# EDGAR Filing Document

**Accession Number:** 0000748592
**File Stem:** 0001493152-26-006227
**Filing Date:** 2026-2
**Character Count:** 394565
**Document Hash:** fce41a603ea82ed3047a546c4536090a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-006227.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001493152-26-006227

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260206

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ernexa Therapeutics Inc.
- **CENTRAL INDEX KEY:** 0000748592
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 311103425
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11460
- **FILM NUMBER:** 26621936

**BUSINESS ADDRESS:**
- **STREET 1:** 1035 CAMBRIDGE STREET
- **STREET 2:** SUITE 18A
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02141
- **BUSINESS PHONE:** (617) 798-6700

**MAIL ADDRESS:**
- **STREET 1:** 10531 4S COMMONS DRIVE
- **STREET 2:** SUITE 166-550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Eterna Therapeutics Inc.
- **DATE OF NAME CHANGE:** 20221017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brooklyn ImmunoTherapeutics, Inc.
- **DATE OF NAME CHANGE:** 20210325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NTN BUZZTIME INC
- **DATE OF NAME CHANGE:** 20051230

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 6, 2026

**<u>Ernexa Therapeutics Inc.</u>**

*(Exact Name of Registrant as Specified in its Charter)*

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| | | |
|:---|:---|:---|
| **Delaware** | **001-11460** | **31-1103425** |
| *(State or Other Jurisdiction*<br> *of Incorporation)* | *(Commission*<br> *File Number)* | *(IRS Employer*<br> *Identification No.)* |

---

---

| | |
|:---|:---|
| **1035 Cambridge Street, Suite 18A** |  |
| **Cambridge, MA** | **02141** |
| *(Address of Principal Executive Offices)* | *(Zip Code)* |

---

Registrant's telephone number, including area code: **(617) 798-6700**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.005 per share | ERNA | The Nasdaq Stock Market LLC |
| Warrants to purchase Common Stock, par value $0.005 per share | ERNAW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

On February 6, 2026, Ernexa Therapeutics Inc., a Delaware corporation (the "Company"), entered into a placement agency agreement (the "Placement Agency Agreement") with Brookline Capital Markets, a division of Arcadia Securities, LLC (the "Placement Agent"), pursuant to which the Company engaged the Placement Agent as the placement agent for the public offering (the "Offering") of (i) 19,000,000 shares (the "Shares") of the Company's common stock, par value $0.005 per share ("Common Stock") and accompanying warrants (the "Warrants") to purchase 19,000,000 shares of Common Stock, at a combined offering price of $0.50 per share of Common Stock and accompanying Warrant and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase 2,000,000 shares of Common Stock and accompanying Warrants to purchase 2,000,000 shares of Common Stock, at a combined offering price of $0.49 per Pre-Funded Warrant and accompanying Warrant. In connection with the Offering, the Company also entered into a securities purchase agreement (each, a "Purchase Agreement") with certain investors who purchased Shares, Pre-Funded Warrants and Warrants in the Offering.

The Pre-Funded Warrants are immediately exercisable subject to certain ownership limitations, have an exercise price of $0.01 per share, and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.

On February 6, 2026, the Warrants commenced trading on The Nasdaq Capital Market under the symbol "ERNAW." The Warrants are immediately exercisable subject to certain ownership limitations, have an exercise price of $0.68 per share, and expire on the earlier of (i) the five (5)-year anniversary of the original issuance date or (ii) the 180<sup>th</sup> calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101.

Pursuant to the Placement Agency Agreement, the Company paid the Placement Agent an aggregate cash fee equal to 6.5% of the aggregate purchase price paid by investors in the Offering (or 1.5% with respect to certain existing investors). The Company will also pay the Placement Agent a cash fee as compensation for its solicitation of the exercise of any Warrants sold in connection with the Offering, payable quarterly on each January 1, April 1, July 1 and October 1 following the closing of the Offering (or the following business day if such day is not a business day), at the same percentage and as calculated in the manner as set forth in the preceding sentence, with respect to the aggregate cash consideration received by the Company in connection with any cash exercises of the Warrants during such immediately preceding quarter. The Company also issued 231,576 shares of Common Stock to the Placement Agent (the "Agent's Shares"), which is equal to 1.5% of the aggregate number of Shares and Pre-Funded Warrants sold in the Offering (or 0.5% with respect to sales to certain existing investors). In addition, the Company reimbursed the Placement Agent for its accountable offering-related legal expenses in an amount of $125,000.

The Shares, Pre-Funded Warrants, Warrants, Agent's Shares and the shares of Common Stock underlying the Pre-Funded Warrants and Warrants were offered pursuant to the Company's registration statement on Form S-1, as amended (File No. 333-293150) (the "Registration Statement"), initially filed with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, on February 3, 2026, and declared effective by the SEC on February 5, 2026.

The Offering closed on February 10, 2026, for aggregate gross proceeds of approximately $10.5 million before deducting Placement Agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering to support the advancement of its development programs, working capital and general corporate purposes.

The Placement Agency Agreement and the Purchase Agreements contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, the Placement Agent, or the investors, as the case may be, and other obligations of the parties.

Pursuant to the terms of the Purchase Agreements and the Placement Agency Agreement, the Company has agreed that for a period of ninety (90) days from the closing of the Offering, that neither the Company nor any subsidiary may (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents or (ii) file any registration statement or prospectus, or any amendment or supplement thereto, in each case, subject to certain exceptions. The Company has also agreed not to effect or enter into an agreement to effect any issuance of Common Stock or Common Stock equivalents involving a Variable Rate Transaction, as defined in the Purchase Agreements, for a period of ninety (90) days following the closing of the Offering, subject to certain exceptions. In addition, as part of the Purchase Agreement, subject to certain exceptions, the Company's officers and directors entered into lock-up agreements, pursuant to which they agreed not to sell or otherwise dispose of any of the Common Stock for a period of ninety (90) days following the date of closing of the Offering.

On February 10, 2026, the Company also entered into a Warrant Agent Agreement (the "Warrant Agent Agreement") with Computershare Inc. and Computershare Trust Company, N.A. (collectively, "Computershare"), pursuant to which Computershare agreed to act as warrant agent with respect to the Warrants.

The foregoing does not purport to be a complete description of each of the Placement Agency Agreement, the Pre-Funded Warrants, the Warrants, the Purchase Agreement, and the Warrant Agent Agreement and is qualified in its entirety by reference to the full text of each of such document, which are filed as Exhibits 1.1, 4.1, 4.2, 10.1, and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

**Item 8.01 Other Events.**

The Company issued a press release announcing the pricing of the Offering on February 6, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits.**

***(d) Exhibits.***

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 1.1 | [Placement Agency Agreement, by and between Ernexa Therapeutics Inc. and Brookline Capital Markets, a division of Arcadia Securities, LLC, dated as of February 6, 2026](ex1-1.htm) |
| 4.1 | [Form of Pre-Funded Warrant](ex4-1.htm) |
| 4.2 | [Form of Common Warrant](ex4-2.htm) |
| 10.1 | [Form of Securities Purchase Agreement, by and between Ernexa Therapeutics Inc. and certain investors, dated as of February 6, 2026](ex10-1.htm) |
| 10.2 | [Warrant Agent Agreement, by and among Ernexa Therapeutics Inc., Computershare Inc. and Computershare Trust Company, N.A., dated as of February 10, 2026](ex10-2.htm) |
| 99.1 | [Press Release dated February 6, 2026](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Ernexa Therapeutics Inc. | Ernexa Therapeutics Inc. |
| Dated: February 11, 2026 | By: | */s/ Sanjeev Luther* |
|  |  | Sanjeev Luther |
|  |  | President and Chief Executive Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

February 6, 2026

Ernexa Therapeutics, Inc.

1035 Cambridge Street, Suite 18A

Cambridge, MA 02141

Attention: Sanjeev Luther

Re: <u>Placement Agency Agreement</u>

Dear Mr. Luther:

Subject to the terms and conditions of this letter agreement (this "<u>Agreement</u>") by and between Brookline Capital Markets, a division of Arcadia Securities, LLC, as placement agent (the "<u>Placement Agent</u>"), and Ernexa Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), the parties hereby agree that the Placement Agent shall serve as the placement agent for the Company, on a "reasonable best efforts" basis, in connection with the proposed offering (the "<u>Placement</u>") of securities of the Company, consisting of: (i) shares (the "<u>Shares</u>") of common stock, par value $0.005 per share ("<u>Common Stock</u>"), (ii) pre-funded warrants to purchase shares of Common Stock (the "<u>Pre-Funded Warrants</u>"), and (iii) warrants to purchase one share of Common Stock (the "<u>Warrants</u>"). The Shares, Pre-Funded Warrants and Warrants actually sold by the Placement Agent are referred to herein as the "<u>Placement Securities</u>." The shares of Common Stock issuable upon exercise of the Pre-Funded Warrants are herein referred to as the "<u>Pre-Funded Warrant Shares</u>" and the shares of Common Stock issuable upon exercise of the Warrants are herein referred to as the "<u>Warrant Shares</u>". The Placement Securities, the Pre-Funded Warrant Shares and the Warrant Shares shall be offered and sold under the Company's registration statement on Form S-1 (File No. 333-293150), which was declared effective by the Securities and Exchange Commission (the "<u>Commission</u>") on February 5, 2026. This Agreement, together with the other documents executed and delivered by the Company and/or the Purchasers (as defined below) in connection with the Placement, including, without limitation, one or more securities purchase agreements in the form of <u>Exhibit A</u> attached hereto (the "<u>Purchase Agreements</u>"), shall be collectively referred to herein as the "<u>Transaction Documents</u>." The terms of the Placement shall be mutually agreed upon by the Company and the purchasers party to the Purchase Agreements (each, a "<u>Purchaser</u>" and collectively, the "<u>Purchasers</u>"), and nothing herein constitutes that the Placement Agent would have the power or authority to bind the Company or any Purchaser, or an obligation for the Company to issue any Placement Securities or complete the Placement. The Company expressly acknowledges and agrees that the Placement Agent's obligations hereunder are on a reasonable best-efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Placement Securities and does not ensure the successful placement of the Placement Securities or any portion thereof or the success of the Placement Agent with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected dealers on its behalf in connection with the Placement. Certain affiliates of the Placement Agent may participate in the Placement by purchasing some of the Placement Securities. The sale of Placement Securities to any Purchaser will be evidenced by the Purchase Agreement between the Company and such Purchaser, in a form reasonably acceptable to the Company and the Purchaser; *provided*, that, at a Purchaser's option, Purchasers who do not enter into a securities purchase agreement shall rely solely on the Preliminary Prospectus and the Prospectus in connection with the purchase of securities in the Placement. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreements. Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.

Section 1. <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Representations of the Company*. With respect to the Placement Securities, each of the representations
 and warranties (together with any related disclosure schedules thereto) and covenants made
 by the Company to the Purchasers in the Purchase Agreements in connection with the Placement,
 is hereby incorporated herein by reference into this Agreement (as though fully restated
 herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made
 to, and in favor of, the Placement Agent, and each such representation, warranty and covenant
 shall also be deemed to apply to the Placement Agent Shares (as defined below) solely for
 purposes of this Agreement, where applicable. In addition to the foregoing, the Company represents
 and warrants that there are no affiliations with any Financial Industry Regulatory Authority
 (" <u>FINRA</u> ") member firm participating in the Placement among the Company's
 officers, directors or, to the knowledge of the Company, any ten percent (10.0%) or greater
 stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Covenants of the Company*. The Company covenants and agrees to continue to retain (i) a firm of
 Public Company Accounting Oversight Board independent registered public accountants for a
 period of at least two (2) years after the Closing Date and (ii) a reputable transfer agent
 for a period of two (2) years after the Closing Date, in each case so long as the Company
 is then subject to the reporting requirements of the Exchange Act (as defined below). The
 Company further covenants and agrees, from the date hereof until ninety (90) days after the
 Closing Date, without the prior written consent of the Placement Agent, that neither the
 Company nor any Subsidiary shall (a) issue, enter into any agreement to issue or announce
 the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents
 or (b) file any registration statement or amendment or supplement thereto, other than the
 Prospectus, filing a registration statement on Form S-8 in connection with any employee benefit
 plan or the filing of a registration statement or post-effective registration statement registering
 the Placement Securities issued pursuant to the Purchase Agreements. In addition to the foregoing,
 from the date hereof until ninety (90) days after the Closing Date, without the prior written
 consent of the Placement Agent, the Company shall be prohibited from effecting or entering
 into an agreement to effect any issuance by the Company or any of its Subsidiaries of shares
 of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving
 a Variable Rate Transaction. Notwithstanding the foregoing, the two immediately preceding
 sentences in this Section 1(B) shall not apply in respect of an Exempt Issuance, except that
 no Variable Rate Transaction shall be an Exempt Issuance.

Section 2. <u>REPRESENTATIONS OF THE PLACEMENT AGENT; covenants of the placement agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Representations of the Placement Agent*. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA,
 (ii) is a registered broker/dealer under the Securities Exchange Act of 1934, as amended
 (the "Exchange Act"), (iii) is licensed as a broker/dealer under the laws of
 the United States of America, applicable to the offers and sales of the Placement Securities
 by the Placement Agent, (iv) is validly existing under the laws of its place of organization
 or incorporation, and (v) has full power and authority to enter into and perform its obligations
 under this Agreement. The Placement Agent will immediately notify the Company in writing
 of any change in its status with respect to subsections (i) through (v) above.

B. *Covenants of the Placement Agent*. The Placement Agent covenants that it will (i) use its reasonable best efforts to
 conduct the Placement hereunder in compliance with the provisions of this Agreement and the
 requirements of applicable law and (ii) solicit the exercise of any Warrants sold in connection
 with the Placement, including by coordinating the outreach on behalf of the Company to the
 holders of any such Warrants.

Section 3. <u>COMPENSATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In
 consideration of the services to be provided for hereunder, the Company shall pay to the
 Placement Agent and/or its respective designees a cash fee of six and a half percent (6.5%)
 of the gross proceeds from the Placement of the total amount of Placement Securities sold
 in the Placement (the " <u>Cash Fee</u> "); *provided*, *however*, that
 the Cash Fee in respect of the gross proceeds from the Placement of the total amount of Placement
 Securities sold to any investor that was a holder of equity securities of the Company as
 of September 26, 2025 (each such investor, an " <u>Existing Investor</u> "), if
 any, shall be reduced to one and one-half percent (1.5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 consideration of the services to be provided for hereunder, the Company shall issue to the
 Placement Agent and/or its respective designees a number of shares of Common Stock equal
 to one and one-half percent (1.5%) of the aggregate number of Shares (or any Pre-Funded
 Warrants in lieu thereof) sold in the Placement; *provided*, *however*, that
 with respect to any Shares (or any Pre-Funded Warrants in lieu thereof) sold to an
 Existing Investor, the applicable percentage shall be reduced to one-half percent (0.5%)
 (such shares so issued to the Placement Agent, the " <u>Placement Agent Shares</u> ").
 Delivery of the Placement Agent Shares shall be made at the Closing Date and shall be issued
 in the name or names and in such authorized denominations as the Placement Agent may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Placement Agent shall be entitled to an additional Cash Fee and additional Placement Agent
 Shares (the " <u>Tail Fees</u> ") at the same percentage and as calculated in the
 manner as set forth in Section 3 hereof with respect to any public or private offering or
 other financing or capital-raising transaction of any kind involving the issuance of any
 equity securities or securities that are by their terms convertible into equity securities
 of the Company or any affiliate or successor of the Company (the " <u>Tail Financing</u> "),
 to the extent that (a) financing or capital is provided to the Company in the applicable
 Tail Financing by investors whom the Placement Agent actually introduced the Company to between
 the date of this Agreement and the Termination Date (as defined below) and who are identified
 on a schedule to be provided by the Placement Agent to the Company and mutually agreed upon
 by the Placement Agent and the Company on or prior to the Closing Date (which may be supplemented,
 modified or amended by mutual written agreement of the Placement Agent and the Company at
 any time, and from time to time, prior to the Termination Date) and (b) such Tail Financing
 is consummated at any time within the twelve (12) month period following the Termination
 Date. For purposes of clarity, no compensation shall be due and owing to the Placement Agent
 pursuant to this Section 3(C) with respect to any investor in any Tail Financing who is not
 listed on the aforementioned schedule as in effect at the time of such Tail Financing. For
 the avoidance of doubt, no Tail Fees will be due for any Existing Investors and this Section
 3(C) is subject to Section 6(B) and will be consistent with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Placement Agent understands and agrees that there are significant restrictions pursuant to
 FINRA Rule 5110 against transferring the Placement Agent Shares or any securities issued
 to the Placement Agent pursuant to Section 3(c) hereof during the one hundred eighty (180)
 days after this Agreement and by its acceptance thereof shall agree that it will not sell,
 transfer, assign, pledge or hypothecate any such securities, or any portion thereof, or be
 the subject of any hedging, short sale, derivative, put or call transaction that would result
 in the effective economic disposition of such securities for a period of one hundred eighty
 (180) days following the date of this Agreement to anyone other than (i) a sub-agent or selected-dealer
 in connection with the Placement or (ii) a bona fide officer, partner, employee or registered
 representative of the Placement Agent, sub-agent or selected-dealer; and only if any such
 transferee agrees to the foregoing lock-up restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In
 addition to the foregoing, the Company shall pay the Placement Agent a cash fee as compensation
 for its services set forth in Section 2(B)(ii), payable quarterly on each January
 1, April 1, July 1 and October 1 following the Closing Date (or the following business day
 if such day is not a business day), at the same percentage and as calculated in the manner
 as set forth in Section 3(A) hereof, with respect to the aggregate cash consideration received
 by the Company in connection with any cash exercises during such immediately preceding quarter
 of any Warrants sold in connection with the Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 Placement Agent reserves the right to reduce any item of compensation or adjust the terms
 thereof as specified herein in the event that a determination shall be made by FINRA to the
 effect that the Placement Agent's aggregate compensation is in excess of FINRA Rules
 or that the terms thereof require adjustment.

