Exhibit 10.1

  

   

    

  Execution Copy

    

  

  COMMON STOCK PURCHASE AGREEMENT

  

  COMMON STOCK PURCHASE AGREEMENT (the “Agreement”), dated as of July 29, 2019, by and between PDS BIOTECHNOLOGY CORPORATION, a Delaware corporation (the “Company”), and ASPIRE CAPITAL FUND, LLC, an Illinois limited liability
    company (the “Buyer”).  Capitalized terms used herein and not otherwise defined herein are defined in Section 10 hereof.

  

  

  WHEREAS:

  

  

  Subject to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Buyer, and the Buyer wishes to buy from the
    Company, up to Twenty Million Dollars ($20,000,000) of the Company’s common stock, par value $0.00033 per share (the “Common Stock”).  The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase
      Shares.”

  

  

  NOW THEREFORE, the Company and the Buyer hereby agree as follows:

  

  

  1.          PURCHASE OF COMMON STOCK.

  

  

  Subject to the terms and conditions set forth in this Agreement, the Company has the right to sell to the Buyer, and the Buyer has the obligation
    to purchase from the Company, Purchase Shares as follows:

  

  

  (a)          Commencement of Purchases of Common Stock. 
      Any time after Commencement (as defined below), the purchase and sale of Purchase Shares hereunder may occur from time to time upon written notices by the Company to the Buyer on the terms and conditions as set forth herein following the satisfaction
      of the conditions (the “Commencement”) as set forth in Sections 6 and 7 below (the date of satisfaction of such conditions, the “Commencement Date”).

  

  

  (b)          The Company’s Right to Require Regular
        Purchases.  Subject to the terms and conditions of this Agreement, on any given Business Day after the Commencement Date, the Company shall have the right but not the obligation to direct the Buyer by its delivery to the Buyer of a Purchase
      Notice from time to time, and the Buyer thereupon shall have the obligation, to buy the number of Purchase Shares specified in such notice, up to 100,000 Purchase Shares, on such Business Day (as long as such notice is delivered on or before 5:00
      p.m. Eastern time on such Business Day) (each such purchase, a “Regular Purchase”) at the Purchase Price on the Purchase Date; however, in no event shall the Purchase Amount of a Regular Purchase exceed Five
      Hundred Thousand Dollars ($500,000) per Business Day.  The Company may deliver additional Purchase Notices to the Buyer from time to time so long as the most recent purchase has been completed.  The share amounts in this Section 1(b) shall be
      appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

  

  

  (c)          VWAP Purchases.  Subject to the terms
      and conditions of this Agreement, in addition to purchases of Purchase Shares as described in Section 1(b) above, with one Business Day’s prior written notice (as long as such notice is delivered on or before 5:00 p.m. Eastern time on the Business
      Day immediately preceding the VWAP Purchase Date), the Company shall also have the right but not the obligation to direct the Buyer by the Company’s delivery to the Buyer of a VWAP Purchase Notice from time to time, and the Buyer thereupon shall have
      the obligation, to buy the VWAP Purchase Share Percentage of the trading volume of the Common Stock on the VWAP Purchase Date up to the VWAP Purchase Share Volume Maximum on the VWAP Purchase Date (each such purchase, a “VWAP Purchase”) at the VWAP Purchase Price.  The Company may deliver a VWAP Purchase Notice to the Buyer on or before 5:00 p.m. Eastern time on a date on which the Company also submitted a Purchase Notice for a Regular Purchase of
      100,000 Purchase Shares to the Buyer. The share amount in the prior sentence shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split, or other similar transaction.  A VWAP Purchase
      shall automatically be deemed completed at such time on the VWAP Purchase Date that the Sale Price falls below the VWAP Minimum Price Threshold; in such circumstance, the VWAP Purchase Amount shall be calculated using (i) the VWAP Purchase Share
      Percentage of the aggregate shares traded on the Principal Market for such portion of the VWAP Purchase Date prior to the time that the Sale Price fell below the VWAP Minimum Price Threshold and (ii) a VWAP Purchase Price calculated using the volume
      weighted average price of Common Stock sold during such portion of the VWAP Purchase Date prior to the time that the Sale Price fell below the VWAP Minimum Price Threshold.  Each VWAP Purchase Notice must be accompanied by instructions to the
      Company’s Transfer Agent to immediately issue to the Buyer an amount of Common Stock equal to the VWAP Purchase Share Estimate, a good faith estimate by the Company of the number of Purchase Shares that the Buyer shall have the obligation to buy
      pursuant to the VWAP Purchase Notice.  In no event shall the Buyer, pursuant to any VWAP Purchase, purchase a number of Purchase Shares that exceeds the VWAP Purchase Share Estimate issued on the VWAP Purchase Date in connection with such VWAP
      Purchase Notice; however, the Buyer will immediately return to the Company any amount of Common Stock issued pursuant to the VWAP Purchase Share Estimate that exceeds the number of Purchase Shares the Buyer actually purchases in connection with such
      VWAP Purchase.  Upon completion of each VWAP Purchase Date, the Buyer shall submit to the Company a confirmation of the VWAP Purchase in form and substance reasonably acceptable to the Company.  The Company may deliver additional VWAP Purchase
      Notices to the Buyer from time to time so long as the most recent purchase has been completed.

  
    
      


  

  
  (d)           Payment for Purchase Shares.  For each Regular
      Purchase, the Buyer shall pay to the Company an amount equal to the Purchase Amount as full payment for such Purchase Shares via wire transfer of immediately available funds on the same Business Day that the Buyer receives such Purchase Shares.  For
      each VWAP Purchase, the Buyer shall pay to the Company an amount equal to the VWAP Purchase Amount as full payment for such Purchase Shares via wire transfer of immediately available funds on the second Business Day following the VWAP Purchase Date. 
      All payments made under this Agreement shall be made in lawful money of the United States of America via wire transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with
      the provisions of this Agreement.  Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.

  

  

  (e)          Purchase Price Floor.  The Company and the Buyer shall
      not effect any sales under this Agreement on any Purchase Date where the Closing Sale Price is less than the Floor Price.  “Floor Price” means $0.50 per share of Common Stock, which shall not be adjusted for
      any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

  

  

  (f)           Records of Purchases.  The Buyer and the Company
      shall each maintain records showing the remaining Available Amount at any given time and the dates and Purchase Amounts for each purchase, or shall use such other method reasonably satisfactory to the Buyer and the Company to reconcile the remaining
      Available Amount.

  
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  (g)           Taxes.  The Company shall pay any and all transfer,
      stamp or similar taxes that may be payable with respect to the issuance and delivery of any shares of Common Stock to the Buyer made under this Agreement.

  

  

  (h)           Compliance with Principal Market Rules. 
      Notwithstanding anything in this Agreement to the contrary, and in addition to the limitations set forth in Section 1(e), the total number of shares of Common Stock that may be issued under this Agreement, including the Commitment Shares (as defined
      in Section 4(e) hereof), shall be limited to 1,034,979 shares of Common Stock (the “Exchange Cap”), which equals 19.99% of the Company’s outstanding shares of Common Stock as of the date hereof, unless
      stockholder approval is obtained to issue more than such 19.99%.  The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. [The
      foregoing limitation shall not apply if stockholder approval has not been obtained and at any time the Exchange Cap is reached and at all times thereafter the average price paid for all shares of Common Stock issued under this Agreement is equal to
      or greater than $5.76 (the “Minimum Price”), a price equal to the lower of (1) the Closing Sale Price immediately preceding the execution of this Agreement or (2) the arithmetic average of the five (5) Closing
      Sale Prices for the Common Stock immediately preceding the execution of this Agreement (in such circumstance, for purposes of the Principal Market, the transaction contemplated hereby would not be “below market” and the Exchange Cap would not apply).
      The Minimum Price shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. Notwithstanding the foregoing, the Company shall not be required or
      permitted to issue, and the Buyer shall not be required to purchase, any shares of Common Stock under this Agreement if such issuance would violate the rules or regulations of the Principal Market. The Company may, in its sole discretion, determine
      whether to obtain stockholder approval to issue more than 19.99% of its outstanding shares of Common Stock hereunder if such issuance would require stockholder approval under the rules or regulations of the Principal Market.

  

  

  (i)             Beneficial Ownership Limitation. 
      The Company shall not issue and the Buyer shall not purchase any shares of Common Stock under this Agreement if such shares proposed to be issued and sold, when aggregated with all other shares of Common Stock then owned beneficially (as calculated
      pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) and Rule 13d-3 promulgated thereunder) by the Buyer and its affiliates would result in the beneficial ownership by
      the Buyer and its affiliates of more than 19.99% of the then issued and outstanding shares of Common Stock.

  

  

  2.          BUYER’S REPRESENTATIONS
      AND WARRANTIES.

  

  

  The Buyer represents and warrants to the Company that as of the date hereof and as of the Commencement Date:

  

  

  (a)          Investment Purpose.  The Buyer is entering into this
      Agreement and acquiring the Commitment Shares and the Purchase Shares (the Purchase Shares and the Commitment Shares are collectively referred to herein as the “Securities”), for its own account for investment
      only and not with a view towards, or for resale in connection with, the public sale or distribution thereof; provided however, by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other
      specific term.

  
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  (b)          Accredited Investor Status.  The Buyer is an
      “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D of the 1933 Act.

  

  

  (c)          Reliance on Exemptions.  The Buyer understands that
      the Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the
      Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the
      Securities.

