Exhibit 10.1


 


SECURITIES PURCHASE AGREEMENT


 


This Securities Purchase
Agreement (this “Agreement”) is dated as of June 17, 2022, between Scholar Rock Holding Corporation, a corporation
incorporated under the laws of the state of Delaware (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 an effective registration statement under the Securities Act (as defined below),
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, for all purposes of this Agreement, 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 4.5.


 


“Action”
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or, to the Company’s Knowledge, threatened in writing against or affecting the Company, any Subsidiary or any of their respective
properties or any officer, director or employee of the Company or any Subsidiary acting in his or her capacity as an officer, director
or employee before or by any federal, state, county, local or foreign court, arbitrator, governmental or administrative agency, regulatory
authority, stock market, stock exchange or trading facility.


 


“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.


 


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


 


“Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day.


 


“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.


 


“Closing Date”
means June 22, 2022.


 






     


     


    

 


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


 


“Common Stock”
means the common stock of the Company, par value $0.001 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.


 


“Common Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Common Warrants.


 


“Common Warrants”
means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Warrants shall be immediately exercisable and will expire on December 31, 2025, in the form of Exhibit A attached
hereto.


 


“Company Counsel”
means Goodwin Procter LLP, with offices located at 100 Northern Avenue, Boston, MA 02210.


 


“Company’s
Knowledge” means with respect to any statement made to the Company’s Knowledge, that the statement is based upon the actual
knowledge of the executive officers of the Company having responsibility for the matter or matters that are the subject of the statement.


 


“Cooley”
means Cooley LLP, counsel to the Placement Agent, with offices located at 55 Hudson Yards, New York, New York 10001.


 


“Disclosure Schedules”
means the Disclosure Schedules of the Company delivered concurrently herewith, if any.


 


“Disclosure Time”
means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before
midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date
hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.


 


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


 


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


 



     


     


    




 


“Exempt Issuance”
means the issuance of (a) shares of Common Stock or options to employees, officers, directors or consultants of the Company pursuant
to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company; provided that
the issuance of any such securities to any consultant (i) are issued as “restricted securities” (as defined in Rule 144)
and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition
period in Section 4.11(a) herein or (ii) are subject to a written lock-up agreement for the term of prohibition period
in Section 4.11 herein, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder, and/or
other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or
combinations) or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that such securities (i) are issued as “restricted
securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration
statement in connection therewith during the prohibition period in Section 4.11(a) herein or (ii) are subject to a written
lock-up agreement, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company,
but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities, and (d) shares of Common Stock in the “at the market” offering pursuant
to the Sales Agreement, dated as of March 9, 2021, between the Company and Jefferies LLC.


 


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


 


“GAAP”
means U.S. generally accepted accounting principles, as applied by the Company.


 


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


 


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


 


“Lock-Up Agreement”
means the Lock-Up Agreement, dated as of the date hereof, by and among the Company and the directors and named executive officers of the
Company, except for those listed on Annex A attached hereto, in the form of Exhibit C attached hereto.


 


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


 


“Material Adverse
Effect” means (i) a material adverse effect on the results of operations, assets, prospects, business or financial condition
of the Company and the Subsidiaries, taken as a whole, or (ii) 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; except that, with respect to the foregoing clause
(i), any of the following, either alone or in combination, shall not be deemed a Material Adverse Effect: (A) effects caused by changes
or circumstances affecting general market conditions in the U.S. economy or which are generally applicable to the industry in which the
Company operates, provided that such effects are not borne disproportionately by the Company, (B) effects resulting from or relating
to the announcement or disclosure of the sale of the Securities or other transactions contemplated by this Agreement, or (C) effects
caused by any event, occurrence or condition resulting from or relating to the taking of any action in accordance with this Agreement.


 


“Material Contract”
means any contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business
of the Company, including those that have been filed as an exhibit to the SEC Reports pursuant to Item 601(b)(10) of Regulation S-K.


 


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


 






     


     


    

 


“Per Share Purchase
Price” equals $4.90, 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, provided that the purchase price per Pre-Funded
Warrant shall be the Per Share Purchase Price minus $0.0001.


 


“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 J.P. Morgan Securities LLC.


 


“Placement Agency
Agreement” means that certain placement agent agreement dated as of the date hereof between the Company and the Placement Agent.


 


“Pre-Funded Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants.


 


“Pre-Funded Warrants”
means, collectively, the Pre-Funded Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Pre-Funded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of Exhibit B
attached hereto.


 


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


 


“Prospectus”
means the prospectus included in Post-Effective Amendment No. 2 to the Registration Statement, including the information incorporated
by reference therein, at the time it was declared effective by the Commission.


 


“Prospectus Supplement”
means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act containing certain supplemental information
regarding the Securities and the terms of the offering of the Securities that has been will be filed with the Commission, including the
information incorporated by reference therein, and delivered by the Company to each Purchaser on or prior to the date hereof.


 


“Purchaser Party”
shall have the meaning ascribed to such term in Section 4.8.


 


“Registration Statement”
means the Registration Statement on Form S-3 (File No. 333-254057) filed by the Company with the Commission and declared effective
on April 13, 2022, including the information incorporated by reference therein.


 


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


 


“Rule 144”
means Rule 144 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.


 


“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 Shares, the Warrants and the Warrant Shares.


 


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


 


“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.


 


“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).


 


“Subscription Amount”
means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars
and in immediately available funds (minus, if applicable, a Purchaser’s aggregate exercise price of the Pre-Funded Warrants, which
amounts shall be paid as and when such Pre-Funded Warrants are exercised for cash).


 


“Subsidiary”
means the subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.


 


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


 


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


 


“Transaction Documents”
means this Agreement, the Lock-Up Agreements, the Warrants, the Placement Agency Agreement, all exhibits and schedules thereto and hereto,
the Officer’s Certificate and the Prospectus Supplement.


 


“Transfer Agent”
means Computershare Trust Company, Inc., the current transfer agent of the Company, located at 150
Royall Street, Canton, MA 02021, and any successor transfer agent of the Company.