Section 4. <u>EXPENSES</u>. The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation: (i) all expenses incident to the issuance, delivery and qualification of the Placement Securities, the Pre-Funded Warrant Shares, the Warrant Shares and the Placement Agent Shares (including all printing and engraving costs); (ii) all fees and expenses of the transfer agent; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance of the Pre-Funded Warrant Shares, the Warrant Shares and the Placement Agent Shares and the sale of the Placement Securities other than any transfer taxes payable upon the assignment of Pre-Funded Warrants or Warrants by their holders pursuant to the terms of the Pre-Funded Warrants or Warrants, as the case may be; (iv) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Preliminary Prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys' fees and expenses incurred by the Company in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Placement Securities for offer and sale under the state securities or blue sky laws or the securities laws of any other country; (vii) the fees and expenses associated with including the Placement Securities and the Placement Agent Shares on the Trading Market; (viii) up to $125,000 for expenses related to legal fees of counsel to the Placement Agent (the "<u>Legal Expense Reimbursement</u>"); and (ix) non-accountable expenses, including IPREO software related expenses, background check expenses, tombstones and marketing related expenses, including road show expenses, and any other non-accountable expenses incurred by the Placement Agent in connection with the Placement; *provided*, *however*, that in no event shall Company be obligated to pay expenses in excess of $125,000 in the aggregate without the Company's consent, not to be unreasonably withheld, conditioned or delayed. It is acknowledged that the Company has heretofore paid an advance to the Placement Agent of an aggregate of $5,000 (the "<u>Advance</u>"), which shall be applied toward the Legal Expense Reimbursement; *provided* that any portion of the Advance in excess of expenses actually incurred shall be returned to the Company. The Placement Agent reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement Agent's aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

Section 5. <u>INDEMNIFICATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To
 the extent permitted by law, with respect to the Placement Securities, the Company shall
 indemnify and hold harmless the Placement Agent and its affiliates, agents, stockholders,
 directors, officers, employees, members and controlling persons (within the meaning of Section
 15 of the Securities Act or Section 20 of the Exchange Act) (each such entity or person,
 an " <u>Indemnified Person</u> ") from and against all claims, actions, suits,
 proceedings (including those of stockholders), damages, costs and liabilities (collectively,
 " <u>Claims</u> "), and shall reimburse each Indemnified Person for all reasonable
 fees and expenses (including the reasonable fees and expenses of counsel) (collectively,
 the " <u>Expenses</u> ") as they are incurred by an Indemnified Person in investigating,
 preparing, pursuing or defending any Claim that is caused by, arises out of, or is based
 upon (i) any untrue statements made or any statements omitted to be made in the Registration
 Statement, the Preliminary Prospectus or the Prospectus, or by any omission or alleged omission
 to state therein a material fact necessary to make the statements therein, in light of the
 circumstances under which they were made, not misleading (other than untrue statements or
 alleged untrue statements in, or omissions or alleged omissions from, information relating
 to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person
 for use in the Registration Statement, Preliminary Prospectus or any Prospectus) or (ii)
 any other actions taken or omitted to be taken by the Company or any Indemnified Person in
 connection with this Agreement; *provided*, *however*, the Company will not be
 responsible for any Claims or Expenses of any Indemnified Person that are judicially determined
 to have resulted primarily from such Indemnified Person's (x) willful misconduct, violation
 of law or gross negligence in connection with any of the action, inaction or the services
 described herein, or (y) use of any offering materials or information concerning the Company
 in connection with the offer or sale of the Placement Securities in the Placement, which
 were not authorized for such use by the Company and which use constitutes gross negligence,
 violation of law or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Promptly
 after receipt by the Placement Agent of notice of any Claim or the commencement of any action
 or proceeding with respect to which any Indemnified Person is entitled to indemnity hereunder,
 the Placement Agent will notify the Company in writing of such Claim or of the commencement
 of such action or proceeding, but failure to so notify the Company shall not relieve the
 Company from any obligation it may have hereunder, except and only to the extent such failure
 results in the forfeiture by the Company of substantial rights and defenses. If the Company
 so elects or is requested by the Placement Agent, the Company will assume the defense of
 such action or proceeding and will employ counsel reasonably satisfactory to the Placement
 Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence,
 the Placement Agent will be entitled to employ its own counsel separate from counsel for
 the Company and from any other party in such action if counsel for the Placement Agent reasonably
 determine that they would be inappropriate under the applicable rules of professional responsibility
 for the same counsel to represent both the Company and the Placement Agent. In such event,
 the reasonable fees and disbursements of no more than one such separate counsel will be paid
 by the Company, in addition to fees of local counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Company may not settle, compromise or consent to the entry of any judgment in any pending
 or threatened Claim, in which indemnification may be sought hereunder (whether or not any
 Indemnified Person is an actual or potential party thereto), without the prior written consent
 of the Placement Agent (which will not be unreasonably delayed or withheld) unless such settlement,
 compromise or consent provides for an unconditional and irrevocable release of each Indemnified
 Person from any and all liability arising out of such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Company agrees to notify the Placement Agent promptly of the assertion against either of
 them or any other person of any Claim or the commencement of any action or proceeding relating
 to a transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If
 for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient
 to hold the Placement Agent harmless, then the Company shall contribute to the amount paid
 or payable by the Placement Agent as a result of such Claim or Expenses in such proportion
 as is appropriate to reflect (a) the relative benefits to the Company on the one hand, and
 the Placement Agent on the other hand, in connection with the Placement, (b) the relative
 fault of the parties, and (c) other equitable considerations; *provided*, *however*,
 that in no event shall the amount to be contributed by the Placement Agent exceed the fees
 actually received by the Placement Agent under this Agreement. Notwithstanding the immediately
 preceding sentence, to the extent the exception to indemnification contemplated by Paragraph
 A of this Section applies with respect to the Placement Agent, the Company shall contribute
 to the amount paid or payable by the Placement Agent as a result of such Claim or Expenses
 in such proportion as is appropriate to reflect the relative fault of the Company, on the
 one hand, and the Placement Agent, on the other hand, in connection with the matters contemplated
 by the Agreement; *provided*, *however*, that in no event shall the amount to be
 contributed by the Placement Agent exceed the fees actually received by the Placement Agent
 under the Agreement. The Company agrees that for the purposes of this paragraph, the relative
 benefits to the Company and the Placement Agent of the contemplated transaction (whether
 or not such transaction is consummated) shall be deemed to be in the same proportion that
 the aggregate cash consideration payable (or contemplated to be payable) in such transaction
 bears to the fees paid or payable to the Placement Agent under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. These
 indemnification provisions shall remain in full force and effect whether or not the transaction
 contemplated by this Agreement is completed, survive the termination of this Agreement, and
 be in addition to any liability that the Company might otherwise have to any Indemnified
 Person.

Section 6. <u>ENGAGEMENT TERM</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Placement Agent's engagement hereunder will be until the earlier of the Closing Date
 and February 27, 2026. The date of termination of this Agreement is referred to herein as
 the " <u>Termination Date</u>." In the event, however, in the course of the Placement
 Agent's performance of due diligence they deem it necessary to terminate the engagement,
 the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate
 the engagement hereunder for any reason prior to the Termination Date but will remain responsible
 for fees pursuant to Section 3 hereof with respect to the Placement Securities, if sold in
 the Placement. Notwithstanding anything to the contrary contained herein, the provisions
 concerning the Company's obligation to pay any fees actually earned pursuant to Section
 3 hereof and the provisions concerning confidentiality, indemnification and contribution
 contained herein, as well as provisions in Section 2(B)(ii) and Sections 10 –
 14 hereof will survive any expiration or termination of this Agreement. If this Agreement
 is terminated prior to the completion of the Placement, all fees and expenses due to the
 Placement Agent as set forth in Section 3 and Section 4 shall be paid by the Company to the
 Placement Agent on or before the Termination Date (in the event such fees are earned or owed
 as of the Termination Date). The Placement Agent agrees not to use any confidential information
 concerning the Company provided to the by the Company for any purposes other than those contemplated
 under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding
 anything to the contrary herein, if the Company determines in its reasonable good faith judgment
 to make a Termination for Cause with respect to the Placement Agent, (i) the Company shall
 have no obligation to pay any Tail Fees under Section 3(C) of this Agreement; and (ii) the
 Company shall have no obligation to issue any Placement Agent Shares under Section 3(B) of
 this Agreement. For purposes of this Agreement, a " <u>Termination for Cause</u> "
 means (i) any material failure of the Placement Agent to provide the services in connection
 with the Placement contemplated in this Agreement, provided that such failure to provide
 such services is not a result of market, economic or political conditions, the Company's
 condition (financial or otherwise), any failure by the Company to perform its obligations
 hereunder or under the securities laws, or any other circumstances outside the Placement
 Agent's control, or (ii) fraud, gross negligence or willful misconduct by the Placement
 Agent.

Section 7. <u>PLACEMENT AGENT INFORMATION</u>. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in its evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent's prior written consent (which will not be unreasonably delayed or withheld).

Section 8. <u>NO FIDUCIARY RELATIONSHIP</u>. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.

Section 9. <u>CLOSING</u>. The obligations of the Placement Agent and the closing of the sale of the Placement Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreements, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All
 corporate proceedings and other legal matters incident to the authorization, form, execution,
 delivery and validity of each of this Agreement, the Placement Securities, the Placement
 Agent Shares and all other legal matters relating to this Agreement and the transactions
 contemplated hereby with respect to the Placement Securities and the Placement Agent Shares
 shall be reasonably satisfactory in all material respects to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Placement Agent shall have received, on the Closing Date, a legal opinion of Company Counsel,
 including without limitation, customary negative assurance coverage, in form and substance
 reasonably satisfactory to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Placement Agent shall have received, on the Closing Date, a legal opinion of intellectual
 property legal counsel to the Company, including, without limitation, a negative assurance
 letter, in form and substance reasonably satisfactory to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Placement Agent shall have received, on or prior to the date of this Agreement, the duly
 executed Lock-Up Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
Common Stock must be registered under the Exchange Act. The Company shall have taken no action designed to, or likely to have the effect
of, terminating the registration of the Common Stock under the Exchange Act and shall use its commercially reasonable best efforts to
avoid delisting or suspending from trading the Common Stock from the Trading Market or other applicable U.S. national exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No
 action shall have been taken and no statute, rule, regulation or order shall have been enacted,
 adopted or issued by any governmental agency or body which would, as of the Closing Date,
 prevent the issuance of the Placement Agent Shares or the issuance or sale of the Placement
 Securities or materially and adversely affect or potentially and adversely affect the business
 or operations of the Company; and no injunction, restraining order or order of any other
 nature by any federal or state court of competent jurisdiction shall have been issued as
 of the Closing Date which would prevent the issuance of the Placement Agent Shares or the
 issuance or sale of the Placement Securities or materially and adversely affect or potentially
 and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The
 Company shall have entered into one or more Purchase Agreements with each of the Purchasers
 who elect to purchase the Placement Securities through a Purchase Agreement (and not by reliance
 on the Preliminary Prospectus or Prospectus), and such agreements shall be in full force
 and effect and shall contain representations, warranties and covenants of the Company as
 agreed upon between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. FINRA
 shall have raised no objection to the fairness and reasonableness of the terms and arrangements
 of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make
 or authorize Placement Agent's counsel to make on the Company's behalf, any filing
 with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to
 the Placement and pay all filing fees required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The
 Placement Agent shall have received (i) on the date of this Agreement, signed letters from
 each of the Predecessor Auditor and the Auditor addressed to the Placement Agent and dated
 the date of this Agreement, in form and substance reasonably satisfactory to the Placement
 Agent, containing statements and information of the type ordinarily included in accountants'
 "comfort letters" to underwriters with respect to the financial statements and
 certain financial information contained in the Registration Statement and the General Disclosure
 Package, and (ii) on the Closing Date, signed letters from each of the Predecessor Auditor
 and the Auditor addressed to the Placement Agent and dated the Closing Date, in form and
 substance reasonably satisfactory to the Placement Agent, containing statements and information
 of the type ordinarily included in accountants' "comfort letters" to underwriters
 with respect to the financial statements and certain financial information contained in the
 Registration Statement and the Prospectus; *provided*, that such letters delivered on
 the date of this Agreement shall use a "cut-off" date no more than two business
 days prior to the date of this Agreement, and such letters delivered on the Closing Date
 shall use a "cut-off" date no more than one business day prior to the Closing
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The
 Placement Agent shall have received, on the Closing Date, a customary certificate of two
 of the Company's executive officers, to the effect that (i) the representations and
 warranties of the Company in this Agreement and the Purchase Agreements are true and correct
 with the same force and effect as though expressly made at and as of the Closing Date, (ii)
 the Company has complied with all agreements and satisfied all conditions on its part to
 be performed or satisfied at or prior to the Closing Date, and (iii) no stop order preventing
 or suspending the effectiveness of the Registration Statement or suspending or preventing
 the use of the Preliminary Prospectus or the Prospectus has been issued by the Commission
 and no proceedings for that purpose have been instituted or, to their knowledge, are threatened
 by the Commission, and a certificate of the Company's secretary certifying (a) that
 the Company's charter documents are true and complete, have not been modified and are
 in full force and effect; (b) that the resolutions of the Company's Board of Directors
 relating to the Placement are in full force and effect and have not been modified; and (c)
 as to the incumbency of the officers of the Company, in each case dated on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The
 Company shall have submitted (i) a Listing of Additional Shares Notification Form to the
 Nasdaq Stock Market LLC (" <u>Nasdaq</u> ") with respect to the Shares, the Pre-Funded
 Warrant Shares, the Warrant Shares and the Placement Agent Shares and shall have received
 no objection thereto from Nasdaq and (ii) all applications, notifications and supplemental
 materials required by Nasdaq in connection with the listing of the Warrants on Nasdaq, and
 Nasdaq shall have approved the listing of the Warrants, subject only to official notice of
 issuance.