  

  

  (d)          Information.  The Buyer has been furnished with all
      materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities that have been reasonably requested by the Buyer, including, without limitation, the SEC Documents (as defined
      in Section 3(f) hereof).  The Buyer understands that its investment in the Securities involves a high degree of risk.  The Buyer (i) is able to bear the economic risk of an investment in the Securities including a total loss, (ii) has such knowledge
      and experience in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the officers of the
      Company concerning the financial condition and business of the Company and other matters related to an investment in the Securities.  Neither such inquiries nor any other due diligence investigations conducted by the Buyer or its representatives
      shall modify, amend or affect the Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below.  The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed
      investment decision with respect to its acquisition of the Securities.

  

  

  (e)          No Governmental Review.  The Buyer 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.

  

  

  (f)          Transfer or Sale.  The Buyer understands that except
      as provided in the Registration Rights Agreement (as defined in Section 4(a) hereof): (i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or
      transferred unless (A) subsequently registered thereunder or (B) an exemption exists permitting such Securities to be sold, assigned or transferred without such registration; (ii) any sale of the Securities made in reliance on Rule 144 may be made
      only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the  Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
      term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register the
      Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

  

  

  (g)          Organization.  The Buyer is a limited liability
      company duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized, and has the requisite organizational power and authority to own its properties and to carry on its business as now being
      conducted.

  
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  (h)          Validity; Enforcement.  This Agreement has been duly
      and validly authorized, executed and delivered on behalf of the Buyer and is a valid and binding agreement of the Buyer enforceable against the Buyer in accordance with its terms, subject as to enforceability to (i) general principles of equity and
      to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) public policy underlying any law, rule or
      regulation (including any federal or state securities law, rule or regulation) with regards to indemnification, contribution or exculpation. The execution and delivery of the Transaction Documents (as defined in Section 3(b) hereof) by the Buyer and
      the consummation by it of the transactions contemplated hereby and thereby do not conflict with the Buyer’s certificate of organization or operating agreement or similar documents, and do not require further consent or authorization by the Buyer, its
      managers or its members.

  

  

  (i)          Residency.  The Buyer is a resident of the State of
      Illinois.

  

  

  (j)          No Prior Short Selling.  The Buyer represents and
      warrants to the Company that at no time prior to the date of this Agreement has any of the Buyer, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale” (as such term
      is defined in Section 242.200 of Regulation SHO of the 1934 Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

  

  

  3.          REPRESENTATIONS AND
      WARRANTIES OF THE COMPANY.

  

  

  The Company represents and warrants to the Buyer that as of the date hereof and as of the Commencement Date:

  

  

  (a)          Organization and Qualification.  The Company and its
      “Subsidiaries” (which for purposes of this Agreement means any entity in which the Company, directly or indirectly, owns more than 50% of the voting stock or capital stock or other similar equity interests) are corporations or limited
      liability companies duly organized and validly existing in good standing under the laws of the jurisdiction in which they are incorporated or organized, and have the requisite corporate or organizational power and authority to own their properties
      and to carry on their business as now being conducted.  Each of the Company and its Subsidiaries is duly qualified as a foreign corporation or limited liability company to do business and is in good standing in every jurisdiction in which its
      ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing could not reasonably be expected to have a Material Adverse
      Effect.  As used in this Agreement, “Material Adverse Effect” means any material adverse effect on any of: (i) the business, properties, assets, operations, results of operations or financial condition of the
      Company and its Subsidiaries, if any, taken as a whole, or (ii) the authority or ability of the Company to perform its obligations under the Transaction Documents.  The Company has no material Subsidiaries except as set forth on Schedule 3(a).

  

  

  (b)          Authorization; Enforcement; Validity.  (i) The Company
      has the requisite corporate power and authority to enter into and perform its obligations under this Agreement, the Registration Rights Agreement and each of the other agreements entered into by the parties on the Commencement Date and attached
      hereto as exhibits to this Agreement (collectively, the “Transaction Documents”), and to issue the Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of the Transaction
      Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares and the reservation for issuance and the issuance of the Purchase Shares
      issuable under this Agreement, have been duly authorized by the Company’s Board of Directors or duly authorized committee thereof, do not conflict with the Company’s Certificate of Incorporation or Bylaws (as defined below), and do not require
      further consent or authorization by the Company, its Board of Directors, except as set forth in this Agreement, or its stockholders (other than as contemplated by Section 1(h) hereof), (iii) this Agreement has been, and each other Transaction
      Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and binding
      obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited by (y) general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies and (z) public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation) with regards to
      indemnification, contribution or exculpation.  The Board of Directors of the Company or duly authorized committee thereof has approved the resolutions (the “Signing Resolutions”) substantially in the form as
      set forth as Exhibit B-1 attached hereto to authorize this Agreement and the transactions contemplated hereby.  The Signing Resolutions are valid, in full force and effect and have not been modified or
      supplemented in any material respect other than by the resolutions set forth in Exhibit B-2 attached hereto regarding the registration statement referred to in Section 4 hereof.  The Company has delivered to
      the Buyer a true and correct copy of the Signing Resolutions as approved by the Board of Directors of the Company or an appropriate Board committee.

  
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  (c)          Capitalization.  As of the date hereof, the authorized
      capital stock of the Company consists of (i) 75,000,000 shares of Common Stock, par value $0.00033, of which as of the date hereof, 5,177,487 shares are issued and outstanding, zero shares are held as treasury shares, 2,198,029 shares are reserved
      for future issuance pursuant to the Company’s equity incentive plans, of which approximately  785,603 shares remain available for future option grants or stock awards, and 262,758 shares are issuable and reserved for issuance pursuant to securities
      (other than stock options or equity based awards issued pursuant to the Company’s stock incentive plans) exercisable or exchangeable for, or convertible into, shares of Common Stock, and (ii) 5,000,000 shares of preferred stock, with per share
      liquidation preferences set forth on Schedule 3(c), of which as of the date hereof zero shares are issued and outstanding.  All of such outstanding shares have been, or upon issuance will be, validly issued and are fully paid and non-assessable. 
      Except as disclosed in Schedule 3(c), (i) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
      securities of the Company or any of its Subsidiaries, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares
      of capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or
      any of its Subsidiaries or options (other than by virtue of the Company’s publicly disclosed equity compensation plans), warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
      convertible into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no material agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their
      securities under the 1933 Act (except the Registration Rights Agreement), (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts,
      commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing anti-dilution or
      similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii) the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.  The
      Company has furnished or made available to the Buyer true and correct copies of the Company’s Certificate of Incorporation, as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s Bylaws, as amended and as in effect on the date hereof (the “Bylaws”).

  
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  (d)          Issuance of Securities.  The Commitment Shares have
      been duly authorized and, upon issuance in accordance with the terms hereof, the Commitment Shares shall be (i) validly issued, fully paid and non-assessable and (ii) free from all taxes, liens and charges with respect to the issuance thereof.  At
      least an additional 934,325 shares of Common Stock have been duly authorized and reserved for issuance upon future purchase as Purchase Shares under this Agreement.  Upon issuance and payment therefore in accordance with the terms and conditions of
      this Agreement, the Purchase Shares shall be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common
      Stock.

  

  

  (e)          No Conflicts.  Except as disclosed in Schedule 3(e),
      the execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance of
      the Purchase Shares) will not (i) result in a violation of the Certificate of Incorporation, any Certificate of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the Bylaws or (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 the
      Company or any of its Subsidiaries is a party, or result, to the Company’s knowledge, in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and the rules and regulations of
      the Principal Market applicable to the Company or any of its Subsidiaries) or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of conflicts, defaults, terminations, amendments,
      accelerations, cancellations and violations under clause (ii), which could not reasonably be expected to result in a Material Adverse Effect.  Except as disclosed in Schedule 3(e), neither the Company nor its Subsidiaries is in violation of any term
      of or in default under its Certificate of Incorporation, including any Certificate of Designation, Preferences and Rights of any outstanding series of preferred stock of the Company, or Bylaws or their organizational charter or bylaws, respectively. 
      Except as disclosed in Schedule 3(e), neither the Company nor any of its Subsidiaries is in violation of any term of or is in default under any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or
      any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible violations, defaults, terminations or amendments that could not reasonably be expected to have a Material Adverse Effect.  The business of the Company
      and its Subsidiaries is not being conducted, and shall not be conducted, in violation of any law, ordinance, or regulation of any governmental entity, except for possible violations, the sanctions for which either individually or in the aggregate
      could not reasonably be expected to have a Material Adverse Effect.  Except as specifically contemplated by this Agreement, reporting obligations under the 1934 Act or as required under the 1933 Act or applicable state securities laws or the filing
      of a Listing of Additional Shares Notification Form with the Principal Market, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or any regulatory
      or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents in accordance with the terms hereof or thereof.  Except as disclosed in Schedule 3(e) and for reporting
      obligations under the 1934 Act, all consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected on or prior to the Commencement Date.  Except as
      disclosed in Schedule 3(e), the Company is not subject to any notices or actions from or to the Principal Market, other than routine matters incident to listing on the Principal Market and not involving a violation of the rules of the Principal
      Market.  Except as disclosed in Schedule 3(e), to the Company’s knowledge, the Principal Market has not commenced any delisting proceedings against the Company.

  
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  (f)          SEC Documents; Financial Statements. Except as
      disclosed in Schedule 3(f), since March 31, 2018, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing
      filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”). 


