Document:

FORM
OF CONSULTING AGREEMENT

 

Dated
as of May 13, 2019

 

This
Consulting Agreement (“Agreement”) is made and entered into as of the date first set forth above (the
“Effective Date”), by and between ORBITAL TRACKING CORP, a Nevada corporation (the “Company”) and
___________, a ___________ company (“Consultant”). Each of the Company and Consultant may be referred to herein
individually as a “Party” and collectively as the “Parties.”

 

W
I T N E S S E T H:

 

WHEREAS,
the Company provides a variety of satellite communication and asset tracking solutions, including ground station construction,
specialized engineering services and product design along with the manufacture of dual-mode tracking devices (the “Business”);

 

WHEREAS,
Consultant is in the business of, among other things, providing services to Companies such as the Company; and

 

WHEREAS,
the Company desires to engage Consultant, and Consultant desires to be engaged by the Company, on a non-exclusive basis, to render
the Services (as hereinafter defined) in connection with the Business to and on behalf of the Company and its subsidiaries and
affiliated entities, upon the terms and subject to the conditions and limitations set forth herein.

 

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

 

	 	1.	Recitals.
    The foregoing recitals are true and correct and are incorporated herein by this reference.
	 	 	 
	 	2.	Engagement.
    In exchange for the compensation as set forth herein and subject to the other terms and conditions hereinafter set forth,
    the Company hereby engages Consultant during the Term (as defined below), on a non-exclusive basis, to render the Services
    set forth in Section 3 as an independent contractor of the Company, and Consultant hereby accepts such engagement. 

 

	 	3.	Services.
    

 

	 	(a)	Subject
    to the terms and conditions and for the Term, Consultant shall provide the Company with the consulting and other services
    as set forth on Exhibit A attached hereto, together with such additional services as agreed to by the Company
    and Consultant in writing following the Effective Date (collectively, the “Services”):
	 	 	 
	 	(b)	Consultant will
    use its commercially reasonable efforts to provide the Services using the best of its professional skills and in a manner
    consistent with generally accepted standards for the performance of such work.

 

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	 	4.	Compensation
    and Expenses. As compensation for its performances called for hereunder this Agreement, Consultant shall be entitled to
    the following:

 

	 	(a)	the
    right to participate in the Company’s private offering closed as of even date hereof of certain convertible 6% promissory
    notes in an aggregate amount of up to a maximum of $44,000 (the “Offered Notes”) the form of which is as attached
    hereto as Exhibit B (the “Offering Notes”); 
	 	 	 
	 	(b)	the issuance upon
    its execution of this Agreement of a separate 6% convertible promissory note in the fixed amount of $12,500, which the parties
    acknowledge was negotiated at length amongst them, and which the Consultant further acknowledges having full knowledge and
    understanding of, as well as the risks relating thereunto by reason of its intention to participate in the private offering
    of the Offered Notes referenced in Section 4(a) above, which note takes substantially the same form as that of the Offering
    Notes (the “Privately Negotiated Notes”; along with the Offering Notes, referred to herein collectively as the
    “Notes”). The Notes will be convertible into shares of common stock, par value $0.0001 per share, of the Company
    (the “Common Stock”) at a conversion price of $0.10, subject to a beneficial ownership limitation of 4.99% of
    the Common Stock, which may be waived by the Investor upon 120 days’ prior written notice to the Company; 
	 	 	 
	 	(c)	payment
    of retainer of $                ,
    payable upon execution of this agreement; and
	 	 	 
	 	(d)	monthly
    payment in the amount of $                
    for a period of six months for each month of consultancy completed, payable on such frequency commencing within 30
    days after execution of this agreement, which shall constitute full payment to Consultant hereunder.

 

Consultant
agrees that it will pay its own costs and expenses in connection with the provision of the Services. Furthermore, Consultant agrees
that any equipment provided by the Company to Consultant in connection with or furtherance of Consultant’ provision of the
Services under this Agreement, including, but not limited to, computers, laptops, and personal management tools, shall, immediately
upon the termination of this Agreement, be returned to the Company.

 

	 	5.	No
    Employee Status, No Securities Sales. The Parties also acknowledge and agree that Consultant is an independent contractor
    and is not an employee or agent of Company in its position as a consultant and advisor. As such, Company shall not be liable
    for any employment tax, withholding tax, social security tax, worker’s compensation or any other tax, insurance, expense
    or liability with respect to any or all compensation, reimbursements and remuneration Consultant may receive hereunder, all
    of which shall be the sole responsibility of Consultant. Consultant is solely responsible for the reporting and payment of,
    all pertinent federal, state, or local self-employment or income taxes, licensing fees, or any other taxes or assessments
    levied by governmental authorities, as well as for all other liabilities or payments related to those services. The Parties
    also acknowledge and agree that Consultant is not a licensed securities broker or salesperson, and that Consultant will not
    be participating in, nor compensated for, any unlicensed securities sales activities other than those permitted under any
    of the SEC exemptions. 

 

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	 	6.	Term;
    Termination. 

 

	 	(a)	The
    term of this Agreement shall commence on the Effective Date and shall continue for a period of six months thereafter (“Term”),
    unless sooner terminated in accordance with the terms herein. The Term may be renewed upon the mutual written agreement of
    the Parties via an amendment of this Agreement. 
	 	 	 
	 	(b)	Upon the termination
    or expiration of the Term, the Parties shall have no further obligations hereunder other than those which arose prior to such
    termination or are explicitly set forth herein as surviving any such termination or expiration.

 

	 	7.	Relationship
    of the Parties.

 

	 	(a)	Consultant
    is retained by the Company only for the purposes of and to the extent set forth in this Agreement, and Consultant’ relation
    to the Company during the period of its engagement hereunder shall be that of an independent contractor. Consultant shall
    not, nor, as applicable, shall any of its agents, have employee status with the Company or be entitled to participate in any
    plans, arrangements or distributions by the Company pertaining to or in connection with any pension, stock, bonus, profit-sharing
    or similar benefits as may be available to the Company’s employees. Consultant shall be responsible for the reporting
    and payment of all income and self-employment taxes for all compensation paid to Consultant hereunder. 
	 	 	 
	 	(b)	This Agreement does
    not create a relationship of principal and agent, joint venture, partnership or employment between the Company and Consultant.
    Consultant’ engagement hereunder is not a franchise or business opportunity. Neither Party shall be liable for any obligations
    incurred by the other except as expressly provided herein.
	 	 	 
	 	(c)	Consultant shall
    not have authority to enter into contracts binding the Company or to create any obligations or incur liabilities on behalf
    of the Company. Consultant shall not act or represent himself, directly or by implication, as an agent of the Company with
    any authority other than as set forth expressly in this Agreement.
	 	 	 
	 	(d)	Any person hired
    by Consultant shall be the employee of Consultant and not of the Company, and all compensation, payroll taxes, facilities
    and related expenses for any such employee shall be the sole responsibility of Consultant.

 

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	 	8.	Representations
    and Warranties.

 

	 	(a)	Representations
    and Warranties of the Company. Company represents and warrants hereunder that this Agreement and the transactions contemplated
    hereunder have been duly and validly authorized by all requisite corporate action; that Company has the full right, power
    and capacity to execute, deliver and perform its obligations hereunder; and that this Agreement, upon execution and delivery
    of the same by Company, will represent the valid and binding obligation of Company enforceable in accordance with its terms,
    subject to the application of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
    of creditors’ rights generally and general principles of equity, regardless of whether enforceability is considered
    in a proceeding at law or in equity (the “Enforceability Exceptions”). The representations and warranties set
    forth herein shall survive the termination or expiration of this Agreement.
	 	 	 
	 	(b)	Representations
    and Warranties of Consultant. Consultant represents and warrants hereunder that this Agreement and the transactions contemplated
    hereunder have been duly and validly authorized by all requisite action; that Consultant has the full right, power and capacity
    to execute, deliver and perform its obligations hereunder; and that this Agreement, upon execution and delivery of the same
    by Consultant, will represent the valid and binding obligation of Consultant enforceable in accordance with its terms, subject
    to the Enforceability Exceptions. The representations and warranties set forth herein shall survive the termination or expiration
    of this Agreement.