If any of the conditions specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

Section 10. <u>GOVERNING LAW</u>. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to principles of conflicts of law. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

Section 11. <u>ENTIRE AGREEMENT/MISCELLANEOUS</u>. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. Notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that the terms and conditions of that certain letter agreement between the Company and the Placement Agent dated September 26, 2025, as amended, are superseded by this Agreement. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both the Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Securities, the Pre-Funded Warrant Shares, the Warrant Shares and the Placement Agent Shares for the applicable statutes of limitations. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.

Section 12. <u>NOTICES</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third (3<sup>rd</sup>) business day following the date of mailing, if sent by an internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

Section 13. <u>PRESS ANNOUNCEMENTS</u>. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference the Placement and the Placement Agent's role in connection therewith in the Placement Agent's marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

Section 14. <u>PAYMENTS</u>. All payments made or deemed to be made by the Company to the Placement Agent, its affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a "<u>Payee</u>"), if any, will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature (other than taxes on net income or similar taxes) imposed or levied by or on behalf of the United States or any political subdivision or any taxing authority thereof or therein unless the Company is or becomes required by law to withhold or deduct such taxes, duties, assessments or other governmental charges. In such event, the Company will pay such additional amounts as will result, after such withholding or deduction, in the receipt by the Payee of the amounts that would otherwise have been receivable in respect thereof. For the avoidance of doubt, all sums payable, paid or deemed payable under this Agreement shall be considered exclusive of value added tax, sales tax or other similar taxes which shall be borne by, paid, collected and remitted by the Company in accordance with applicable law.

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

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

The foregoing Agreement is hereby accepted and agreed to as of the date first written above.

**BROOKLINE CAPITAL MARKETS**

**A Division of Arcadia Securities, LLC**

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| | |
|:---|:---|
| By: | /s/ Scott A. Katzmann |
| Name: | Scott A. Katzmann |
| Title: | Managing Partner |

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<u>Address for Notice</u>:

600 Lexington Avenue, 30th Floor

New York, NY 10022

Attention: Scott A. Katzmann

*[Signature Page to Placement Agent Agreement]*

Accepted and agreed to as of the date first written above:

**ERNEXA THERAPEUTICS, INC.**

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| | |
|:---|:---|
| By: | /s/ Sanjeev Luther |
| Name: | Sanjeev Luther |
| Title: | President and CEO |

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<u>Address for Notice</u>:

Ernexa Therapeutics, Inc.

1035 Cambridge Street, Suite 18A

Cambridge, MA 02141

Attention: Sanjeev Luther

*[Signature Page to Placement Agent Agreement]*

**<u>Exhibit A</u>**

FORM OF SECURITIES PURCHASE AGREEMENT

## Exhibit 4.1

**Exhibit 4.1**

**FORM OF PRE-FUNDED COMMON STOCK PURCHASE WARRANT**

**ERNEXA THERAPEUTICS INC.**

Warrant Shares: [__] Issue Date: February 10, 2026

THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, [__] or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") until this Warrant is exercised in full (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Ernexa Therapeutics Inc., a Delaware corporation (the "<u>Company</u>"), up to the number of shares of Common Stock set forth above adjacent to "Warrant Shares" (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "<u>Purchase Agreement</u>"), dated February 6, 2026, among the Company and the purchasers signatory thereto.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.01, subject to adjustment as set forth herein (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. This Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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| | |
|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Closing Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. ("<u>Bloomberg</u>") as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |
| (B) = | the Exercise Price of this Warrant, as adjusted hereunder; and |
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

---

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).

"<u>Closing Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the closing price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent closing price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Transfer Agent is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise by delivering written notice to the Company at any time prior to the delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases for the Holder, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit the Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "<u>Attribution Parties</u>")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith and the calculations required under this Section 2(e). To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, upon election by the Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon written notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such written notice is delivered to the Company. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant would result in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Limitation (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder's and the other Attribution Parties' aggregate beneficial ownership would exceed the Beneficial Ownership Limitation (the "<u>Excess Shares</u>") shall be deemed null and void and shall be cancelled ab initio and any portion of this Warrant so exercised shall be reinstated, and the Holder shall not have the power to vote or to transfer the Excess Shares. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Beneficial Ownership Limitation shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this Section 2(e) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this Section 2(e) (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section 2(e) shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment, any resulting adjustment to the number of Warrant Shares, and a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its email address as it shall appear upon the Warrant Register, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice by the Company to the Holder under this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously disclose such information in a report filed with the Commission. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other warrants issued under the Purchase Agreement upon delivery of this Warrant to the principal executive offices of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date first set forth above and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of the Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then such action may be taken, or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action that would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of the appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended, or the provisions hereof waived, only with the written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Execution</u>. This Warrant may be executed and delivered by e-mail delivery of a ".pdf" or similar format data file, in which case such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such ".pdf" or similar format signature page were an original thereof.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| |
|:---|
| **ERNEXA THERAPEUTICS INC.** |
| By: |
| Name: |
| Title: |

---

**NOTICE OF EXERCISE**

To: ernexa THERAPEUTICS INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase **________** Warrant Shares pursuant to the terms of the Warrant with an Issue Date of ______, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. The Warrant accompanies this Notice of Exercise if the Warrant is being exercised in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

[ ] in lawful money of the United States; or

[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

**EXHIBIT B**

ASSIGNMENT FORM

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares.)*

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| |
|:---|
| Name: |
| Address: |
| Phone Number: |
| Email Address: |
| Dated: |
| Holder's Name: |
| Holder's Signature: |
| Holder's Address: |

---

## Exhibit 4.2

**Exhibit 4.2**

**FORM OF WARRANT TO PURCHASE COMMON STOCK**

**ERNEXA THERAPEUTICS, INC.**

Number of Shares: [ ] (subject to adjustment)

CUSIP: [--] <br> ISIN: [--] Initial Exercise Date: February 10, 2026

Ernexa Therapeutics, Inc., a Delaware corporation (the "**Company**"), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Cede & Co. or its registered assigns (the "**Holder**"), is entitled, subject to the terms set forth below, to purchase from the Company up to a total of [ ] shares of common stock, $0.005 par value per share (the "**Common Stock**"), of the Company (each such share, a "**Warrant Share**" and all such shares, the "**Warrant Shares**") at an exercise price per share equal to $0.68 (the "**Exercise Price**"), in each case as adjusted from time to time as provided in <u>Section 9</u>, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the "**Warrant**") at any time and from time to time on or after the date hereof (the "**Initial Exercise Date**") and on or prior to 5:00 p.m. (New York City time) on the earlier of (i) one hundred eighty (180) calendar days following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101 and (ii) the fifth (5th) anniversary of the date hereof (the "**Termination Date**"). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and The Depository Trust Company or its nominee ("**DTC**") shall initially be the sole registered holder of this Warrant, subject to a Holder's right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply from and after the receipt by such Holder of such certificated Warrant.

1. *Definitions*. For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, but only for so long as such control shall continue. For purposes of this definition, "control" (including, with correlative meanings, "controlled by," "controlling" and "under common control with") means, with respect to a Person, possession, direct or indirect, of (a) the power to direct or cause direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), or (b) at least 50% of the voting securities (whether directly or pursuant to any option, warrant or other similar arrangement) or other comparable equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Attribution Parties**" means, collectively, the following Persons and entities: (i) any direct or indirect Affiliates of the Holder, (ii) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the date hereof, directly or indirectly managed or advised by the Holder's investment manager, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any Attribution Parties and (iv) any other Persons whose beneficial ownership of the Company's Common Stock would or could be aggregated with the Holder's and/or any other Attribution Parties for purposes of Section 13(d) or Section 16 of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Closing Sale Price**" means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the board of directors of the Company shall use its good faith judgment to determine the fair market value. The determination of the board of directors of the Company shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Commission** "
 means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and all of the
 rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Group** "
 shall have the meaning ascribed to it in Section 13(d) of the Exchange Act, and all related
 rules, regulations and jurisprudence.

&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Person** "
 means an individual, partnership, corporation, limited liability company, business trust,
 joint stock company, trust, incorporated or unincorporated association, joint venture, government
 (or an agency or subdivision thereof) or any other entity or organization.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Principal Trading Market**" means the national securities exchange or other trading market
 on which the Common Stock is primarily listed on and quoted for trading, which, as of the
 Initial Exercise Date, shall be the Nasdaq Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Registration Statement**" means the Company's Registration Statement on Form S-1 (File No.
 333-293150), declared effective on February 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Securities Act**" means the U.S. Securities Act of 1933, as amended, and all of the rules and
 regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Standard Settlement Period**" means the standard settlement period, expressed in a number
 of Trading Days, for the Principal Trading Market with respect to the Common Stock that is
 in effect on the date of delivery of an applicable Exercise Notice, which as of the Initial
 Exercise Date was "T+1."

&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Trading Day**" means any day on which the Common Stock are traded on the Trading Market, or, if
the Trading Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
in the United States on which the Common Stock are then traded, provided that "Trading Day" shall not include any day on which
the Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Transfer Agent**" means Computershare Trust Company, N.A., the Company's transfer agent
 and registrar for the Common Stock, and any successor appointed in such capacity.

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

(p) "**Warrant Agency Agreement**" means that certain warrant agency agreement, dated on or about
 the Initial Exercise Date, between the Company and the Warrant Agent.

(q) "**Warrant Agent**" means Computershare Inc., and its affiliate, Computershare Trust Company,
 N.A., collectively, and any successor entity appointed in such capacity.

2. *Issuance of Securities; Registration of Warrants*. The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Initial Exercise Date, the Warrant Shares are issuable under the Registration Statement. Accordingly, the Warrant and, assuming issuance pursuant to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Securities Act as in effect on the Initial Exercise Date, the Warrant Shares, are not "restricted securities" under Rule 144 promulgated under the Securities Act. The Warrant Agent shall register ownership of this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the "**Warrant Register**"), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

3. *Registration of Transfers*. Subject to compliance with all applicable securities laws, the Company shall, or will cause the Warrant Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, together with a written assignment of this Warrant substantially in the form attached hereto as <u>Schedule 2</u> duly executed by the Holder, accompanied by a signature guarantee (a "Signature Guarantee") from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a "**New Warrant**") evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause the Warrant Agent to, prepare, issue and deliver at the Company's own expense any New Warrant under this <u>Section 3</u>. Until due presentment for registration of transfer, the Company and the Warrant Agent may treat the registered Holder hereof as the owner and holder for all purposes, and the Company and the Warrant Agent shall not be affected by any notice to the contrary. If this Warrant is not held in global form through DTC (or any successor depositary) and subject to compliance with applicable securities laws, this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Warrant Agent, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with this Section 3, as to any transfer which may be involved in such division or combination, the Company and the Warrant Agent shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

4. *Exercise of Warrants*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Warrant (including Section 11) at any time and from time to time on or after the Initial Exercise Date and on or before the Termination Date. Notwithstanding the foregoing, the Warrant when surrendered for exercise shall be accompanied by the form attached hereto as Schedule 1 properly completed and duly executed by the Holder and accompanied by a Signature Guarantee, and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Holder may exercise this Warrant by delivering to the Warrant Agent (with a copy to the Company) (i) an exercise notice, in the form attached as <u>Schedule 1</u> hereto (the "**Exercise Notice**"), completed and duly signed by an authorized officer of the Holder, of the Holder's election to exercise this Warrant for Warrant Shares and (ii) payment in cash of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised and the date on which the last of such items is delivered to the Warrant Agent (as determined in accordance with the notice provisions hereof) is an "**Exercise Date**." The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The Holder, the Warrant Agent and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Exercise Notice within one (1) Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing in this Section 4, a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), may effect exercises made pursuant to this Section 4 by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), provided that such function is enabled by DTC, subject to a Holder's right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply from and after the receipt by such Holder of such certificated Warrant.

5. *Delivery of Warrant Shares*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Warrant is being exercised for Warrant Shares, upon exercise of this Warrant, the Company shall, or shall cause the Transfer Agent to, promptly (but in no event later than the number of Trading Days comprising the Standard Settlement Period following the Exercise Date), upon the request of the Holder, credit such aggregate number of shares of Common Stock specified by the Holder in the Exercise Notice and to which the Holder is entitled pursuant to such exercise (the "**Exercise Shares**") to (i) the Holder's or its designee's balance account with DTC through its Deposit Withdrawal At Custodian system or (ii) in book-entry form via a direct registration system ("**DRS**") maintained by or on behalf of the Transfer Agent, in each case, so long as either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or the resale of such Warrant Shares by the Holder, or (B) the Exercise Shares are eligible for resale by the Holder without volume or manner-of-sale restrictions pursuant to Rule 144 promulgated under the Securities Act. If (A) and (B) above are not true, the Company shall cause the Transfer Agent to either (i) record the Exercise Shares in the name of the Holder or its designee on the certificates reflecting the Exercise Shares with an appropriate legend regarding restriction on transferability, which shall be issued and dispatched by overnight courier to the address as specified in the Exercise Notice, and on the Company's share register or (ii) issue such Exercise Shares in the name of the Holder or its designee in restricted book-entry form in the Company's share register. The Holder, or any Person so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the Holder's DTC account, the date of the book entry positions or the date of delivery of the certificates evidencing such Exercise Shares, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other rights available to the Holder, if this Warrant is being exercised for Warrant Shares and if the Company fails to deliver, or cause the Transfer Agent to deliver, to the Holder or its designee Exercise Shares in the manner required pursuant to <u>Section 5(a</u>) within the Standard Settlement Period following the Exercise Date (other than a failure caused by incorrect or incomplete information provided by Holder to the Company) and the Holder or the Holder's broker on its behalf purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "**Buy-In**") but did not receive within the Standard Settlement Period, then the Company shall, within two (2) Trading Days after the Holder's request and in the Holder's sole discretion, promptly honor its obligation to deliver to the Holder or its designee the Exercise Shares pursuant to <u>Section 5(a</u>) and pay cash to the Holder in an amount equal to the excess (if any) of the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In, less the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date. The Holder shall provide the Company with written notice promptly after the occurrence of a Buy-In, indicating the amounts payable to the Holder in respect of the Buy-In together with the applicable confirmations and other evidence reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by law and subject to <u>Section 5(b</u>), the Company's obligations to issue and deliver Warrant Shares, as the case may be, in accordance with and subject to the terms hereof (including the limitations set forth in <u>Section 11</u> below) are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Subject to <u>Section 5(b</u>), nothing herein shall limit the Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Exercise Shares; provided, however, that the Holder shall not be entitled to both (i) require the Company to reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not timely honored and (ii) receive the number of shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 5(a).

6. *Charges, Taxes and Expenses*. Issuance and delivery of Exercise Shares shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such shares, all of which taxes and expenses shall be paid by the Company; *provided*, *however*, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

7. *Replacement of Warrant*. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable contractual indemnity, if requested by the Company (but which, in the case of any Warrant held in book entry form through DTC, shall not include the posting of any bond). If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company's obligation to issue the New Warrant.

8. *Reservation of Warrant Shares*. The Company covenants that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of <u>Section 9</u>). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon delivery of this Warrant and the issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The Company further covenants that it will not, without the prior written consent of the Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding.