      As of their respective dates (except as they have been correctly amended), the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC
      Documents, and none of the SEC Documents, at the time they were filed with the SEC (except as they may have been properly amended), 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.  As of their respective dates (except as they have been properly amended), the financial statements of the Company included
      in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto.  Such financial statements have been prepared in accordance with
      generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent
      they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then
      ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).  Except as disclosed in Schedule 3(f) or routine correspondence, such as comment letters and notices of effectiveness in connection with previously filed
      registration statements or periodic reports publicly available on EDGAR, to the Company’s knowledge, the Company or any of its Subsidiaries are not on the date hereof the subject of any inquiry, investigation or action by the SEC.

  

  

  (g)          Absence of Certain Changes.  Except as disclosed in
      Schedule 3(g), since March 31, 2019, there has been no material adverse change in the business, properties, operations, financial condition or results of operations of the Company or its Subsidiaries taken as a whole.  For purposes of this Agreement,
      neither a decrease in cash or cash equivalents or in the market price of the Common Stock nor losses incurred in the ordinary course of the Company’s business shall be deemed or considered a material adverse change.  The Company has not taken any
      steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary
      bankruptcy or insolvency proceedings.  The Company is financially solvent and is generally able to pay its debts as they become due.

  
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  (h)          Absence of Litigation. Except as disclosed in Schedule
      3(h), to the Company’s knowledge, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its
      Subsidiaries, threatened against the Company, the Common Stock or any of the Company’s Subsidiaries or any of the Company’s or the Company’s Subsidiaries’ officers or directors in their capacities as such, which could reasonably be expected to have a
      Material Adverse Effect (each, an “Action”).  A description of each such Action, if any, is set forth in Schedule 3(h).

  

  

  (i)          Acknowledgment Regarding Buyer’s Status.  The Company
      acknowledges and agrees that the Buyer is acting solely in the capacity of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby.  The Company further acknowledges that the Buyer is not
      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 hereby and thereby and any advice given by the Buyer or any of its representatives or
      agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Buyer’s purchase of the Securities.  The Company further represents to the Buyer that the Company’s decision to enter
      into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives and advisors.

  

  

   (j)          Intellectual Property Rights. To the Company’s
      knowledge, the Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions,
      licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights (collectively, “Intellectual Property”) necessary to conduct their respective businesses as now conducted,
      except as set forth in Schedule 3(j) or to the extent that the failure to own, possess, license or otherwise hold adequate rights to use Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect.  Except as
      disclosed in Schedule 3(j), to the Company’s knowledge, none of the Company’s active and registered Intellectual Property have expired or terminated, or, by the terms and conditions thereof, will expire or terminate within two years from the date of
      this Agreement, except as would not reasonably be expected to have a Material Adverse Effect.  The Company and its Subsidiaries do not have any knowledge of any infringement by the Company or its Subsidiaries of any Intellectual Property of others
      and, except as set forth on Schedule 3(j), there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against, the Company or its Subsidiaries regarding Intellectual Property, which could
      reasonably be expected to have a Material Adverse Effect.

  

  

  (k)          Environmental Laws.  To the Company’s knowledge, the
      Company and its Subsidiaries (i) are in material compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety or the environment and with respect to hazardous or
      toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all material permits, licenses or other approvals required of them under applicable Environmental Laws to
      conduct their respective businesses and (iii) are in material compliance with all terms and conditions of any such permit, license or approval, except where, in each of the three foregoing clauses, the failure to so comply or receive such approvals
      could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

  
    -9-

    
      


  

  (l)          Title.  The Company and its Subsidiaries have good and
      marketable title to all personal property owned by them that is material to the business of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(l) or such as
      do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and any of its Subsidiaries or could not reasonably be expected to have, individually or in the
      aggregate, a Material Adverse Effect.  Any real property and facilities held under lease by the Company and any of its Subsidiaries, to the Company’s knowledge, are held by them under valid, subsisting and enforceable leases with such exceptions as
      are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.

  

  

  (m)          Insurance.  The Company and each of its Subsidiaries
      are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be reasonable and customary in the businesses in which the Company and its Subsidiaries are
      engaged.  To the Company’s knowledge, since January 1, 2017, neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary, to the Company’s knowledge, will
      be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material
      Adverse Effect.

  

  

  (n)          Regulatory Permits.  The Company and its Subsidiaries
      possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, except when the failure to so possess
      such certificates, authorizations or permits could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Company nor any such Subsidiary has received any written notice of proceedings
      relating to the revocation or modification of any such material certificate, authorization or permit.

  

  

  (o)          Tax Status.  The Company and each of its Subsidiaries
      has made or filed all federal and state income and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of its Subsidiaries has set aside
      on its books reserves reasonably adequate for the payment of all unpaid and unreported taxes or filed valid extensions) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
      on such returns, reports and declarations, except those being contested in good faith and has set aside on its books reserves reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or
      declarations apply.  To the Company’s knowledge, there are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction.

  

  

  (p)          Transactions With Affiliates.  Except as set forth on
      Schedule 3(p), and other than (i) the grant or exercise of stock options or any other equity securities offered pursuant to duly adopted stock or incentive compensation plans as disclosed on Schedule 3(c) and (ii) employment
      agreements approved by the Board of Directors of the Company, none of the officers, directors or employees of the Company is on the date hereof a party to any transaction with the Company or any of its Subsidiaries (other than for services as
      employees, officers and directors and reimbursement for expenses incurred on behalf of the Company), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real
      or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any such
      employee has a material interest or is an officer, director, trustee or general partner.

  
    -10-

    
      


  

  (q)          Application of Takeover Protections.  The Company and
      its board of directors have taken or will take prior to the Commencement Date 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 Certificate of Incorporation or the laws of the state of its incorporation, other than Section 203 of the Delaware General Corporation Law, which is or could become applicable
      to the Buyer as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Buyer’s ownership of the Securities.

  

  

  4.          COVENANTS.

  

  

  (a)          Filing of Form 8-K and Registration Statement.  The
      Company agrees that it shall, within the time required under the 1934 Act, file a Current Report on Form 8-K disclosing this Agreement and the transaction contemplated hereby.  The Company shall also file within ten (10) Business Days from the date
      hereof a new registration statement covering the sale of the Securities by the Buyer in accordance with the terms of the Registration Rights Agreement between the Company and the Buyer, dated as of the date hereof (“Registration


        Rights Agreement”).

  

  

  (b)          Blue Sky. The Company shall take such action, if any,
      as is reasonably necessary in order to obtain an exemption for or to qualify (i) the initial issuance of the Securities to the Buyer under this Agreement and (ii) any subsequent sale of the Securities by the Buyer, in each case, under applicable
      securities or “Blue Sky” laws of the states of the United States in such states as is reasonably requested by the Buyer from time to time, and shall provide evidence of any such action so taken to the Buyer at its written request; provided, however,
      that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in
      respect of doing business in any jurisdiction in which it is not otherwise so subject.

  

  

  (c)          Listing.  The Company shall promptly secure the
      listing of all of the Securities upon each national securities exchange and automated quotation system that requires an application by the Company for listing, if any, upon which shares of Common Stock are then listed (subject to
      official notice of issuance) and shall maintain such listing, so long as any other shares of Common Stock shall be so listed.  The Company shall use its reasonable best efforts to maintain the Common Stock’s listing on the Principal
      Market in accordance with the requirements of the Registration Rights Agreement.  Neither the Company nor any of its Subsidiaries shall take any action that would be reasonably expected to result in the delisting or suspension of the Common Stock on
      the Principal Market, unless the Common Stock is immediately thereafter traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market.  The Company shall pay all fees
      and expenses in connection with satisfying its obligations under this Section.

  

  

  (d)          Limitation on Short Sales and Hedging Transactions. 
      The Buyer agrees that beginning on the date of this Agreement and ending on the date of termination of this Agreement as provided in Section 11(k), the Buyer and its agents, representatives and affiliates shall not in any manner whatsoever enter into
      or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Section 242.200 of Regulation SHO of the 1934 Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common
      Stock.

  
    -11-

    
      


  

  (e)          Issuance of Commitment Shares.  Immediately upon the
      execution of this Agreement, the Company shall issue to the Buyer as consideration for the Buyer entering into this Agreement 100,654 shares of Common Stock (the “Commitment Shares”).  The Commitment Shares
      shall be issued in certificated or restricted book-entry form and (subject to Section 5 hereof) shall bear a restrictive legend substantially similar to the following:

  

  

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
    STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF HOLDER’S COUNSEL, IN A CUSTOMARY FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
    STATE SECURITIES LAWS.

  

  

  (f)          Due Diligence.  The Buyer shall have the right, from
      time to time as the Buyer may reasonably request, to perform reasonable due diligence on the Company during normal business hours and subject to reasonable prior notice to the Company.  The Company and its officers and employees shall provide
      information and reasonably cooperate with the Buyer in connection with any reasonable request by the Buyer related to the Buyer’s due diligence of the Company, including, but not limited to, any such request made by the Buyer in connection with (i)
      the filing of the registration statement described in Section 4(a) hereof and (ii) the Commencement; provided, however, that at no time is the Company required to disclose material nonpublic information to the Buyer or breach any obligation of
        confidentiality or non-disclosure to a third party or make any disclosure that could cause a waiver of attorney-client privilege.  Except as may be required by law, court order or governmental authority, each party hereto agrees not to disclose any
      Confidential Information of the other party to any third party and shall not use the Confidential Information of such other party for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby; provided,
      that to the extent such disclosure is required by law, court order or governmental authority, the receiving party shall provide the disclosing party with reasonable prior written notice of such disclosure and make a reasonable effort to assist the
      disclosing party in obtaining a protective order preventing or limiting the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law, court order or governmental authority requires. 
      Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other
      party.