 

	 	9.	Indemnification.
    In the event either Party is subject to any action, claim or proceeding resulting from the other’s gross negligence
    or intentional breach of this Agreement, the Party at fault agrees to indemnify and hold harmless the other from any such
    action, claim or proceeding. Indemnification shall include all fees, costs and reasonable attorneys’ fees that the indemnified
    Party may incur. In claiming indemnification hereunder, the indemnified Party shall promptly provide the indemnifying Party
    written notice of any claim that the indemnified Party reasonably believes falls within the scope of this Agreement. The indemnified
    Party may, at its expense, assist in the defense if it so chooses, provided that the indemnifying Party shall control such
    defense, and all negotiations relative to the settlement of any such claim. Any settlement intended to bind the indemnified
    Party shall not be final without the indemnified Party’s written consent. Any liability of a Party and its officers,
    directors, controlling persons, employees or agents shall not exceed the amount of fees actually paid to Consultant by Company
    pursuant this Agreement.

 

	 	10.	Non-Solicit.

 

	 	(a)	As a
    material inducement to the Company to enter into this Agreement, Consultant agrees that unless the Company and its successors
    and assigns shall cease to engage in business, during the Term and for a period of five (5) years thereafter, Consultant shall
    not directly or indirectly solicit or hire or encourage the solicitation or hiring of any person who was an employee of the
    Company at any time on or after the date of the expiration or termination of this Agreement, unless more than six months shall
    have elapsed between the last day of such person’s employment by the Company and the first date of such solicitation
    or hiring.

 

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	 	(b)	Consultant
    agrees to indemnify and hold the Company, its members, and manager, harmless from any damages, loss, cost or liability (including
    legal fees and the cost of enforcing this indemnity) arising out of or resulting from any breach of this Section 10 of this
    Agreement if Consultant is found in a final determination by a court of competent jurisdiction to be responsible for any breach
    of this Section 10. In addition, because an award of money damages (whether pursuant to the foregoing sentence or otherwise)
    would be inadequate for any breach of this Agreement by Consultant, and any such breach would cause the Company irreparable
    harm, Consultant also agrees that, in the event of any breach or threatened breach of this Agreement, the Company will also
    be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief
    and specific performance, if Consultant is found in a final determination by a court of competent jurisdiction to be responsible
    for such action. Such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition
    to all other remedies available at law or equity to the Company. Consultant agrees that the covenants set forth in this Section
    10 do not unreasonably impair the ability of Consultant to conduct any unrelated business or to find gainful work in its field.
	 	 	 
	 	(c)	Consultant has carefully
    read and considered the provisions of this Section 10 and, having done so, agrees that the restrictions set forth in such
    Section 10 are fair and reasonable and are reasonably required for the protection of the legitimate business interests of
    the Company. In the event that a court of competent jurisdiction shall determine that any of the foregoing restrictions are
    unenforceable, the Parties hereto agree that it is their desire that such court substitute an enforceable restriction in place
    of any restriction deemed unenforceable, and that the substitute restriction be deemed incorporated herein and enforceable
    against Consultant. It is the intent of the Parties hereto that the court, in so determining any such enforceable substitute
    restriction, recognize that it is their intent that the foregoing restrictions be imposed and maintained to the greatest extent
    possible. The foregoing shall not be interpreted to limit any Party’s rights to appeal.
	 	 	 
	 	(d)	This Section 10
    shall survive the termination of this Agreement for any reason whatsoever and Consultant’s engagement in connection
    herewith.

 

	 	11.	Trade
    Names and Trademarks. Consultant agrees that it will use only such trade names, trademarks or other designations of the
    Company or any simulations thereof as may be authorized in writing by the Company. All such use shall be in accordance with
    the Company’s instructions and any such authorization may be withdrawn or modified at any time. Consultant will, in
    the event this Agreement is terminated, cease all use of any of the Company’s trade names, trademarks or other designations
    or other simulations thereof. Consultant will not register or attempt to register or assert any right of ownership in any
    of the Company’s trade names, trademarks or other designations or any simulations thereof. Consultant shall immediately
    notify the Company in writing upon learning of any potential or actual infringement of any trademark, patent, copyright or
    other proprietary right owned by or licensed to the Company, or of any actual or potential infringement by the Company of
    the rights of any third party.

 

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	 	12.	Confidential
    Information. 

 

	 	(a)	For
    purposes of this Agreement, and except as provided below, “Confidential Information” of the Company shall mean
    any confidential, proprietary or trade secret information, data or know-how which relates to the business, research, services,
    products, customers, suppliers, employees, or financial information of the Company or any of its subsidiaries or parent entities,
    including, but not limited to, product or service specifications, designs, drawings, prototypes, computer programs, models,
    business plans, marketing plans, financial data, financial statements, financial forecasts and statistical information, in
    each case that is marked as confidential, proprietary or secret, or with an alternate legend or marking indicating the confidentiality
    thereof or which, from the nature thereof should reasonably be expected to be confidential or proprietary, and any other Material
    Non-Public Information (as defined below), in each case which is disclosed by the Company or on its behalf, before or after
    the date hereof, to Consultant either in writing, orally, by inspection or in any other form or medium. Any technical or business
    information of a third person furnished or disclosed shall be deemed “Confidential Information” of the Company
    unless otherwise specifically indicated in writing to the contrary. 
	 	 	 
	 	(b)	For purposes of
    this Agreement, and except as provided below, “Material Non-Public Information” shall mean any information obtained
    by Consultant hereunder, whether otherwise constituting Confidential Information or not, with respect to which there is a
    substantial likelihood that a reasonable investor would consider such information important or valuable in making any of his,
    her or its investment decisions or recommendations to others with respect to the Company or any of its equity securities or
    debt, or any derivatives thereof, or information that is reasonably certain to have a substantial effect on the price of the
    Company’s securities or debt, or any derivatives thereof, whether positive or negative.
	 	 	 
	 	(c)	For a period of
    five (5) years from the date of its receipt, Consultant agrees to use the Confidential Information only for the purpose of
    performing the Services (the “Purpose”) and shall use reasonable care not to disclose Confidential Information
    to any non-affiliated third party, such care to be at least equal to the care exercised by Consultant as to its own Confidential
    Information, which standard of care shall not be less than the current industry standard in effect as of the date of such
    receipt. Consultant agrees that it shall make disclosure of any such Confidential Information only to employees (including
    temporary and leased employees subject to a confidentiality obligation), officers, directors, attorneys and wholly owned subsidiaries
    (collectively, “Representatives”), to whom disclosure is reasonably necessary for the Purpose. Consultant shall
    appropriately notify such Representatives that the disclosure is made in confidence and shall be kept in confidence in accordance
    with this Agreement. Consultant shall be responsible for the failure of its Representatives to comply with the terms of this
    Agreement. 

 

    	 	6	 

    	 	 	 

    

 

	 	(d)	In addition,
    Consultant agrees that, for as long as any information, including Confidential Information, continues to meet the definition
    of Confidential Information as set forth herein, Consultant shall not (1) buy or sell any securities or derivative securities
    of or related to the Company or any of its subsidiaries or parent entities, or any interest therein or (2) undertake any actions
    or activities that would reasonably be expected to result in a violation of the Securities Act of 1933, as amended, or the
    rules and regulations thereunder, or of the Securities Exchange Act of 1934, as amended, including, without limitation, Section
    10(b) thereunder, or the rules and regulations thereunder, including, without limitation, Rule 10b-5 promulgated thereunder.
    
	 	 	 
	 	(e)	Without the prior
    consent of the Company, Consultant shall not remove any proprietary, copyright, trade secret or other protective legend from
    the Confidential Information.
	 	 	 
	 	(f)	Consultant acknowledges
    that the Confidential Information disclosed hereunder may constitute “Technical Data” and may be subject to the
    export laws and regulations of the United States. Consultant agrees it will not knowingly export, directly or indirectly,
    any Confidential Information or any direct product incorporating any Confidential Information, whether or not otherwise permitted
    under this Agreement, to any countries, agencies, groups or companies prohibited by the United States Government unless proper
    authorization is obtained.
	 	 	 
	 	(g)	Nothing herein shall
    be construed as granting to Consultant or its affiliates any right or license to use or practice any of the information defined
    herein as Confidential Information and which is subject to this Agreement as well as any trade secrets, know-how, copyrights,
    inventions, patents or other intellectual property rights now or hereafter owned or controlled by the of the Company. Except
    as allowed by applicable law, Consultant shall not use any tradename, service mark or trademark of the of the Company or refer
    to the of the Company in any promotional or sales activity or materials without first obtaining the prior written consent
    of the Company.
	 	 	 
