Document:

Exhibit 10.14

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of August 31, 2020, by and between ALZAMEND NEURO, INC.,
a Delaware corporation, with headquarters located at 3802 Spectrum Blvd., Suite #112C, Tampa, FL 33612 (the “Company”),
and DPW HOLDINGS, INC., a Delaware corporation, with its address at 201 Shipyard Way, Suite E, Newport Beach, CA 92663
(the “Buyer”).

 

WHEREAS:

 

A. The Company and the Buyer
are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of
the Securities Act of 1933, as amended (the “1933 Act”);

 

B. Buyer desires to purchase
from the Company, and the Company desires to issue and sell to the Buyer, upon the terms and conditions set forth in this Agreement, a
Convertible Promissory Note of the Company, in the aggregate principal amount of $50,000.00 (as the principal amount thereof may be increased
pursuant to the terms thereof, and together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise
with respect thereto in accordance with the terms thereof, in the form attached hereto as Exhibit A, the “Note”),
convertible into shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”), upon the
terms and subject to the limitations and conditions set forth in such Note;

 

C. The Company wishes to issue
the Warrant (as defined below) to the Buyer as additional consideration for entering into this Agreement, as further provided herein.

 

NOW THEREFORE, in consideration
of the foregoing and of the agreements and covenants herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1. Purchase and Sale of Note.

 

a. Purchase of Note. On
the Closing Date (as defined below), the Company shall issue and sell to the Buyer, and the Buyer agrees to purchase from the Company,
the Note and the Warrant, as further provided herein.

 

b. Form of Payment. On
the Closing Date: (i) the Buyer shall pay the purchase price of $50,000.00 (the “Purchase Price”) for the Note,
to be issued and sold to it at the Closing (as defined below), by wire transfer of immediately available funds to the Company, or otherwise
in accordance with the Company’s written wiring instructions, against delivery of the Note, and (ii) the Company shall deliver
such duly executed Note and Warrant on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c. Closing Date. Subject
to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below, the date and time
of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 4:00 PM, Eastern Time
on the date first written above, or such other mutually agreed upon time.

 

d. Closing. The closing
of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location
as may be agreed to by the parties (including via exchange of electronic signatures).

 

e. Warrant Shares.
At the time of Buyer’s funding of the Note, the Company shall issue to Buyer, a warrant to purchase 16,667 of shares of its Common
Stock in the form attached hereto as Exhibit B (the “Warrant”).

 

     

     

    

 

2. Buyer’s Representations
and Warranties. The Buyer represents and warrants to the Company as of the Closing Date that:

 

a. Investment Purpose.
As of the Closing Date, the Buyer is purchasing the Note, the Warrant, and the shares of Common Stock issuable upon conversion of or otherwise
pursuant to the Note and such additional shares of Common Stock, if any, as are issuable on account of interest on the Note pursuant to
this Agreement (the “Conversion Shares”) and/or upon exercise of the Warrant (the “Warrant Shares,”
and with the Conversion Shares, the “Issuable Shares” and, collectively with the Note and the Warrant, the “Securities”)
for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or
exempted from registration under the 1933 Act; provided, however, that by making the representations herein, the
Buyer does not agree to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities
at any time in accordance with or pursuant to a registration statement or an exemption under the 1933 Act.

 

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

 

c. Information. The
Buyer and its advisors, if any, have been, furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities which have been requested by the Buyer or its advisors. The Buyer and its
advisors, if any, have been afforded the opportunity to ask questions of the Company regarding its business and affairs. Notwithstanding
the foregoing, the Company has not disclosed to the Buyer any material nonpublic information regarding the Company or otherwise and will
not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the
Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall
modify, amend or affect Buyer’s right to rely on the Company’s representations and warranties contained in Section 3
below.

 

d. Transfer or Re-sale. The
Buyer understands that (i) the sale or resale of the Securities has not been and is not being registered under the 1933 Act or any
applicable state securities laws, and the Securities may not be transferred unless (a) the Securities are sold pursuant to an effective
registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company, at the cost of the Company, an opinion
of counsel (which may be the Legal Counsel Opinion (as defined below)) that shall be in form, substance and scope customary for opinions
of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant
to an exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred
to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”))
of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an
Accredited Investor, (d) the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation
S under the 1933 Act (or a successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at
the cost of the Company, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate
transactions, which opinion shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144
may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such
Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as
that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such Securities under
the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case).
Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged in connection with a bona
fide margin account or other lending arrangement secured by the Securities, and such pledge of Securities shall not be deemed
to be a transfer, sale or assignment of the Securities hereunder, and the Buyer in effecting such pledge of Securities shall be not required
to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or otherwise.

 

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e. Legends. The
Buyer understands that until such time as the Note, Warrant, and, upon conversion of the Note and/or exercise of the Warrant in accordance
with its respective terms, the Conversion Shares and the Warrant Shares, have been registered under the 1933 Act or may be sold pursuant
to Rule 144, Rule 144A under the 1933 Act or Regulation S without any restriction as to the number of securities as of a particular
date that can then be immediately sold, the Securities may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [CONVERTIBLE/EXERCISABLE] HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN FORM, SUBSTANCE,
AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED
IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

f. Authorization; Enforcement. This
Agreement has been duly and validly authorized by the Buyer and has been duly executed and delivered on behalf of the Buyer, and this
Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and except as may be limited by the exercise of judicial discretion in applying principles of equity.