  

  

  (g)          Disposition of Securities.  The Buyer shall not sell
      any Securities except as provided in this Agreement, the Registration Rights Agreement and the “Plan of Distribution” section of the prospectus included in the Registration Statement (as defined in the Registration Rights Agreement).  The Buyer shall
      not transfer any Securities except pursuant to sales described in the “Plan of Distribution” section of the prospectus included in the Registration Statement or pursuant to Rule 144 under the 1933 Act.  In the event of any sales of Securities
      pursuant to the Registration Statement, the Buyer will (i) effect such sales pursuant to the “Plan of Distribution” section of the prospectus included in the Registration Statement, and (ii) will comply with all applicable prospectus delivery
      requirements.

  
    -12-

    
      


  

  5.          TRANSFER AGENT
      INSTRUCTIONS.

  

  

  Immediately upon the execution of this Agreement, the Company shall deliver to the Transfer Agent a letter in the form as set forth as Exhibit D attached hereto with respect to the issuance of the Commitment Shares.  On the Commencement Date, the Company shall cause any restrictive legend on the Commitment
    Shares to be removed upon surrender of the originally issued certificate(s) for such shares.  So long as the Buyer complies with its obligations in Section 4(g), all of the Purchase Shares to be issued under this Agreement shall be issued without any
    restrictive legend unless the Buyer expressly consents otherwise.  The Company shall issue irrevocable instructions to the Transfer Agent, and any subsequent transfer agent, to issue Common Stock in the name of the Buyer for the Purchase Shares (the “Irrevocable Transfer Agent Instructions”).  The Company warrants to the Buyer that, so long as the Buyer complies with its obligations in Section 4(g), no instruction other than the Irrevocable Transfer Agent
    Instructions referred to in this Section 5, will be given by the Company to the Transfer Agent with respect to the Purchase Shares and that the Commitment Shares and the Purchase Shares shall otherwise be freely transferable on the books and records of
    the Company as and to the extent provided in this Agreement and the Registration Rights Agreement, subject to the provisions of Section 4(e) in the case of the Commitment Shares.

  

  

  
    
      	

            	6.	
              CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK UNDER THIS AGREEMENT.

            


    

  

  
     

  

  

  

  The right of the Company hereunder to commence sales of the Purchase Shares is subject to the satisfaction of each of the following conditions on or before
    the Commencement Date (the date that the Company may begin sales of Purchase Shares):

  

  

  (a)          The Buyer shall have executed each of the Transaction
      Documents and delivered the same to the Company;

  

  

  (b)          The representations and warranties of the Buyer shall be true
      and correct as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specific date) and the Buyer shall
      have performed, satisfied and complied in all material respects with the covenants and agreements required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Commencement Date; and

  

  

  (c)          A registration statement covering the sale of the Securities
      by the Buyer shall have been declared effective under the 1933 Act by the SEC and no stop order with respect to the registration statement shall be pending or threatened by the SEC.

  
    -13-

    
      


  

  
     

  

  7.          CONDITIONS TO THE BUYER’S OBLIGATION TO MAKE PURCHASES OF SHARES OF COMMON STOCK. 

  

  

  The obligation of the Buyer to buy Purchase Shares  under this Agreement is subject to the satisfaction of each of the following conditions on or before
    the Commencement Date (the date that the Company may begin sales of Purchase Shares) and once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy such conditions after the Commencement has occurred:

  

  

  (a)          The Company shall have executed each of the Transaction
      Documents and delivered the same to the Buyer;

  

  

               (b)          The Company shall have issued to the Buyer the Commitment Shares and, in the event that the Buyer shall have
      surrendered the originally issued certificate(s), shall have removed the restrictive transfer legend from the certificate representing the Commitment Shares;

  

  

  (c)          The Common Stock shall be authorized for quotation on the
      Principal Market, trading in the Common Stock shall not have been within the last 365 days suspended by the SEC or the Principal Market, other than a general halt in trading in the Common Stock by the Principal Market under halt codes indicating
      pending or released material news, and the Securities shall be approved for listing upon the Principal Market;

  

  

  (d)          The Buyer shall have received the opinion of the Company’s
      legal counsel dated as of the Commencement Date in customary form and substance;

  

  

  (e)          The representations and warranties of the Company shall be
      true and correct in all material respects (except to the extent that any of such representations and warranties is already qualified as to materiality in Section 3 above, in which case, such representations and warranties shall be true and correct
      without further qualification) as of the date of this Agreement and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all
        material respects as of such specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied
      or complied with by the Company at or prior to the Commencement Date.  The Buyer shall have received a certificate, executed by the CEO, President or CFO of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached
      hereto as Exhibit A;

  

  

  (f)          The Board of Directors of the Company or a duly authorized
      committee thereof shall have adopted resolutions substantially in the form attached hereto as Exhibit B-1, which shall be in full force and effect without any amendment or supplement thereto as of
      the Commencement Date;

  

  

  (g)          As of the Commencement Date, the Company shall have reserved
      out of its authorized and unissued Common Stock, solely for the purpose of effecting future purchases of Purchase Shares hereunder, 934,325 shares of Common Stock;

  

  

  (h)          The Irrevocable Transfer Agent Instructions, in form
      acceptable to the Buyer, shall have been signed by the Company and the Buyer and shall have been delivered to the Transfer Agent;

  
    -14-

    
      


  

  (i)          The Company shall have delivered to the Buyer a certificate
      evidencing the incorporation and good standing of the Company in the State of Delaware issued by the Secretary of State of the State of Delaware as of a date within ten (10) Business Days of the Commencement Date;

  

  

  (j)          [Intentionally Omitted.];

  

  

  (k)          The Company shall have delivered to the Buyer a secretary’s
      certificate executed by the Secretary of the Company, dated as of the Commencement Date, in the form attached hereto as Exhibit C;

  

  

  (l)          A registration statement covering the sale of (i) all of the
      Commitment Shares and (ii) such number of additional Purchase Shares as reasonably determined by the Company shall have been declared effective under the 1933 Act by the SEC and no stop order with respect thereto shall be pending or threatened by the
      SEC.  The Company shall have prepared and delivered to the Buyer a final and complete form of prospectus, dated and current as of the Commencement Date, to be used by the Buyer in connection with any sales of any Securities, and to be filed by the
      Company one (1) Business Day after the Commencement Date pursuant to Rule 424(b).  The Company shall have made all filings under all applicable federal and state securities laws necessary to consummate the issuance of the Commitment Shares and
      the Purchase Shares pursuant to this Agreement in compliance with such laws;

  

  

  (m)          No Event of Default has occurred and is continuing, or
      any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

  

  

  (n)          On or prior to the Commencement Date, the Company shall take
      all necessary action, if any, and such actions as reasonably requested by the Buyer, in order to render inapplicable any control share acquisition, business combination, stockholder rights plan or poison pill (including any distribution
      under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or the laws of the state of its incorporation, other than Section 203 of the Delaware General Corporation Law, that is or could
      become applicable to the Buyer as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Buyer’s ownership of the Securities; and

  

  

  (o)          The Company shall have provided the Buyer with the
      information reasonably requested by the Buyer in connection with its due diligence requests made prior to, or in connection with, the Commencement, in accordance with the terms of Section 4(f) hereof.

  

  

  
    
      	

            	8.	
              INDEMNIFICATION.

            


    

  

  

  

  In consideration of the Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the
    Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Buyer and all of its affiliates, members, officers, directors, and employees, and any of the foregoing person’s
    agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all
    third party actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
    hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any
    misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of
    the Company contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, or (c) any cause of action, suit or claim brought or made against such Indemnitee and arising out of or resulting from
    the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument or  document contemplated hereby or thereby, other than with respect to Indemnified Liabilities which directly and primarily result
    from (A) a breach of any of the Buyer’s representations and warranties, covenants or agreements contained in this Agreement, or (B) the gross negligence, bad faith or willful misconduct of the Buyer or any other Indemnitee.  To the extent that the
    foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

  
    -15-

    
      


  

  9.          EVENTS OF DEFAULT.

  

  

  An “Event of Default” shall be deemed to have occurred at any time as any of the following events occurs:

  

  

  (a)          during any period in which the effectiveness of any
      registration statement is required to be maintained pursuant to the terms of the Registration Rights Agreement, the effectiveness of such registration statement lapses for any reason (including, without limitation, the issuance of a stop
      order) or is unavailable to the Buyer for the sale of all of the Registrable Securities (as defined in the Registration Rights Agreement), and such lapse or unavailability continues for a period of ten (10) consecutive Business Days or for more than
      an aggregate of thirty (30) Business Days in any 365-day period, which is not in connection with a Permitted Delay (as defined in the Registration Rights Agreement), post-effective amendment to any such registration statement or the filing of a new
      registration statement; provided, however, that in connection with any post-effective amendment to such registration statement or filing of a new registration statement that is required to be declared effective by the SEC, such lapse or
      unavailability may continue for a period of no more than thirty (30) consecutive Business Days, which such period shall be extended for an additional thirty (30) Business Days if the Company receives a comment letter from the SEC in connection
      therewith;

  

  

  (b)          the suspension from trading or failure of the Common Stock to
      be listed on a Principal Market for a period of three (3) consecutive Business Days;

  

  