	 	(h)	The obligations
    imposed in this Agreement shall not apply to any information that:

 

	 	(i)	was
    already in the possession of Consultant at the time of disclosure without restrictions on its use or is independently developed
    by Consultant after the effective date of this Agreement, provided that the person or persons developing same have not used
    any information received from the Company in such development, or is rightfully obtained from a source other than from the
    Company;
	 	 	 
	 	(ii)	is in the public
    domain at the time of disclosure or subsequently becomes available to the general public through no fault of Consultant; 

 

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	 	(iii)	is obtained
    by Consultant from a third person who is under no obligation of confidence to the Company; or
	 	 	 
	 	(iv)	is disclosed without
    restriction by the Company. 

 

	 	(i)	Consultant
    may disclose such Confidential Information as required to be disclosed pursuant to the order of a court or administrative
    body of competent jurisdiction or a government agency, provided that Consultant shall notify the Company prior to such disclosure
    and shall cooperate with the Company in the event the Company elects to legally contest, request confidential treatment, or
    otherwise avoid such disclosure and shall thereafter only disclose such portion of the Confidential Information as legally
    required to disclose. 
	 	 	 
	 	(j)	Upon termination
    of this Agreement for any reason or upon request by the Company made at any time, all Confidential Information, together with
    any copies of same as may be authorized herein, shall be returned to the Company, or destroyed and certified as such by an
    officer of Consultant. Consultant may retain one copy of all written Confidential Information for its files for reference
    in the event of a dispute hereunder.
	 	 	 
	 	(k)	As between the Company
    and Consultant, the Confidential Information and any Derivative thereof (as defined below), whether created by the Company
    or Consultant, will remain the property of the Company. For purposes of this Agreement, “Derivative” shall mean:
    (i) for copyrightable or copyrighted material, any translation, abridgement, revision or other form in which an existing work
    may be recast, transformed or adapted, and which constitutes a derivative work under the Copyright laws of the United States;
    (ii) for patentable or patented material, any improvement thereon; and (iii) for material which is protected by trade secret,
    any new material derived from such existing trade secret material, including new material which may be protected by copyright,
    patent and/or trade secret.

 

	 	13.	Representations
    and Warranties. 

 

	 	(a)	Consultant
    is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated pursuant to the
    Securities Act.
	 	 	 
	 	(b)	Consultant hereby
    represent that the Restricted Stock awarded pursuant to this Agreement is being acquired for Consultant’s own account
    and not for sale or with a view to distribution thereof. Consultant acknowledges and agrees that any sale or distribution
    of shares of Restricted Stock which have vested may be made only pursuant to either (a) a registration statement on an appropriate
    form under the Securities Act of 1933, as amended (the “Securities Act”), which registration statement has become
    effective and is current with regard to the shares being sold, or (b) a specific exemption from the registration requirements
    of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel
    for the Company, prior to any such sale or distribution. Consultant hereby consent to such action as the Board or the Company
    deems necessary or appropriate from time to time to prevent a violation of, or to perfect an exemption from, the registration
    requirements of the Securities Act or to implement the provisions of this Agreement, including but not limited to placing
    restrictive legends on certificates evidencing shares of Restricted Stock (whether or not the Restrictions applicable thereto
    have lapsed) and delivering stop transfer instructions to the Company’s stock transfer agent.

 

    	 	8	 

    	 	 	 

    

 

	 	(c)	Consultant
    understands that the Restricted Stock is being offered and sold to Consultant 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 Consultant’s compliance with, the representations, warranties, agreements, acknowledgments and
    understandings of the Consultant set forth herein in order to determine the availability of such exemptions and the eligibility
    of the Consultant to acquire the Restricted Stock.
	 	 	 
	 	(d)	Consultant has been
    furnished with all documents and materials relating to the business, finances and operations of the Company and information
    that Consultant requested and deemed material to making an informed investment decision regarding its acquisition of the Restricted
    Stock. Consultant has been afforded the opportunity to review such documents and materials and the information contained therein.
    Consultant has been afforded the opportunity to ask questions of the Company and its management. Consultant understands that
    such discussions, as well as any written information provided by the Company, were intended to describe the aspects of the
    Company’s business and prospects which the Company believes to be material, but were not necessarily a thorough or exhaustive
    description and the Company makes no representation or warranty with respect to the completeness of such information and makes
    no representation or warranty of any kind with respect to any information provided by any entity other than the Company. Some
    of such information may include projections as to the future performance of the Company, which projections may not be realized,
    may be based on assumptions which may not be correct and may be subject to numerous factors beyond the Company’s control.
    Additionally, Consultant understands and represents that Consultant is acquiring the Restricted Stock notwithstanding the
    fact that the Company may disclose in the future certain material information that the Consultant has not received. Consultant
    has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with
    respect to its investment in the Restricted Stock. Consultant has full power and authority to make the representations referred
    to herein, to acquire the Restricted Stock and to execute and deliver this Agreement. Consultant, either personally, or together
    with Consultant’s advisors has such knowledge and experience in financial and business matters as to be capable of evaluating
    the merits and risks of an investment in the Restricted Stock, is able to bear the risks of an investment in the Restricted
    Stock and understands the risks of, and other considerations relating to, a purchase of the Restricted Stock. The Consultant
    and its advisors have had a reasonable opportunity to ask questions of and receive answers from the Company concerning the
    Restricted Stock. Consultant’s financial condition is such that Consultant is able to bear the risk of holding the Restricted
    Stock that Consultant may acquire pursuant to this Agreement for an indefinite period of time, and the risk of loss of Consultant’s
    entire investment in the Company. Consultant has investigated the acquisition of the Restricted Stock to the extent Consultant
    deemed necessary or desirable and the Company has provided Consultant with any reasonable assistance Consultant has requested
    in connection therewith. No representations or warranties have been made to Consultant by the Company, or any representative
    of the Company, or any securities broker/dealer, other than as set forth in this Agreement.

 

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	 	(e)	Consultant
    also acknowledges and agrees that an investment in the Restricted Stock is highly speculative and involves a high degree of
    risk of loss of the entire investment in the Company and there is no assurance that a public market for the Restricted Stock
    will ever develop and that, as a result, Consultant may not be able to liquidate Consultant’s investment in the Restricted
    Stock should a need arise to do so. Consultant is not dependent for liquidity on any of the amounts Consultant is investing
    in the Restricted Stock. Consultant has full power and authority to make the representations referred to herein, to acquire
    the Restricted Stock and to execute and deliver this Agreement. Consultant understands that the representations and warranties
    herein are to be relied upon by the Company as a basis for the exemptions from registration and qualification of the issuance
    and sale of the Restricted Stock under the federal and state securities laws and for other purposes.
	 	 	 
	 	(f)	Consultant understands
    that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation
    or endorsement of the Restricted Stock.
	 	 	 
	 	(g)	Consultant understands
    that until such time as the Restricted Stock has been registered under the Securities Act or may be sold pursuant to Rule
    144, Rule 144A under the Securities 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 Restricted Stock 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 Restricted Stock):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE 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 A GENERALLY ACCEPTABLE FORM, 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.”

 

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	 	(h)	This
    Agreement has been duly and validly authorized by Consultant. This Agreement has been duly executed and delivered on behalf
    of Consultant, and this Agreement constitutes a valid and binding agreement of Consultant enforceable in accordance with its
    terms.
	 	 	 
	 	(i)	[Consultant
    is an LLC whose individual member is a resident of the State of Florida.]

 

	 	14.	Miscellaneous.
    

 

	 	(a)	Notices.
    All notices under this Agreement shall be in writing. Notices may be served by certified or registered mail, postage paid
    with return receipt requested; by private courier, prepaid; by other reliable form of electronic communication; or personally.
    Mailed notices shall be deemed delivered five (5) days after mailing, properly addressed. Couriered notices shall be deemed
    delivered on the date that the courier warrants that delivery will occur. Electronic communication notices shall be deemed
    delivered when receipt is either confirmed by confirming transmission equipment or acknowledged by the addressee or its office.
    Personal delivery shall be effective when accomplished. Any Party may change its address by giving notice, in writing, stating
    its new address, to the other Party. Subject to the forgoing, notices shall be sent as follows:

 

If
to the Company:

 

Orbital
Tracking Corp.