9. *Certain Adjustments*. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant (the "**Number of Warrant Shares**") are subject to adjustment from time to time as set forth in this <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock issued and outstanding on the Initial Exercise Date and in accordance with the terms of such stock on the Initial Exercise Date or as amended, that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Number of Warrant Shares shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately after such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately before such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, provided, however, that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Number of Warrant Shares shall be recomputed accordingly as of the close of business on such record date and thereafter the Number of Warrant Shares shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii), (iii) or (iv) of this paragraph shall become effective immediately after the effective date of such subdivision, combination or issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Pro Rata Distributions</u>. If, at any time while this Warrant is outstanding, the Company shall declare or make any dividend or other pro rata distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, but, for the avoidance of doubt, excluding any distribution of shares of Common Stock subject to <u>Section 9(a</u>), any distribution of Purchase Rights (as defined below) subject to <u>Section 9(c</u>) and any Fundamental Transaction (as defined below) subject to <u>Section 9(d</u>)) (a "**Distribution**") then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage (as defined below)) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution; provided that to the extent that the Holder's right to participate in any such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Purchase Rights</u>. If, at any time while this Warrant is outstanding, the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property, in each case pro rata to the record holders of any class of Common Stock (the "**Purchase Rights**"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issuance or sale of such Purchase Rights; provided that to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation). As used in this <u>Section 9(c</u>), (i) "Options" means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities and (ii) "Convertible Securities" mean any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fundamental Transactions</u>. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity or in which the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the capital stock of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the voting power of the capital stock of the Company (except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction), or (v) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered by <u>Section 9(a</u>) above) (in any such case, a "**Fundamental Transaction**"), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (including any Distributions or Purchase Rights then held in abeyance pursuant to <u>Sections 9(b</u>) or <u>9(c</u>) above) without regard to any limitations on exercise contained herein (the "**Alternate Consideration**"). The Company shall not effect any Fundamental Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (d) shall similarly apply to subsequent transactions analogous to a Fundamental Transaction type. If the Company undertakes a Fundamental Transaction in which the Company is not the surviving entity and the Alternate Consideration includes securities of another Person, then the Company shall provide that, prior to or simultaneously with the consummation of such Fundamental Transaction, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as the Holder is entitled to receive in accordance with the foregoing provisions, and to assume the other obligations under this Warrant. The provisions of this paragraph (d) shall similarly apply to subsequent transactions analogous to a Fundamental Transaction.

Notwithstanding the foregoing, and without limiting Section 11 hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 9(d) to permit a Fundamental Transaction without the assumption of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Number of Warrant Shares</u>. Simultaneously with any adjustment to the Number of Warrant Shares pursuant to <u>Section 9</u>, the Exercise Price shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased Number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Calculations</u>. All calculations under this <u>Section 9</u> shall be made to the nearest one-tenth of one cent or the nearest share in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Ad</u>j<u>ustments</u>. Upon the occurrence of each adjustment pursuant to this <u>Section 9</u>, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notice of Corporate Events</u>. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding, the Company authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by <u>Section 9(d</u>), other than a Fundamental Transaction under clause (iii) of <u>Section 9(d</u>), then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least thirty (30) days prior to the date such Fundamental Transaction is consummated. In the event any notice contemplated by this <u>Section 9(h</u>) and the contents thereof shall be deemed to constitute material non-public information, the Company shall (on the same time frame set forth in the applicable sentence above) offer the Holder the ability to sign a confidentiality agreement related thereto sufficient to allow the Holder to receive such notice (which offer shall not impart material non-public information to the Holder and which offer the Holder may, in its sole discretion, determine whether to accept or refuse to accept), and the Company shall deliver such notice immediately upon execution of such confidentiality agreement. Holder agrees to maintain any information disclosed pursuant to this <u>Section 9(h</u>) in confidence until such information is publicly available, and shall comply with applicable law with respect to trading in the Company's securities following receipt of any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Voluntary Adjustment By Company*. Subject to the rules and regulations of the Principal Trading Market, the Company may at any time during the term of this Warrant, reduce the then-current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

10. *Payment of Exercise Price*. This Warrant may only be exercised for cash.

11. *Limitations on Exercise.* The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 4 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the Holder (together with the Holder's Affiliates and its Attribution Parties), would beneficially own in excess of the Maximum Percentage (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 11, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith and the calculations required under this Section 11. To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Maximum Percentage, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 11, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "**Maximum Percentage**" shall be 4.99% (or, upon election by the Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon written notice to the Company, may increase or decrease the Maximum Percentage provisions of this Section 11, provided that the Maximum Percentage in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 11 shall continue to apply. Any increase in the Maximum Percentage will not be effective until the 61st day after such written notice is delivered to the Company. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant would result in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder's and the other Attribution Parties' aggregate beneficial ownership would exceed the Maximum Percentage (the "**Excess Shares**") shall be deemed null and void and shall be cancelled ab initio and any portion of this Warrant so exercised shall be reinstated, and the Holder shall not have the power to vote or to transfer the Excess Shares. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this Section 11 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 11 to correct this Section 11 (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section 11 shall apply to a successor holder of this Warrant. Notwithstanding anything to the contrary contained in this Section 11, this Section 11 shall not apply to any Holder that, together with its Affiliates and Attribution Parties, beneficially owns in excess of 19.99% of the outstanding shares of Common Stock as of the Initial Exercise Date.

12. *No Fractional Shares*. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional shares.

13. *Notices*. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered confirmed e-mail at the e-mail address specified in the books and records of the Transfer Agent prior to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via confirmed e-mail at the e-mail address specified in the books and records of the Transfer Agent on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. Notice to the Company shall be delivered, mailed or sent to Ernexa Therapeutics, Inc., 1035 Cambridge Street, Suite 18A, Cambridge, MA 02141, Attention: Sanjeev Luther, President and Chief Executive Officer and with a copy to Lucosky Brookman LLP, 101 Wood Avenue South, 5th Floor, Woodbridge, NJ 08830, Attention: Joseph Lucosky.

14. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights as a Stockholder</u>. Except as otherwise set forth in this Warrant, the Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Further Assurances</u>. Except as and to the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. Before taking any action that would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Successors and Assigns</u>. Subject to compliance with applicable securities laws and restrictions on transfer set forth in this Warrant, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendment and Waiver</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the beneficial holders of Warrants representing at least a majority of the shares of Common Stock underlying the Warrants then outstanding. Any such amendment shall apply to all Warrants outstanding and be binding upon all holders of such Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Acceptance</u>. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governing Law; Jurisdiction</u>. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY, THE WARRANT AGENT AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY, THE WARRANT AGENT AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT 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 OF THE COMPANY, THE WARRANT AGENT AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Remedies</u>. Each of the Holder and the Company acknowledges and agrees that any breach of this Warrant agreement by the other party may cause irreparable harm to the non-breaching party and that money damages may be an inadequate remedy to protect the non-breaching party therefrom, and that the non-breaching party shall be entitled to seek equitable relief, including injunction and specific performance, as a remedy for any such breach. Such remedies shall not be deemed to be the exclusive remedies for any breach by a party or any of its Representatives of this Warrant agreement but shall be in addition to any and all other remedies available to the non-breaching party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Headin</u>gs. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Severability</u>. If any part or provision of this Warrant is held unenforceable or in conflict with the applicable laws or regulations of any jurisdiction, the invalid or unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable manner, and the remainder of this Warrant shall remain binding upon the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Warrant Agency Agreement</u>. This Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling with respect to the rights and obligations between the Holder and the Company, provided that, with respect to the rights, duties, obligations, protections, immunities and liability of the Warrant Agent, the Warrant Agency Agreement shall govern and control.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Company and the Warrant Agent has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

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| | |
|:---|:---|
| **ERNEXA THERAPEUTICS, INC.** | **ERNEXA THERAPEUTICS, INC.** |
| By: |  |
| Name: | Sanjeev Luther |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **Warrant Agent:** |
| **COMPUTERSHARE INC.** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **COMPUTERSHARE TRUST COMPANY, N.A.** |
| By: |
| Name: |
| Title: |

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**SCHEDULE 1**

**FORM OF EXERCISE NOTICE**

[To be executed by the Holder to purchase shares of Common Stock under the Warrant.]

Ladies and Gentlemen:

(1) The undersigned is the Holder of Warrant No. ___ (the "Warrant") issued by Ernexa Therapeutics, Inc., a Delaware corporation (the "Company"). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

(2) The undersigned hereby exercises its right to purchase ____Warrant Shares pursuant to the Warrant.

(3) The Holder shall pay the sum of $____in immediately available funds to the Company in accordance with the terms of the Warrant.

(4) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. The Warrant Shares shall be delivered (check one):

☐ to the following DWAC Account Number:___________________________________

☐ in book-entry form via a direct registration system

☐ by physical delivery of a certificate to: ____________________________________________________

☐ in restricted book-entry form in the Company's share register

(5) By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder, together with its Affiliates and Attribution Parties, will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant to which this notice relates.

---

| |
|:---|
| Dated: |
| Name of Holder: |
| By: |
| Name: |
| Title: |

---

<u>Signature Guaranteed:</u>

(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

**SCHEDULE 2 ASSIGNMENT FORM**

[To assign the foregoing Warrant, execute this form and supply required information.

Do not use this form to purchase shares.]

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| |
|:---|
| Name: __________________________________________________________________________________________ |
| Address:________________________________________________________________________________________ |
| Phone Number: ___________________________________________________________________________________ |
| Email Address:____________________________________________________________________________________ |
| Dated: ___________________, _________ |
| Holder's Signature:_________________________________________________________________________________ |
| Holder's Address:_________________________________________________________________________________ |

---

<u>Signature Guaranteed:</u>

## Exhibit 10.1

**Exhibit 10.1**

**FORM OF SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of February 6, 2026, between Ernexa Therapeutics, Inc., a Delaware corporation (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

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

**Article I<br> DEFINITIONS**

1.1 <u>Definitions</u>. For all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

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

"<u>Auditor</u>" means Haskell & White LLP.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday, or other day on which banking institutions in the State of New York are authorized or required by law to remain closed.

"<u>Closing</u>" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay their respective Subscription Amount at the Closing and (ii) the Company's obligations to deliver the Securities, in each case, at the Closing have been satisfied or waived, but in no event later than the second (2<sup>st</sup>) Trading Day following the date hereof if this Agreement is entered into before 4:00 p.m. Eastern time on a Trading Day, or not later than the third (3<sup>rd</sup>) Trading Day following the date hereof, if this Agreement is entered into at or after 4:00 p.m. Eastern time on a Trading Day or on a day that is not a Trading Day, unless, in each case, the parties mutually agree otherwise.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Stock</u>" means the common stock of the Company, par value $0.005 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

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

"<u>Company Counsel</u>" means Lucosky Brookman LLP, with offices located at 101 Wood Avenue South, 5th Floor, Woodbridge, NJ 08830.

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

"<u>DVP</u>" shall have the meaning ascribed to such term in Section 2.1.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) shares of Common Stock, restricted stock units, options or other equity awards to employees, consultants, officers, or directors of the Company pursuant to any share or option plan in existence as of the date hereof or subsequently approved by a vote of the stockholders of the Company, (b) shares of Common Stock upon the exercise or exchange of or conversion of any Securities issued hereunder and other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term (but not, for purposes of clarity, the exercise period of stock options) of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.10(a) herein, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities (for avoidance of doubt, securities issued to a venture arm of a strategic investor shall be deemed an "<u>Exempt Issuance</u>"), (d) shares of Common Stock to consultants or vendors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights during the prohibition period in Section 4.10(a) herein; (e) shares of Common Stock to existing holders of the Company's securities in compliance with the terms of agreements entered into with, or instruments issued to, such holders as of or prior to the date hereof, provided that such agreements regarding such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, and provided further that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights during the prohibition period in Section 4.10(a) herein; (f) shares of Common Stock to holders of Series A Convertible Preferred Stock of the Company (the "<u>Series A Preferred Stock</u>") as regularly scheduled dividends pursuant to the Certificate of Designation for the Series A Preferred Stock as in effect as of the date of this Agreement; and (g) any securities of the Company to the Placement Agent in connection with the transactions contemplated hereunder.

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" means generally accepted accounting principles in the United States.

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(aa).

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreement</u>" means the Lock-Up Agreement, dated as of the date hereof, by and between the Company, on the one hand, and each of the persons identified on <u>Schedule A</u> hereto, in the form of <u>Exhibit C</u> attached hereto.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n).

"<u>Per Pre-Funded Warrant Purchase Price</u>" equals $0.49, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions relating to shares of Common Stock that occur after the date of this Agreement.

"<u>Per Share Purchase Price</u>" equals $0.50, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of shares of Common Stock that occur between the date hereof and the Closing Date.

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

"<u>Placement Agent</u>" means Brookline Capital Markets, LLC, a division of Arcadia Securities, LLC.

"<u>Placement Agent Counsel</u>" means McGuireWoods LLP, with offices located at 1251 Avenue of the Americas, 20<sup>th</sup> Floor, New York, NY 10020.

"<u>Predecessor Auditor</u>" means Grant Thornton LLP.

"<u>Pre-Funded Warrants</u>" means, collectively, the pre-funded warrants delivered to the Purchasers at Closing in accordance with Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately upon issuance and shall expire in accordance with the terms thereof, in the form of <u>Exhibit A</u> attached hereto.

"<u>Pre-Funded</u> Warrant Shares" means the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants.

"<u>Preliminary Prospectus</u>" means any preliminary prospectus included in the Registration Statement, as originally filed or as part of any amendment thereto, or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Securities Act.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Prospectus</u>" means the final prospectus filed pursuant to Rule 424(b) under the Securities Act.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Registration Statement</u>" means the effective registration statement filed with the Commission on Form S-1 (File No. 333-293150), including all information, documents and exhibits filed with or incorporated by reference into such registration statement, which registers the sale of certain securities of the Company, including the Securities, the Pre-Funded Warrant Shares and the Warrant Shares, and includes any Rule 462(b) Registration Statement.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 462(b) Registration Statement</u>" means any registration statement prepared by the Company registering additional Securities, Pre-Funded Warrant Shares and/or Warrant Shares, which was filed with the Commission on or prior to the date hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities Act.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Securities</u>" means the Shares, the Pre-Funded Warrants and the Warrants to be purchased on the Closing Date pursuant to Section 2.1.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

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

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

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

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the shares of Common Stock are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, the Pre-Funded Warrants, the Warrants, the Lock-Up Agreements and all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Computershare Trust Company, N.A.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in Section 4.10(b).

"<u>Warrants</u>" means, collectively, the Common Stock purchase warrants delivered to the Purchasers at Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately upon issuance and shall expire in accordance with the terms thereof, in the form of <u>Exhibit B</u> attached hereto.

"<u>Warrant Shares</u>" means the shares of Common Stock issuable upon exercise of the Warrants.

**Article II<br> PURCHASE AND SALE**

2.1 <u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, the number of Shares, Pre-Funded Warrants and Warrants set forth under the heading "Subscription Amount" on the Purchaser's signature page hereto, with the purchase price per share of Common Stock and accompanying Warrant equal to the Per Share Purchase Price; provided, however, that, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser's Affiliates, and any Person acting as a group together with such Purchaser or any of such Purchaser's Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, in lieu of purchasing Shares, such Purchaser may elect to purchase Pre-Funded Warrants in such manner to result in the full Subscription Amount being paid by such Purchaser to the Company. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, at the election of the Purchaser, 9.99%) of the number of shares of Common Stock, in each case, outstanding immediately after giving effect to the issuance of the Securities on the Closing Date.

Each Purchaser's Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be paid by wire transfer of immediately available funds to the Company pursuant to the wire instructions set forth on <u>Annex A</u> hereto. The Company shall deliver to each Purchaser its respective Shares, Pre-Funded Warrants and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall take place remotely by electronic transfer of the Closing documentation. Unless otherwise directed by the Placement Agent (which may include settlement occurring on a DVP basis), settlement of the Shares, Pre-Funded Warrants and Warrants shall occur against the Company's receipt of each Purchaser's Subscription Amount by wire transfer pursuant to the wire instructions set forth on <u>Annex A</u> hereto, whereby the Company shall issue, or cause the Transfer Agent and/or warrant agent, as applicable, to issue, the Shares, Pre-Funded Warrants and Warrants registered in the Purchasers' names (which may include being held of record by The Depository Trust Company or its nominee) and addresses and release them directly to the account(s) designated by each Purchaser. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser through the Closing (the "<u>Pre-Settlement Period</u>"), such Purchaser sells to any Person all, or any portion, of any Securities to be issued hereunder to such Purchaser at the Closing (collectively, the "<u>Pre-Settlement Securities</u>"), such Person shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be a Purchaser under this Agreement unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Securities to such Person at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Securities to such Purchaser prior to the Company's receipt of the Subscription Amount for such Pre-Settlement Securities hereunder; provided, further, that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not such Purchaser will elect to sell any Pre-Settlement Securities during the Pre-Settlement Period. The decision to sell any Securities will be made in the sole discretion of such Purchaser from time to time, including during the Pre-Settlement Period. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise (as defined in the Pre-Funded Warrants and Warrants) delivered on or prior to 12:00 p.m. (New York City time) on the Closing Date, which may be delivered at any time after the time of execution of this Agreement, the Company agrees to deliver the Pre-Funded Warrant Shares and Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share Delivery Date (as defined in the Pre-Funded Warrants and Warrants) for purposes hereunder.

2.2 <u>Deliveries</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 Agreement duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company's wire instructions as set forth on <u>Annex A</u> hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to the last sentence in Section 2.1, a copy of the irrevocable instructions to the Transfer
 Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository
 Trust Company Deposit or Withdrawal at Custodian system shares of Common Stock equal to the
 portion of such Purchaser's Subscription Amount divided by the Per Share Purchase Price,
 registered in the name of such Purchaser (which may include being held of record by The
 Depository Trust Company or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for
 each Purchaser of Pre-Funded Warrants pursuant to Section 2.1, a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a number of shares of
 Common Stock equal to the portion of such Purchaser's Subscription Amount applicable
 to Pre-Funded Warrants divided by the sum of the Per Pre-Funded Warrant Purchase
 Price plus the exercise price equal to $0.005 per Pre-Funded Warrant Share underlying such
 Pre-Funded Warrants, subject to adjustment therein;

(v) a
 Warrant registered in the name of such Purchaser (which may include being held of record
 by The Depository Trust Company or its nominee) to purchase up to a number of shares of Common
 Stock equal to the portion of such Purchaser's Subscription Amount applicable to Warrants
 as set forth on such Purchaser's signature page hereto (which number shall be equal
 to 100 % of such Purchaser's Shares, subject to adjustment therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Preliminary Prospectus and the Prospectus (which may be delivered in accordance with Rule
 172 under the Securities Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 or prior to the execution of this Agreement, each Purchaser shall deliver or cause to be
 delivered to the Placement Agent a completed client suitability form and completed anti-money
 laundering information form, substantially in the forms attached as <u>Annex B</u> and <u>Annex C</u> hereto, respectively. Each Purchaser shall use its commercially reasonable best efforts
 to ensure such forms are completed in a manner that is satisfactory to the Placement Agent
 on or prior to the Closing Date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 Purchaser's Subscription Amount with respect to the Securities purchased by such Purchaser,
 which shall be paid by wire transfer of immediately available funds to the Company pursuant
 to the wire instructions set forth on <u>Annex A</u> hereto (or which Subscription Amount
 shall otherwise be paid or made available if so directed by the Placement Agent, including
 for DVP settlement with the Company or its designees).

2.3 <u>Closing Conditions</u>.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 delivery by each Purchaser of the items set forth in Section 2.2(b) and Section 2.2(c) of
 this Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 delivery by the Company of the items set forth in Section 2.2 of this Agreement and if the
 Company files a Rule 462(b) Registration Statement, then the Rule 462(b) Registration Statement
 having been filed with the Commission;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no
 stop order preventing or suspending the effectiveness of the Registration Statement or suspending
 or preventing the use of the Preliminary Prospectus or the Prospectus shall have been issued
 by the Commission and no proceedings for that purpose shall have been instituted or threatened
 by the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Company shall have taken all actions that are reasonably necessary, including providing appropriate
 notice to each applicable Trading Market of the transactions contemplated by this Agreement,
 for the Shares, Pre-Funded Warrant Shares, Warrants and Warrant Shares to be listed
 on each applicable Trading Market and shall have complied with all listing, reporting, filing
 and other obligations under the rules of each applicable Trading Market and of the Commission
 with respect to the matters contemplated by this Agreement; and

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

**Article III<br> REPRESENTATIONS AND WARRANTIES**

3.1 <u>Representations and Warranties of the Company</u>. Except as set forth in the SEC Reports, the Company hereby makes the following representations and warranties to each Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subsidiaries</u>.
 All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports.
 The Company owns, directly or indirectly, all of the capital stock or other equity interests
 of each Subsidiary, free and clear of any Liens, and all of the issued and outstanding shares
 of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable
 and free of preemptive and similar rights to subscribe for or purchase securities. Except
 as set forth in the <u>SEC Reports</u>, there are no outstanding options, warrants, scrip
 rights to subscribe to, calls or commitments of any character whatsoever relating to, or
 securities, rights or obligations convertible into or exercisable or exchangeable for, or
 giving any Person any right to subscribe for or acquire, any capital stock of any Subsidiary,
 or contracts, commitments, understandings or arrangements by which any Subsidiary is or may
 become bound to issue capital stock. If the Company has no subsidiaries, all other references
 to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization
 or order of, give any notice to, or make any filing or registration with, any court or other
 federal, state, local or other governmental authority or other Person in connection with
 the execution, delivery and performance by the Company of the Transaction Documents, other
 than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing
 with the Commission of the Prospectus, (iii) notices and/or application(s) to and approvals
 by each applicable Trading Market for the listing of the Shares, Pre-Funded Warrant Shares,
 Warrants or the Warrant Shares for trading thereon in the time and manner required thereby,
 and (iv) filings required by the Financial Industry Regulatory Authority (" <u>FINRA</u> ")
 (collectively, the " <u>Required Approvals</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Issuance of the Securities; Registration</u>. The Shares are duly authorized and, when issued and
 paid for in accordance with the applicable Transaction Documents, will be duly and validly
 issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company.
 The Warrants are duly authorized and, when issued in accordance with this Agreement, will
 be duly and validly issued, fully paid and non-assessable, and free and clear of all Liens
 imposed by the Company. Each of the Pre-Funded Warrant Shares and Warrant Shares have
 been duly and validly authorized and reserved for issuance and, upon exercise of the applicable
 Pre-Funded Warrants or Warrants, as the case may be, in accordance with their
 terms will be validly issued, fully paid and nonassessable and will be free and clear of

 has prepared and filed the Registration Statement in conformity with the requirements of
 the Securities Act, which Registration Statement became effective on February 5,
 2026, including the Prospectus, and such amendments and supplements thereto as may have been
 required to the date of this Agreement. The Registration Statement is effective under the
 Securities Act and no stop order preventing or suspending the effectiveness of the Registration
 Statement or suspending or preventing the use of the Preliminary Prospectus or the Prospectus
 has been issued by the Commission and no proceedings for that purpose have been instituted
 or, to the knowledge of the Company, are threatened by the Commission. The Company, if required
 by the rules and regulations of the Commission, shall file the Prospectus with the Commission
 pursuant to Rule 424(b) under the Securities Act. At the time the Registration Statement
 and any amendments thereto became effective as determined under the Securities Act, at the
 date of this Agreement and at the Closing Date, the Registration Statement and any amendments
 thereto conformed and will conform in all material respects to the requirements of the Securities
 Act and did not and will not contain any untrue statement of a material fact or omit to state
 any material fact required to be stated therein or necessary to make the statements therein
 not misleading; and the Prospectus and any amendments or supplements thereto, at the time
 the Preliminary Prospectus, the Prospectus or any amendment or supplement thereto was filed
 and at the Closing Date, conformed and will conform in all material respects to the requirements
 of the Securities Act and did not and will not contain an untrue statement of a material
 fact or omit to state a material fact necessary in order to make the statements therein,
 in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Capitalization</u>.
 The capitalization of the Company as of the date hereof is as set forth in the SEC Reports.
 Except as set forth in the SEC Reports, the Company has not issued any capital stock since
 its most recently filed periodic report under the Exchange Act, other than pursuant to the
 exercise of employee stock options under the Company's stock option plans, the issuance
 of shares of Common Stock to employees pursuant to the Company's employee stock purchase
 plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding
 as of the date of the most recently filed periodic report under the Exchange Act. No Person
 has any right of first refusal, preemptive right, right of participation, or any similar
 right to participate in the transactions contemplated by the Transaction Documents. Except
 as set forth in the SEC Reports and as a result of the purchase and sale of the Securities,
 there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments
 of any character whatsoever relating to, or securities, rights or obligations convertible
 into or exercisable or exchangeable for, or giving any Person any right to subscribe for
 or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
 by which the Company or any Subsidiary is or may become bound to issue additional shares
 of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will
 not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities
 to any Person (other than the Purchasers). Except as set forth in the SEC Reports, there
 are no outstanding securities or instruments of the Company or any Subsidiary with any provision
 that adjusts the exercise, conversion, exchange or reset price under any of such securities.
 Except as set forth in the SEC Reports, there are no outstanding securities or instruments
 of the Company or any Subsidiary that contain any redemption or similar provisions, and there
 are no contracts, commitments, understandings or arrangements by which the Company or any
 Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary.
 The Company does not have any share appreciation rights or "phantom share" plans
 or agreements or any similar plan or agreement. All of the outstanding shares of capital
 stock of the Company are duly authorized, validly issued, fully paid and non-assessable,
 have been issued in compliance with all federal and state securities laws where applicable,
 and none of such outstanding shares was issued in violation of any preemptive rights or similar
 rights to subscribe for or purchase securities. Except for the Required Approvals, no further
 approval or authorization of any stockholder, the Board of Directors or others is required
 for the issuance and sale of the Securities. There are no stockholder agreements, voting
 agreements or other similar agreements with respect to the Company's share capital
 to which the Company is a party or, to the knowledge of the Company, between or among any
 of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>SEC Reports; Financial Statements</u>. The Company has filed or furnished all reports, schedules,
 forms, statements and other documents required to be filed by the Company under the Securities
 Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two
 (2) years immediately preceding the date hereof (or such shorter period as the Company was
 required by law or regulation to file such materials) (the foregoing materials, including
 the exhibits thereto and any documents incorporated by reference therein, together with the
 Preliminary Prospectus and the Prospectus, being collectively referred to herein as the " <u>SEC Reports</u> ") and on a timely basis or has received a valid extension of such time
 of filing and has filed any such SEC Reports prior to the expiration of any such extension.
 The Company has never been an issuer subject to Rule 144(i) under the Securities Act. As
 of their respective dates, the SEC Reports complied in all material respects with the requirements
 of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when
 filed, contained any untrue statement of a material fact or omitted to state a material fact
 required to be stated therein or necessary in order to make the statements therein, in the
 light of the circumstances under which they were made, not misleading. The financial statements
 of the Company included in the SEC Reports comply in all material respects with applicable
 accounting requirements and the rules and regulations of the Commission with respect thereto
 as in effect at the time of filing. Such financial statements have been prepared in accordance
 with GAAP, except as may be otherwise specified in such financial statements or the notes
 thereto and except that unaudited financial statements may not contain all footnotes required
 by GAAP, and fairly present in all material respects the financial position of the Company
 and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
 and cash flows for the periods then ended, subject, in the case of unaudited statements,
 to normal, immaterial, year-end audit adjustments.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance with all applicable federal,
 state, local and foreign laws relating to pollution or protection of human health or the
 environment (including ambient air, surface water, groundwater, land surface or subsurface
 strata), including laws relating to emissions, discharges, releases or threatened releases
 of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively,
 " <u>Hazardous Materials</u> ") into the environment, or otherwise relating to
 the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
 handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands,
 or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits,
 plans or regulations, issued, entered, promulgated or approved thereunder (" <u>Environmental Laws</u> "); (ii) have received all permits licenses or other approvals required of
 them under applicable Environmental Laws to conduct their respective businesses; and (iii)
 are in compliance with all terms and conditions of any such permit, license or approval where
 in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected
 to have, individually or in the aggregate, a Material Adverse Effect. There has been no release
 or threatened release of any Hazardous Material (including deceased laboratory animals, in
 whole or in part), on, upon, into or from any site currently or heretofore owned, leased
 or otherwise used by the Company or its Subsidiaries; (c) there have been no Hazardous Material
 generated by the Company or its Subsidiaries that have been disposed of or come to rest at
 any site that has been included in any published U.S. federal, state or local "superfund"
 site list or any other similar list of hazardous or toxic waste sites published by any governmental
 authority in the United States; and (d) there are no underground storage tanks located on,
 no polychlorinated biphenyls (" <u>PCBs</u> ") or PCB-containing equipment used
 or stored on, and no hazardous waste as defined by the Resource Conservation and Recovery
 Act, as amended, stored on, any site owned or operated by the Company, except for the storage
 of hazardous waste in compliance with Environmental Laws.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Certain Fees</u>. Except as set forth in the Preliminary Prospectus and the Prospectus, no brokerage
 or finder's fees or commissions are or will be payable by the Company or any Subsidiary
 to any broker, financial advisor or consultant, finder, placement agent, investment banker,
 bank or other Person with respect to the transactions contemplated by the Transaction Documents
 (for the avoidance of doubt, the foregoing shall not include any fees and/or commissions
 owed to the Transfer Agent). Other than for Persons engaged by any Purchaser, if any, the
 Purchasers shall have no obligation with respect to any fees or with respect to any claims
 made by or on behalf of other Persons for fees of a type contemplated in this Section 3.1(t)
 that may be due in connection with the transactions contemplated by the Transaction Documents.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Registration Rights</u>. Except as set forth in the SEC Reports, no Person has any right to cause the
 Company to effect the registration under the Securities Act of any securities of the Company
 or any Subsidiary.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Disclosure</u>.
 Except with respect to the material terms and conditions of the transactions contemplated
 by the Transaction Documents, the Company confirms that neither it nor any other Person acting
 on its behalf has provided any of the Purchasers or their agents or counsel with any information
 that it believes constitutes or might constitute material, non-public information which is
 not otherwise disclosed in the Preliminary Prospectus or the Prospectus. The Company understands
 and confirms that the Purchasers will rely on the foregoing representation in effecting transactions
 in securities of the Company. All of the disclosure furnished by or on behalf of the Company
 to the Purchasers regarding the Company and its Subsidiaries, their respective businesses
 and the transactions contemplated hereby, is true and correct and does not contain any untrue
 statement of a material fact or omit to state any material fact necessary in order to make
 the statements made therein, in the light of the circumstances under which they were made,
 not misleading. The press releases disseminated by the Company during the twelve (12) months
 preceding the date of this Agreement taken as a whole do not contain any untrue statement
 of a material fact or omit 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 and when made, not misleading. The Company acknowledges and agrees that no Purchaser
 makes or has made any representations or warranties with respect to the transactions contemplated
 hereby other than those specifically set forth in Section 3.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and
 warranties set forth in Section 3.2, except as set forth in the SEC Reports, neither the
 Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
 or indirectly, made any offers or sales of any security or solicited any offers to buy any
 security, under circumstances that would cause this offering of the Securities to be integrated
 with prior offerings by the Company for purposes of any applicable shareholder approval provisions
 of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Solvency</u>.
 Except as set forth in the <u>SEC Reports</u>, based on the consolidated financial condition
 of the Company as of the Closing Date, after giving effect to the receipt by the Company
 of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of
 the Company's assets exceeds the amount that will be required to be paid on or in respect
 of the Company's existing debts and other liabilities (including known contingent liabilities)
 as they mature, (ii) the Company's assets do not constitute unreasonably small capital
 to carry on its business as now conducted and as proposed to be conducted including its capital
 needs taking into account the particular capital requirements of the business conducted by
 the Company, consolidated and projected capital requirements and capital availability thereof,
 and (iii) the current cash flow of the Company, together with the proceeds the Company would
 receive, were it to liquidate all of its assets, after taking into account all anticipated
 uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities
 when such amounts are required to be paid. Except as set forth in Schedule 3.1(aa), (i) the
 Company does not intend to incur debts beyond its ability to pay such debts as they mature
 (taking into account the timing and amounts of cash to be payable on or in respect of its
 debt) and (ii) the Company has no knowledge of any facts or circumstances, which lead it
 to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization
 laws of any jurisdiction within one year from the Closing Date. For the purposes of this
 Agreement, " <u>Indebtedness</u> " means (x) any liabilities for borrowed money
 or amounts owed by the Company in excess of $100,000 (other than trade accounts payable incurred
 in the ordinary course of business), (y) all guaranties, endorsements and other contingent
 obligations in respect of indebtedness of others to third parties, whether or not the same
 are or should be reflected in the Company's consolidated balance sheet (or the notes
 thereto), except guaranties by endorsement of negotiable instruments for deposit or collection
 or similar transactions in the ordinary course of business; and (z) the present value of
 any lease payments in excess of $100,000 due under leases required to be capitalized in accordance
 with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Tax Compliance</u>. Except for matters that would not, individually or in the aggregate, have
 or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries
 each (i) has made or filed all federal, state and local income and all foreign income and
 franchise tax returns, reports and declarations required by any jurisdiction to which it
 is subject, (ii) has paid all taxes and other governmental assessments and charges, fines
 or penalties that are material in amount, shown or determined to be due on such returns,
 reports and declarations, except for taxes, if any, as are being contested in good faith
 and as to which adequate reserves have been established by the Company and (iii) has set
 aside on its financial statements provision reasonably adequate for the payment of all material
 tax liability of which has not been finally determined and all material taxes for periods
 subsequent to the periods to which such returns, reports or declarations apply. There are
 no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
 and the officers of the Company or of any Subsidiary know of no basis for any such claim.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Accountants</u>.
 The Company's independent registered public accounting firm is the Auditor and its
 prior independent registered public accounting firm was the Predecessor Auditor. To the knowledge
 and belief of the Company, each of the Auditor and the Predecessor Auditor is a registered
 public accounting firm as required by the Exchange Act, the Predecessor Auditor expressed
 its opinion with respect to the financial statements included in the Company's Annual
 Report on Form 10-K for the fiscal year ended December 31, 2024 and the Auditor shall express
 its opinion with respect to the financial statements to be included in the Company's
 Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Acknowledgment Regarding Purchasers' Trading Activity</u>. Anything in this Agreement or elsewhere
 herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.12 hereof), it is
 understood and acknowledged by the Company that: (i) none of the Purchasers has been asked
 by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
 long and/or short, securities of the Company, or "derivative" securities based
 on securities issued by the Company or to hold the Securities for any specified term; (ii)
 past or future open market or other transactions by any Purchaser, specifically including,
 without limitation, Short Sales or "derivative" transactions, before or after
 the closing of this or future private placement transactions, may negatively impact the market
 price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties
 in "derivative" transactions to which any such Purchaser is a party, directly
 or indirectly, presently may have a "short" position in the shares of Common
 Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control
 over any arm's length counter-party in any "derivative" transaction. The
 Company further understands and acknowledges that (y) one or more Purchasers may engage in
 hedging activities (in material compliance with applicable laws) at various times during
 the period that the shares of Common Stock are outstanding, and (z) such hedging activities
 (if any) could reduce the value of the existing stockholders' equity interests in the
 Company at and after the time that the hedging activities are being conducted. The Company
 acknowledges that such aforementioned hedging activities do not constitute a breach of any
 of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has,
 (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization
 or manipulation of the price of any security of the Company to facilitate the sale or resale
 of any of the shares of Common Stock, (ii) except as previously disclosed in the SEC Reports
 and pursuant to the Company's stock buyback program, sold, bid for, purchased, or,
 paid any compensation for soliciting purchases of, any of the shares of Common Stock, or
 (iii) except as previously disclosed in the SEC Reports and pursuant to the Company's
 stock buyback program, paid or agreed to pay to any Person any compensation for soliciting
 another to purchase any other securities of the Company, other than, in the case of clauses
 (ii) and (iii), compensation paid to the Placement Agent in connection with the placement
 of the shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</u>. The Company's
 execution, delivery and performance of this Agreement and consummation of the transactions
 contemplated hereby will not (A) result in a material violation of any existing applicable
 law, rule, regulation, judgment, order or decree of any governmental entity as of the date
 hereof (including, without limitation, those promulgated by the Food and Drug Administration
 of the U.S. Department of Health and Human Services (the " <u>FDA</u> ") or by
 any foreign, federal, state or local regulatory authority performing functions similar to
 those performed by the FDA), (B) conflict with, result in any violation or breach of, or
 constitute a default (or an event that with notice or lapse of time or both would become
 a default) under, or give to others any right of termination, amendment, acceleration or
 cancellation (with or without notice, lapse of time or both) (a " <u>Default Acceleration Event</u> ") of, any agreement, lease, credit facility, debt, note, bond, mortgage,
 indenture or other instrument (" <u>Contract</u> ") or obligation or other understanding
 to which the Company is a party or by which any property or asset of the Company is bound
 or affected, except to the extent that such conflict, default, or Default Acceleration Event
 is not reasonably likely to result in a Material Adverse Effect, or (C) result in a breach
 or violation of any of the terms and provisions of, or constitute a default under, the Company's
 articles of incorporation (as the same may be amended or restated from time to time) or bylaws
 (as the same may be amended or restated from time to time). The Company is not in violation,
 breach or default under its certificate of incorporation (as the same may be amended or restated
 from time to time) or bylaws (as the same may be amended or restated from time to time).
 Neither the Company nor, to its knowledge, any other party is in violation, breach or default
 of any Contract that has resulted in or could reasonably be expected to result in a Material
 Adverse Effect. Each approval, consent, order, authorization, designation, declaration or
 filing by or with any regulatory, administrative or other governmental body necessary in
 connection with the execution and delivery by the Company of this Agreement and the performance
 of the Company of the transactions herein contemplated has been obtained or made and is in
 full force and effect, except filings with the Commission required under the Securities Act
 or the Exchange Act, or filings with each applicable Trading Market pursuant to the rules
 and regulations of each applicable Trading Market, in each case that are contemplated by
 this Agreement to be made after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Stock Option Plans</u>. Each stock option granted by the Company under the Company's stock
 option plan or pursuant to an inducement option grant was granted (i) in accordance with
 the terms of the Company's stock option plan or inducement option agreements and (ii)
 with an exercise price at least equal to the fair market value of the Common Stock on the
 date such stock option would be considered granted under GAAP and applicable law. No stock
 option granted under the Company's stock option plan has been backdated. The Company
 has not knowingly granted, and there is no and has been no Company policy or practice to
 knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock
 options with, the release or other public announcement of material information regarding
 the Company or its Subsidiaries or their financial results or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Cybersecurity</u>.
 (i)(x)To the Company's knowledge, there has been no security breach or other compromise
 of or relating to any of the Company's or any Subsidiary's information technology
 and computer systems, networks, hardware, software, data (including the data of their respective
 customers, employees, suppliers, vendors and any third-party data maintained by or on behalf
 of it), equipment or technology (collectively, " <u>IT Systems and Data</u> ")
 and (y) the Company and the Subsidiaries have not been notified of, and have no knowledge
 of any event or condition that would reasonably be expected to result in, any security breach
 or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are
 presently in compliance with all applicable laws or statutes and all judgments, orders, rules
 and regulations of any court or arbitrator or governmental or regulatory authority, internal
 policies and contractual obligations relating to the privacy and security of IT Systems and
 Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
 or modification, except as would not, individually or in the aggregate, have a Material Adverse
 Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially
 reasonable safeguards to maintain and protect its material confidential information and the
 integrity, continuous operation, redundancy and security of all IT Systems and Data; and
 (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology
 consistent with customary industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's
 knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary
 is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
 of the U.S. Treasury Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real
 property holding corporation within the meaning of Section 897 of the Internal Revenue Code
 of 1986, as amended, and the Company shall so certify upon the Purchasers' request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or Affiliates is
 subject to the Bank Holding Company Act of 1956, as amended (the " <u>BHCA</u> ")
 and to regulation by the Board of Governors of the Federal Reserve System (the " <u>Federal Reserve</u> "). Neither the Company nor any of its Subsidiaries or Affiliates owns or
 controls, directly or indirectly, five percent (5%) or more of the outstanding shares of
 any class of voting securities or twenty-five percent (25%) or more of the total equity of
 a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
 Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence
 over the management or policies of a bank or any entity that is subject to the BHCA and to
 regulation by the Federal Reserve.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Promotional Stock Activities</u>. Neither the Company nor any Subsidiary of the Company and none of their
 respective officers, directors, managers, affiliates or agents have engaged in any stock
 promotional activity that could give rise to a complaint, inquiry, or trading suspension
 by the Commission alleging (i) a violation of the anti-fraud provisions of the federal securities
 laws, (ii) violations of the anti-touting provisions, (iii) improper "gun-jumping";
 or (iv) promotion without proper disclosure of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Regulatory Matters; Compliance</u>. The studies, tests, preclinical development and clinical trials,
 if any, conducted by or on behalf of the Company or its Subsidiaries are being conducted
 in all material respects in accordance with experimental protocols, procedures and controls
 pursuant to accepted professional and scientific standards for products or product candidates
 comparable to those being developed by the Company or its Subsidiaries and all applicable
 laws and regulations, including the Federal Food, Drug, and Cosmetic Act (" <u>FD&C Act</u> "), International Conference on Harmonization for Good Clinical Practices (" <u>ICH GCP</u> **"**) and Good Laboratory Practices (" <u>ICH GLP</u> "), and
 Occupational Safety and Health Administration (" <u>OSHA</u> ") requirements regarding
 the safe handling of laboratory animals (29 CFR Part 1910) (b) the descriptions of, protocols
 for, and data and other results of, the studies, tests, development and trials conducted
 by or on behalf of the Company or its Subsidiaries that have been made available to the Purchaser
 Party, whether through the Registration Statement or otherwise, are accurate and complete
 in all material respects; (c) neither the Company nor any Subsidiary is aware of any studies,
 tests, development or trials the results of which reasonably call into question the results
 of the studies, tests, development and trials conducted by or on behalf of the Company or
 its Subsidiaries. . Except as disclosed in the Registration Statement, neither the Company
 nor any Subsidiary has received any notices or correspondence from the FDA, United States
 Department of Agriculture (" <u>USDA</u> "), European Medicines Agency (" <u>EMA</u> "),
 or any other governmental authority or any institutional review board or comparable authority
 requiring the termination, suspension or material modification of any studies, tests, preclinical
 development or clinical trials conducted by or on behalf of the Company or any Subsidiary,
 nor requesting or suggesting a refusal to approval any proposed clinical trials, clinical
 hold, termination, suspension or material modification of any pre-clinical trial or proposed
 clinical trial that is described in the Registration Statement or the results of which are
 referred to in the Registration Statement. Except as disclosed in the Registration Statement,
 neither the Company nor any Subsidiary has received any written notices or other communications
 from the FDA, the EMA or any other governmental agency, and otherwise has no knowledge of,
 or reason to believe that, (i) any investigational new drug application for a potential product
 of the Company or any Subsidiary is or will be rejected or determined to be non-approvable
 or conditionally approvable; and (ii) any approval or authorization to conduct any clinical
 trial of any potential product of the Company or any Subsidiary has been, will be or may
 be suspended, revoked, modified or limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>FDA & USDA Approvals</u>. Except as disclosed in the Registration Statement: (a) the Company,
 each Subsidiary, and/or any third party conducting any pre-clinical trials on the Company's
 behalf, possesses all material permits, licenses, registrations, certificates, authorizations,
 orders and approvals required by the FDA (or any other U.S. federal, state or foreign governmental
 authorities engaged in the regulation of drugs, pharmaceuticals, medical devices or biohazardous
 materials) or USDA (or any other U.S. federal, state or foreign governmental authorities
 engaged in the regulation of animal research, handling, and care of animals under the Animal
 Welfare Act) and its implementing regulations (Title 9, Chapter 1, Subchapter A of the Code
 of Federal Regulations) or any Institutional Animal Care and Use Committee (" <u>IACUC</u> ")
 established thereunder as required to conduct its business as now conducted (collectively
 hereinafter " <u>Research Permits</u> "); (b) none of the Company nor any Subsidiary
 has received any written notice of proceedings relating to the suspension, modification,
 revocation or cancellation of any such Research Permit, license, registration, certificate,
 authorization, order or approval; (c) none of the Company, any Subsidiary, nor any of their
 respective officers, employees, or, to the Company's knowledge, any agent of the Company
 or any Subsidiary has been convicted of any crime or engaged in any conduct that has previously
 caused or would reasonably be expected to result in (i) disqualification or debarment by
 the FDA under 21 U.S.C. Sections 335(a) or (b), or any similar law, rule or regulation of
 any other governmental authorities, (ii) debarment, suspension, or exclusion under any U.S.
 federal healthcare programs or by the General Services Administration, or (iii) exclusion
 under 42 U.S.C. Section 1320a-7 or any similar law, rule or regulation of any governmental
 authorities; (d) none of the Company, any Subsidiary nor any of their respective officers,
 employees, or, to the Company's knowledge, any of its contractors or agents, is the
 subject of any pending or threatened in writing investigation by FDA pursuant to its "Fraud,
 Untrue Statements of Material Facts, Bribery, and Illegal Gratuities" policy as stated
 at 56 Fed. Reg. 46191 (September 10, 1991) (the " <u>FDA Application Integrity Policy</u> ")
 and any amendments thereto, or by any other similar governmental authority pursuant to any
 similar policy; (e) none of the Company, any Subsidiary, nor any of their respective officers,
 employees, or to the Company's knowledge, any of its contractors or agents, has committed
 on behalf of the Company any act, made any statement or failed to make any statement that
 would reasonably be expected to provide a basis for FDA to invoke the FDA Application Integrity
 Policy or for any similar governmental authority to invoke a similar policy; and (f) none
 of the Company, any Subsidiary, nor any of their respective officers, employees, or to the
 Company's knowledge, any of their respective contractors or agents, has made on behalf
 of the Company or any Subsidiary any materially false statements on, or material omissions
 from, any notifications, applications, approvals, reports and other submissions to FDA or
 any similar governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Compliance with Data Privacy Laws</u>. (i) The Company and the Subsidiaries are, and at all times during
 the last three (3) years were, in compliance with all applicable state, federal and foreign
 data privacy and security laws and regulations, (collectively, " <u>Privacy Laws</u> ");
 (ii) the Company and the Subsidiaries have in place, comply with, and take commercially reasonable
 steps designed to comply with their policies and procedures relating to data privacy and
 security and the collection, storage, use, disclosure, handling and analysis of Personal
 Data (as defined below) (the " <u>Policies</u> "); "Personal Data"
 means (i) a natural person's name, street address, telephone number, email address,
 photograph, social security number, bank information, or customer or account number; and
 (ii) any other piece of information that allows the identification of such natural person,
 or his or her family, or permits the collection or analysis of any identifiable data related
 to an identified person's health or sexual orientation. (i) None of such disclosures
 made or contained in any of the Policies have been inaccurate, misleading, or deceptive in
 violation of any Privacy Laws and (ii) the execution, delivery and performance of the Transaction
 Documents will not result in a breach of any Privacy Laws or Policies. Neither the Company
 nor the Subsidiaries (is a party to any order, decree, or agreement by or with any court
 or arbitrator or governmental or regulatory authority that imposed any obligation or liability
 under any Privacy Law.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own
 account and has no direct or indirect arrangement or understandings with any other persons
 to distribute or regarding the distribution of such Securities (this representation and warranty
 not limiting such Purchaser's right to sell the Securities pursuant to the Registration
 Statement or otherwise in compliance with applicable federal and state securities laws).
 Such Purchaser acknowledges and understands that the Company has not sought or obtained approval
 from the Trading Market any national securities exchange or quotation system with respect
 to the issuance and sale of the Securities contemplated by this Agreement. Such Purchaser
 further acknowledges and understands that there is a risk that the issuance of the Securities
 in the transaction contemplated by this Agreement may not comply with the applicable listing
 standards or rules of such Trading Market or exchange or quotation system, which could result
 in the delisting or suspension of trading of the Company's Securities. The Purchaser
 hereby assumes all risks associated with any such consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was, and as of the
 date hereof it is, and on each date on which it exercises any Warrants it will be, an "accredited
 investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12)
 or (a)(13) under the Securities Act.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated
 hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to
 any understanding with such Purchaser, directly or indirectly executed any purchases or sales,
 including Short Sales, of the securities of the Company during the period commencing as of
 the time that the Preliminary Prospectus was filed with the Commission from the Company or
 any other Person representing the Company setting forth the material terms, which terms include
 definitive pricing terms, of the transactions contemplated hereunder and ending immediately
 prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser
 that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
 portions of such Purchaser's assets and the portfolio managers have no direct knowledge
 of the investment decisions made by the portfolio managers managing other portions of such
 Purchaser's assets, the representation set forth above shall only apply with respect
 to the portion of assets managed by the portfolio manager that made the investment decision
 to purchase the Securities covered by this Agreement. Other than to other Persons party to
 this Agreement or to such Purchaser's representatives, including, without limitation,
 its officers, directors, partners, legal and other advisors, employees, agents and Affiliates,
 such Purchaser has maintained the confidentiality of all disclosures made to it in connection
 with this transaction (including the existence and terms of this transaction). Notwithstanding
 the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation
 or warranty, or preclude any actions, with respect to locating or borrowing shares in order
 to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Voting Agreements</u>. The Purchaser is not a party to any agreement or arrangement, whether
 written or oral, between the Purchaser and any other Purchaser and any of the Company's
 stockholders as of the date hereof, regulating the management of the Company, the stockholders'
 rights in the Company, the transfer of shares in the Company, including any voting agreements,
 stockholder agreements or any other similar agreement even if its title is different or has
 any other relations or agreements with any of the Company's stockholders, directors
 or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Brokers</u>.
 Except as set forth in the Preliminary Prospectus or the Prospectus, no agent, broker, investment
 banker, person or firm acting in a similar capacity on behalf of or under the authority of
 the Purchaser is or will be entitled to any broker's or finder's fee or any other
 commission or similar fee, directly or indirectly, for which the Company or any of its Affiliates
 after the Closing could have any liabilities in connection with this Agreement, any of the
 transactions contemplated by this Agreement, or on account of any action taken by the Purchaser
 in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Independent Advice</u>. Each Purchaser understands that nothing in this Agreement or any other materials
 presented by or on behalf of the Company to the Purchaser in connection with the purchase
 of the Securities constitutes legal, tax or investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Sanctioned Persons; BSA/PATRIOT Act</u>. None of the Purchasers is owned or controlled by or acting
 on behalf of (in connection with this Agreement), a Sanctioned Person. None of the Purchasers
 is an institution that accepts currency for deposit and that (a) has no physical presence
 in the jurisdiction in which it is incorporated or in which it is operating and (b) is unaffiliated
 with a regulated financial group that is subject to consolidated supervision (a " <u>Shell Bank</u> ") or providing banking services to a Shell Bank. Each Purchaser represents
 that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section
 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing regulations
 (collectively, the " <u>BSA/PATRIOT Act</u> "), such Purchaser maintains policies
 and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
 Act. Each Purchaser also represents that, to the extent required by applicable law, it maintains,
 either directly or through the use of a third-party administrator, policies and procedures
 reasonably designed for the screening of any investors in such Purchaser against Sanctions-related
 lists of blocked or restricted persons. Each Purchaser further represents and warrants that
 (a) the funds held by such Purchaser and used to purchase the Securities were not directly
 or indirectly derived from or related to any activities that may contravene U.S. federal,
 state or non-U.S. anti-money laundering, anti-corruption or Sanctions laws and regulations
 or activities that may otherwise be deemed criminal and (b) any returns from such Purchaser's
 investment will not be used to finance any illegal activities. For purposes of this Agreement,
 " <u>Sanctioned Person</u> " means at any time any person or entity with whom dealings
 are restricted, prohibited, or sanctionable under any Sanctions (as defined below), including
 as a result of being: (a) listed on any Sanctions-related list of designated or blocked or
 restricted persons; (b) that is a national of, the government of, or any agency or instrumentality
 of the government of, or resident in, or organized under the laws of, a country or territory
 that is the target of comprehensive Sanctions from time to time (as of the date of this Agreement,
 Cuba, Iran, North Korea, Syria, and the Crimea region); or (c) a relationship of ownership,
 control, or agency with any of the foregoing. "Sanctions" means those trade,
 economic and financial sanctions laws, regulations, embargoes, and restrictive measures (in
 each case having the force of law) administered, enacted or enforced from time to time by
 (a) the United States (including without limitation the U.S. Department of the Treasury,
 Office of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of
 Commerce), (b) the European Union and enforced by its member states, (c) the United Nations
 and (d) the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Non-cooperative Jurisdiction</u>. None of the Purchasers is owned or controlled by or acting on behalf of
 (in connection with this Agreement), a person or entity resident in, or whose funds used
 to purchase the Securities are transferred from or through, a country, territory or entity
 that (i) has been designated as non-cooperative with international anti-money laundering
 or counter terrorist financing principles or procedures by the United States or by an intergovernmental
 group or organization, such as the Financial Action Task Force, of which the United States
 is a member; (ii) is the subject of an advisory issued by the Financial Crimes Enforcement
 Network of the U.S. Department of the Treasury; or (iii) has been designated by the Secretary
 of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due
 to money laundering concerns (any such country or territory, a " <u>Non-cooperative Jurisdiction</u> "), or an entity or individual that resides or has a place of business
 in, or is organized under the laws of, a Non-cooperative Jurisdiction.