  (c)          the delisting of the Common Stock from the Principal Market,
      and the Common Stock is not immediately thereafter trading on the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market;

  

  

                 (d)          the failure for any reason by the Transfer Agent to issue Purchase Shares to the Buyer within five (5) Business Days after the
      applicable Purchase Date that the Buyer is entitled to receive;

  

  

  (e)          the Company’s breach of any representation or warranty (as of
      the dates made), covenant or other term or condition under any Transaction Document if such breach could reasonably be expected to have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable, only if
      such breach continues uncured for a period of at least five (5) Business Days;

  
    -16-

    
      


  

  (f)          if any Person commences a proceeding against the Company
      pursuant to or within the meaning of any Bankruptcy Law;

  

  

  (g)          if the Company pursuant to or within the meaning of any
      Bankruptcy Law; (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, (D) makes a
      general assignment for the benefit of its creditors or (E) becomes insolvent;

  

  

  (h)          a court of competent jurisdiction enters an order or decree
      under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company or any Subsidiary; or

  

  

  (i)          if at any time after the Commencement Date, the Exchange Cap
      is reached unless and until stockholder approval has been obtained pursuant to Section 1(h) hereof. The Exchange Cap shall be deemed to be reached at such time if, upon submission of a Purchase Notice or VWAP Purchase Notice under this Agreement, the
      issuance of such shares of Common Stock would exceed the number of shares of Common Stock which the Company may issue under this Agreement without breaching the Company’s obligations under the rules or regulations of the Principal Market.

  

  

  So long as an Event of Default has occurred and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and is
    continuing, or so long as the Closing Sale Price is below the Floor Price, the Company may not require and the Buyer shall not be obligated or permitted to purchase any shares of Common Stock under this Agreement.  If pursuant to or within the meaning
    of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment
    for the benefit of its creditors, (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h) hereof) this Agreement shall automatically terminate without any liability or payment to
    the Company without further action or notice by any Person.  No such termination of this Agreement under Section 11(k)(i) shall affect the Company’s or the Buyer’s obligations under this Agreement with respect to pending purchases and the Company and
    the Buyer shall complete their respective obligations with respect to any pending purchases under this Agreement.

  

  

  10.          CERTAIN DEFINED TERMS.

  

  

  For purposes of this Agreement, the following terms shall have the following meanings:

  

  

  (a)          “1933 Act” means the
      Securities Act of 1933, as amended.

  

  

  (b)          “Available Amount”
      means initially Twenty Million Dollars ($20,000,000) in the aggregate which amount shall be reduced by the Purchase Amount each time the Buyer purchases shares of Common Stock pursuant to Section 1 hereof.

  

  

                 (c)          “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the
      relief of debtors.

  
    -17-

    
      


  

  (d)          “Business Day” means
      any day on which the Principal Market is open for trading during normal trading hours (i.e., 9:30 a.m. to 4:00 p.m. Eastern Time), including any day on which the Principal Market is open for trading for a period of time less than the customary time.

  

  

  (e)          “Closing Sale Price”
      means the last closing trade price for the Common Stock on the Principal Market as reported by the Principal Market.

  

  

                (f)          “Confidential Information” means any information disclosed by either party to the other
      party, either directly or indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which is designated as “Confidential,” “Proprietary” or some similar
      designation. Information communicated orally shall be considered Confidential Information if such information is expressly identified as Confidential Information at the time of such initial disclosure and confirmed in writing as being Confidential
      Information within ten (10) Business Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which
      (i) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party
      through no action or inaction of the receiving party or its affiliates; (iii) is already in the possession of the receiving party at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior
      to the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s obligations of confidentiality; or (v) is independently developed by the receiving party without use of or reference to the
      disclosing party’s Confidential Information, as shown by documents and other competent evidence in the receiving party’s possession.

  

  

  (g)          “Custodian” means any
      receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

  

  

  (h)          “Maturity Date” means
      the date that is thirty (30) months from the Commencement Date.

  

  (i)          “Person” means an
      individual or entity including any limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

  

  

  (j)          “Principal Market”
      means the Nasdaq Capital Market; provided however, that in the event the Company’s Common Stock is ever listed or traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq
      Capital Market, then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Stock is then listed or traded.

  

  

  (k)          “Purchase Amount”
      means, with respect to any particular purchase made hereunder, the portion of the Available Amount to be purchased by the Buyer pursuant to Section 1 hereof as set forth in a valid Purchase Notice or VWAP Purchase Notice which the Company delivers to
      the Buyer.

  

  

  (l)          “Purchase Date”
      means, with respect to any Regular Purchase made hereunder, the Business Day of receipt by the Buyer of a valid Purchase Notice that the Buyer is to buy Purchase Shares pursuant to Section 1(b) hereof.

  
    -18-

    
      


  

                 (m)          “Purchase Notice” shall mean an irrevocable written notice from the Company to the Buyer
      directing the Buyer to buy Purchase Shares pursuant to Section 1(b) hereof as specified by the Company therein at the applicable Purchase Price on the Purchase Date.

  

  

  (n)          “Purchase Price”
      means the lesser of (i) the lowest Sale Price of the Common Stock on the Purchase Date or (ii) the arithmetic average of the three (3) lowest Closing Sale Prices for the Common Stock during the ten (10) consecutive Business Days ending on the
      Business Day immediately preceding such Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  

  

  (o)          “Sale Price” means
      any trade price for the shares of Common Stock on the Principal Market during normal trading hours, as reported by the Principal Market.

  

  

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

  

  

  (q)          “Transfer Agent”
      means the transfer agent of the Company as set forth in Section 11(f) hereof or such other person who is then serving as the transfer agent for the Company in respect of the Common Stock.

  

  

  (r)          “VWAP Minimum Price
        Threshold” means, with respect to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) 80% of the Closing Sale Price on the Business Day immediately preceding the VWAP Purchase Date or
      (ii) such higher price as set forth by the Company in the VWAP Purchase Notice.

  

  

  (s)          “VWAP Purchase Amount”
      means, with respect to any particular VWAP Purchase Notice, the portion of the Available Amount to be purchased by the Buyer pursuant to Section 1(c) hereof pursuant to a valid VWAP Purchase Notice which requires the Buyer to buy the VWAP Purchase
      Share Percentage of the aggregate shares traded on the Principal Market during normal trading hours on the VWAP Purchase Date up to the VWAP Purchase Share Volume Maximum, subject to the VWAP Minimum Price Threshold.

  

  

  (t)          “VWAP Purchase Date” means, with respect to any VWAP Purchase made hereunder, the Business Day following the receipt by the Buyer of a valid VWAP Purchase Notice that the Buyer is to buy Purchase Shares pursuant to
      Section 1(c) hereof.

  

  

  (u)          “VWAP Purchase Notice”
      shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase Shares on the VWAP Purchase Date pursuant to Section 1(c) hereof as specified by the Company therein at the applicable VWAP Purchase Price with
      the applicable VWAP Purchase Share Percentage specified therein.

  

  

  (v)          “VWAP Purchase Share
        Percentage” means, with respect to any particular VWAP Purchase Notice pursuant to Section 1(c) hereof, the percentage set forth in the VWAP Purchase Notice which the Buyer will be required to buy as a specified percentage of the aggregate
      shares traded on the Principal Market during normal trading hours up to the VWAP Purchase Share Volume Maximum on the VWAP Purchase Date subject to Section 1(c) hereof but in no event shall this percentage exceed thirty percent (30%) of such VWAP
      Purchase Date’s share trading volume of the Common Stock on the Principal Market during normal trading hours.

  
    -19-

    
      


  

  (w)          “VWAP Purchase Price”
      means the lesser of (i) the Closing Sale Price on the VWAP Purchase Date; or (ii) ninety-seven percent (97%) of volume weighted average price for the Common Stock traded on the Principal Market during normal trading hours on (A) the VWAP
      Purchase Date if the aggregate shares traded on the Principal Market on the VWAP Purchase Date have not exceeded the VWAP Purchase Share Volume Maximum and the Sale Price of Common Stock has not fallen below the VWAP Minimum Price Threshold (to be
      appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction), or (B) the portion of the VWAP Purchase Date until such time as the sooner to occur of (1) the time at
      which the aggregate shares traded on the Principal Market has exceeded the VWAP Purchase Share Volume Maximum, or (2) the time at which the Sale Price of Common Stock falls below the VWAP Minimum Price Threshold (to be appropriately adjusted for any
      reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  

  

  (x)          “VWAP Purchase Share
        Estimate” means the number of shares of Common Stock that the Company has in its sole discretion irrevocably instructed its Transfer Agent to issue to the Buyer via the Depository Trust Company (“DTC”)
      Fast Automated Securities Transfer Program in connection with a VWAP Purchase Notice pursuant to Section 1(c) hereof and issued to the Buyer’s or its designee’s balance account with DTC through its Deposit Withdrawal At Custodian (DWAC) system on the
      VWAP Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  

  

  (y)          “VWAP Purchase Share Volume
        Maximum” means a number of shares of Common Stock traded on the Principal Market during normal trading hours on the VWAP Purchase Date equal to: (i) the VWAP Purchase Share Estimate, divided by (ii) the VWAP Purchase Share Percentage (to be
      appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  

  

  11.          MISCELLANEOUS.

  

  

  (a)          Governing Law; Jurisdiction; Jury Trial.  The
      corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its stockholders.  All other questions concerning the construction, validity, enforcement and interpretation of this Agreement and the
      other Transaction Documents shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of Chicago, for the adjudication of any
      dispute hereunder or under the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party
      hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such 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 manner permitted by law.  EACH PARTY
        HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

  
    -20-

    
      


  

  (b)          Counterparts.  This Agreement may be executed in two
      or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or pdf (or other
        electronic reproduction) signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or PDF (or other electronic reproduction)
        signature.