 


“Warrants”
means, collectively, the Common Warrants and the Pre-Funded Warrants.


 


“Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Warrants.


 






     


     


    

 


ARTICLE II.

PURCHASE AND SALE


 


2.1 Closing. On the
Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell and issue to the Purchasers, and
the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $205,000,001.50 of Shares and Warrants; provided,
however, that, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser’s
Affiliates, and any Person acting as a group together with such purchaser or any of such Purchaser’s Affiliates) would beneficially
own in excess of the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, in lieu of purchasing Shares such Purchaser
may elect to purchase Pre-Funded Warrants in lieu of Shares in such manner to result in the same aggregate purchase price being paid by
such Purchaser to the Company (minus an amount equal to the Exercise Price times the number of Pre-Funded Warrants, as defined in the
Pre-Funded Warrants) (and each such Purchaser of Pre-Funded Warrants will, for the avoidance of doubt, also receive Common Warrants as
though they purchased Shares). The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of the Purchaser
at Closing, 9.99% or 19.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of
the Securities on the Closing Date. Each Purchaser’s Subscription Amount shall set forth on the signature page hereto and,
at the election of the Purchaser, the Purchaser may indicate that, upon Closing, its Subscription Amount shall not cause the beneficial
ownership of the Common Stock of it and its Affiliates on an aggregate basis to exceed 19.99% of the number of shares of Common Stock
outstanding immediately after giving effect to the issuance of the Securities on the Closing Date (calculated in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act), and after consultation
with the Purchaser the Subscription Amount shall be reduced automatically. Each Purchaser’s Subscription Amount shall be made available
for “Delivery Versus Payment” settlement with the Company or its designee. The Company shall deliver to each Purchaser its
respective Shares and Warrants 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 the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the
Closing shall occur at the offices of Cooley or such other location as the parties shall mutually agree. Settlement of the Shares shall
occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue the Shares
registered in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) identified
by each Purchaser; upon receipt of such Shares, payment therefor shall be made by the Purchaser by wire transfer to the Company). Notwithstanding
anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser,
through, and including the time immediately prior to the Closing (the “Pre-Settlement Period”), such Purchaser sells
to any Person all, or any portion, of the Shares to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement
Shares”), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company),
be deemed to be unconditionally bound to purchase, such Pre-Settlement Shares at the Closing; provided, that the Company shall not be
required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company’s receipt of the purchase price of such Pre-Settlement
Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation
or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any shares of Common Stock
to any Person and that any such decision to sell any shares of Common Stock by such Purchaser shall solely be made at the time such Purchaser
elects to effect any such sale, if any. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise (as defined in the
Pre-Funded Warrants) delivered on or prior to 12:00 p.m. (New York City time) on the Closing Date, which may be delivered at any
time after the time of execution of the this Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by
4:00 p.m. (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share Delivery Date (as defined in the
Pre-Funded Warrants) for purposes hereunder.


 


2.2 Deliveries.


 


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


 


(i) this Agreement duly
executed by the Company;


 






     


     


    

 


(ii) a legal opinion
of Company Counsel, dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent;


 


(iii) subject to the
last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions, on Company
letterhead and executed by the Company’s Chief Executive Officer or Chief Financial Officer;


 


(iv) subject to Section 2.1,
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository
Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s Subscription
Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;


 


(v) a Common Warrant
registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 25% of such Purchaser’s Shares
or Pre-Funded Warrant Shares, as applicable, with an exercise price equal to $7.35 per share, subject to adjustment therein, a PDF copy
of which shall be provided to such Purchaser on the Closing Date, with original Common Warrant to be delivered to Purchaser within five
(5) business days of Closing;


 


(vi) for each Purchaser
of Pre-Funded Warrants pursuant to Section 2.1, a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a
number of shares of Common Stock equal to the portion of such Purchaser’s Subscription Amount applicable to Pre-Funded Warrants
divided by the Per Share Purchase Price minus $0.0001, with an exercise price equal to $0.0001, subject to adjustment therein;


 


(vii) an Officer’s
Certificate, in form and substance satisfactory to the Purchasers;


 


(viii) a Secretary’s
Certificate, in form and substance satisfactory to the Purchasers, that includes a good standing certificate for the Company, issued by
the Secretary of State and the State of Delaware, dated not less than five (5) business days prior to the Closing Date;


 


(ix) on the date hereof,
the duly executed Lock-Up Agreements; and


 


(x) the Prospectus Supplement
(which may be delivered in accordance with Rule 172 under the Securities Act).


 


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


 


(i) this Agreement duly
executed by such Purchaser; and


 


(ii) such Purchaser’s
Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with the Company or its designee
per Section 2.1.


 


2.3 Closing Conditions.


 


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


 


(i) the representations
and warranties of the Purchasers contained herein shall be materially true and correct as of the Closing Date as if made as of the Closing
Date (unless such representation or warranty was made as of a specific date, in which such representation and warranty shall be true and
correct as of such date);


 






     


     


    

 


(ii) all obligations,
covenants and agreements required to be performed or complied with by each Purchaser on or prior to the Closing shall have been performed
or complied with by it in all material respects; 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 the Closing are subject to the following conditions being met:


 


(i) the representations
and warranties of the Company contained herein shall be materially true and correct as of the hereof and as of the Closing Date as if
made as of the Closing Date (unless such representation or warranty was made as of a specific date, in which case such representation
and warranty true and correct as of such date);


 


(ii) all obligations,
covenants and agreements required to be performed or complied with by the Company on or prior to the Closing shall have been performed
or complied with by it;


 


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


 


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


 


(v) from the date hereof
to the 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 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 Closing;


 


(vi) no stop order suspending
the effectiveness of the Registration Statement or any part thereof, or preventing or suspending the use of the Prospectus or the Prospectus
Supplement, or any part thereof, shall have been issued, and no Proceedings for that purpose or otherwise under the Securities Act, shall
have been initiated or threatened by the Commission, and no objection shall have been raised by the Nasdaq Global Select Market with respect
to the consummation of the transactions contemplated by this Agreement;


 


(vii) the Shares shall
be freely tradable on the Nasdaq Global Select Market;


 


(viii) no governmental
authority shall have issued any order, decree or ruling, and no law shall be in effect, enjoining, restraining or otherwise prohibiting
any of the transactions contemplated hereby, and the Company shall have obtained all governmental, regulatory or third party consents
and approvals, if any, necessary for the sale and issuance of the Securities, including without limitation, those required by the Nasdaq
Global Select Market; and


 


(ix) the Closing of
the purchase of Securities by each Purchaser shall occur substantially concurrently.