 

3. Representations and Warranties
of the Company. The Company represents and warrants to the Buyer as of the Closing Date that:

 

a. Organization and Qualification. The
Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated,
with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and
where now owned, leased, used, operated and conducted. The Company is duly qualified as a foreign corporation to do business and is in
good standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect. “Material
Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the
Company, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection
herewith.

 

b. Authorization; Enforcement. (i) The
Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note, and to consummate the transactions
contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution
and delivery of this Agreement, the Warrant, the Note, and the Issuable Shares by the Company and the consummation by it of the transactions
contemplated hereby and thereby (including without limitation, the issuance of the Note, Warrant, as well as the issuance and reservation
for issuance of the Issuable Shares issuable upon conversion of the Note and/or exercise of the Warrant) have been duly authorized by
the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, its shareholders,
or its debt holders is required, (iii) this Agreement and the Note (together with any other instruments executed in connection herewith
or therewith) have been duly executed and delivered by the Company by its authorized representative, and such authorized representative
is the true and official representative with authority to sign this Agreement, the Note and the other instruments documents executed in
connection herewith or therewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with their terms.

 

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c. Issuance of Issuable
Shares. The Issuable Shares are duly authorized and reserved for issuance and, upon conversion of the Note and exercise of the
Warrant in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens,
claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders
of the Company and will not impose personal liability upon the holder thereof.

 

d. Issuance of Note and
Warrant. The issuance of the Warrant is duly authorized and will be validly issued and free from all taxes, liens, claims and
encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of
the Company and will not impose personal liability upon the holder thereof.

 

e. SEC Documents; Financial
Statements. The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by
it with the SEC pursuant to the reporting requirements of Regulation A promulgated under the 1933 Act (“Regulation A”)
(all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto
and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC
Documents”). As of their respective dates, the SEC Documents complied in all material respects with the requirements of the
1933 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents,
at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading.

 

4. ADDITIONAL COVENANTS, AGREEMENTS AND ACKNOWLEDGEMENTS.

 

a. Best Efforts. The
parties shall use their best efforts to satisfy timely each of the conditions described in Sections 6 and 7 of this Agreement.

 

b. Form D; Blue
Sky Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation D, as needed, and to
provide a copy thereof to the Buyer promptly after such filing. The Company shall, on or before the Closing Date, take such action as
the Company shall reasonably determine is necessary to qualify the Securities for sale to the Buyer at the applicable closing pursuant
to this Agreement under applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption
from such qualification), and shall provide evidence of any such action so taken to the Buyer on or prior to the Closing Date.

 

c. Use of Proceeds. The
Company shall use the proceeds from the Note solely for the payment of legal fees of Lankler Siffert & Wohl LLP.

 

5. Transfer Agent Instructions. The
Company shall issue irrevocable instructions to the Company’s transfer agent to issue certificates, registered in the name
of the Buyer or its nominee, upon conversion of the Note and/or exercise of the Warrant, the Conversion Shares, in such amounts as specified
from time to time by the Buyer to the Company in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”).

 

6. Conditions to the Company’s
Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Buyer at the Closing is subject
to the satisfaction, at or before the Closing Date, of each of the following conditions thereto, provided that these conditions are for
the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a. The Buyer shall have executed
this Agreement and delivered the same to the Company.

 

b. The Buyer shall have delivered
the Purchase Price in accordance with Section 1(b) above.

 

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

 

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7. Conditions to the Buyer’s
Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note, on the Closing Date, is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit
and may be waived by the Buyer at any time in its sole discretion:

 

a. The Company shall have
executed this Agreement and delivered the same to the Buyer.

 

b. The Company shall have
delivered to the Buyer the duly executed Note in such denominations as the Buyer shall request and in accordance with Section 1(b) above.

 

c. The Company shall have
delivered to the Buyer the Warrant in accordance with Section 1(e) above.

 

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

 

8. Governing Law; Miscellaneous.

 

a. Governing Law; Venue. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of
conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement, the
Note, or any other agreement, certificate, instrument or document contemplated hereby shall be brought only in the state courts of New
York or in the federal courts located in the state and county of New York. The parties to this Agreement hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTIONS
CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and
costs. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement, the Note, or any other agreement, certificate, instrument or document contemplated hereby or thereby
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.

 

b. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. A
facsimile or .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and
effect as if the signature were an original, not a facsimile or .pdf signature. Delivery of a counterpart signature hereto by facsimile
or email/.pdf transmission shall be deemed validly delivery thereof.

 

c. Construction; Headings. 
This Agreement shall be deemed to be jointly drafted by the Company and the Buyer and shall not be construed against any person as the
drafter hereof. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

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d. Severability. In
the event that any provision of this Agreement, the Note, or any other agreement or instrument delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Agreement,
the Note, or any other agreement, certificate, instrument or document contemplated hereby or thereby.

 

e. Entire Agreement; Amendments. This
Agreement, the Note, and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Agreement or any agreement or instrument contemplated
hereby may be waived or amended other than by an instrument in writing signed by the Buyer.

 

f. Notices.  All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt
requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand
delivery, telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon
hand delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be
received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to
such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If to the Company, to:

 

ALZAMEND NEURO, INC.

3802 Spectrum Blvd., Suite #112C

Tampa, FL 33612

Attention: Stephan Jackman

e-mail: SJackman@Alzamend.com

 

If to the Buyer:

 

DPW HOLDINGS, INC.

201 Shipyard Way, Suite E

Newport Beach, CA 92663

Attn: Milton C. Ault, III

e-mail: Todd@DPWHoldings.com

 

g. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor the
Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding
the foregoing, subject to Section 2(f), the Buyer may assign its rights hereunder to any person that purchases Securities in a private
transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1933 Act, without the consent
of the Company.

 

h. Third Party Beneficiaries. This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other person.

 

i. Survival. The
representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder
notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to indemnify and hold harmless
the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or
alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants
and obligations under this Agreement, including advancement of expenses as they are incurred.

 

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

 

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

 

[Signature Page Follows]

 

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

 

ALZAMEND NEURO, INC.

 

	By:	 	 
	 	Name: STEPHAN JACKMAN	 
	 	Title: CHIEF EXECUTIVE OFFICER	 

 

DPW HOLDINGS, INC.

 

	By:	 	 
	 	Name: Milton C. Ault, III	 	 
	 	Title: Chief Executive Officer	 	 

 

SUBSCRIPTION AMOUNT:

 

	Principal Amount of Note: $50,000.00
	Actual Amount of Purchase Price of Note: $50,000.00*

 

* The purchase price of $50,000.00, for the Note
shall be paid contemporaneously with the full execution of the Note and all related transaction documents.

 

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EXHIBIT A

 

FORM OF NOTE

 

[attached hereto]

 

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EXHIBIT B

 

FORM OF WARRANT

 

[attached hereto]

 

    10Exhibit 10.15

 

 

March 3, 2021

 

STRICTLY CONFIDENTIAL

 

Alzamend Neuro Inc.

3802 Spectrum Boulevard, Suite 112C

Tampa, Florida 33612

 

		Attn:	Stephan Jackman

Chief Executive Officer

 

Dear Mr. Jackman:

 

This letter agreement (this
 “Agreement”) constitutes the agreement between Alzamend Neuro Inc. (the “Company”) and Spartan Capital
Securities, LLC (“Spartan”), that Spartan shall serve as the lead book-running manager (lead left) for the Company’s
registered initial public offering (the “Offering”) of approximately $15 million (the “IPO Amount”)
worth of shares of common stock of the Company, par value $0.0001 per share (the “Shares” and with the Spartan Warrants,
as such term is defined below, the “Securities”) during the Term (as defined below) of this Agreement. The terms of
the Offering and the Shares issued in connection therewith shall be mutually agreed upon by the Company and Spartan and nothing herein
implies that Spartan would have the power or authority to bind the Company and nothing herein implies that the Company shall have an obligation
to issue any Shares. It is understood that Spartan’s assistance in an Offering will be subject to the satisfactory completion of
such investigation and inquiry into the affairs of the Company as Spartan reasonably deems appropriate under the circumstances and the
execution of a definitive underwriting agreement between the Company and Spartan in connection with the Offering (the “Underwriting
Agreement”). The Company expressly acknowledges and agrees that the consummation of the Offering will be subject to, among other
things, market conditions. The execution of this Agreement does not constitute a commitment by Spartan to purchase the Shares and does
not ensure a successful Offering of the Shares. The Company and Spartan shall mutually agree on retaining other underwriters to join the
syndicate for the Offering.

 

It is understood and agreed
by Spartan and the Company that, in connection with the Offering, the Company will, subject to the immediately following paragraph, secure
an investment of no less than $6,000,000 from certain parties which are affiliates of either the Company or Ault Global Holdings, Inc.
(the “Ault Funds”), including but not limited to Ault Global Holdings, Inc. (the “AGH Parties”).
It is agreed and accepted by both parties hereto that (i) Spartan shall receive an underwriter discount in the amount of 5.0% but
no Spartan Warrants (as defined below) with respect to the Ault Funds, and (ii) that the Ault Funds shall be included within the
definition of IPO Amount. In the event that the AGH Parties determine, in their sole and absolute discretion, to raise additional funds
beyond the Ault Funds at any time, which funds shall be raised privately and not form a part of the Offering, no such additional funds
shall be governed or affected by any terms of this Agreement, including but not limited to Section A hereof.

 

Notwithstanding the foregoing,
AGH Parties need not themselves raise the entirety of the Ault Funds from the AGH Parties but may raise an amount equal to the Ault Funds
from third parties that may participate on the Offering. In such event any such funds (the “Ault Introduced Funds”)
shall count towards the amount of the Ault Funds, provided however, that Spartan shall receive the compensation set forth in Section A.
2 and A. 3 with respect to such Ault Introduced Funds, if any. For avoidance of doubt, in the event that (i) the AGH Parties raise
gross proceeds of $3,000,000 in Ault Funds themselves, then Spartan shall receive an underwriter discount in the amount of 5.0% but no
Spartan Warrants with respect to such Ault Funds, and (ii) the AGH Parties procure an additional $3,000,000 of gross proceeds from
the Ault Introduced Funds, the AGH Parties shall have met the requirement that they raise an aggregate of $6,000,000, but Spartan shall
receive an underwriter discount in the amount of 7.0% and the Spartan Warrants with respect to such Ault Introduced Funds.

 

    

     

    

 

A.            Compensation;
Reimbursement. At the closing of the Offering (a “Closing”), the Company shall compensate Spartan as follows:

 

		1.	Retainer. The Company shall pay to Spartan a $50,000 non-refundable, retainer fee upon the execution
of this Agreement to be credited against the NAE (as defined below) described in clause (4) below upon successful completion of an
Offering. In addition, the Company shall cause Spartan’s legal counsel to be paid an initial retainer in the amount of $50,000,
which amount shall be payable within two (2) Business Days from execution hereof, provided that the Company shall at such time have
received such legal counsel’s wire instructions and a fully executed copy of the engagement agreement between Spartan and such counsel.

 

		2.	Cash Fee. The Company shall pay to Spartan a cash fee, or as to an underwritten Offering an underwriter
discount, equal to 7.0% of the aggregate gross proceeds raised in each Offering.

 

		3.	Warrant Coverage. The Company shall issue to Spartan or its designees at each Closing, warrants
(the “Spartan Warrants”) to purchase that number of shares of common stock of the Company equal to 7.0% of the aggregate
number of shares of common stock placed in the Offering, whether or not sold in an Over-Allotment (as defined below). The Spartan Warrants
shall be in a customary form reasonably acceptable to Spartan, have a term of five (5) years, contain cashless exercise provisions
and piggyback registration rights, and have an exercise price equal to 125% of the offering price per share in the Offering (such price,
the “Offering Price”).

 

		4.	Expense Allowance. Concurrently out of the proceeds of the Closing, the Company also agrees to
reimburse Spartan for: (i) accountable legal expenses incurred by Spartan in connection with the Offering less the initial amount
of $50,000 discussed in Section A. 1 hereof, as well as (ii) actual non-accountable expenses (the “NAE”)
including, but not limited to, IPREO software related expenses, background check(s), tombstones, marketing related expenses; i.e.
roadshow, travel, et al. and any other expenses incurred by Spartan in connection with the transaction, (provided, however, that such
reimbursement amount in no way limits or impairs the indemnification and contribution provisions of this Agreement). The total NAE shall
not exceed one percent (1%) of the IPO Amount, exclusive of the Ault Funds.

 

		5.	Tail Financing. Spartan shall be entitled to compensation under clauses (1), (2) and (3) hereunder,
calculated in the manner set forth therein, with respect to any public or private offering or other financing or capital-raising transaction
of any kind (“Tail Financing”) to the extent that such financing or capital is provided to the Company by investors
whom Spartan had contacted during the Term or introduced to the Company during the Term (as defined below), if such Tail Financing is
consummated at any time within the 12-month period following the expiration or termination of this Agreement. This Section shall
be void in the event this Agreement is terminated pursuant to either clauses (i) or (ii) of Section G. 2 below.

 

    - 2 -

    

    

 