  

  

  (c)          Headings.  The headings of this Agreement are for
      convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

  

  

  (d)          Severability.  If any provision of this Agreement
      shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of
      this Agreement in any other jurisdiction.

  

  

  (e)          Entire Agreement.  This Agreement and the Registration
      Rights Agreement supersede all other prior oral or written agreements between the Buyer, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the other Transaction
      Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes
      any representation, warranty, covenant or undertaking with respect to such matters.  Each of the Company and the Buyer acknowledges and agrees that it has not relied on, in any manner whatsoever, any representations or statements, written or oral,
      other than as expressly set forth in this Agreement.

  

  

  (f)          Notices.  Any notices, consents or other
      communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
      confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii) upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation of both electronic
      messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile
      numbers for such communications shall be:

  

  

  	 	
          If to the Company:

        	 
	 	 	 	 
	 	 	
          PDS Biotechnology Corp.

        
	 	 	
          300 Connell Drive, Suite 4000

        
	 	 	
          Berkely Heights, NJ 07922

        
	 	 	
          Telephone:

        	
          800-208-3343

        
	 	 	
          Facsimile:

        	
          908-790-1212

        
	 	 	
          Attention:

        	
          Andrew Saik, Chief Financial Officer

        
	 	 	
          Email:

        	
          asaik@pdsbiotech.com

        


  
    -21-

    
      


  

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

        
	 	 	 	 
	 	 	
          DLA Piper LLP (US)

        
	 	 	
          One Liberty Place

        
	 	 	
          1650 Market Street, Suite 5000

        
	 	 	
          Philadelphia, PA 19103

        
	 	 	
          Telephone:

        	
          215-656-3316

        
	 	 	
          Facsimile:

        	
          215-656-3301

        
	 	 	
          Attention:

        	
          Fahd Riaz

        
	 	 	
          Email:

        	
          fahd.riaz@us.dlapiper.com

        
	 	 	 	 
	 	
          

          

        	And:	 
	 	 	 	 
	 	 	
          DLA Piper LLP (US)

        
	 	 	
          51 John F. Kennedy Parkway, Suite 120

        
	 	 	
          Short Hills, New Jersey 07078

        
	 	 	
          Attention:  

          

        	Emilio Ragosa, Esq.
	 	 	
          Fax: 

          

        	(973) 215-2804
	 	 	
          E-mail:  

          

        	emilio.ragosa@us.dlapiper.com
	 	 	 	 
	 	
          If to the Buyer:

        	 
	 	 	 	 
	 	 	
          Aspire Capital Fund, LLC

        
	 	 	
          155 North Wacker Drive, Suite 1600

        
	 	 	
          Chicago, IL 60606

        
	 	 	
          Telephone:

        	
          312-658-0400

        
	 	 	
          Facsimile:

        	
          312-658-4005

        
	 	 	
          Attention:

        	
          Steven G. Martin

        
	 	 	
          Email:

        	
          smartin@aspirecapital.com

        
	 	 	 	 
	 	
          With a copy to (which shall not constitute delivery to the Buyer):

        
	 	 	 	 
	 	 	
          Morrison & Foerster LLP

        
	 	 	
          2000 Pennsylvania Avenue, NW, Suite 6000

        
	 	 	
          Washington, DC 20006

        
	 	 	
          Telephone:

        	202-778-1611 

        
	 	 	
          Facsimile:

        	
          202-887-0763

        
	 	 	
          Attention:

        	
          Martin P. Dunn, Esq.

        
	 	 	
          Email:

        	
          mdunn@mofo.com

          

        
	 	 	 	 
	 	
          If to the Transfer Agent:

        
	 	 	 	 
	 	 	
          Computershare

        
	 	 	
          480 Washington Blvd

        
	 	 	
          Jersey City, NJ 07310

        
	 	 	
          Telephone:

        	
          201-680-4318

        
	 	 	
          Attention:

        	
          Carol Corso

        
	 	 	
          Email:

        	
          Carol.Corso@computershare.com

        


  
    -22-

    
      


  

  or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party
    at least one (1) Business Day prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile
    machine containing the time, date, and recipient facsimile number, (C) electronically generated by the sender’s electronic mail containing the time, date and recipient email address or (D) provided by a nationally recognized overnight delivery service,
    shall be rebuttable evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively.

  

  

  (g)          Successors and Assigns.  This Agreement shall be
      binding upon and inure to the benefit of the parties and their respective successors and assigns.  The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer, including by merger
      or consolidation; provided, however, that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction shall not be
      deemed a succession or assignment.  The Buyer may not assign its rights or obligations under this Agreement.

  

  

  (h)          No Third Party Beneficiaries.  This Agreement is
      intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

  

  

  (i)          Publicity.  The Buyer shall have the right to approve
      before issuance any press release, SEC filing or any other public disclosure made by or on behalf of the Company whatsoever with respect to, in any manner, the Buyer, its purchases hereunder or any aspect of this Agreement or the transactions
      contemplated hereby; provided, however, that the Company shall be entitled, without the prior approval of the Buyer, to make any press release or other public disclosure (including any filings with the SEC) with respect to such transactions as is
      required by applicable law and regulations so long as the Company and its counsel consult with the Buyer in connection with any such press release or other public disclosure at least one (1) Business Day prior to its release; provided, however, that
      the Company’s obligations pursuant to this Section 11(i) shall not apply if the material provisions of such press release, SEC filing, or other public disclosure previously has been publicly disclosed by the Company in accordance with this Section
      11(i).  The Buyer must be provided with a copy thereof at least one (1) Business Day prior to any release or use by the Company thereof.

  

  

  (j)          Further Assurances.  Each party shall do and perform,
      or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and
      accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

  

  

  (k)          Termination.  This Agreement may be terminated only as
      follows:

  

  

  (i)          If pursuant to or within the meaning of
      any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment
      for the benefit of its creditors, (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h) hereof) this Agreement shall automatically terminate without any liability or payment to the Company without further action or
      notice by any Person.  No such termination of this Agreement under this Section 11(k)(i) shall affect the Company’s or the Buyer’s obligations under this Agreement with respect to pending purchases and the Company and the Buyer shall complete their
      respective obligations with respect to any pending purchases under this Agreement.

  
    -23-

    
      


  

  (ii)          In the event that the Commencement shall
      not have occurred the Company shall have the option to terminate this Agreement for any reason or for no reason without any liability whatsoever of either party to the other party under this Agreement except as set forth in Section 11(k)(viii)
      hereof.

  

  

  (iii)          In the event that the Commencement shall
      not have occurred on or before the one year anniversary of the date of this Agreement, due to the failure to satisfy any of the conditions set forth in Sections 6 and 7 above with respect to the Commencement, this Agreement shall automatically
      terminate without any liability or payment to the Company without further action or notice by any Person.

  

  

  (iv)          At any time after the Commencement Date,
      the Company shall have the option to terminate this Agreement for any reason or for no reason by delivering notice (a “Company Termination Notice”) to the Buyer electing to terminate this Agreement without any
      liability whatsoever of either party to the other party under this Agreement except as set forth in Section 11(k)(viii) hereof.  The Company Termination Notice shall not be effective until one (1) Business Day after it has been received by the Buyer.

  

  

  (v)          This Agreement shall automatically
      terminate on the date that the Company sells and the Buyer purchases the full Available Amount as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other party under this
      Agreement except as set forth in Section 11(k)(viii) hereof.

  

  

  (vi)          If by the Maturity Date for any reason or
      for no reason the full Available Amount under this Agreement has not been purchased as provided for in Section 1 of this Agreement, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of any
      party and without any liability whatsoever of any party to any other party under this Agreement except as set forth in Section 11(k)(viii) hereof.

  

  

  (vii)          Except as set forth in Sections 11(k)(i) (in respect of an Event of Default under Sections 9(f), 9(g) and 9(h)), 11(k)(v) and 11(k)(vi), any termination of this Agreement pursuant to this Section 11(k) shall be effected by
      written notice from the Company to the Buyer setting forth the basis for the termination hereof.

  

  

  (viii)          The representations and warranties of
      the Company and the Buyer contained in Sections 2, 3 and 5 hereof, the indemnification provisions set forth in Section 8 hereof and the agreements and covenants set forth in Sections 4(e), 4(g) and 11, shall
      survive the Commencement and any termination of this Agreement.  No termination of this Agreement shall affect the Company’s or the Buyer’s rights or obligations (i) under the Registration Rights Agreement, which shall survive any such termination in
      accordance with its terms, or (ii) under this Agreement with respect to pending purchases and the Company and the Buyer shall complete their respective obligations with respect to any pending purchases under this Agreement.

  
    -24-

    
      


  

  (l)          No Financial Advisor, Placement Agent, Broker or Finder. 


      The Company represents and warrants to the Buyer that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby.  The Buyer represents and warrants to the Company that it has
      not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby.  Each party shall be responsible for the payment of any fees or commissions, if any, of any financial advisor, placement
      agent, broker or finder engaged by such party relating to or arising out of the transactions contemplated hereby.  Each party shall pay, and hold the other party harmless against, any liability, loss or expense (including, without limitation,
      attorneys’ fees and out of pocket expenses) arising in connection with any such claim.