 






     


     


    

 


ARTICLE III.

REPRESENTATIONS AND WARRANTIES


 


3.1 Representations and
Warranties of the Company. Except (i) 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, or (ii) as disclosed in the SEC Reports, the Company hereby represents and warrants as of the
date hereof (except for the representations and warranties that speak as of a specific date, which shall be made as of such date), to
each of the Purchasers and to the Placement Agent:


 


(a)            Subsidiaries.
The Company has no direct or indirect Subsidiaries other than those listed in Schedule 3.1(a) hereto. Except as disclosed
in Schedule 3.1(a) hereto, the Company owns, directly or indirectly, all of the capital stock or comparable equity interests
of each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock or comparable equity
interest of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities.


 


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


 


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


 






     


     


    

 


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


 


(e)            Filings,
Consents and Approvals. Neither the Company nor any of its Subsidiaries is required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any 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 (including
the issuance of the Securities), other than (i) the filing with the Commission of the Prospectus Supplement, (ii) the filing
of any requisite notices and/or application(s) to the Principal Trading Market for the issuance and sale of the Shares and the Warrant
Shares and the listing of the Shares and the Warrant Shares for trading or quotation, as the case may be, thereon in the time and manner
required thereby, (iii) the filings required in accordance with Section 4.4 of this Agreement and (iv) those that
have been made or obtained prior to the date of this Agreement (collectively, the “Required Approvals”).


 


(f)            Issuance
of the Securities. The Securities have been duly authorized and, when issued and paid for in accordance with the terms of the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable and free and clear of all Liens, other than restrictions on transfer
provided for in the Transaction Documents or imposed by applicable securities laws, and shall not be subject to preemptive or similar
rights. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be duly and validly issued, fully paid and
nonassessable and free and clear of all Liens, other than restrictions on transfer provided for in the Transaction Documents or imposed
by applicable securities laws, and shall not be subject to preemptive or similar rights. Assuming the accuracy of the representations
and warranties of the Purchasers in this Agreement, the Securities will be issued in compliance with all applicable federal and state
securities laws.


 


(g)            Capitalization.
The summary capitalization of the Company as of March 31, 2022 is set forth in the Prospectus Supplement. Aside from new hire equity
grants, equity grants to members of its Board of Directors and additional equity grants not to exceed 2,300,000, 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. The Shares, when issued pursuant to the terms of this Agreement, and the
Warrant Shares, when issued and delivered upon exercise as provided under the Warrants, will conform, in all material respects, to the
description thereof contained in the Registration Statement. All of the issued and outstanding shares of Common Stock have been duly authorized
and validly issued, are fully paid and nonassessable and have been issued in compliance with all applicable federal and state securities
laws. None of the outstanding shares of Common Stock was issued in violation of any preemptive rights, rights of first refusal or other
similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive
rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable
for, any capital stock of the Company or any of its subsidiaries other than those described in the Registration Statement and the Prospectus
Supplement. The descriptions of the Company’s stock option, stock bonus and other stock plans or arrangements (each, a “Company
Stock Plan”), and the options or other rights granted thereunder, set forth in the Registration Statement and the Prospectus
Supplement accurately and fairly presents, in all material respects, the information required to be shown with respect to such plans,
arrangements, options and rights.


 






     


     


    

 


(h)           SEC
Reports; Disclosure Materials. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by it under 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) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC
Reports”, and the SEC Reports, together with the Disclosure Schedules, being collectively referred to as the “Disclosure
Materials”) 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, except where the failure to file on a timely basis would not have or reasonably be expected to
result in a Material Adverse Effect (including, for this purpose only, any failure to qualify to register the Securities for resale on
Form S-3 or which would prevent any Purchaser from using Rule 144 to resell any Securities). As of their respective filing dates,
or to the extent corrected by a subsequent restatement, the SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company has never
been an issuer subject to Rule 144(i) under the Securities Act. Each of the Material Contracts to which the Company or any Subsidiary
is a party or to which the property or assets of the Company or any of its Subsidiaries are subject has been filed as an exhibit to the
SEC Reports.


 


(i)            Financial
Statements. The financial statements of the Company included in the SEC Reports present fairly, in all material respects, the consolidated
financial position of the Company and its subsidiaries as of the dates indicated and the results of their operations, changes in stockholders’
equity and cash flows for the periods specified. Such financial statements have been prepared in conformity with generally accepted accounting
principles as applied in the United States (“GAAP”), applied on a consistent basis throughout the periods involved,
except as may be expressly stated in the related notes thereto and except in the case of unaudited financial statements, which are subject
to normal and recurring year-end adjustments and do not contain all footnotes as permitted by the applicable rules of the Commission.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly
presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and
guidelines applicable thereto. No other financial statements or supporting schedules are required to be included in the Registration Statement
or the Prospectus Supplement. The financial data set forth in each of the Registration Statement and the Prospectus Supplement under the
caption “Capitalization” fairly presents, in all material respects, the information set forth therein on a basis consistent
with that of the audited financial statements contained in the Registration Statement and the Prospectus Supplement. All disclosures contained
in the Registration Statement or the Prospectus Supplement, that constitute non-GAAP financial measures (as defined by the rules and
regulations under the Securities Act and the Exchange Act) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K
under the Securities Act, as applicable. To the Company’s Knowledge, no person who has been suspended or barred from being associated
with a registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the
PCAOB, has participated in or otherwise aided the preparation of, or audited, the financial statements, supporting schedules or other
financial data filed with the Commission as a part of the Registration Statement and the Prospectus Supplement.