		6.	Alternative Transactions. In the event that, during the period commencing on the date of this Agreement
and continuing until the earlier of (i) June 10, 2023 or (ii) two years from the date that (A) the Company terminates
Spartan’s engagement prior to the execution of the Underwriting Agreement on account of Spartan’s gross negligence or willful
misconduct or (B) Spartan terminates Spartan’s engagement prior to the execution of the Underwriting Agreement for other than
Good Reason (as defined below), the Company completes a business combination, including, without limitation, any merger, acquisition or
sale of stock or assets (whether the Company is the acquiring or the acquired entity), joint venture, strategic alliance or other similar
transaction (any such transaction, an “Alternative Transaction”), then, upon the closing of such Alternative Transaction,
the Company shall pay to Spartan a fee equal to three percent (3%) of the amount of the consideration paid or received by the Company
and/or its stockholders in such Alternative Transaction, such fee to be payable in cash at the closing of the Alternative Transaction
to which it relates. The term “Alternative Transaction” shall include any transaction involving a subsidiary of the Company,
including, without limitation, any merger, acquisition or sale of stock or assets (whether the subsidiary is the acquiring or acquired
entity), joint venture, strategic alliance or other similar transaction involving a subsidiary. The fee shall become due and payable regardless
of whether Spartan introduced the other party to the Alternative Transaction to the Company. The amount of consideration paid in an Alternative
Transaction shall include, for purposes of calculating such fee, all forms of consideration paid or received by the Company and/or its
stockholders in such Alternative Transaction, including, without limitation, cash, stock or evidences of indebtedness, assumption of liabilities,
or any combination thereof. If all or portion of the consideration paid in the Alternative Transaction is other than cash or securities,
then the value of such non-cash consideration shall be the fair market value thereof on the date the Alternative Transaction is consummated
as determined by the Company’s Board of Directors acting in good faith. If such non-cash consideration consists of common stock,
options, warrants or rights for which a public trading market existed prior to the consummation for the Alternative Transaction, then
the value of such securities shall be determined based upon the closing or last sales price thereof on the date of the consummation of
the Alternative Transaction. If no public market exists for the common stock, options, warrants or other rights issued in the Alternative
Transaction, then the value thereof shall be as determined by the Company’s Board of Directors acting in good faith. If the non-cash
consideration paid in the Alternative Transaction consists of preferred stock or debt securities (regardless of whether a public trading
market existed for such preferred stock or debt securities prior to consummation of the Alternative Transaction or exists thereafter),
the value thereof shall be the liquidation value or principal amount, as the case may be. If all or a portion of the consideration payable
in connection with the Alternative Transaction includes contingent future payments, then the Company shall pay to Spartan, upon consummation
of such future portion of such Alternative Transaction, an additional cash fee, determined in accordance with this Section A. 6,
as, when and if such contingency payments are received. However, in the event of an installment purchase at a fixed price and fixed time
schedule, the Company agrees to pay the Spartan, upon consummation of the Alternative Transaction, a cash fee determined in accordance
with this Section A. 6 based upon the present value of such installment payments using a discount rate of 10%. If Spartan disagrees
with the determination of the Company’s Board of Directors with respect to any non-cash consideration, then such value shall be
determined by submission of the question to a reputable appraisal or accounting firm with experience valuing property of the nature of
the subject consideration acceptable to the Company and Spartan (the fees and expenses of whom shall be borne equally by the Company and
Spartan).

 

B.            IPO
Amount. The actual size of the Offering, the precise number of Shares to be offered by the Company and the offering price per Share
will be the subject of continuing negotiations between the Company and Spartan and will depend upon, among other factors: (i) the
capitalization of the Company at the time of the Offering, (ii) market and general economic conditions and changes in the prospects
and/or forecasts of the Company, (iii) Spartan’s review of the Company’s audited financial statements for its fiscal
year ended April 30, 2020 and subsequently filed unaudited financial statements and (iv) Spartan’s determination of the
Company’s pre-money valuation (based upon the information provided to Spartan by the Company).

 

C.            Registration
Statement. The Company will, as soon as practicable following the date hereof, prepare and file with the Securities and Exchange Commission
(the “Commission”) and the appropriate state securities authorities, a Registration Statement on Form S-1 (the
 “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), and
a prospectus included therein (the “Prospectus”) covering the Shares to be sold in the Offering and the Over-allotment
Shares (as defined below). The Registration Statement (including the Prospectus therein), and all amendments and supplements thereto,
will be in form reasonably satisfactory to Spartan and counsel to Spartan and will contain: (i) audited financial statements of the
Company and such interim and other financial statements and schedules as may be required by the Securities Act and rules and regulations
of the Commission thereunder, and (ii) a description of the business of the Company and such other disclosures regarding the Company
and its officers and directors as may be required by the Securities Act and rules and regulations of the Commission thereunder.

 

    - 3 -

    

    

 

The Registration Statement
filing will include as an exhibit a proposed form of Underwriting Agreement. The final Underwriting Agreement will be in form satisfactory
to the Company and Spartan and will include indemnification provisions and other terms and conditions customarily found in underwriting
agreements for registered public offerings. Without limiting the generality of the foregoing, the Underwriting Agreement will contain
customary representations and warranties of the Company and will further provide, in addition to the matters addressed herein, that (i) the
Company’s directors and officers and any 5% or greater holder of outstanding shares of Common Stock as of the effective date of
the Registration Statement, will enter into customary “lock-up” agreements in favor of Spartan pursuant to which such persons
and entities will agree, for a period of three (3) months from the date of the Offering, that they will neither offer, issue, sell,
contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without Spartan’s
prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) and (ii) each of the Company and
any successors of the Company will agree, for a period of three (3) months from the Closing, that each will not (a) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities
convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether
any such transaction described in clause (a) or (b) above is to be settled by delivery of shares of capital stock of the Company
or such other securities, in cash or otherwise.

 

Notwithstanding anything
herein to the contrary, in the event that Spartan determines that any of the terms provided for hereunder shall not comply with a FINRA
rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement (or include such revisions
in the final underwriting agreement) in writing upon the reasonable request of Spartan to comply with any such rules; provided that any
such amendments shall not provide for terms that are less favorable to the Company than are reflected in this Agreement.

 

D.             Over-Allotment.
The Underwriting Agreement will provide that the Company will grant to Spartan an option (the “Over-Allotment”), exercisable
within 45 days after the Closing, to acquire up to an additional 15% of the total number of Shares to be offered by the Company in the
Offering, solely for the purpose of covering over-allotments (the “Over-allotment Shares”).