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

**Article IV<br> OTHER AGREEMENTS OF THE PARTIES**

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

4.2 <u>Furnishing of Information; Public Information</u>. Until the time that no Purchaser owns Securities, Pre-Funded Warrant Shares or Warrant Shares, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act except in the case of a sale of all of substantially all of the assets of the Company, a merger or reorganization of the Company with one or more other entities in which the Company is not the surviving entity or any transaction or series of related transactions as a result of which any Person (together with its Affiliates) acquires then outstanding securities of the Company.

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

4.4 <u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including any Transaction Documents required to be filed as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries or Affiliates, or any of their respective officers, directors, employees or agents, including, without limitation, the Placement Agent, in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, with respect to the transactions contemplated hereby shall terminate and be of no further force or effect. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission, and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

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

4.6 <u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

4.7 <u>Use of Proceeds</u>. The Company shall use the net proceeds from the sale of the Securities hereunder as disclosed in the Preliminary Prospectus and the Prospectus.

4.8 <u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against a Purchaser Party in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

4.9 <u>Listing</u>. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation of the shares of Common Stock on each Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares, Pre-Funded Warrant Shares, Warrants and Warrant Shares on such Trading Market and shall use its commercially reasonable best efforts to promptly secure the listing of all of the Shares, Pre-Funded Warrant Shares, Warrants and Warrant Shares on such Trading Market except in the case of a sale of all of substantially all of the assets of the Company, a merger or reorganization of the Company with one or more other entities in which the Company is not the surviving entity or any transaction or series of related transactions as a result of which any Person (together with its Affiliates) acquires then outstanding securities of the Company representing more than fifty percent (50%) of the voting control of the Company. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares, Pre-Funded Warrant Shares and Warrant Shares, and will use its commercially reasonable best efforts to cause all of the Shares, Pre-Funded Warrant Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will use its commercially reasonable best efforts to continue the listing and trading of the Common Stock and the Warrants on a Trading Market and will comply in all material respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to use commercially reasonable efforts to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

4.10 <u>Subsequent Equity Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 the date hereof until ninety (90) days after the Closing Date, without the prior written
 consent of the Placement Agent, neither the Company nor any Subsidiary shall (i) issue, enter
 into any agreement to issue or announce the issuance or proposed issuance of any shares of
 Common Stock or Common Stock Equivalents or (ii) file any registration statement or amendment
 or supplement thereto, other than the Prospectus, filing a registration statement on Form
 S-8 in connection with any employee benefit plan or the filing of a registration statement
 or post-effective registration statement registering the Securities issued pursuant to this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 the date hereof until ninety (90) days after the Closing Date, without the prior written
 consent of the Placement Agent, the Company shall be prohibited from effecting or entering
 into an agreement to effect any issuance by the Company or any of its Subsidiaries of shares
 of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving
 a Variable Rate Transaction. " <u>Variable Rate Transaction</u> " means a transaction
 in which the Company issues or sells any debt or equity securities that are convertible into,
 exchangeable or exercisable for, or include the right to receive additional shares of Common
 Stock either (A) at a conversion price, exercise price or exchange rate or other price that
 is based upon and/or varies with the trading prices of or quotations for the Common Stock
 at any time after the initial issuance of such debt or equity securities, or (B) with a conversion,
 exercise or exchange price that is subject to being reset at some future date after the initial
 issuance of such debt or equity security or upon the occurrence of specified or contingent
 events directly or indirectly related to the business of the Company or the market for shares
 of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except
 that no Variable Rate Transaction shall be an Exempt Issuance.

4.11 <u>Equal Treatment of Purchasers</u>. No consideration (including any modification of the Transaction Documents) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of the shares of Common Stock or otherwise.

4.12 <u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 hereof. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4 hereof, such Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 hereof, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 hereof and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4 hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

4.13 <u>Exercise Procedures</u>. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Pre-Funded Warrant Shares and Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

4.14 <u>Reservations of Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement, Pre-Funded Warrant Shares pursuant to any exercise of the Pre-Funded Warrants and Warrant Shares pursuant to any exercise of the Warrants.

4.15 <u>Lock-Up Agreements</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period specified therein and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

**Article V<br> MISCELLANEOUS**

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

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

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

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

5.5 <u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers who, in the aggregate, hold at least 50.1% in interest of the sum of (i) the Shares, (ii) the Pre-Funded Warrant Shares initially issuable upon exercise of the Pre-Funded Warrants based on the initial Subscription Amounts hereunder and (iii) the Warrant Shares initially issuable upon exercise of the Warrants based on the initial Subscription Amounts hereunder (or, if prior to Closing, the Company and each Purchaser), or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought; provided, that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers) relative to the comparable rights and obligations of the other Purchasers, the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

5.6 <u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

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

5.8 <u>No Third-Party Beneficiaries</u>. The Placement Agent shall be a third-party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

5.9 <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any 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 improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

5.10 <u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for the applicable statutes of limitations.

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

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

5.13 <u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser's right to acquire such shares pursuant to such Purchaser's Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

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

5.15 <u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to seek specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

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

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

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

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

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

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

(Signature Pages Follow)

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

---

| | |
|:---|:---|
| ERNEXA THERAPEUTICS, INC. | ERNEXA THERAPEUTICS, INC. |
| By: |  |
| Name: | Sanjeev Luther |
| Title: | President and CEO |

---

<u>Address for Notice:</u>

Ernexa Therapeutics, Inc.

1035 Cambridge Street, Suite 18A

Cambridge, MA 02141

Attention: Sanjeev Luther

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

Lucosky Brookman LLP

101 Wood Avenue South, 5th Floor

Woodbridge, NJ 08830

Attention: Joseph Lucosky

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

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

Name of Purchaser: __________________________________________________

*Signature of Authorized Signatory of Purchaser*:___________________________

Name of Authorized Signatory:___________________________________________

Title of Authorized Signatory:

Email Address of Authorized Signatory: ____________________________________

Facsimile Number of Authorized Signatory: ___________________________________

Address for Notice to Purchaser:___________________________________________

Address for Delivery of Warrant Shares to the Purchaser (if not same address for notice):

DWAC for Common Stock:

Subscription Amount: $___________________

Shares of Common Stock: ___________________

Shares of Common Stock underlying the Pre-Funded Warrants: ________

Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%

Shares of Common Stock underlying the Warrants: ________

EIN Number: ___________________

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2<sup>st</sup>) Trading Day following the date hereof if this Agreement is entered into before 4:00 p.m. Eastern time on a Trading Day, or the third (3<sup>rd</sup>) Trading Day following the date hereof, if this Agreement is entered into at or after 4:00 p.m. Eastern time on a Trading Day or on a day that is not a Trading Day, unless, in each case, the parties mutually agree otherwise, and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

**Exhibit A**

**Form of Pre-Funded Warrant**

(See Attached)

**Exhibit B**

**Form of Warrant**

(See Attached)

**Exhibit C**

**Form of Lock-Up Agreement**

(See Attached)

**<u>Schedule A</u>**

LOCK-UP PARTIES

&nbsp;&nbsp;&nbsp;&nbsp;1. Sanjeev
 Luther

&nbsp;&nbsp;&nbsp;&nbsp;2. Sandra
 Gurrola

&nbsp;&nbsp;&nbsp;&nbsp;3. James
 Bristol

&nbsp;&nbsp;&nbsp;&nbsp;4. Peter
 Cicala

&nbsp;&nbsp;&nbsp;&nbsp;5. Elena
 Ratner

&nbsp;&nbsp;&nbsp;&nbsp;6. William
 Wexler

**<u>Annex A</u>**

[*Company Wire Instructions to be attached*]

**<u>Annex B</u>**

[*Client Suitability Form to be attached*]

**<u>Annex C</u>**

[*AML Form to be attached*]

## Exhibit 10.2

**Exhibit 10.2**

WARRANT AGENT AGREEMENT

WARRANT AGENT AGREEMENT (this "<u>Warrant Agreement</u>") dated as of February 10, 2026 (the "<u>Issuance Date</u>") between Ernexa Therapeutics Inc., a Delaware corporation (the "<u>Company</u>"), and Computershare Inc., a Delaware corporation ("<u>Computershare</u>"), and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, collectively as Warrant Agent (the "<u>Warrant Agent</u>").

RECITALS

WHEREAS, pursuant to the terms of that certain Placement Agency Agreement (the "<u>Placement Agency Agreement</u>"), dated February 6, 2026, by and among the Company and Brookline Capital Markets, a division of Arcadia Securities, LLC, as placement agent, the Company is engaged in a public offering (the "<u>Offering</u>") of 21,000,000 shares of common stock, par value $0.005 (each, a "<u>Common Stock</u>") of the Company (or pre-funded warrants in lieu thereof) and together with warrants (each, a "<u>Warrant</u>") to purchase 21,000,000 shares of Common Stock (each, a "<u>Warrant Share</u>") at an exercise price of $0.68 per share;

WHEREAS, pursuant to the Placement Agency Agreement, the Company will issue to the placement agent, shares of Common Stock (the "<u>Agent's Shares</u>") equal to 1.5% of the aggregate number of shares of Common Stock sold in the Offering;

WHEREAS, the Company has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a Registration Statement on Form S-1 (Registration No. 333-293150) as the same may be amended from time to time, the "<u>Registration Statement</u>") for the registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of the Common Stock, Warrants and Warrant Shares, and such Registration Statement was declared effective on February 5, 2026;

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this Warrant Agreement, in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

WHEREAS, the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Warrant Agent</u>. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and no implied terms or conditions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Form of Warrants</u>. The Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate ("<u>Global Certificate</u>") in the form of <u>Annex A</u> to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository Trust Company ("<u>DTC</u>") and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent in writing regarding making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the Company may instruct the Warrant Agent in writing to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent in writing to deliver to each Holder (as defined below) separate certificates evidencing Warrants ("<u>Definitive Certificates</u>" and, together with the Global Certificate, "<u>Warrant Certificates</u>"). The Warrants represented by the Global Certificate are referred to as "<u>Global Warrants</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Issuance and Registration of Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. <u>Warrant Register</u>. The Warrant Agent shall maintain books ("<u>Warrant Register</u>") for the registration of original issuance and the registration of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the "beneficial owner" thereof, provided that all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. <u>Issuance of Warrants</u>. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a "<u>Participant</u>"), subject to a Holder's right to elect to receive a Warrant in certificated form. Any Holder desiring to elect to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. <u>Beneficial Owner; Holder</u>. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the Person in whose name that Warrant shall be registered on the Warrant Register (the "<u>Holder</u>," which term shall include a Holder's transferees, successors and assigns and "Holder" shall include, if the applicable Warrants are held in "street name," a Participant (as defined below) or a designee appointed by such Participant) as the absolute owner of such Warrant for purposes of any exercise and/or transfer thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4. <u>Execution</u>. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an "<u>Authorized Officer</u>"), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned, either manually or by facsimile or other electronic signature, by an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to be an Authorized Officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5. <u>Registration of Transfer</u>. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged together with any required form of assignment and certificate duly executed and properly completed by such Holder at the office or offices of the Warrant Agent designated for such purpose accompanied by a signature guarantee (a "<u>Signature Guarantee</u>") from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association and such other documentation as the Warrant Agent may reasonably request. Thereupon, the Warrant Agent shall countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may require reasonable and customary payment with respect to a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses incidental thereto. All such fees and expenses shall be paid by the Company, and not by the Holder. The Warrant Agent shall not have any duty or obligation to take any action under any section of this Warrant Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6. <u>Proxies</u>. The Holder of a Warrant may grant proxies or otherwise authorize any Person, including the Participants and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the Warrants; <u>provided</u>, <u>however</u>, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7. <u>Warrant Certificate Request</u>. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder's Global Warrants for a Definitive Certificate evidencing the same number of Warrants (a "<u>Warrant Certificate Request Notice</u>" and the date of delivery of such Warrant Certificate Request Notice by the Holder, the "<u>Warrant Certificate Request Notice Date</u>" and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a "<u>Warrant Exchange</u>"), the Warrant Agent shall as soon as practicable effect the Warrant Exchange and shall as soon as practicable issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be in the form prescribed by the Warrant Agent, dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within the earlier of (i) one (1) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice ("<u>Warrant Certificate Delivery Date</u>"). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. Notwithstanding the foregoing, the Warrant Agent shall not be liable for any liquidated damages or any other damages associated with the Company's failure to timely deliver a Definitive Certificate. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement, other than certain sections that shall not apply to the Warrants evidenced by the Definitive Certificate. A party requesting a Warrant Exchange must provide to the Warrant Agent any evidence of authority that may reasonably be required by the Warrant Agent, including but not limited to, a Signature Guarantee. For purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and the Warrant Certificate with respect to terms of the Warrants, the terms of the Warrant Certificate shall govern and control; provided, however, that with respect to the rights, duties, obligations, liabilities and immunities of the Warrant Agent, this Warrant Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Concerning the Warrant Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing by the Company as soon as practicable, and shall be effective only upon such written confirmation. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with this Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by the Warrant Agent under this Warrant Agreement in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Warrant Agent, to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Warrant Agent for, and to hold it harmless against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or to which it may become subject, without gross negligence, bad faith or willful misconduct on the part of the Warrant Agent (which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in connection with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder. Sections 3.1 through and including Section 3.6 shall survive the expiration of the Warrants and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the Company's receipt of an invoice. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date. The Company agrees to reimburse the Warrant Agent for any attorney's fees and any other costs associated with collecting delinquent payments. No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. As agent for the Company hereunder, the Warrant Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by the Warrant Agent and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of the Warrants or any Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines in its sole discretion to take any legal action hereunder, and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity reasonably satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission, email or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall not be liable or responsible for any recital or statement contained in this Warrant Agreement, any Warrant Certificate, the Registration Statement or any other documents relating hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating to the Warrants, including without limitation obligations under applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent's duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the Company, unless the Company shall have consented in writing to any earlier date) unless prior to taking or omitting to take, as the case may be, any such action, the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel and counsel to the Company, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in the absence of bad faith (as finally determined by a court of competent jurisdiction) and in accordance with the advice or opinion of such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, to the holders of the Warrants or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) may (and any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent) may, subject to all applicable securities laws, buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder, affiliate, director, member, officer, agent, representative or employee from acting in any other capacity for the Company or for any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) shall have no responsibility to the Company, any holders of Warrants or any holders of Common Stock for interest or earnings on any moneys held by the Warrant Agent pursuant to this Warrant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. In the absence of gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) on its part, the Warrant Agent shall not be liable for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action. The Warrant Agent shall have no responsibility for any liquidated damages that may be payable or paid to any Person under this Agreement for any failure by the Warrant Agent to deliver to a Holder a Definitive Certificate and/or Warrant Shares on the Company's behalf. In addition, the Company shall indemnify and hold harmless the Warrant Agent against all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated to provide any such indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction that such failure is due to the Warrant Agent's gross negligence, bad faith or willful misconduct (which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). Any liability of the Warrant Agent under this Warrant Agreement will be limited in the aggregate to the amount of fees (but not reimbursed costs) paid by the Company hereunder in the 12 months preceding the event for which recovery is sought. The Warrant Agent shall not be liable for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure, war, pandemics, epidemics, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent's duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate, in the Warrant Agent's sole discretion, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all Persons interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders and all other Persons that may have an interest in the settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th Business Day of the following month by wire transfer to an account designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default under the notice of articles, articles, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days' notice in writing to the Company, or such shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days' notice in writing to the Warrant Agent or successor Warrant Agent. In the event that the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Warrant Agreement as the effective date of such termination, and the Company shall be responsible for any required notice. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then any Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company's cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company without any further obligations or duties on the part of the Warrant Agent. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a Person organized and existing under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent not later than the effective date of any such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. Any Person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any Person resulting from any merger, amalgamation, arrangement, conversion or consolidation to which the Warrant Agent shall be a party or any Person succeeding to the share transfer business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. The purchase of all or substantially all of the Warrant Agent's assets employed in the performance of share transfer activities shall be deemed a merger or consolidation for purposes of this Section 3.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. The Company shall provide an opinion of counsel prior to the Warrant Agent setting up a reserve of Warrant Shares to be used in connection with the exercise of the Warrants stating that (i) such Warrants or such Warrant Shares were offered, sold or issued as part of an offering that was registered in compliance with the Securities Act, as amended, or are exempt from such registration and the Warrant Shares are "covered securities" under Section 18 of the Securities Act, and (ii) such Warrant Shares will be validly issued, fully paid and non-assessable upon exercise of the Warrants in accordance with their terms, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date and the date on which no Warrants remain outstanding (the "<u>Termination Date</u>"). On the Business Day following the Termination Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. Without limiting any other rights of survival as set forth in this Warrant Agreement, the Warrant Agent's right to be reimbursed for fees, charges and out-of-pocket expenses as provided in Section 3 shall survive the termination of this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the parties to it to the full extent permitted by applicable law; provided, however, that if such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time to time be amended, the terms of this Warrant Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Company, the Warrant Agent or by the holder of any Warrant to or on the Company or the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail (except for the Warrant Agent), hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing by the Company or the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last address set forth for such holder (if any) in the Warrant Register:

If to the Company, to: Ernexa Therapeutics Inc.

Attention: Sanjeev Luther

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

Attention: Lucosky Brookman LLP

If to the Warrant Agent, to: Computershare Trust Company, N.A. Computershare Inc.

150 Royall Street

2<sup>nd</sup> floor

Canton, MA 02021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth above prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth above on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Notwithstanding any other provision of this Warrant Agreement, where this Warrant Agreement provides for notice of any event to the Holder, if this Warrant Agreement is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder's right to elect to receive a Warrant in certificated form pursuant to the terms of this Warrant Agreement, in which case this sentence shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an assignment or delegation of duties by the Warrant Agent to any affiliate of the Warrant Agent and (ii) any reorganization, merger, amalgamation, arrangement, consolidation, sale of assets or other form of business combination by the Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the Company may deem necessary or desirable so long as such amendment or supplement shall not adversely affect the interest of the Holders. All other amendments and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants; provided that if any such amendment or supplement disproportionately and adversely affects the rights of a Holder compared to other Holders, the prior written consent of such Holder shall also be required. No amendment, supplement or other modification to this Warrant Agreement shall be effective unless duly executed by the Warrant Agent and the Company. Upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 4.8 the Warrant Agent shall execute such supplement or amendment. Notwithstanding anything in this Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant Shares unless or until the Persons requesting the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person other than the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide reasonable evidence of its interest in the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Warrant Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14. If a Warrant is held in global form through DTC (or any successor depositary), such Warrant is issued subject to this Warrant Agent Agreement. To the extent any provision of a definitive Warrant conflicts with the express provisions of this Warrant Agent Agreement, the provisions of such definitive Warrant shall govern and be controlling; provided, however, that with respect to the rights, duties, obligations, liabilities and immunities of the Warrant Agent, this Warrant Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Warrant Agreement including the fees for services set forth in the fee schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16. The Company shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exercise of Warrants; Fundamental Transactions; Adjustments; Opinion of Counsel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. In connection with Section 4 of the Warrant, upon the exercise of the purchase rights represented by a Warrant, the Company shall as soon as practicable thereafter notify the Warrant Agent of the exercise by delivery to the Warrant Agent of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. In connection with Section 4 of the Warrant, following any receipt by the Company of a Notice of Exercise through the DTC system, the Company shall as soon as practicable thereafter provide written notice to the Warrant Agent of such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. In connection with Section 5 of the Warrant, the Warrant Agent shall (to the extent known by the Warrant Agent), as soon as practicable, advise the Company, and the transfer agent and registrar for the Company's Common Stock (the "Transfer Agent"), in respect of (i) the number of Warrant Shares indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or the Transfer Agent shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. In connection with Sections 5(b) and 5(c) of the Warrant, the Warrant Agent shall have no liability for the Company's failure to deliver to the Holders the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Notwithstanding anything to the contrary contained in Section 5(c) of the Warrant, the Warrant Agent will not be liable for any delays or failures in performance by the Company or the Transfer Agent or the penalties contemplated in Section 5(c) of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. In connection with Section 4 of the Warrant, in the event of a cash exercise of the Warrants, the Company shall instruct the Warrant Agent in writing as to the cost basis for the newly issued shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. In connection with Section 9(d) of the Warrant, in the event of a Fundamental Transaction, the Company shall instruct the Warrant Agent in writing to mail by first class mail, postage prepaid, or by e-mail, to each Holder, written notice of the execution of any amendment, supplement or agreement with the Successor Entity adding the Successor Entity to the term "Company" under the Warrant. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. In connection with Section 9(g) of the Warrant, upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Certain Definitions</u>. As used herein, the following terms shall have the following meanings:

"<u>Affiliate</u>" means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, but only for so long as such control shall continue. For purposes of this definition, "control" (including, with correlative meanings, "controlled by," "controlling" and "under common control with") means, with respect to a Person, possession, direct or indirect, of (a) the power to direct or cause direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), or (b) at least 50% of the voting securities (whether directly or pursuant to any option, warrant or other similar arrangement) or other comparable equity interests.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock are then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

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

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

"<u>Trading Day</u>" means any day on which the Common Stock are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market in the United States on which the Common Stock are then traded, provided that "Trading Day" shall not include any day on which the Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

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

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

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, this Warrant Agent Agreement has been duly executed by the parties hereto as of the day and year first above written.

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| | |
|:---|:---|
| **ERNEXA THERAPEUTICS INC.** | **ERNEXA THERAPEUTICS INC.** |
| By: | /s/ Sanjeev Luther |
| Name: | Sanjeev Luther |
| Title: | President, Chief Executive Officer, and Director |
| **COMPUTERSHARE INC.** | **COMPUTERSHARE INC.** |
| **COMPUTERSHARE TRUST COMPANY, N.A.** | **COMPUTERSHARE TRUST COMPANY, N.A.** |
| By: | /s/ Collin Ekeogu |
| Name: | Collin Ekeogu |
| Title: | Senior Manager, Corporate Actions |

---

Annex A Form of Global Certificate

Annex B Notice of Exercise

Annex C Form of Warrant Certificate Request Notice

ANNEX A

**FORM OF GLOBAL CERTIFICATE**

ANNEX B

**NOTICE OF EXERCISE**

TO: ERNEXA THERAPEUTICS INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant Certificate (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

__________________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

__________________________________

__________________________________

__________________________________

Name of Holder: ________________________________________________________________

*Signature of Authorized Signatory of Holder*: __________________________________________

Name of Authorized Signatory: ____________________________________________________________

Title of Authorized Signatory: _____________________________________________________________

Date: _______________

ANNEX C

**[FORM OF WARRANT CERTIFICATE REQUEST NOTICE]**

**WARRANT CERTIFICATE REQUEST NOTICE**

To: Computershare Inc. and Computershare Trust Company, N.A., [WARRANT AGENT],

as Warrant Agent for Ernexa Therapeutics Inc. [ISSUER] (the "Company")

The undersigned Holder of Common Stock Purchase Warrants ("Warrants") in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

Name of Holder of Warrants in form of Global Warrants:_______________________________________________

Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants): _______________________________________________

Number of Warrants in name of Holder in form of Global Warrants:________________________________

Number of Warrants for which Definitive Certificate shall be issued:________________________________

Number of Warrants in name of Holder in form of Global Warrants after issuance: :__________________________

The Definitive Certificate shall be delivered to the following address:

_____________________________________________

_____________________________________________

_____________________________________________

_____________________________________________

The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate.

Name of Holder: ________________________________________________________________

*Signature of Authorized Signatory of Holder*: __________________________________________

Name of Authorized Signatory: ____________________________________________________________

Title of Authorized Signatory: ___________________________________________________________

Date: _______________

## Exhibit 99.1

**Exhibit 99.1**

**Ernexa Therapeutics Announces Pricing of $10.5 Million Public Offering**

**CAMBRIDGE, Mass., February 6, 2026 (GLOBE NEWSWIRE) —** <u>Ernexa Therapeutics Inc</u>. (Nasdaq: ERNA) ("Ernexa" or the "Company"), an industry innovator developing novel cell therapies for the treatment of advanced cancer and autoimmune disease, today announced the pricing of a best-efforts registered public offering of 21,000,000 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 21,000,000 shares of common stock, at a combined public offering price of $0.50 per share (or per common stock equivalent in lieu thereof) and accompanying warrant.

The warrants will have an exercise price of $0.68 per share, will be exercisable upon issuance, and will expire on the earlier to occur of (i) the five-year anniversary of the initial issuance date, or (ii) the 180<sup>th</sup> calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101. The closing of the offering is expected to occur on or about February 10, 2026, subject to the satisfaction of customary closing conditions.

Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as the exclusive placement agent for the offering.

Ernexa intends to use the net proceeds from the offering to support the advancement of its development programs, working capital, and general corporate purposes.

The aggregate gross proceeds to the Company from the offering are expected to be approximately $10.5 million, before deducting placement agent fees and other offering expenses payable by the Company. The potential additional gross proceeds to the Company from the exercise of the warrants, if fully exercised on a cash basis, would be approximately $14.3 million. No assurance can be given that any warrants will be exercised.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-293150), as amended, which was declared effective by the Securities and Exchange Commission (the "SEC") on February 5, 2026. The offering is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov and a final prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC's website at <u>http://www.sec.gov</u> and may also be obtained, when available, by contacting Brookline Capital Markets, a division of Arcadia Securities, LLC at 600 Lexington Avenue, 30th Floor, New York, New York 10022, by phone at (646) 603-6716.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

**About Ernexa Therapeutics**

Ernexa Therapeutics (NASDAQ: ERNA) is developing innovative cell therapies for the treatment of advanced cancer and autoimmune diseases. Ernexa's core technology focuses on engineering induced pluripotent stem cells (iPSCs) and transforming them into induced mesenchymal stem cells (iMSCs). Ernexa's allogeneic synthetic iMSCs provide a scalable, off-the-shelf treatment solution, without needing patient-specific cell harvesting.

ERNA-101 is the Company's lead cell therapy product, designed to activate and regulate the immune system's response to recognize and attack cancer cells. ERNA-201 is a cell therapy product designed to target inflammation and treat autoimmune disease. The Company's initial focus is to develop ERNA-101 for the treatment of ovarian cancer.

For more information, visit <u>www.ernexatx.com</u>.

**Media Contact**

Sharon Golubchik

RAYNZ

<u>sharon@raynzhealth.com</u>

**Investor Contact**

Jenene Thomas

JTC Team, LLC

(908) 824-0775

<u>ENRA@jtcir.com</u>

###