 






     


     


    

 


(j)             Material
Changes. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed
in a subsequent SEC Report filed prior to the date hereof, (i) there has been no material adverse change, or any development that
would reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business,
properties, operations, assets, liabilities or prospects, whether or not arising from transactions in the ordinary course of business,
of the Company and its Subsidiaries, considered as one entity (any such change being referred to herein as a “Material Adverse
Change”); (ii) the Company and its Subsidiaries, considered as one entity, have not incurred any material liability or
obligation, indirect, direct or contingent, including without limitation any losses or interference with its business from fire, explosion,
flood, earthquakes, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute or court or governmental
action, order or decree, that are material, individually or in the aggregate, to the Company and its Subsidiaries, considered as one entity,
or has entered into any transactions not in the ordinary course of business; and (iii) there has not been any material decrease in
the capital stock or any material increase in any short-term or long-term indebtedness of the Company or its Subsidiaries and there has
been no dividend or distribution of any kind declared, paid or made by the Company or, except for dividends paid to the Company or other
Subsidiaries, by any of the Company’s Subsidiaries on any class of capital stock, or any repurchase or redemption by the Company
or any of its Subsidiaries of any class of capital stock.


 


(k)            Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents
or the Securities or (ii) except as specifically disclosed in the SEC Reports, would, if there were an unfavorable decision, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor
to the Company’s Knowledge 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 Company’s
Knowledge 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 of its Subsidiaries under the Exchange Act or the Securities Act.


 


(l)             Employment
Matters. No material labor dispute exists or, to the Company’s Knowledge, is imminent with respect to any of the employees of
the Company which would have or would reasonably be expected to have a Material Adverse Effect. None of the Company’s or any Subsidiary’s
employees is a member of a union that relates to such employee’s relationship with the Company, and neither the Company nor any
of its Subsidiaries is a party to a collective bargaining agreement, and the Company and each Subsidiary believes that its relationship
with its employees is good. No executive officer of the Company (as defined in Rule 501(f) of the Securities Act) has notified
the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary or otherwise terminate such officer's
employment with the Company or any such Subsidiary. To the Company’s Knowledge, no executive officer, to the Company’s Knowledge,
is, or is now expected to be, in violation of any term 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 a third party, and to the Company’s Knowledge, the continued employment of each such executive officer does not subject the Company
or any Subsidiary to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with
all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions
of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect.


 






     


     


    

 


(m)           Compliance.
The Company and its subsidiaries have been and are in compliance with all applicable laws, rules and regulations, except where failure
to be so in compliance could not be expected, individually or in the aggregate, to have a Material Adverse Effect.


 


(n)            Regulatory
Permits. The Company and its Subsidiaries possess such valid and current certificates, authorizations or permits required by state,
federal or foreign regulatory agencies or bodies to conduct their respective businesses as currently conducted and as described in the
Registration Statement or the Prospectus Supplement (“Material Permits”), except where the failure to possess the same
or so qualify would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither the Company
nor any of its subsidiaries is in violation of, or in default under, any of the Material Permits or has received any notice of proceedings
relating to the revocation or modification of, or non-compliance with the Material Permits, except for such violations, defaults or proceedings
if resolved unfavorably, would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.


 


(o)            Title
to Assets. Except as disclosed in the SEC Reports, the Company and its Subsidiaries have good and marketable title to all of the real
and personal property and other assets reflected as owned in the financial statements (or elsewhere in the Registration Statement or the
Prospectus Supplement), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse claims
and other defects, except such as do not materially and adversely affect the value of such property and do not materially interfere with
the use made or proposed to be made of such property by the Company. The real property, improvements, equipment and personal property
held under lease by the Company or any of its Subsidiaries are held under valid and enforceable leases, with such exceptions as are not
material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal
property by the Company or such Subsidiary.


 


(p)            Patents
and Trademarks. The Company and its subsidiaries own, or have obtained valid and enforceable licenses for, the inventions, patent
applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property described in
the Registration Statement and the Prospectus Supplement as being owned or licensed by them or which are necessary for the conduct of
their respective businesses as currently conducted or as currently proposed to be conducted (with respect to the commercialization of
the product candidates described in the Registration Statement and the Prospectus Supplement, except where the failure to own or license
such rights would not, individually or in the aggregate, have a Material Adverse Effect) (collectively, “Intellectual Property
Rights”). There are no third parties who have rights to any Intellectual Property Rights, except for: (i) the exclusive
license granted to Janssen Biotech. Inc., a subsidiary of Johnson & Johnson (pursuant to Option and License Agreement dated December 17,
2013, as amended); (ii) certain rights retained by Children’s Medical Center Corporation (CMCC), including rights to practice
and use the co-owned patent rights for research, educational, clinical and charitable purposes; (iii) Adimab, LLC pursuant to the
Amended and Restated Collaboration Agreement, dated March 12, 2019; and (iv) any customary reversionary rights of third-party
licensors with respect to Intellectual Property Rights that is disclosed in the Registration Statement and the Prospectus Supplement as
licensed to the Company or one or more of its Subsidiaries. There is no pending or, to the Company’s Knowledge, threatened action,
suit, proceeding or claim by others: (A) challenging the Company’s rights in or to any Intellectual Property Rights, and the
Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B) challenging
the validity, enforceability or scope of any Intellectual Property Rights, and except as described in the Registration Statement and the
Prospectus Supplement, the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or
claim; or (C) asserting that the Company or any of its Subsidiaries infringes or otherwise violates, or would, upon the commercialization
of any product or service described in the Registration Statement or the Prospectus Supplement as under development, infringe or violate,
any patent, trademark, trade name, service name, copyright, trade secret or other proprietary rights of others, and the Company is unaware
of any facts which would form a reasonable basis for any such action, suit, proceeding or claim. The Company and its Subsidiaries have
complied with the terms of each agreement pursuant to which Intellectual Property Rights has been licensed to the Company or any Subsidiary,
and all such agreements are in full force and effect. The product candidates described in the Registration Statement and the Prospectus
Supplement as under development by the Company or any Subsidiary fall within the scope of the claims of one or more patents or pending
patent applications owned by, or exclusively licensed to, the Company or any Subsidiary.