 

E.             Term;
Exclusivity. The term of Spartan’s exclusive engagement as the lead book-running manager for the Offering will begin on the
date hereof and end six (6) months thereafter (the “Term”). Notwithstanding anything to the contrary contained
in this Agreement, in the event that the Offering pursuant to this Agreement shall not be carried out for any reason whatsoever during
the Term, the Company shall be obligated to pay to Spartan its actual and accountable out-of-pocket expenses related to the Offering (including,
but not limited to, the fees and disbursements of Spartan’s legal counsel, roadshow expenses and cost of background checks), subject
to the limitations set forth in Section A.4 above, and, if applicable, for electronic road show service used in connection with the
Offering. During Spartan’s engagement hereunder, and other than in connection with obtaining the Ault Funds or the Ault Introduced
Funds: (i) the Company will not, and will not permit its representatives to, other than in coordination with Spartan, contact or
solicit institutions, corporations or other entities or individuals as potential purchasers of the Shares and (ii) the Company will
not pursue any financing transaction which would be in lieu of the Offering. Furthermore, the Company agrees that during Spartan’s
engagement hereunder, all inquiries from prospective investors will be referred to Spartan. Additionally, except as set forth hereunder,
the Company represents, warrants and covenants that no brokerage or finder’s fees or commissions are or will be payable by the Company
or any subsidiary of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
third-party with respect to the Offering.

 

    - 4 -

    

    

 

F.             Information;
Reliance. The Company shall furnish, or cause to be furnished, to Spartan all information reasonably requested by Spartan for the
purpose of rendering services hereunder and conducting due diligence (all such information being the “Information”).
In addition, the Company agrees to make available to Spartan upon request from time to time the officers, directors, accountants, counsel
and other advisors of the Company. The Company recognizes and confirms that Spartan (a) will use and rely on the Information, including
any documents provided to investors in the Offering (the “Offering Documents”), and on information available from generally
recognized public sources in performing the services contemplated by this Agreement without having independently verified the same, provided,
that in the latter case, Spartan shall disclose to the Company the source of such public resources; (b) does not assume responsibility
for the accuracy or completeness of the Offering Documents or the Information and such other information provided to it by the Company;
and (c) will not make an appraisal of any of the assets or liabilities of the Company. Upon reasonable request, the Company will
meet with Spartan or its representatives to discuss all information relevant for disclosure in the Offering Documents and will cooperate
in any investigation undertaken by Spartan thereof, including any document included or incorporated by reference therein. In connection
with the Offering, at the reasonable request of Spartan, the Company shall deliver such legal letters (including, without limitation,
negative assurance letters), opinions, comfort letters, officers’ and secretary certificates and good standing certificates, all
in form and substance reasonably satisfactory to Spartan and its counsel as is customary for the Offering.

 

G.            Termination.

 

		1.	Termination; Survival. Except as provided in the first paragraph of this Agreement, Sections A.6,
G, J, K, L, M and N hereof (which first paragraph and Sections are intended to be legally binding and enforceable on and against the Company
and Spartan), this engagement letter is not intended to be a binding legal document nor a legal commitment on the part of Spartan to provide
any financing to the Company, as the agreement between the parties hereto on these matters will be embodied in the Underwriting Agreement.
Until the Underwriting Agreement has been finally negotiated and signed, the Company or Spartan may at any time terminate their further
participation in the proposed transactions contemplated hereby and the engagement by the Company of Spartan, and the party so terminating
will have no liability to the other on account of any matters provided for herein, except as provided for in this Section.

 

		2.	Effect of Termination. Regardless of which party elects to terminate its further participation
in the proposed transactions contemplated hereby and the engagement by the Company of Spartan, upon such termination, the Company agrees
to reimburse Spartan for the full amount of its actual accountable expenses incurred to such date up to a maximum of $50,000 for all such
expenses (which expenses will include, but will not be limited to, all reasonable fees and disbursements of Spartan’s counsel, travel,
lodging and other “road show” expenses, mailing, printing and reproduction expenses, and any expenses incurred by Spartan
in conducting its due diligence, including background checks of the Company’s officers and directors), less amounts, if any, previously
paid to Spartan in reimbursement for such expenses; provided, however, that Spartan will not be entitled to any such reimbursement if:
(i) Spartan terminates Spartan’s engagement prior to the execution of the Underwriting Agreement for other than Good Reason
(as defined below) or (ii) the Company terminates Spartan’s engagement prior to the execution of the Underwriting Agreement
on account of Spartan’s gross negligence or willful misconduct.

 

		3.	As used herein, the term “Good Reason” means: (i) the gross negligence or willful
misconduct of the Company, (ii) the occurrence of any domestic or international event or act or occurrence which materially disrupts,
or in Spartan’s reasonable opinion will, in the immediate future, materially disrupt, general securities markets in the United States,
(iii) if trading on the New York Stock Exchange, the NYSE American, the Nasdaq Stock Market or on the OTC Bulletin Board (or successor
trading market) shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices
for securities shall have been fixed, or maximum ranges for prices for securities shall have been required on the OTC Bulletin Board or
by order of the Commission or any other government authority having jurisdiction; or (iv) if a banking moratorium has been declared
by a New York State or federal authority, (v) the Company will have sustained a material loss by fire, flood, accident, hurricane,
earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss will have been insured, will, in Spartan’s
reasonable opinion, make it impracticable to proceed with the Offering; (vi) a material adverse change in the conditions or prospects
of the Company which would make it, in Spartan’s reasonable opinion, impracticable to proceed with the Offering.

