stock as in effect on the date of delivery of a certificate representing Underlying Shares, as applicable, issued with a restrictive
legend.

 

    	 	26	 

     

    

 

(d)          In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Underlying Shares (based on the VWAP of the Common Stock on the date such Securities
are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading
Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after
the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver
(or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to
the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such
Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without
any restrictive legend, then, an amount equal to the excess of such Purchaser’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions
and other out-of-pocket expenses, if any) (the “Buy-In Price”) over
the product of (A) such number of Underlying Shares that the Company was required to deliver to such Purchaser by the Legend Removal
Date multiplied by (B) the lowest closing sale price of the Common Stock on any Trading Day during the period commencing on the
date of the delivery by such Purchaser to the Company of the applicable Underlying Shares (as the case may be) and ending on the
date of such delivery and payment under this clause (ii).

 

(e)          Each
Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities
pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements,
or an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance
with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates
representing Securities as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

    	 	27	 

     

    

 

4.2           Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares
of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations
under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares pursuant to the Transaction
Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless
of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect
that such issuance may have on the ownership of the other stockholders of the Company.

 

4.3           Furnishing
of Information; Public Information.

 

(a)          If
the Common Stock is not registered under Section 12(b) or 12(g) of the Exchange Act on the date hereof, the Company agrees to cause
the Common Stock to be registered under Section 12(g) of the Exchange Act on or before the 60th calendar day following
the date hereof. Until the time that no Purchaser owns Securities, the Company covenants to maintain the registration of the Common
Stock under Section 12(b) or 12(g) of the Exchange Act and 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 Exchange Act
even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

(b)          At
any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of
the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without
restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information
requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144 (i)(1)(i) or becomes an issuer in the future,
and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”)
then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial
liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an
amount in cash equal to one percent (1.0%) of the aggregate Subscription Amount of such Purchaser’s Securities then held
by the Purchaser on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated for periods
totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured up to a maximum
of five (5) 30 day periods and (b) such time that such public information is no longer required  for the Purchasers to transfer
the Underlying Shares pursuant to Rule 144.  The payments to which a Purchaser shall be entitled pursuant to this Section
4.3(b) are referred to herein as “Public Information Failure Payments.”  Public Information Failure Payments
shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are
incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure
Payments is cured.  In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public
Information Failure Payments shall bear interest at the rate of 1.0% per month (prorated for partial months) until paid in full.
Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser
shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief.

 

    	 	28	 

     

    

 

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

 

4.5           Conversion
Procedures. Each form of Notice of Conversion included in the Debentures set forth the totality of the procedures required
of the Purchasers in order to convert the Debentures. Without limiting the preceding sentences, no ink-original Notice of Conversion
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form
be required in order to convert the Debentures. No additional legal opinion, other information or instructions shall be required
of the Purchasers to convert their Debentures. The Company shall honor conversions of the Debentures and shall deliver Underlying
Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.6           Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms
of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the
Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any
of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such
press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company
and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated
hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each
Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except
if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice
of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with (i) any registration
statement contemplated by the Registration Rights Agreement and (ii) the filing of final Transaction Documents with the Commission
and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide
the Purchasers with prior notice of such disclosure permitted under this clause (b).

 

    	 	29	 

     

    

 

4.7           Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.8           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.6, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company
hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries,
or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public
information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.9           Use
of Proceeds. Except as set forth on Schedule 4.9 attached hereto, the Company shall use the net proceeds from the sale
of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion
of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior
practices), (b) for the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation
or (d) in violation of FCPA or OFAC regulations.

 

    	 	30	 

     

    

 

4.10         Indemnification
of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the
Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not
an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under
the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations
by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially
determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party
in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed
after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable
opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.10 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

4.11         Reservation
and Listing of Securities.

 

(a)          Promptly
following the Authorized Share Increase Date, the Company shall maintain a reserve of the Required Minimum from its duly authorized
shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be generally required to fulfill
its obligations in full under the Transaction Documents.

 

(b)          If,
on any date after the Authorized Share Increase Date, the number of authorized but unissued (and otherwise unreserved) shares of
Common Stock is less than the Required Minimum on such date, then the Board of Directors shall use commercially reasonable efforts
to amend the Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares
of Common Stock to at least the Required Minimum at such time, as soon as possible and in any event not later than the 120th
day after such date.