 






     


     


    

 


(q)            Insurance.
Each of the Company and its Subsidiaries are insured by recognized, financially sound and reputable institutions with policies in such
amounts and with such deductibles and covering such risks as are reasonably deemed adequate and customary for their businesses including,
but not limited to, policies covering real and personal property owned or leased by the Company and its Subsidiaries against theft, damage,
destruction, acts of vandalism and earthquakes and policies covering the Company and its Subsidiaries for product liability claims and
clinical trial liability claims. The Company has no reason to believe that it or any of its Subsidiaries will not be able (i) to
renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions
as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has been denied any insurance
coverage which it has sought or for which it has applied.


 


(r)            Transactions
With Affiliates and Employees. There are no business relationships or related-party transactions involving the Company or any of its
Subsidiaries or any other person required to be described in the Registration Statement or the Prospectus Supplement that have not been
described as required.


 


(s)            Internal
Accounting Controls. The Company makes and keeps accurate books and records and maintains a system of internal accounting controls
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP
and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Registration Statement and the Prospectus Supplement fairly presents the information called
for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. Since
the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and its Subsidiaries that have materially adversely affected, or is reasonably likely to materially adversely affect,
the internal control over financial reporting of the Company and its Subsidiaries.


 


(t)            Sarbanes-Oxley;
Disclosure Controls. The Company is in compliance in all material respects with all of the provisions of the Sarbanes-Oxley Act of
2002 which are applicable to it as of the Closing Date. The Company has established disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) for the Company 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 Company’s disclosure controls and procedures as of the
end of the period covered by the Company’s most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying
officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since
the Evaluation Date, there have been no changes in the Company’s internal control over financial reporting (as such term is defined
in the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting.


 






     


     


    

 


(u)            Certain
Fees. No person or entity will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or
claim against or upon the Company or a Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Company, other than the Placement Agent with respect to the offer and sale of the
Securities (which placement agent fees are being paid by the Company). 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 paragraph (u) that may
be due in connection with the transactions contemplated by the Transaction Documents.


 


(v)            Investment
Company. The Company is not, and will not be, immediately after receipt of payment for the Securities, required to register as an
 “investment company” within the meaning of the Investment Company Act of 1940, as amended.


 


(w)           Registration
Rights. There are no Persons with registration or other similar rights to have any equity or debt securities registered for sale under
the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived.


 


(x)             Listing
and Maintenance Requirements. The Company’s 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 terminate 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 twelve (12) months preceding the date hereof, received written notice from any Trading Market on which the Common Stock is listed
or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The
Company is in compliance with all listing and maintenance requirements of the Principal Trading Market on the date hereof.


 


(y)            Application
of Takeover Protections; Rights Agreements. 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 charter documents or the laws of its state of incorporation that is or could
reasonably be expected to become applicable to any of 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, the Company's issuance of the Securities and
the Purchasers' ownership of the Securities.


 


(z)            Disclosure.
The Company confirms that it has not provided, and to the Company’s Knowledge, none of its officers or directors nor any other Person
acting on its or their behalf has provided, and it has not authorized the Placement Agent to provide, any Purchaser or its respective
agents or counsel with any information that it believes constitutes material, non-public information except insofar as the existence,
provisions and terms of the Transaction Documents and the proposed transactions hereunder may constitute such information, all of which
will be disclosed by the Company in the Press Release as contemplated by Section 4.4 hereof. The Company understands and confirms
that the Purchasers will rely on the foregoing representations in effecting transactions in securities of the Company.


 






     


     


    

 


(aa)          No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
none of the Company, its Subsidiaries nor, to the Company’s Knowledge, any of its Affiliates or any Person acting on its behalf
has, directly or indirectly, at any time within the past six (6) months, made any offers or sales of any Company security or solicited
any offers to buy any security under circumstances that would cause the offering of the Securities pursuant to the Transaction Documents
to be integrated with prior offerings by the Company for purposes of any applicable law, regulation or stockholder approval provisions,
including, without limitation, under the rules and regulations of any Trading Market on which any of the securities of the Company
are listed or designated.


 


(bb)         Tax
Matters. Except in any case in which failure to pay or file (as applicable) would not, individually or in the aggregate, have a Material
Adverse Effect, the Company and its Subsidiaries have filed all necessary federal, state and foreign income and franchise tax returns
or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any
related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
proceedings. Except to the extent of any inadequacy that would not, individually or in the aggregate, result in a Material Adverse Effect,
the Company has made adequate charges, accruals and reserves in the applicable financial statements in respect of all federal, state and
foreign income and franchise taxes for all periods as to which the tax liability of the Company or any of its Subsidiaries has not been
finally determined.


 


(cc)          Environmental
Matters. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) neither
the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations
relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances,
petroleum or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”);
(ii) the Company and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental
Laws and are each in compliance with their requirements; (iii) there are no pending or, to the knowledge of the Company, threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries; and (iv) there are
no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its Subsidiaries relating
to Hazardous Materials or any Environmental Laws.


 


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


 






     


     


    

 


(ee)          Foreign
Corrupt Practices. Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any director, officer, agent,
employee, controlled affiliate or other person acting on behalf of the Company or any of its Subsidiaries has, in the course of its actions
for, or on behalf of, the Company or any of its Subsidiaries (i) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic government
official, “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder, collectively, the “FCPA”) or employee from corporate funds; (iii) violated or is in violation
of any provision of the FCPA or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any unlawful bribe, rebate,
payoff, influence payment, kickback or other unlawful payment to any domestic government official, such foreign official or employee;
and the Company and its Subsidiaries and, to the Company’s Knowledge, the Company’s controlled affiliates have conducted their
respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith.


 


(ff)           Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary) and
an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in SEC Reports and is not so disclosed
and would have or reasonably be expected to result in a Material Adverse Effect.


 


(gg)         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
hereby and 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.


 


(hh)         Regulation
M Compliance.  Neither the Company nor any of its Subsidiaries has taken, directly or indirectly, without giving effect to activities
by the Placement Agent, any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation
of the price of the Securities or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange
Act (“Regulation M”)) with respect to the Securities, whether to facilitate the sale or resale of the Securities or
otherwise, and has taken no action which would directly or indirectly violate Regulation M.


 


(ii)            OFAC.
Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, after due inquiry, any director, officer, agent,
employee, controlled affiliate or person acting on behalf of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or other relevant sanctions
authority (“Sanctions”); and the Company will not directly or indirectly use the proceeds of this offering, or lend,
contribute or otherwise make available such proceeds to any Subsidiary, or any joint venture partner or other person or entity, for the
purpose of financing the activities of or business with any person, or in any country or territory, that currently is the subject of Sanctions
or in any other manner that will result in a violation by any person (including any person participating in the transaction whether as
underwriter, advisor, investor or otherwise) of applicable Sanctions.


 






     


     


    

 


(jj)            Compliance
with Healthcare Laws.  Except as described in the Registration Statement or the Prospectus Supplement, and except as would not,
individually or in the aggregate, have or may reasonably be expected to have a Material Adverse Effect: (i) the Company’s and
each of its Subsidiaries’ business practices have been structured in a manner designed to comply with state, federal and foreign
laws applicable to the Company and its Subsidiaries respective businesses, and the Company and its Subsidiaries are in compliance with
such laws including, without limitation, applicable provisions of: (A) the Federal Food, Drug, and Cosmetic Act (21 U.S.C. §
301 et seq.) and the Public Health Service Act (42 U.S.C. § 201 et seq.), and the regulations promulgated thereunder; (B) all
applicable federal, state, local and all applicable foreign health care related fraud and abuse laws, including, without limitation, the
U.S. Anti-Kickback Statute (42 U.S.C. §1320a-7b(b)), the U.S. civil False Claims Act (31 U.S.C. §3729 et seq.), the federal
criminal false claims law (42 U.S.C. § 1320a-7b(a)), the federal civil monetary penalties law (42 U.S.C. § 1320a-7a), the Stark
Law (42 U.S.C. §1395nn), the U.S. Physician Payments Sunshine Act (42 U.S.C. § 1320a-7h), 18 U.S.C. §§286, 287, 1347,
and 1349 and the health care fraud criminal provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”)
(42 U.S.C. §1320d et seq.), the exclusion law (42 U.S.C. §1320a-7), Medicare, Title XVIII of the Social Security Act, and Medicaid,
Title XIX of the Social Security Act, and the regulations promulgated pursuant to such statutes; and (C) HIPAA, as amended by the
Health Information Technology for Economic and Clinical Health Act (42 U.S.C. §17921 et seq.), and the regulations promulgated thereunder
and any state or non-U.S. counterpart thereof or other law or regulation the purpose of which is to protect the privacy of individuals
or prescribers (collectively, “Health Care Laws”); (ii) the Company and its Subsidiaries have not engaged in activities
which are cause for false claims liability, civil penalties, or mandatory or permissive exclusion from Medicare, Medicaid, or any other
state health care program or federal health care program; (iii) neither the Company nor its Subsidiaries have received written notice
of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any court or arbitrator
or governmental or regulatory authority or third party alleging that any product, operation or activity is in violation of any Health
Care Laws nor, to the Company’s Knowledge, is any, such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration
or other action threatened; (iv) neither the Company nor any Subsidiary has received written notice that any court or arbitrator
or governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke applicable
Material Permits or has any knowledge that any such court or arbitrator or governmental or regulatory authority is considering such action;
(v) the Company and its Subsidiaries have filed, maintained or submitted all material reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments as required by any Health Care Laws, and all such reports, documents, forms,
notices, applications, records, claims, submissions and supplements or amendments were complete and accurate on the date filed in all
material respects (or were corrected or supplemented by a subsequent submission); (vi) neither the Company nor its Subsidiaries are
a party to any corporate integrity agreements, monitoring agreements, consent decrees, plans of correction, settlement orders, or similar
agreements with or imposed by any governmental or regulatory authority; and (vii) neither the Company, its Subsidiaries nor any of
their respective officers, directors, employees, or agents have been excluded, suspended or debarred from participation in any U.S. federal
health care program or human clinical research or, to the Company’s Knowledge, is subject to a governmental inquiry, investigation,
proceeding, or other similar action that could reasonably be expected to result in debarment, suspension, or exclusion.


 


(kk)          Clinical
Data and Regulatory Compliance. The preclinical tests and clinical trials, if any, and other studies (collectively, “studies”)
conducted by or on behalf of or sponsored by the Company that are described in, or the results of which are referred to in, the Registration
Statement or the Prospectus Supplement were and, if still pending, are being conducted in all material respects in accordance with the
protocols, procedures and controls designed and approved for such studies and with standard medical and scientific research procedures;
each description of the results of such studies is accurate and complete in all material respects and fairly presents the data derived
from such studies, and the Company and its Subsidiaries have no knowledge of any other studies the results of which are inconsistent
with, or otherwise call into question, the results described or referred to in the Registration Statement or the Prospectus Supplement;
the Company and its Subsidiaries have made all such filings and obtained all such approvals as may be required by the Food and Drug Administration
of the U.S. Department of Health and Human Services or any committee thereof or from any other U.S. or foreign government or drug or
medical device regulatory agency, or health care facility Institutional Review Board (collectively, the “Regulatory Agencies”);
neither the Company nor any of its Subsidiaries has received any notice of, or correspondence from, any Regulatory Agency requiring the
termination, suspension or material modification of any clinical trials that are described or referred to in the Registration Statement
or the Prospectus Supplement; and the Company and its Subsidiaries have each operated and currently are in compliance in all material
respects with all applicable rules, regulations and policies of the Regulatory Agencies.


 






     


     


    

 


(ll)            No
Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.


 


(mm)        Use
of Form S-3. The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company
meets the registration and transaction requirements for use of Form S-3. The Registration Statement is effective under the Securities
Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of
the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the Company’s
Knowledge, are threatened by the Commission. At the time the Registration Statement and any amendments thereto became effective, at the
date of this Agreement, and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in
all material respects to the requirements of, the Securities Act and did not and will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and
the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued
and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and
will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading.


 


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 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):


 


(a)            Organization;
Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions contemplated
by the applicable Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement by such Purchaser and performance by such Purchaser of the transactions contemplated by this Agreement have been duly
authorized by all necessary corporate or, if such Purchaser is not a corporation, such partnership, limited liability company or other
applicable like action, 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 as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application.


 


(b)            No
Conflicts. The execution, delivery and performance by such Purchaser of this Agreement and the consummation by such Purchaser of the
transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Purchaser, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Purchaser
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws) applicable to such Purchaser, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights
or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability
of such Purchaser to perform its obligations hereunder.


 






     


     


    

 


(c)            Purchaser Status.
At the time such Purchaser was offered the Securities, it was, and at the date hereof it is, an “accredited investor” as
defined in Rule 501(a) under the Securities Act and an “Institutional Account” as defined in FINRA Rule 4512(c).


 


(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)            Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Disclosure Materials 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 the Subsidiaries and their respective 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. Neither such inquiries nor any other investigation conducted by or on behalf of such Purchaser
or its representatives or counsel shall modify, amend or affect such Purchaser's right to rely on the truth, accuracy and completeness
of the Disclosure Materials and the Company's representations and warranties contained in the Transaction Documents. Such Purchaser has
sought such accounting, legal and tax advice as it has considered necessary to make an informed decision with respect to its acquisition
of the Securities.


 


(f)             Certain
Trading Activities. Other than with respect to the transactions contemplated herein, since the time that such Purchaser was first
contacted by the Company, the Placement Agent or any other Person regarding the transactions contemplated hereby, neither the Purchaser
nor any Affiliate of such Purchaser which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion
relating to such Purchaser’s investments or trading or information concerning such Purchaser’s investments, including in respect
of the Securities, and (z) is subject to such Purchaser’s review or input concerning such Affiliate’s investments or
trading (collectively, “Trading Affiliates”) has directly or indirectly, nor has any Person acting on behalf of or
pursuant to any understanding with such Purchaser or Trading Affiliate, effected or agreed to effect any purchases or sales of the securities
of the Company (including, without limitation, any Short Sales involving the Company’s securities). Notwithstanding the foregoing,
in the case of a Purchaser and/or Trading Affiliate that is, individually or collectively, a multi-managed investment bank or vehicle
whereby separate portfolio managers manage separate portions of such Purchaser's or Trading Affiliate’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
or Trading Affiliate’s assets, the representation set forth above shall apply only with respect to the portion of assets managed
by the portfolio manager that have knowledge about the financing transaction contemplated by this Agreement. Other than to other Persons
party to this Agreement, 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 avoidance of doubt, nothing contained herein
shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or
securing of, available shares to borrow in order to effect short sales or similar transactions in the future.


 






     


     


    

 


(g)            Brokers
and Finders. Other than the Placement Agent with respect to the offer and sale of the Securities (which placement agent fees are being
paid by the Company), no Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or
claim against or upon the Company or any Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Purchaser.


 


(h)            Independent
Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Securities pursuant to the
Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other Purchaser’s business and/or
legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any other materials presented by or
on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment advice.
Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate
in connection with its purchase of the Securities. Such Purchaser understands that the Placement Agent have acted solely as the agents
of the Company in this placement of the Securities and such Purchaser has not relied on the business or legal advice of the Placement
Agent or any of their respective agents, counsel or Affiliates in making its investment decision hereunder, and confirms that none of
such Persons has made any representations or warranties to such Purchaser in connection with the transactions contemplated by the Transaction
Documents.


 


(i)            No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.


 


(j)             Regulation
M.  Such Purchaser is aware that the anti-manipulation rules of
Regulation M under the Exchange Act may apply to sales of Common Stock and other activities with respect to the Common Stock by the Purchasers.


 


(k)            Beneficial
Ownership.  The purchase by such Purchaser of the Securities issuable to it at the Closing will not
result in such Purchaser (individually or together with any other Person with whom such Purchaser has identified, or will have identified,
itself as part of a “group” in a public filing made with the Commission involving the Company’s securities) acquiring,
or obtaining the right to acquire, in excess of 19.999% of the outstanding shares of Common Stock or the voting power of the Company on
a post transaction basis that assumes that such Closing shall have occurred. Such Purchaser does not presently intend to, alone or together
with others, make a public filing with the Commission to disclose that it has (or that it together with such other Persons have) acquired,
or obtained the right to acquire, as a result of such Closing (when added to any other securities of the Company that it or they then
own or have the right to acquire), in excess of 19.999% of the outstanding shares of Common Stock or the voting power of the Company on
a post transaction basis that assumes that each Closing shall have occurred.


 


(l)             Residency.
Such Purchaser’s residence (if an individual) or offices in which its investment decision with respect to the Securities was made
(if an entity) are located at the address immediately below such Purchaser’s name on its signature page hereto.


 


(m)           Understandings or Arrangements. Such
Purchaser is acquiring the Shares as principal for its own account and has no direct or indirect arrangement or understandings with any
other persons to distribute or regarding the distribution of such Shares (this representation and warranty not limiting such Purchaser’s
right to sell the Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities
laws). Such Purchaser is acquiring the Shares hereunder in the ordinary course of its business.