 

    - 5 -

    

    

 

H.             Offering
Activities. While the Commission is reviewing the Registration Statement, Spartan may plan and arrange one or more “road show”
marketing trips for the Company’s management to meet with prospective investors. Such trips will include visits to a number of prospective
institutional and retail investors. The Company will pay for its own expenses, including, without limitation, the costs of recording and
hosting on the Internet of the Company’s road show presentation and travel and lodging expenses associated with such trips. During
the 45-day period prior to the filing of the Registration Statement with the Commission, and at all times thereafter prior and following
the effectiveness of the Registration Statement, the Company and its officers, directors and related parties will abide by all rules and
regulations of the Commission relating to public offerings, including, without limitation, those relating to public statements (i.e.,
 “gun jumping”) and disclosures of material non-public information. In addition, the Company will not, without the prior written
consent of Spartan, make any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined
in Rule 433 under the Securities Act, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405
under the Securities Act required to be filed with the Commission.

 

I.             Termination
of Prior Agreements. This Agreement shall become effective upon the execution by the parties hereto of the Termination Agreements
set forth on Exhibit A and Exhibit B, which provide for the termination of the Placement Agent Agreement
and the Uplisting Agreement, respectively, each of which was entered into by and between Spartan and the Company on June 10, 2019.

 

J.             Confidentiality.
Except as contemplated by the terms hereof or as required by applicable law, Spartan will keep strictly confidential all non-public Information
concerning the Company provided to Spartan No obligation of confidentiality will apply to Information that: (a) is in the public
domain as of the date hereof or hereafter enters the public domain without a breach by Spartan, (b) was known or became known by
Spartan prior to the Company’s disclosure thereof to Spartan as demonstrated by the existence of its written records, (c) becomes
known to Spartan from a source other than the Company, and other than by the breach of an obligation of confidentiality owed to the Company,
(d) is disclosed by the Company to a third party without restrictions on its disclosure or (e) is independently developed by
Spartan In the event of the consummation or public announcement of the Offering, Spartan shall have the right to disclose its participation
in the Offering, including, without limitation, the Offering at its cost of “tombstone” advertisements in financial and other
newspapers and journals.

 

K.             Indemnity.

 

		1.	In connection with the Company’s engagement of Spartan hereunder, the Company hereby agrees to indemnify
and hold harmless Spartan and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents
and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all claims,
actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the
reasonable fees and expenses of counsel), as incurred, whether or not the Company is a party thereto (collectively a “Claim”),
that are (A) related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or
any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in
connection with the Company’s engagement of Spartan, or (B) otherwise relate to or arise out of Spartan’s activities
on the Company’s behalf hereunder or pursuant to Spartan’s engagement as set forth in the Placement Agent Agreement between
the Company and Spartan dated June 10, 2019, and the Company shall reimburse any Indemnified Person for all expenses (including the
reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending
any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified
Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted
from the gross negligence or willful misconduct of any such Indemnified Person for such Claim.

 

    - 6 -

    

    

 

		2.	The Company further agrees that it will not, without the prior written consent of Spartan, settle, compromise
or consent to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder
(whether or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes
an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

		3.	Promptly upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution
of any Claim with respect to which indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing
of such complaint or of such assertion or institution 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 such Indemnified Person, the Company will assume the defense of such Claim, including the
employment of counsel for such Indemnified Person and the payment of the fees and expenses of such counsel, provided, however, that such
counsel shall be reasonably satisfactory to the Indemnified Person and provided further that if the legal counsel to such Indemnified
Person reasonably determines that having common counsel would present such counsel with a conflict of interest or if the defendant in,
or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel to such Indemnified Person reasonably
concludes that there may be legal defenses available to it or other Indemnified Persons different from or in addition to those available
to the Company, such Indemnified Person will employ its own separate counsel (limited to one law firm and local counsel, if necessary)
to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel. If
the Company does not assume the defense of such Claim, such Indemnified Person will employ its own separate counsel (limited to one law
firm and local counsel, if necessary) to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable
fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend,
contest, or otherwise protect against any Claim, the relevant Indemnified Person shall have the right, but not the obligation, to defend,
contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified
by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel (limited to one law firm and
local counsel, if necessary) and all amounts paid as a result of such Claim or the compromise or settlement thereof. In addition, with
respect to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim
and to retain his, her or its own counsel therefor at his, her or its own expense.

 

		4.	The Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court
to be unavailable for any reason then (whether or not Spartan is the Indemnified Person), the Company and Spartan shall contribute to
the Claim for which such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company,
on the one hand, and Spartan on the other, in connection with Spartan’s engagement referred to above, subject to the limitation
that in no event shall the amount of Spartan’s contribution to such Claim exceed the amount of fees actually received by Spartan
from the Company pursuant to Spartan’s engagement. The Company hereby agrees that the relative benefits to the Company, on the one
hand, and Spartan on the other, with respect to Spartan’s engagement shall be deemed to be in the same proportion as (a) the
total value paid or proposed to be paid or received by the Company pursuant to the Offering (whether or not consummated) for which Spartan
is engaged to render services bears to (b) the fee paid or proposed to be paid to Spartan in connection with such engagement.

 

    - 7 -

    

    

 

		5.	The Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall
be in addition to, and shall in no way limit or otherwise adversely affect any rights that any Indemnified Person may have at law or at
equity and (b) shall be effective whether or not the Company is at fault in any way.

 

L.             Limitation
of Engagement to the Company. The Company acknowledges that Spartan has been retained only by the Company, that Spartan is providing
services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement
of Spartan is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company
or any other person not a party hereto as against Spartan or any of its affiliates, or any of its or their respective officers, directors,
controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), employees or agents. Unless otherwise expressly agreed in writing by Spartan,
no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of Spartan, and no one other
than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that any recommendation or advice, written
or oral, given by Spartan to the Company in connection with Spartan’s engagement is intended solely for the benefit and use of the
Company’s management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf of,
and shall not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose. Spartan shall not
have the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have the right to reject
any investor introduced to it by Spartan.

 

M.             Limitation
of Spartan’s Liability to the Company. Spartan and the Company further agree that neither Spartan nor any of its affiliates
or any of its or their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors,
or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act
of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating
to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise out
of or are based on any action of or failure to act by Spartan and that are finally judicially determined to have resulted from the gross
negligence or willful misconduct of Spartan.

 

N.             Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement, will
be heard only in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly agree to
submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties hereto expressly
waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City and State of New York.
In the event Spartan or any Indemnified Person is successful in any action, or suit against the Company, arising out of or relating to
this Agreement, the final judgment or award entered shall be entitled to have and recover from the Company the costs and expenses incurred
in connection therewith, including its reasonable attorneys’ fees. Any rights to trial by jury with respect to any such action,
proceeding or suit are hereby waived by Spartan and the Company.

 

O.             Notices.
All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or e-mail, if sent to Spartan,
at the address set forth on the first page hereof, e-mail: investmentbanking@spartancapital.com, Attention: Head of Investment Banking,
and if sent to the Company, to the address set forth on the first page hereof , e-mail: Kcragun@alzamend.com, Attention: Ken Cragun,
Chief Financial Officer. Notices sent by certified mail shall be deemed received five days thereafter, notices sent by hand delivery or
overnight delivery shall be deemed received on the date of the relevant written record of receipt, notices sent by e-mail shall be deemed
received as of the date and time they were sent.

 

    - 8 -

    

    

 

P.             Conflicts.
The Company acknowledges that Spartan and its affiliates may have and may continue to have investment banking and other relationships
with parties other than the Company pursuant to which Spartan may acquire information of interest to the Company. Spartan shall have no
obligation to disclose such information to the Company or to use such information in connection with any contemplated transaction.

 

Q.             Anti-Money
Laundering. To help the United States government fight the funding of terrorism and money laundering, the federal laws of the United
States require all financial institutions to obtain, verify and record information that identifies each person with whom they do business.
This means Spartan must ask the Company for certain identifying information, including a government-issued identification number (e.g.,
a U.S. taxpayer identification number) and such other information or documents that Spartan considers appropriate to verify the Company’s
identity, such as certified articles of incorporation, a government-issued business license, a partnership agreement or a trust instrument.

 

R.             Miscellaneous.
The Company represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions
of this Agreement and the execution, delivery and performance of this Agreement does not breach or conflict with any agreement, document
or instrument to which it is a party or bound. This Agreement shall not be modified or amended except in writing signed by Spartan and
the Company. This Agreement shall be binding upon and inure to the benefit of both Spartan and the Company and their respective assigns,
successors, and legal representatives. This Agreement constitutes the entire agreement of Spartan and the Company with respect to the
subject matter hereof and supersedes any prior agreements with respect to the subject matter hereof. 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, and
the remainder of the Agreement shall remain in full force and effect. This Agreement may be executed in counterparts (including facsimile
or electronic counterparts), each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

*********************

 

    - 9 -

    

    

 

In acknowledgment that the
foregoing correctly sets forth the understanding reached by Spartan and the Company, please sign in the space provided below, whereupon
this letter shall constitute a binding Agreement as of the date indicated above.

 

	 	Very truly yours,
	 	 
	 	SPARTAN CAPITAL SECURITIES, LLC
	 	 
	 	By:	/s/ Jason Diamond
	 	 	Name: Jason Diamond 
	 	 	Title: Managing Dir., Head of Investment Banking
	 	 	Date: March 4, 2021

 

	Accepted and Agreed:	 
	 	 
	ALZAMEND NEURO INC.	 
	 	 
	By:	/s/ Stephan Jackman	 
	Name: Stephan Jackman	 
	Title: Chief Executive Officer	 

 

 

    - 10 -

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