 

    	 	31	 

     

    

 

(c)          The
Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading
Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required Minimum
on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing
or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or
quotation and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Required Minimum on
such date on such Trading Market or another Trading Market. The Company agrees to maintain the eligibility of the Common Stock
for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation,
by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such
electronic transfer. In addition, the Company shall hold an annual or special meeting of stockholders on or prior to December 31,
2018 for the purpose of obtaining Authorized Share Approval, with the recommendation of the Company’s Board of Directors
that such proposals are approved, and the Company shall solicit proxies from its stockholders in connection therewith in the same
manner as all other management proposals in such proxy statement and all management-appointed proxyholders shall vote their proxies
in favor of such proposal. If the Company does not obtain Authorized Share Approval at the first meeting, the Company shall call
a meeting every forty-five (45) days thereafter to seek Authorized Share Approval until the earlier of the date on which Authorized
Share Approval is obtained or the Debentures are no longer outstanding.

 

4.12         Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to such Transaction Documents. Further, the Company shall not make any payment of principal
or interest on the Debentures in amounts which are disproportionate to the respective principal amounts outstanding on the Debentures
at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the
Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall
not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting
of Securities or otherwise.

 

    	 	32	 

     

    

 

4.13         Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.6.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such
time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.6, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and
the information included in the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in
this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty
or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6,
(ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.6 and (iii) no Purchaser shall have any duty of confidentiality
or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press
release as described in Section 4.6.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers
have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s
assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that
made the investment decision to purchase the Securities covered by this Agreement.

 

4.14         [Reserved].

 

4.15         Secured
Obligation. The parties acknowledge and agree that the obligations of the Company under this Agreement and the Debentures,
are subject to the security interest granted by the Company and its Subsidiaries pursuant to the Security Agreement and that such
obligations are “Obligations” under such Security Agreement and the Subsidiary Guarantees. Subject to the Subordination
Agreements, the Company and the Subsidiaries shall take any and all actions as may be necessary or appropriate in order to grant
the Purchasers a first priority security interest in the assets of the Company and the Subsidiaries, including assisting Purchasers
in the filing of all UCC-1 filing receipts, if required. The Company shall update the disclosure schedules to the Security Agreement
and provide them to the Purchaser prior to the Closing.

 

4.16         Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall
reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers
at the applicable Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall
provide evidence of such actions promptly upon request of any Purchaser.

 

    	 	33	 

     

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1           Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the applicable
Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof, provided,
however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2           Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with
the delivery of any Securities to the Purchasers.

 

5.3           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature pages
attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second
(2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or
(d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5           Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Debentures based on
the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived
provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser
(or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser
relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely
affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder
of Securities and the Company.

 

    	 	34	 

     

    

 

5.6           Headings.
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.

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8           No
Third Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. 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 as otherwise set forth in Section 4.10 and this Section 5.8.

 

5.9           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

    	 	35	 

     

    

 

5.10         Survival.
The representations and warranties contained herein shall survive the applicable Closing and the delivery of the Securities.

 

5.11         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the 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 page were an original thereof.

 

5.12         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 commercially
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.

 

5.13         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser 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 Purchaser
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; provided, however, that, in the
case of a rescission of a conversion of a Debenture, the applicable Purchaser shall be required to return any shares of Common
Stock subject to any such rescinded conversion notice.

 

5.14         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

    	 	36	 

     

    

 

5.15         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers 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 contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser 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.

 

5.17         Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and
will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any
time hereafter in force, in connection with any Action or Proceeding that may be brought by any Purchaser in order to enforce any
right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document,
it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the
nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”),
and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated
with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such
Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents
is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract
rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof
forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the
Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction Documents, such
excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company,
the manner of handling such excess to be at such Purchaser’s election.

 

5.18         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the
Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

    	 	37	 

     

    

 

5.19         Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

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

 

5.21         Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

5.22         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    	 	38	 

     

    

 

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

 

	themaven, inc.	Address for Notice:
	 	 
	 	1500 Fourth Avenue
	 	Suite 200
	 	Seattle, WA 98101

 

	By:	/s/ James C. Heckman	 	Email: notices@maven.io
	 	Name: James C. Heckman	 	Fax:  206-260-3418
	 	Title: Chief Executive Officer	 	 

 

With a copy to (which shall not constitute notice):

 

Golenbock Eiseman Assor Bell & Peskoe LLP

711 Third Avenue

New York, New York 10017

Attention: Andrew D. Hudders

Email: ahudders@golenbock.com

Facsimile: (212) 818-8881

 

 

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SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	 	39	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO mven SECURITIES PURCHASE AGREEMENT]

 

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

 

Name of Purchaser:

 

	Signature of Authorized Signatory of Purchaser:	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	Email Address of Authorized Signatory:	 
	 	 
	Facsimile Number of Authorized Signatory:	 
	 	 
	Address for Notice to Purchaser:	 

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

 

Subscription Amount: $_______

 

Cash: $_______

 

Principal amount of Company Debt Instrument:
$_______

SSN: _______________________

 

 

[SIGNATURE PAGES CONTINUE]

 

    	 	40

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