 






     


     


    

 


(n)            Acknowledgment Regarding Purchaser’s
Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and
4.13 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 (prior to the time
at which the Placement Agent first contacted such Purchaser about the offering) 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,
presently may have a “short” position in the Common Stock (established prior to the time at which the Placement Agent first
contacted such Purchaser about the offering), 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 Warrant 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.


 


The Company and each of the Purchasers acknowledge
and agree that no party to this Agreement has made or makes any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Article III and the Transaction Documents.


 


ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES


 


4.1 Warrant Shares.
If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance or resale
of the Warrant Shares, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following
the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares)
is not effective or is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify the
holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders
when the registration statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and
agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in
compliance with applicable federal and state securities laws). The Company shall use best efforts to keep a registration statement (including
the Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.


 


4.2 Furnishing of Information.
Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company shall use
commercially reasonable efforts 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.


 






     


     


    

 


4.3 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 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.


 


4.4 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. The Company and the Placement Agent 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 the Placement Agent, with respect to any press release of the Company, 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 any of its affiliates or investment
advisers, including in any press release, or include the name of any Purchaser or any of its affiliates or investment advisers 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 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 reasonable
prior notice of such disclosure permitted under this clause (b) and reasonably cooperate with such Purchaser regarding such disclosure.


 


4.5 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.


 


4.6 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 4.4, 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, any of its Subsidiaries, or
any of their respective officers, directors, agents, employees or Affiliates 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.


 






     


     


    

 


4.7 Use of Proceeds.
The Company shall use the net proceeds from the sale of the Securities hereunder as set forth in the Prospectus Supplement.


 


4.8 Indemnification of
Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, investment advisers, 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 or claim instituted or made 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 or any other third party (including a derivative action brought on behalf of the Company) (a “Covered Action”),
with respect to, or arising out of or resulting from, any of the transactions contemplated by the Transaction Documents. If any Covered
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 Covered 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
Covered 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 Company shall not, without the prior written consent of the Purchaser Party, consent to entry of any judgment
or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Purchaser Party of a release from all liability in respect to such Covered Action, and such settlement shall not include
any admission as to fault on the part of the Purchaser Party. The indemnification required by this Section 4.8 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.


 






     


     


    

 


4.9 Reservation of Common
Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times,
free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant
to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.


 


4.10 Listing of Common
Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on the Trading Market
on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares and Warrant
Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company
further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application
all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to
be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to
continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the 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.


 


4.11 Subsequent Equity
Sales.


 


(a) From the date hereof
until sixty (60) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to
issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file any registration
statement or amendment or supplement thereto, other than the Prospectus Supplement or filing a registration statement on Form S-8
in connection with any employee benefit plan.


 


(b) Notwithstanding
the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance.


 


4.12 Equal Treatment of
Purchasers. No consideration (including any modification of this Agreement) shall be offered or paid to any Person to amend or consent
to a waiver or modification of any provision of this Agreement unless the same consideration is also offered to all of the parties to
this Agreement. 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.


 


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 4.4. 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 4.4, 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 4.4, (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 4.4 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 4.4. 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 Exercise Procedures.
The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to
exercise the Warrants. Without limiting the preceding sentence, no ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The
Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods
set forth in the Transaction Documents.


 


ARTICLE V.

MISCELLANEOUS


 


5.1 Termination. This
Agreement may be terminated (i) by written agreement of a Purchaser as to such Purchaser’s obligations hereunder only and the
Company or (ii) 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 Company, if the 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 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. The Company shall indemnify,
pay, and hold each Purchaser harmless against, any liability, loss or expense (including, without limitation, attorneys’ fees and
out-of-pocket expenses) arising in connection with any such right, interest or claim.


 


5.3 Entire Agreement.
The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, 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 time 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 time 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 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 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 each Purchaser. 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.


 


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 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 4.8 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 4.8,
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.


 






     


     


    

 


5.10 Survival. The
representations and warranties contained herein shall survive the 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, electronic mail,
or otherwise by electronic transmission (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,www.docusign.com)
evidencing an intent to sign this Agreement, such facsimile transmission, electronic mail or other electronic transmission shall create
a valid and binding obligation of the undersigned with the same force and effect as if such signature were an original. Execution and
delivery of this Agreement by facsimile transmission, electronic mail or other electronic transmission is legal, valid and binding for
all purposes.


 


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 an exercise of a Warrant, the applicable
Purchaser shall be required to return any shares of Common Stock subject to any such rescinded exercise notice concurrently with the return
to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s right
to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).


 


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.


 






     


     


    

 


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 seek 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 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
Cooley. Cooley 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.


 


5.18 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.


 


5.19 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.


 






     


     


    

 


5.20 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.


 


5.21 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)


 






     


     


    

 


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.


 


	 	SCHOLAR ROCK HOLDING CORPORATION
	 	 
	 	 
	 	By:	                                    
	 	Name:
	 	Title:
	 	 
	 	 
	 	With a copy to (which shall not constitute notice):
	 	Goodwin Procter LLP
	 	100 Northern Avenue
	 	Boston, MA 02210
	 	Attention: Kingsley Taft and Laurie Burlingame
	 	Email: ktaft@goodwinlaw.com and

LBurlingame@goodwinlaw.com



 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]


 






     


     


    

 


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 Purchaser:


 


Address for Notice to Purchaser:


 


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


 


Subscription Amount: $_____________


 


Shares: _______________


 


Pre-Funded Warrant Shares: _________ Beneficial Ownership Blocker  ̈ 4.99% or  ̈ 9.99% or  ̈ 14.99% or  ̈ 19.99%


 


Common Warrant Shares: ___________ Beneficial Ownership Blocker  ̈ 4.99% or  ̈ 9.99% or  ̈ 14.99%
or   ̈ 19.99%


 


EIN Number:


 


 ̈
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the
Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the
Closing shall occur on the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated
by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed
of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead
be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate
or the like or purchase price (as applicable) to such other party on the Closing Date.


 


[PURCHASER SIGNATURE PAGES TO SRRK SECURITIES
PURCHASE AGREEMENT]