Attn:
David Phipps

18851
N.E. 29th Ave., Ste. 700

Aventura,
FL 33180

Email:
dphipps@gtc.co.uk

 

With
a copy, which shall not constitute notice, to:

 

Anthony
L.G., PLLC

Attn:
John Cacomanolis

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Email:
JCacomanolis@anthonypllc.com

 

    	 	11	 

    	 	 	 

    

 

If
to Consultant, to the address set forth below Consultant’s signature on the signature page hereof.

 

	 	(b)	Accuracy
    of Statements. No representation or warranty contained in this Agreement, and no statement delivered or information supplied
    to any Party pursuant hereto, contains an untrue statement of material fact or omits to state a material fact necessary in
    order to make the statements or information contained herein or therein not misleading. The representations and warranties
    made in this Agreement will be continued and will remain true and complete in all material respects and will survive the execution
    of the transactions contemplated hereby.
	 	 	 
	 	(c)	Entire Agreement.
    This Agreement sets forth all the promises, covenants, agreements, conditions and understandings between the Parties, and
    supersedes all prior and contemporaneous agreements, understandings, inducements or conditions, expressed or implied, oral
    or written, except as herein or therein contained. 
	 	 	 
	 	(d)	Binding Effect;
    Assignment. This Agreement shall be binding upon the Parties, their heirs, administrators, successors and assigns. The
    Company reserves the right in its sole discretion to assign this Agreement to another entity. Notwithstanding the immediately
    foregoing sentence to the contrary, except as otherwise provided in this Agreement, neither Party may otherwise assign or
    transfer its interests herein, or delegate its duties hereunder, without the written consent of the other Party. Any assignment
    or delegation of duties in violation of this provision shall be null and void. 
	 	 	 
	 	(e)	Amendment.
    The Parties hereby irrevocably agree that no attempted amendment, modification, termination, discharge or change (collectively,
    “Amendment”) of this Agreement shall be valid and effective, unless the Parties shall unanimously agree in writing
    to such Amendment.
	 	 	 
	 	(f)	No Waiver.
    No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the Party against whom
    it is asserted, and any such written waiver shall only be applicable to the specific instance to which it relates and shall
    not be deemed to be a continuing or future waiver.
	 	 	 
	 	(g)	Gender and Use
    of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural,
    as the identity of the Party or Parties, or their personal representatives, successors and assigns may require.
	 	 	 
	 	(h)	Headings.
    The article and section headings contained in this Agreement are inserted for convenience only and shall not affect in any
    way the meaning or interpretation of the Agreement.

 

    	 	12	 

    	 	 	 

    

 

	 	(i)	Governing
    Law. This Agreement, and any dispute arising out of, relating to, or in connection with this Agreement, shall be governed
    by and construed in accordance with the laws of the State of Florida, without giving effect to any choice or conflict of law
    provision or rule (whether of the State of Florida or of any other jurisdiction) that would cause the application of the laws
    of any jurisdiction other than the State of Florida. 
	 	 	 
	 	(j)	Severability;
    Expenses; Further Assurances. If any term, condition or other provision of this Agreement is determined by a court of
    competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other
    terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
    or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to
    any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
    Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
    as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as
    originally contemplated to the fullest extent possible. Except as otherwise specifically provided in this Agreement, each
    Party shall be responsible for the expenses it may incur in connection with the negotiation, preparation, execution, delivery,
    performance and enforcement of this Agreement. The Parties shall from time to time do and perform any additional acts and
    execute and deliver any additional documents and instruments that may be required by Law or reasonably requested by any Party
    to establish, maintain or protect its rights and remedies under, or to effect the intents and purposes of, this Agreement.

 

	 	(k)	Enforcement
    of the Agreement; Jurisdiction; No Jury Trial.

 

	 	(i)	Subject
    to Section 14(l), each of the Parties irrevocably agrees that any legal action or proceeding with respect to this Agreement
    and the rights and obligations arising under this Agreement, or for recognition and enforcement of any judgment or arbitral
    award or resolution in respect of this Agreement, shall be brought and determined exclusively in the courts of the State of
    Florida located in Broward County, Florida or in the event (but only in the event) that such courts do not have subject matter
    jurisdiction over such action or proceeding, in the United States District Court sitting in Broward County, Florida (the “Selected
    Courts”). Each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and
    in respect of its property, generally and unconditionally, to the personal jurisdiction of the Selected Courts and agrees
    that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in
    any court other than the Selected Courts. Each of the Parties hereby irrevocably waives, and agrees not to assert, by way
    of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim
    that it is not personally subject to the jurisdiction of the Selected Courts for any reason other than the failure to serve
    in accordance with this Section 14(k); (b) any claim that it or its property is exempt or immune from jurisdiction of any
    such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
    attachment in aid of execution of judgment, execution of judgment or otherwise); and (c) to the fullest extent permitted by
    law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum; (ii) the venue of
    such suit, action or proceeding is improper; or (iii) this Agreement, or the subject matter of this Agreement, may not be
    enforced in or by the Selected Courts.

 

    	 	13	 

    	 	 	 

    

 

	 	(ii)	EACH
    PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT SUCH
    PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF,
    UNDER, RELATING TO OR IN CONNECTION WITH THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
	 	 	 
	 	(iii)	The Consultant hereby
    expressly acknowledges that the agreements and restrictions contained herein are reasonable and necessary to protect the Company’s
    legitimate interests, that the Company would not have entered into this Agreement in the absence of such agreements and restrictions,
    and that any violation of such restrictions will result in irreparable harm to the Company. The Consultant agrees that the
    Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages,
    and specific performance of, as well as an equitable accounting of all earnings, profits and other benefits arising from any
    violation of, the agreements and restrictions contained herein, which rights shall be cumulative and in addition to any other
    rights or remedies to which the Company may be entitled. The Consultant irrevocably and unconditionally (i) agrees that any
    legal proceeding arising out of this Section 14(k)(iii) may be brought in the Selected Courts, (ii) consents to the non-exclusive
    jurisdiction of the Selected Courts in any such proceeding, and (iii) waives any objection to the laying of venue of any such
    proceeding in any Selected Court.

 

	 	(l)	Arbitration.
    Other than as set forth in Section 14(k)(iii), any controversy, claim or dispute arising out of or relating to this Agreement
    shall be resolved by arbitration in West Palm Beach, Florida pursuant to then-prevailing rules of the American Arbitration
    Association. The arbitration shall be conducted by three arbitrators, with one arbitrator selected by each Party and the third
    arbitrator selected by the two arbitrators so selected by the Parties. The arbitrators shall be bound to follow the applicable
    Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrators’ decision is final,
    and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the
    arbitrators may be entered in the Selected Courts. Each Party will pay its own expenses of arbitration and the expenses of
    the arbitrators will be equally shared provided that, if in the opinion of the arbitrators any claim, defense, or argument
    raised in the arbitration was unreasonable, the arbitrators may assess all or part of the expenses of the other Party (including
    reasonable attorneys’ fees) and of the arbitrators as the arbitrators deem appropriate. The arbitrators may not award
    either Party punitive or consequential damages.
	 	 	 
	 	(m)	Attorneys’
    Fees. If any Party hereto is required to engage in litigation against any other Party, either as plaintiff or as defendant,
    in order to enforce or defend any rights under this Agreement, and such litigation results in a final judgment in favor of
    such Party (“Prevailing Party”), then the party or parties against whom said final judgment is obtained shall
    reimburse the Prevailing Party for all direct, indirect or incidental expenses incurred, including, but not limited to, all
    attorneys’ fees, court costs and other expenses incurred throughout all negotiations, trials or appeals undertaken in
    order to enforce the Prevailing Party’s rights hereunder.
	 	 	 
	 	(n)	Parties in Interest.
    This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express
    or implied, is intended to confer upon any other person or entity any rights or remedies of any nature whatsoever under or
    by reason of this Agreement.
	 	 	 
	 	(o)	Execution in
    Counterparts, Electronic Transmission. This Agreement may be executed in any number of counterparts, each of which shall
    be deemed an original. The signature of any Party which is transmitted by any reliable electronic means such as, but not limited
    to, a photocopy, electronically scanned or facsimile machine, for purposes hereof, is to be considered as an original signature,
    and the document transmitted is to be considered to have the same binding effect as an original signature or an original document.
    

 

[Signatures
appear on following page]

 

    	 	14	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

 

	 	Orbital
    Tracking Corp., a Nevada corporation
	 	 	 
	 	By:	
	 	Name:	David
    Phipps
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	By:	      
	 	Name:	 

 

	 	Address
    for Notices:
	 	_______________________________
	 	_______________________________
	 	Email:
    __________________________

 

    	 	15	 

     

    

 

Exhibit
A

Services

 

The
“Services” are comprised of the following:

 

	 	●	Provide
    advisory services in connection with the Company’s raising capital in its firt round of financing and to otherwise provide
    general consultancy in connection with the growth and development of the Company’s business model at the further instruction
    and discretion of the Company.

 

    	 	16	 

     

    

 

Exhibit
B

Form
of Notes

 

    	 	17Exhibit 10.1

 

REGENERX BIOPHARMACEUTICALS, INC.

 

 

 

CONVERTIBLE NOTE AND WARRANT PURCHASE
AGREEMENT

 

February [__], 2019

  

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	SECTION 1.	DEFINITIONS	1
	 	 	 
	SECTION 2.	ISSUANCE AND SALE OF THE SECURITIES	4
	 	 	 
	2.1	1st Funding	4
	 	 	 
	2.2	2nd  Funding	4
	 	 	 
	SECTION 3.	THE FUNDING	4
	 	 	 
	3.1	Funding	4
	 	 	 
	3.2	Deliveries by the Company	5
	 	 	 
	3.3	Deliveries by the Investor	5
	 	 	 
	SECTION 4.	REPRESENTATIONS, WARRANTIES AND COVENANTS	6
	 	 	 
	4.1	Representations and Warranties of the Company	6
	 	 	 
	4.2	Representations and Warranties of the Investor	8
	 	 	 
	SECTION 5.	CONDITIONS TO FUNDING	9
	 	 	 
	5.1	Conditions to Funding by the Investor	9
	 	 	 
	5.2	Conditions to Funding by the Company	10
	 	 	 
	SECTION 6.	MISCELLANEOUS	11
	 	 	 
	6.1	Waivers and Amendments	11
	 	 	 
	6.2	Costs and Expenses	11
	 	 	 
	6.3	Remedies Cumulative	11
	 	 	 
	6.4	Remedies Not Waived	11
	 	 	 
	6.5	Entire Agreement	12
	 	 	 
	6.6	Specific Performance	12
	 	 	 
	6.7	Governing Law	12
	 	 	 
	6.8	Notices	12
	 	 	 
	6.9	Counterparts	13
	 	 	 
	6.10	Successors and Assigns	13
	 	 	 
	6.11	Third Parties	13
	 	 	 
	6.12	Schedules and Exhibits	13
	 	 	 
	6.13	Headings	13

 

    	 	-i-	 

     

    

 

CONVERTIBLE NOTE AND WARRANT PURCHASE
AGREEMENT

 

THIS CONVERTIBLE
NOTE AND WARRANT PURCHASE AGREEMENT (this “Agreement”), dated as of February 26, 2019, is entered
into by and between RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), and _________,
a resident of ________ (the “Investor”).

 

RECITALS

 

Whereas,
the Company has authorized the sale and issuance of (i) convertible promissory notes in the form attached hereto as Exhibit
A (the “Notes” and, the securities issuable on conversion of such Notes, the “Conversion
Shares”) and (ii) warrants, in substantially the form attached hereto as Exhibit
B (the “Warrant”), to purchase shares of the Company’s Common Stock (the “Warrant
Shares” and, along with the Conversion Shares, the Warrants and the Notes, the “Securities”),
pursuant to the terms of a series of Agreements on substantially identical terms to this Agreement;

 

Whereas,
the Company desires to fund the Notes in two tranches, the initial tranche to be funded on or before February 28, 2019, and with
the second tranche to be funded after the first patient has been enrolled in the ARISE-3 Phase 3 Clinical Trial, on the terms and
conditions set forth herein; and

 

Whereas,
the Investor desires to purchase the Securities on the terms and conditions set forth herein; and

 

Whereas,
the Company desires to issue and sell the Securities to the Investor on the terms and conditions set forth herein.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

SECTION
1.          DEFINITIONS

 

The following terms
when used in this Agreement shall have the following respective meanings:

 

“1st
Funding” has the meaning set forth in Section 3.1 hereof.

 

“1st
Funding Date” has the meaning set forth in Section 3.1 hereof.

 

“1st
Purchase Price” has the meaning set forth in Section 2.1 hereof.

 

“2nd
Funding” has the meaning set forth in Section 3.1 hereof.

 

    	 	1	 

     

    

 

“2nd
Funding Date” has the meaning set forth in Section 3.1 hereof.

 

“2nd
Purchase Price” has the meaning set forth in Section 2.2 hereof.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Applicable
Laws” has the meaning set forth in Section 4.1(f) hereof.

 

“ARISE-2”
means the Phase 2/3 clinical trial using RGN-259 to treat dry eye syndrome, which was sponsored by ReGenTree and managed by Ora,
Inc., and the results of which were reported by the Company in October 2017.

 

“ARISE-3
Phase 3 Clinical Trial” means the Phase 3 clinical trial using RGN-259 to treat dry eye syndrome, which is sponsored
by ReGenTree, in order to confirm the results of ARISE-2.

 

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

 

“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in
capital stock (whether voting or nonvoting and whether common or preferred) of such corporation and (ii) with respect to any Person
that is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person;
and in each case, any and all warrants, rights or options to purchase any of the foregoing.

 

“Certificate
of Incorporation” means the Certificate of Incorporation of the Company, as in effect and on file with the Secretary
of State of the State of Delaware on the date of this Agreement.

 

“Common
Stock” means the Common Stock of the Company, par value $0.001 per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Conversion
Shares” has the meaning set forth in the Preamble.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Governmental
Authority” means the United States, any state, county or municipality, the government of any foreign country, any
subdivision of any of the foregoing or any authority, department, commission, board, bureau, agency, court or instrumentality of
any of the foregoing.

 

“Investor”
has the meaning set forth in the Preamble.

  

“Knowledge
of the Company,” including the terms “Know,” “Known” and other
derivatives thereof, means, with respect to the Company, the actual knowledge, after reasonable investigation, of any Responsible
Officer.

 

    	 	2	 

     

    

 

“Lien”
means any mortgage, lien, pledge, security interest, easement, conditional sale or other title retention agreement or other encumbrance
of any kind except for liens relating to taxes that have accrued but are not yet payable which do not have a Material Adverse Effect.

 

“Material
Adverse Effect” means a material adverse effect upon (i) the condition (financial or otherwise), operations, business,
properties or assets of the Company, (ii) the ability of the Company to perform its obligations under this Agreement or any of
the other agreements or documents contemplated hereby to which it is a party or (iii) the legality, validity or enforceability
of this Agreement or any of the other agreements or documents contemplated hereby or the rights and remedies of the Investor and
the other parties hereunder and thereunder.

 

“Material
Agreements” has the meaning set forth in Section 4.1(e) hereof.

 

“Notes”
has the meaning set forth in the Preamble.

 

“Parties”
refers collectively to the Company and the Investor.

 

“Person”
means an individual, corporation, partnership, joint venture, trust, unincorporated organization, or Governmental Authority.

 

“ReGenTree”
means ReGenTree LLC, a Delaware limited liability company.

 

“Regulation
D” has the meaning set forth in Section 4.2(c) hereof.

 

“Responsible
Officer” means, with respect to the Company, the President and Chief Executive Officer or the Chairman of the Board
of Directors.

 

“Returns”
has the meaning set forth in Section 4.1(i) hereof.

 

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

 

“SEC Reports”
has the meaning set forth in Section 4.1(h)(i) hereof.

 

“Securities”
has the meaning set forth in the Preamble.

 

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

 

“Stockholders”
has the meaning set forth in Section 4.1(b) hereof.

 

“Tax”
or “Taxes” refers to any and all federal, state, national, local, foreign and other taxes, assessments
and other governmental charges, duties, levies, impositions and liabilities relating to taxes, including taxes based upon or measured
by gross receipts, income, profits, sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll,
recapture, employment, excise and property taxes, together with all interest, penalties and additions imposed with respect to such
amounts and any obligations under any agreements or arrangements with any other person with respect to such amounts and including
any liability for taxes of a predecessor entity.

 

    	 	3	 

     

    

 

“Warrant”
has the meaning set forth in the Preamble.

 

“Warrant
Shares” has the meaning set forth in the Preamble.

 

SECTION
2.          ISSUANCE AND SALE OF THE SECURITIES

 

2.1         1st
Funding

 

At the 1st
Funding, the Company shall issue and sell to the Investor, and such Investor shall purchase, for an aggregate purchase price of
$12,500 (the “1st Purchase Price”), from the Company, (i) a Note in the principal amount of
the 1st Purchase Price and (ii) a Warrant to purchase 78,125 Warrant Shares at an exercise price of $.18 per share.

 

2.2         2nd
Funding 

 

At the 2nd
Funding, the Company shall issue and sell to the Investor, and such Investor shall purchase, for an aggregate purchase price of
$12,500 (the “2nd Purchase Price”), from the Company, (i) a Note in the principal amount of
the 2nd Purchase Price and (ii) a Warrant to purchase 78,125 Warrant Shares at an exercise price of $.18 per share.

 

SECTION
3.          THE FUNDING

 

3.1         Funding

 

The 1st
Funding of the issuance and sale of the Securities pursuant to Section 2.1 hereof and certain of the other transactions contemplated
hereby (the “1st Funding”) shall take place within one business day following the satisfaction
of the conditions specified in Section 5 below, at such time and place as the Parties shall mutually agree (the actual date being
referred to herein as the “1st Funding Date”). The Parties agree that the 1st Funding,
in the amount of the 1st Purchase Price, may occur electronically by delivery of signatures by electronic, facsimile
or other electronic transmission, and delivery of the 1st Purchase Price by wire transfer of immediately available funds
to the account designated in writing by the Company.

 

The 2nd
Funding of the issuance and sale of the Securities pursuant to Section 2.2 hereof and certain of the other transactions contemplated
hereby (the “2nd Funding”), in the amount of the 2nd Purchase Price, shall take place within
three business day following (i) the satisfaction of the conditions specified in Section 5 below, at such time and place as the
Parties shall mutually agree, and (ii) delivery by the Company to the Investor of formal notice, including any additional documentation
reasonably requested by the Investor related thereto, that the first patient has been enrolled in the ARISE-3 Phase 3 Clinical
Trial (the actual date being referred to herein as the “2nd Funding Date”).

 

    	 	4	 

     

    

 

3.2         Deliveries
by the Company

 

At the 1st
Funding, the Company shall deliver, or cause to be delivered, to the Investor the following items:

 

(a)          A
Note in the principal amount of the 1st Purchase Price purchased by the Investor hereunder, registered in the name of
the Investor and subject to the legends and other restrictions set forth herein;

 

(b)          a
Warrant, executed by the Company and registered in the name of the Investor, pursuant to which the Investor shall have the right
to acquire the Warrant Shares issuable to the Investor pursuant to Section 2.1 on the terms set forth therein;

 

(c)          a
certificate of the Secretary or Assistant Secretary of the Company, in form and substance satisfactory to counsel for the Investor,
certifying that attached thereto are true and correct copies of (i) the Certificate of Incorporation and bylaws of the Company
(including, in each case, all amendments and modifications to the date of such certificate), and (ii) resolutions duly and validly
adopted by the Board of Directors authorizing the allotment and issuance of the Securities to the Investor, execution and delivery
of this Agreement and the consummation of the transactions contemplated hereby; and

 

(d)          a
certificate of the Secretary or Assistant Secretary of the Company, in form and substance satisfactory to counsel for the Investor,
certifying that the conditions set forth in Section 5.1(a) and (c) have been satisfied.

 

At the 2nd
Funding, the Company shall deliver or cause to be delivered to the Investor the following items:

 

(a)          A
Note in the principal amount of the 2nd Purchase Price purchased by the Investor hereunder, registered in the name of
the Investor and subject to the legends and other restrictions set forth herein;

 

(b)          a
Warrant, executed by the Company and registered in the name of the Investor, pursuant to which the Investor shall have the right
to acquire the Warrant Shares issuable to the Investor pursuant to Section 2.2 on the terms set forth therein; and

 

(c)          a
certificate of the Secretary or Assistant Secretary of the Company, in form and substance satisfactory to counsel for the Investor,
certifying that the conditions set forth in Section 5.3(a), (c) and (d) have been satisfied.

 

3.3         Deliveries
by the Investor

 

At the 1st
Funding, the Investor shall deliver or cause to be delivered to the Company the following items:

 

(a)          payment
of the 1st Purchase Price in immediately available funds by wire transfer to an account designated in writing by the
Company prior to the 1st Funding Date; and

 

    	 	5	 

     

    

 

(b)          a
fully completed and duly executed Accredited Investor Certification in the form attached hereto as Exhibit
C.

 

At the 2nd Funding,
the Investor shall deliver or cause to be delivered to the Company the following items:

 

(a)          payment
of the 2nd Purchase Price in immediately available funds by wire transfer to an account designated in writing by the
Company prior to the 2nd Funding Date; and

 

(b)          a
fully completed and duly executed Accredited Investor Certification in the form attached hereto as Exhibit
C.

 

SECTION
4.          REPRESENTATIONS, WARRANTIES AND COVENANTS

 

4.1         Representations
and Warranties of the Company

 

In order to induce the Investor to purchase
the Securities it is purchasing hereunder, the Company represents and warrants to the Investor as of the date hereof that:

 

(a)          Organization
and Standing. The Company is duly incorporated and validly existing under the laws of the State of Delaware and has all requisite
corporate power and authority to own or lease its properties and assets and to conduct its business as it is presently being conducted.

 

(b)          Capitalization.
Immediately subsequent to the consummation of the transactions contemplated by this Agreement, the authorized Capital Stock of
the Company shall be as set forth on Schedule 4.1(b) hereto. The outstanding shares of Capital Stock are all duly and validly
authorized and issued, fully paid and nonassessable, and based in part on the representations of the stockholders of the Company
(the “Stockholders”) made in connection with the issuance thereof, were issued in compliance with all
applicable federal and state securities laws.

 

(c)          Capacity
of the Company; Consents; Execution of Agreements. The Company has all requisite power, authority and capacity to enter into
this Agreement and to perform the transactions and obligations to be performed by it hereunder. The execution and delivery of this
Agreement and any agreements contemplated hereby by the Company, and the performance by the Company of the transactions and obligations
contemplated hereby and thereby, including, without limitation, the issuance and delivery of the Securities to the Investor, has
been duly authorized by all requisite action of the Company and Stockholders. This Agreement has been duly executed and delivered
by a duly authorized officer of the Company and constitutes a valid and legally binding agreement of the Company, enforceable in
accordance with its respective terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws of the United States (both state and federal), affecting the enforcement of creditors’ rights or remedies
in general and general equity principles. The Company is not required to obtain the approval of its stockholders or any approvals
under applicable state securities laws or stock exchange listing rules in connection with the execution and delivery of this Agreement
and the transactions contemplated hereby.

 

    	 	6	 

     

    

 

(d)          Status
of the Conversion Shares and Warrant Shares; Reservation of Common Stock. The Conversion Shares and Warrant Shares to be issued
and purchased hereunder, when issued by the Company to the Investor and paid for by the Investor pursuant to the terms of this
Agreement, the Note and Warrant, respectively, will (i) be duly authorized, validly issued, fully paid and nonassessable, (ii)
based on the Investor’s representations in Section 4.2, have been issued in compliance with all applicable United States
federal and state securities laws, and (iii) be free and clear of all Liens. The Company has available sufficient shares of Common
Stock for issuance pursuant to the terms of this Agreement.

 

(e)          Conflicts;
Defaults. The execution and delivery of this Agreement by the Company and the performance by the Company of the transactions
and obligations contemplated hereby to be performed by it will not (i) materially violate, conflict with, or constitute a default
under any of the terms or provisions of, the Certificate of Incorporation, the bylaws, or any provisions of, or result in the acceleration
of any obligation under, any material contract, note, debt instrument, security agreement, or other instrument to which the Company
is a party or by which the Company, or any of their assets is bound (collectively, the “Material Agreements”);
(ii) result in the creation or imposition of any Liens or claims upon the Company’s assets or upon the Company’s Common
Stock; (iii) assuming the accuracy of the Investor’s representations in Section 4.2, constitute a material violation of any
law, statute, judgment, decree, order, rule, or regulation of a Governmental Authority applicable to the Company; or (iv) constitute
an event which, after notice or lapse of time or both, would result in any of the foregoing. The Company is not presently in violation
of its Certificate of Incorporation or bylaws.

 

(f)          Compliance
with Laws. The Company is not in violation of, nor do any of its respective operations violate in any respect, any statute,
law, or regulation of any Governmental Authority applicable to the Company (“Applicable Laws”), which
violation would have a Material Adverse Effect.

 

(g)          Litigation.
As of the date hereof: (i) the Company is not subject to any order of, or written agreement or memorandum of understanding with,
any Governmental Authority which would have a Material Adverse Effect; (ii) there are no material actions, suits, claims, investigations,
or proceedings pending at law or in equity or before or by any Governmental Authority, or, to the Knowledge of the Company, threatened,
against the Company or any of its assets or properties or the transactions contemplated by this Agreement, and to the Knowledge
of the Company, there exist no facts or circumstances which reasonably could be anticipated to result in any such action, suit,
claim, investigation, or proceeding; and (iii) no Person has asserted, and, to the Knowledge of the Company, no Person has a valid
basis upon which to assert, any claims against the Company that would materially adversely affect the transactions contemplated
by this Agreement or result in or form the basis of any such action, suit, claim, investigation or proceeding. There is no material
action, suit, proceeding or investigation by the Company currently pending or which the Company intends to initiate.

 

    	 	7	 

     

    

 

(h)          Securities
Laws.

 

(i)          The
Company has filed all forms, reports and documents with the SEC required to be filed by it pursuant to the federal securities laws
and the SEC rules and regulations thereunder, all of which complied in all material respects with all applicable requirements of
the Securities Act and the Exchange Act (collectively, the “SEC Reports”). None of the SEC Reports, including,
without limitation, any financial statements or schedules included therein, at the time filed (or if amended or superseded by a
filing prior to the date of this Agreement, then on the date of such filing) 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 circumstances under which they were made, not misleading.

 

(ii)         Based
on the Investor’s representations in Section 4.2, no consent, authorization, approval, permit, or order of or filing with
any Governmental Authority is required in order for the Company to execute and deliver this Agreement or in order for the Company
to offer, issue, sell, or deliver the Securities. Based in part on the representations of the Investor and under the circumstances
contemplated hereby and under current laws and regulations, the offer, issuance, sale and delivery of the Securities to the Investor
is exempt from the registration requirements of the Securities Act.

 

(i)          Taxes.
The Company has timely filed or caused to be filed with the appropriate taxing authority all federal, state, national, local and
foreign returns, estimates, information statements and reports (“Returns”) relating to Taxes required
to be filed by the Company on or prior to the 1st Funding Date or the 2nd Funding Date, as applicable. The
Returns have accurately reflected in all material respects and will accurately reflect in all material respects all liability for
Taxes of the Company for the periods covered thereby.

 

4.2         Representations
and Warranties of the Investor

 

The Investor hereby represents and warrants
to the Company that as of the date hereof:

 

(a)          Investment
Intent. The Securities to be purchased by the Investor hereunder are being purchased for its own account and not with the view
to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. The
Investor understands that the Securities have not been registered under the Securities Act by reason of their issuance in transactions
exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(a)(2) thereof. The
Investor further understands that the certificates representing the Conversion Shares and any Warrant Shares that may be issued
pursuant to the conversion of the Note and exercise of the Warrant, respectively, will bear the following legend and the Investor
agrees that it will hold such shares subject thereto:

 

“THESE SECURITIES HAVE NOT
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.”

 

    	 	8	 

     

    

 

(b)          Capacity
of the Investor; Execution of Agreement. The Investor has all requisite power, authority and capacity to enter into this Agreement,
deliver the 1st Purchase Price and the 2nd Purchase Price, and to perform the transactions and obligations
to be performed by it hereunder. This Agreement has been duly authorized, executed and delivered by them and constitutes its valid
and legally binding obligation, enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws, both state and federal, affecting the enforcement of creditors’
rights or remedies in general from time to time in effect and the exercise by courts of equity powers or their application of principles
of public policy.

 

(c)          Accredited
Investor. The Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act (“Regulation D”).

 

(d)          Suitability
and Sophistication. (i) The Investor has such knowledge and experience in financial and business matters that it is capable
of independently evaluating the risks and merits of purchasing the Securities; (ii) the Investor has independently evaluated the
risks and merits of purchasing the Securities and has independently determined that the Securities are a suitable investment for
it; and (iii) the Investor has sufficient financial resources to bear the loss of their entire investment in the Securities.

 

(e)          Receipt
of Information. The Investor believes, after due inquiry and investigation, that it has received all of the information that
it considers necessary or appropriate for deciding whether to purchase the Securities. The Investor further represents that it
has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering
of the Securities and the business, properties, prospects and financial condition of the Company and to obtain additional information
(to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to
verify the accuracy of any information furnished to the Investor. The foregoing, however, does not limit or modify the representations
and warranties of the Company in Section 4 of this Agreement or the right of the Investor to rely thereon.

 

(f)          Independent
Existence. The Investor was not formed for the specific purpose of purchasing the Securities.

 

SECTION
5.          CONDITIONS TO FUNDING

 

5.1         Conditions
to 1st Funding by the Investor

 

The obligations of
the Investor to consummate the purchase of the Securities pursuant to Section 2 hereof and certain of the transactions contemplated
by this Agreement are subject to the satisfaction on or prior to the 1st Closing Date of the following conditions, any
of which may be waived in whole or in part in writing by the Investor: 

 

    	 	9	 

     

    

 

(a)          all
representations and warranties of the Company contained in this Agreement shall be true and correct as of the date of this Agreement
and as of the 1st Funding Date as though made anew as of such date (unless another date is specified);

 

(b)          the
Company shall have delivered to the Investor the items required by Section 3.2 of this Agreement;

 

(c)          the
Company shall have performed and complied with all agreements and conditions required by this Agreement to be performed and complied
with by it prior to or as of the 1st Funding Date; and

 

(d)          all
pre-issuance registrations, qualifications, permits and approvals required, if any, under applicable state securities laws or stock
exchange listing rules for the lawful execution and delivery of this Agreement and the offer, sale, issuance and delivery of the
Securities shall have been obtained.

 

5.2         Conditions
to Funding by the Company

 

The obligations of
the Company to consummate the issuance and sale of the Securities pursuant to Section 2.1 hereof and certain of the transactions
contemplated by this Agreement are subject to the satisfaction on or prior to the 1st Funding Date of the following
conditions, any of which may be waived, in whole or in part, in writing by the Company:

 

(a)          all
representations and warranties of the Investor contained in this Agreement shall be true and correct as of the date of this Agreement
and as of the 1st Funding Date as though made anew as of such date;

 

(b)          the
Investor shall have delivered to the Company the items required by Section 3.3 of this Agreement;

 

(c)          all
pre-issuance registrations, qualifications, permits and approvals required, if any, under applicable state securities laws or stock
exchange listing rules for the lawful execution and delivery of this Agreement and the offer, sale, issuance and delivery of the
Securities shall have been obtained; and

 

(d)          the
Investor shall have performed and complied with all agreements and conditions required by this Agreement to be performed and complied
with by it prior to or as of the 1st Funding Date.

 

5.3         Conditions
to 2nd Funding by the Investor

 

The obligations of
the Investor to consummate the issuance and sale of the Securities pursuant to Section 2.2 hereof and the 2nd Funding
contemplated by this Agreement are subject to the satisfaction on or prior to the 2nd Funding Date of the following
conditions, any of which may be waived, in whole or in part, in writing by the Investor:

 

(a)          all
representations and warranties of the Company contained in this Agreement shall be true and correct as of the date of this Agreement
and as of the 2nd Funding Date as though made anew as of such date (unless another date is specified);

 

    	 	10	 

     

    

 

(b)          the
Company shall have delivered to the Investor the items required by Section 3.3 of this Agreement;

 

(c)          the
Company shall have performed and complied with all agreements and conditions required by this Agreement to be performed and complied
with by it prior to or as of the 1st Funding Date; and

 

(d)          all
relevant documentation as may be reasonably requested by the Investor shall have been delivered by the Company to the Investor
demonstrating that the first patient has been enrolled in the ARISE-3 Phase 3 Clinical Trial.

 

SECTION
6.          MISCELLANEOUS

 

6.1         Waivers
and Amendments

 

This Agreement may
be amended or modified in whole or in part only by a writing which makes reference to this Agreement that is executed by the Investor
and the Company. The obligations of any Party hereunder may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of the party claimed to have given the waiver; provided, however,
that any waiver by any party of any violation of, breach of, or default under any provision of this Agreement or any other agreement
provided for herein shall not be construed as, or constitute, a continuing waiver of such provision, or waiver of any other violation
of, breach of or default under any other provision of this Agreement or any other agreement provided for herein.

 

6.2         Costs
and Expenses

 

Each party agrees to
pay its own costs and expenses in connection with the preparation, execution and delivery of this Agreement and other instruments
and documents to be delivered hereunder and thereunder. 

 

6.3         Remedies
Cumulative

 

No specific right,
power, or remedy conferred by this Agreement shall be exclusive, and each such right, power, or remedy shall be cumulative and
in addition to every other right, power, or remedy, whether conferred hereby or by any security of the Company or now or hereafter
available, at law or in equity, by statute or otherwise. 

 

6.4         Remedies
Not Waived

 

No course of dealing
between the Company and the Investor, and no delay in exercising any right, power, or remedy conferred hereby or by any security
issued by the Company, or now or hereafter available at law or in equity, by statute or otherwise, shall operate as a waiver of
or otherwise prejudice any such right, power, or remedy. 

 

    	 	11	 

     

    

 

6.5         Entire
Agreement

 

This Agreement and
the other agreements and instruments expressly provided for herein, together set forth the entire understanding of the parties
hereto and supersede in their entirety all prior contracts, agreements, arrangements, communications, discussions, representations
and warranties, whether oral or written, among the parties with respect to the subject matter hereof. 

 

6.6         Specific
Performance

 

The Company and the
Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that, to the fullest
extent permitted by law or equity, each of the parties shall be entitled to an injunction or injunctions to prevent or cure breaches
of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any
other remedy to which the parties may be entitled by law or equity. 

 

6.7         Governing
Law

 

This Agreement shall
in all respects be governed by and construed in accordance with the internal substantive laws of the State of Delaware without
giving effect to the principles of conflicts of law thereof. 

 

6.8         Notices

 

Any notice, request
or other communication required or permitted hereunder shall be in writing and be deemed to have been duly given (a) when personally
delivered or sent by facsimile transmission (the receipt of which is confirmed in writing), (b) one business day after being sent
by a nationally recognized overnight courier service or (c) three business days after being sent by registered or certified mail,
return receipt requested, postage prepaid, to the parties at their respective addresses set forth below.

 

If to the Company:

 

RegeneRx Biopharmaceuticals, Inc.

15245 Shady Grove Road

Suite 470

Rockville, MD 20850

Attention: J.J. Finkelstein

Facsimile: 301-208-9194

 

With a copy, which shall not constitute
notice, to:

 

Avisen Legal P.A.

901 Marquette Avenue Suite 1675

Minneapolis, MN 55402

Attention: Todd Taylor

ttaylor@avisenlegal.com

 

If to the Investor:

 

    	 	12	 

     

    

 

To the address set forth below the Investor’s
name on the signature page of this Agreement. 

 

Any party by written notice to the others
may change the address or the persons to whom notices or copies thereof shall be directed. 

 

6.9         Counterparts

 

This Agreement may
be executed in counterparts (including by facsimile or other electronic transmission), each of which shall be deemed to be an original,
and all of which together shall constitute one and the same instrument. 

 

6.10       Successors
and Assigns

 

This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.  

 

6.11       Third
Parties

 

Nothing expressed or
implied in this Agreement is intended, or shall be construed, to confer upon or give any Person other than the parties hereto any
rights or remedies under or by reason of this Agreement. 

 

6.12       Schedules
and Exhibits

 

The schedules and exhibits
attached to this Agreement are incorporated herein and shall be part of this Agreement for all purposes.

 

6.13       Headings

 

The headings in this
Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this
Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed, or have caused their duly authorized officer or representative to execute, this Securities Purchase
Agreement as of the date first above written.

 

REGENERX BIOPHARMACEUTICALS, INC.

 

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed, or have caused their duly authorized officer or representative to execute, this Securities Purchase
Agreement as of the date first above written.

 

Name of Purchaser:

 

Signature of Authorized Signatory of Purchaser: _________________________________

 

Name of Authorized Signatory:

 

Title of Authorized Signatory:

 

Facsimile Number of Authorized Signatory:

 

Address for Notice of Purchaser:

 

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

 

__________________//_______________

 

     

     

    

 

Exhibit
A

 

FORM OF NOTE

 

[ATTACHED]

 

     

     

    

 

Exhibit
B

 

FORM OF WARRANT

 

[ATTACHED]

 

     

     

    

 

Exhibit
C

 

ACCREDITED INVESTOR CERTIFICATION

 

The undersigned represents and warrants
to RegeneRx Biopharmaceuticals, Inc. (the “Company”) that the undersigned fits within each category marked
below, and that for any category marked, he, she or it has truthfully set forth any description required as provided for below.
ALL INFORMATION WILL BE KEPT STRICTLY CONFIDENTIAL. The undersigned agrees to furnish any additional information that the Company
deems necessary in order to verify the answers set forth below.

 

(PLEASE MARK EACH CATEGORY APPLICABLE TO YOU)

 

		 ̈	The undersigned is an individual (not a partnership, corporation,
etc.) whose individual net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000.

 

Explanation.
In calculating net worth you may include equity in personal property and real estate, including your principal residence, cash,
short-term investments, stock and securities. Equity in personal property and real estate should be based on the fair market value
of such property minus debt secured by such property.

 

		 ̈	The undersigned is an individual (not a partnership, corporation,
etc.) who had an income in excess of $200,000 in each of the two most recent years, or joint income with his or her spouse in excess
of $300,000 in each of those years (in each case, including foreign income, tax exempt income and full amount of capital gains
and losses, but excluding any income of other family members and any unrealized capital appreciation), and has a reasonable expectation
of reaching the same income level in the current year.

 

		 ̈	The undersigned is a director or executive officer of the Company.

 

		 ̈	The undersigned is either: (a) a bank as defined in Section 3(a)(2)
of the Securities Act of 1933, as amended (the “Act”); (b) a savings and loan association or other institution
as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity; (c) a broker dealer registered
pursuant to Section 15 of the Securities Exchange Act of 1934; (d) an insurance company as defined in Section 2(13) of the Act;
(e) an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section
2(a)(48) of the Act; (f) a small business investment company licensed by the U.S. Small Business Administration under Section 301(c)
or (d) of the Small Business Investment Act of 1958; (g) a plan established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such a plan has
total assets in excess of $5,000,000; or (h) an employee benefit plan within the meaning of the Employee Retirement Income Security
Act of 1974 (“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section
3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment advisor, or if
the employee benefit plan has total assets in excess of $5,000,000, or, if a self-directed plan, with investment decisions made
solely by persons that are accredited investors, as defined in Rule (501)(a) promulgated under the Act.

 

	 	 
	 	 
	 	(describe entity)

 

     

     

    

 

		 ̈	The undersigned is a private business development company as defined
in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

	 	 
	 	 
	 	 
	 	(describe entity)

 

		 ̈	The undersigned is an organization within the meaning of Section
501(c)(3) of the Internal Revenue Code, a corporation, a business trust, or a partnership, not formed for the specific purpose
of acquiring the Securities, with total assets in excess of $5,000,000.

 

	 	 
	 	 
	 	 
	 	(describe entity)

 

		 ̈	The undersigned is a trust with total assets in excess of $5,000,000,
not formed for the specific purpose of acquiring the Securities, whose investments are directed by a “sophisticated
person” as described in Rule 506(b)(2)(ii) promulgated under the Act.

 

		 ̈	The undersigned is an entity, all the equity owners of which are
 “accredited investors” within one or more of the above categories. If relying upon this category alone,
each equity owner must complete a separate copy of this Certificate.

 

	 	 
	 	 
	 	 
	 	(describe entity)

 

		 ̈	The undersigned does not meet the criteria of any of the categories
listed above.

 

THE UNDERSIGNED UNDERSTANDS THAT THE COMPANY
WILL RELY ON THE FOREGOING REPRESENTATIONS TO, AMONG OTHER THINGS, MAINTAIN THE EXEMPTION FOR THE ISSUANCE OF THE SECURITIES FROM
THE REQUIREMENT TO REGISTER SUCH SECURITIES UNDER THE ACT.

 

The answers to the
foregoing questions are correctly stated to the best of my knowledge, information and belief. I hereby agree to notify the Company
promptly of any changes in the foregoing information.

 

Dated: ________________

 

Name of Purchaser:

 

Signature of Authorized Signatory of Purchaser:
_________________________________

 

Name of Authorized Signatory:

 

Title of Authorized Signatory: _____________________________________

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