  

  

  (m)          No Strict Construction.  The language used in this
      Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

  

  

                (n)          Failure or Indulgence Not Waiver.  No failure or delay in the exercise of any power, right or privilege hereunder shall
      operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

  

  

  *     *     *     *     *

  
    -25-

    
      


  

  IN WITNESS WHEREOF, the Buyer and the Company have caused this Common Stock Purchase Agreement to be duly executed as of the date first
    written above.

  

  

  	 	
          THE COMPANY:

        	 
	 	 	 	 
	 	
          PDS BIOTECHNOLOGY CORPORATION

        	 
	 	 	 	 
	 	 	 	 
	 	
          By:

        	
          /s/ Frank Bedu-Addo

        	 
	 	
          Name:

        	
          Frank Bedu-Addo

        	 
	 	
          Title:

        	
          President and Chief Executive Officer

        	 
	 	 	 	 
	 	 	 	 
	 	
          BUYER:

        	 
	 	 	 	 
	 	
          ASPIRE CAPITAL FUND, LLC

        	 
	 	
          BY:

        	
          ASPIRE CAPITAL PARTNERS, LLC

        	 
	 	
          BY:

        	
          SGM HOLDINGS CORP.

        	 
	 	 	 	 
	 	
          By:

        	
          /s/ Steven G. Martin

        	 
	 	
          Name:

        	
          Steven G. Martin

        	 
	 	
          Title:

        	
          President

        	 


  
    -26-

    
      


  

    Execution Copy   

  

   

  

       SCHEDULES

  

  

  Schedule 3(a)          Subsidiaries

  Schedule 3(c)          Capitalization

  Schedule 3(e)          Conflicts

  Schedule 3(f)          1934 Act Filings

  Schedule 3(g)          Material Changes

  Schedule 3(h)          Litigation

  Schedule 3(j)          Intellectual


      Property

  Schedule 3(l)          Title

  Schedule 3(p)          Transactions with Affiliates

  

  

            EXHIBITS

  

  

  
    
      	Exhibit A	
              Form of Officer’s Certificate

            


    

  

  
    
      	Exhibit B	
              Form of Resolutions of Board of Directors of the Company

            


    

  

  
    
      	Exhibit C	
              Form of Secretary’s Certificate

            


    

  

  
    
      	Exhibit D	
              Form of Letter to Transfer Agent

            


    

  

  
    
      


  

  DISCLOSURE SCHEDULES

  

  

  Schedule 3(a) – Subsidiaries

  

  

  PDS Operating Corporation.

  

  

  Schedule 3(c) – Capitalization

  

  

  262,758 shares are held in warrants with a weighted average exercise price of $11.92

  

  

  Schedule 3(e) – Conflicts

  

  

  None.

  

  

  Schedule 3(f) – 1934 Act Filings

  

  

  None.

  

  

  Schedule 3(g) – Material Changes

  

  

  None.

  

  

  Schedule 3(h) – Litigation

  

  

  None.

  

  

  Schedule 3(j) – Intellectual Property

  

  

  None.

  

  

  Schedule 3(l) – Title

  

  

  None.

  

  

  Schedule 3(p) – Transactions with Affiliates

  

  

  None.

  
    
      


  

  EXHIBIT A

  

  

  FORM OF OFFICER’S CERTIFICATE

  

  

  This Officer’s Certificate (“Certificate”) is being delivered pursuant to Section 7(e) of that certain Common
    Stock Purchase Agreement dated as of July 29, 2019 (the “Common Stock Purchase Agreement”), by and between PDS BIOTECHNOLOGY CORPORATION, a Delaware corporation (the “Company”), and ASPIRE CAPITAL FUND, LLC, an Illinois limited liability company (the “Buyer”). 
    Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Common Stock Purchase Agreement.

  

  

  The undersigned, ______________, ________________ of the Company, hereby certifies as follows:

  

  

  1.          I am the _________________ of the Company
      and make the statements contained in this Certificate in my capacity as such;

  

  

  2.          The representations and warranties of the
      Company are true and correct in all material respects (except to the extent that any of such representations and warranties is already qualified as to materiality in Section 3 of the Common Stock Purchase Agreement, in which case, such
      representations and warranties are true and correct without further qualification) as of the date when made and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date);

  

  

  3.          The Company has performed, satisfied and
      complied in all material respects with covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

   

    

  4.          The Company has not taken any steps, and does not currently expect to take any steps, to seek
    protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is financially solvent
    and is generally able to pay its debts as they become due. 

  

  

  IN WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ___________.

  

  

         ______________________

  Name:

  Title:

  

  

  The undersigned as Secretary of PDS BIOTECHNOLOGY CORPORATION, a Delaware corporation, hereby certifies that
    ___________________ is the duly elected, appointed, qualified and acting ______________ of PDS BIOTECHNOLOGY CORPORATION and that the signature appearing above is his/her genuine signature.

  

  

  ___________________________________

                                                 _______________, Secretary

  
    
      


  

  EXHIBIT B-1

  

  

  FORM OF COMPANY RESOLUTIONS

  FOR SIGNING PURCHASE AGREEMENT

   

    

  WHEREAS, management has reviewed with the Board of Directors the background, terms and conditions of the
      transactions subject to the Common Stock Purchase Agreement (the “Purchase Agreement”) by and between the Company and Aspire Capital Fund, LLC (“Aspire”), including all
      materials terms and conditions of the transactions subject thereto, providing for the purchase by Aspire of up to Twenty Million Dollars ($20,000,000) of the Company’s common stock, par value $0.00033 per share (the “Common
        Stock”); and

  

  

  WHEREAS, after careful consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board
      of Directors, the Board of Directors has determined that it is advisable and in the best interests of the Company to engage in the transactions contemplated by the Purchase Agreement, including, but not limited to, the issuance of 100,654 shares of
      Common Stock to Aspire as a commitment fee (the “Commitment Shares”) and the sale of shares of Common Stock to Aspire up to the available amount under the Purchase Agreement (the “Purchase Shares,” and together with the Commitment Shares, the “Aspire Shares”).

  

  

  Transaction Documents

  

  

  NOW, THEREFORE, BE IT RESOLVED, that the transactions described in the Purchase Agreement are hereby approved and the Chief Executive Officer and Chief
    Financial Officer (the “Authorized Officers”) are severally authorized to execute and deliver the Purchase Agreement, and any other agreements or documents contemplated thereby including, without limitation, a
    registration rights agreement (the “Registration Rights Agreement”) providing for the registration of the shares of the Company’s Common Stock issuable in respect of the Purchase Agreement on behalf of Aspire,
    with such amendments, changes, additions and deletions as the Authorized Officers may deem to be appropriate and approve on behalf of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

  

  

  FURTHER RESOLVED, that the terms and provisions of the Registration Rights Agreement by and among the Company and Aspire are hereby approved and the
    Authorized Officers are authorized to execute and deliver the Registration Rights Agreement (pursuant to the terms of the Purchase Agreement), with such amendments, changes, additions and deletions as the Authorized Officer may deem appropriate and
    approve on behalf of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

  

  

  FURTHER RESOLVED, that the terms and provisions of the Form of Transfer Agent Instructions (the “Instructions”) are
    hereby approved and the Authorized Officers are authorized to execute and deliver the Instructions (pursuant to the terms of the Purchase Agreement), with such amendments, changes, additions and deletions as the Authorized Officers may deem appropriate
    and approve on behalf of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

  
    
      


  

  Execution of Purchase Agreement

  

  

  FURTHER RESOLVED, that the Company be and it hereby is authorized to execute the Purchase Agreement providing for the purchase of common stock of the
    Company having an aggregate value of up to $20,000,000; and

  

  

  Issuance of Common Stock

  

  

  FURTHER RESOLVED, that the Company is hereby authorized to issue the Commitment Shares to Aspire as Commitment
    Shares and that upon issuance of the Commitment Shares pursuant to the Purchase Agreement, the Commitment Shares shall be duly authorized, validly issued, fully paid and non-assessable; and

  

  

  FURTHER RESOLVED, that the Company is hereby authorized to issue shares of Common Stock upon the purchase of Purchase Shares up to the available
    amount under the Purchase Agreement in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant to the Purchase Agreement, the Purchase Shares will be duly authorized, validly issued, fully paid and
    non-assessable; and

  

  

  FURTHER RESOLVED, that the Corporation shall initially reserve 934,325 shares of Common Stock for issuance as Purchase Shares under the Purchase
    Agreement; and

  

  

  Listing of Shares on the Nasdaq Capital Market

  

  

  FURTHER RESOLVED, that the officers of the Company with the assistance of counsel be, and each of them hereby is, authorized and directed to take
    all necessary steps and do all other things necessary and appropriate to effect the listing of the Aspire Shares on the Nasdaq Capital Market; and

  

  

  Approval of Actions

  

  

  FURTHER RESOLVED, that, without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
    behalf of the Company and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel, to cause the Company to consummate the agreements referred to herein and to perform its obligations under such agreements;
    and

  

  

            FURTHER RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the
      Company, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and
      undertakings and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken
      by any officer or director of the Company in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified and confirmed in all respects; and

  

  

  FURTHER RESOLVED, that any and all actions heretofore or hereinafter taken on behalf of the Company by any of said persons or entities within the terms of
    the foregoing resolutions are hereby approved, ratified and confirmed in all respects as the acts and deeds of the Company.

  
    
      


  

  EXHIBIT B-2

  

  

  FORM OF COMPANY RESOLUTIONS APPROVING REGISTRATION STATEMENT

  

  

  WHEREAS, there has been presented to the Board of Directors of the Company a Common Stock Purchase Agreement (the “Purchase


      Agreement”) by and among the Corporation and Aspire Capital Fund, LLC (“Aspire”), providing for the purchase by Aspire of up to Twenty Million Dollars ($20,000,000) of the Company’s common stock, par
    value $0.00033 (the “Common Stock”); and

  

  

  WHEREAS, after careful consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of Directors,
    the Board of Directors has approved the Purchase Agreement and the transactions contemplated thereby and the Company has executed and delivered the Purchase Agreement to Aspire; and

  

  

  WHEREAS, in connection with the transactions contemplated pursuant to the Purchase Agreement, the Company has agreed to file a registration statement with
    the Securities and Exchange Commission (the “Commission”) registering the Commitment Shares (as defined in the Purchase Agreement) and the Purchase Shares (as defined in the Purchase Agreement) and to list the
    Commitment Shares and Purchase Shares on the Nasdaq Capital Market; and

  

  

  WHEREAS, the management of the Company has prepared an initial draft of a Registration Statement on Form S-__ (the “Registration


      Statement”) in order to register the sale of the Purchase Shares and the Commitment Shares (collectively, the “Securities”) by Aspire; and

  

  

  WHEREAS, the Board of Directors has determined to approve the Registration Statement and to authorize the appropriate officers of the Company to take all
    such actions as they may deem appropriate to effect the offering.

  

  

  NOW, THEREFORE, BE IT RESOLVED, that the officers and directors of the Company be, and each of them hereby is, authorized and directed, with the assistance
    of counsel and accountants for the Company, to prepare, execute and file with the Commission the Registration Statement, which Registration Statement shall be filed substantially in the form presented to the Board of Directors, with such changes
    therein as the Chief Executive Officer or Chief Financial Officer of the Company shall deem desirable and in the best interest of the Company and its stockholders (such officer’s execution thereof including such changes shall be deemed to evidence
    conclusively such determination); and

  

  

  FURTHER RESOLVED, that the officers of the Company be, and each of them hereby is, authorized and directed, with the assistance of counsel and accountants
    for the Company, to prepare, execute and file with the Commission all amendments, including post-effective amendments, and supplements to the Registration Statement, and all certificates, exhibits, schedules, documents and other instruments relating to
    the Registration Statement, as such officers shall deem necessary or appropriate (such officer’s execution and filing thereof shall be deemed to evidence conclusively such determination); and

  
    
      


  

  FURTHER RESOLVED, that the execution of the Registration Statement and of any amendments and supplements thereto by the officers of the Company be, and the
    same hereby is, specifically authorized either personally or by the Chief Executive Officer and Chief Financial Officer (the “Authorized Officers”) as such officer’s true and lawful attorneys-in-fact and agents;
    and

  

  

  FURTHER RESOLVED, that the Authorized Officers are hereby designated as “Agent for Service” of the Company in connection with the Registration Statement
    and the filing thereof with the Commission, and the Authorized Officers hereby are authorized to receive communications and notices from the Commission with respect to the Registration Statement; and

  

  

  FURTHER RESOLVED, that the officers of the Company be, and each of them hereby is, authorized and directed to pay all fees, costs and expenses that may be
    incurred by the Company in connection with the Registration Statement; and

  

  

  FURTHER RESOLVED, that it is desirable and in the best interest of the Company that the Securities be qualified or registered for sale in various states;
    that the officers of the Company be, and each of them hereby is, authorized to determine the states in which appropriate action shall be taken to qualify or register for sale all or such part of the Securities as they may deem advisable; that said
    officers be, and each of them hereby is, authorized to perform on behalf of the Company any and all such acts as they may deem necessary or advisable in order to comply with the applicable laws of any such states, and in connection therewith to execute
    and file all requisite papers and documents, including, but not limited to, applications, reports, surety bonds, irrevocable consents, appointments of attorneys for service of process and resolutions; and the execution by such officers of any such
    paper or document or the doing by them of any act in connection with the foregoing matters shall conclusively establish their authority therefor from the Company and the approval and ratification by the Company of the papers and documents so executed
    and the actions so taken; and

  

  

  FURTHER RESOLVED, that if, in any state where the securities to be registered or qualified for sale to the public, or where the Company is to be registered
    in connection with the public offering of the Securities, a prescribed form of resolution or resolutions is required to be adopted by the Board of Directors, each such resolution shall be deemed to have been and hereby is adopted, and the Secretary is
    hereby authorized to certify the adoption of all such resolutions as though such resolutions were now presented to and adopted by the Board of Directors; and

  

  

  FURTHER RESOLVED, that the officers of the Company with the assistance of counsel be, and each of them hereby is, authorized and directed to take all
    necessary steps and do all other things necessary and appropriate to effect the listing of the Securities on the Nasdaq Capital Market; and

  

  

  Approval of Actions

  

  

  FURTHER RESOLVED, that, without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
    behalf of the Company and to take all such steps as are deemed necessary or appropriate, with the advice and assistance of counsel, to cause the Company to take all such action referred to herein and to perform its obligations incident to the
    registration, listing and sale of the Securities; and

  

  

  FURTHER RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of
    the Company, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and
    undertakings and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken by
    any officer or director of the Company in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified and confirmed in all respects.

  
    
      


  

  EXHIBIT C

   

  

  FORM OF SECRETARY’S CERTIFICATE

  

  

            This Secretary’s Certificate (the “Certificate”) is being delivered pursuant to Section 7(k) of that
      certain Common Stock Purchase Agreement dated as of July 29, 2019 (the “Common Stock Purchase Agreement”), by and between PDS BIOTECHNOLOGY CORPORATION, a Delaware
      corporation (the “Company”) and ASPIRE CAPITAL FUND, LLC, an Illinois limited liability company (the “Buyer”), pursuant to which
      the Company may sell to the Buyer up to Twenty Million Dollars ($20,000,000) of the Company’s Common Stock, par value $0.00033 (the “Common Stock”).  Terms used herein and not otherwise defined shall have the
      meanings ascribed to them in the Common Stock Purchase Agreement.

  

  

            The undersigned, _______________, Secretary of the Company, hereby certifies as follows in his capacity as such:

  

  

  1.          I am the Secretary of the Company and make
      the statements contained in this Secretary’s Certificate.

  

  

  2.          Attached hereto as Exhibit A and Exhibit B
      are true, correct and complete copies of the Company’s bylaws (“Bylaws”) and Certificate of Incorporation (“Certificate of Incorporation”), respectively, in each case, as
      amended through the date hereof, and no action has been taken by the Company, its directors, officers or stockholders, in contemplation of the filing of any further amendment relating to or affecting the Bylaws or Articles.


  

  

  3.          Attached hereto as Exhibit C are true,
      correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company [by unanimous written consent].  Such resolutions have not been amended, modified or rescinded and remain in full force and effect and such
      resolutions are the only resolutions adopted by the Company’s Board of Directors, or any committee thereof, or the stockholders of the Company relating to or affecting (i) the entering into and performance of the Common Stock Purchase
      Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment Shares and (ii) and the performance of the Company of its obligation under the Transaction Documents as contemplated therein.

  

  

  4.          As of the date hereof, the authorized,
      issued and reserved capital stock of the Company is as set forth on Exhibit D hereto.

  

  

            IN WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ____________.

  

  

                                                                          ________________________

   ____________________, Secretary

  

  

  The undersigned as ______________ of PDS BIOTECHNOLOGY CORPORATION, a Delaware corporation, hereby certifies that _______________ is
    the duly elected, appointed, qualified and acting Secretary of PDS BIOTECHNOLOGY CORPORATION, and that the signature appearing above is his/her genuine signature.

  

  

  ___________________________________

  

  

  ____________________________

  

  

  
    
      


  

  EXHIBIT D

  

  

  FORM OF LETTER TO THE TRANSFER AGENT FOR THE ISSUANCE OF THE COMMITMENT SHARES AT SIGNING OF THE PURCHASE AGREEMENT

  

  

  [COMPANY LETTERHEAD]

  

  

  ____________, 201_

  

  

  [Transfer Agent]

  

  

  [Address]

  

  

  [Address]

  

  

  Attention:

  

  

  Re: Issuance of Common Stock to Aspire Capital Fund, LLC

  

  

  Ladies and Gentlemen:

  

  

  On behalf of PDS BIOTECHNOLOGY CORPORATION, (the “Company”), you are hereby
    instructed to issue as soon as possible _______ shares of our common stock in the name of ASPIRE CAPITAL FUND, LLC.  The share certificate should be dated
    _____________, 201_.  I have included a true and correct copy of adopted resolutions of the Board of Directors of the Company approving the issuance of these shares.  The shares should be issued subject to the following restrictive legend:

  

  

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
    STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF HOLDER’S COUNSEL, IN A CUSTOMARY FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
    STATE SECURITIES LAWS.

  
    
      


  

  The share certificate should be sent as soon as possible via overnight mail to the following address:

  

  

  Aspire Capital Fund, LLC

  

  

  155 North Wacker Drive, Suite 1600

  

  

  Chicago, IL 60606

  

  

  Attention: Steven G. Martin

  

  

  Thank you very much for your help.  Please call __________________, at ____________ if you have any questions or need anything further.

  

  

  PDS BIOTECHNOLOGY CORPORATION

  

  

  BY:_____________________________

  

  

  Name:

  

  

  Title: