Document:

gnrt_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			 
		

		
			To:
		

		
			 
		

		
			VL8 Pool Inc.
		

		
			Trust Company Complex
		

		
			Ajeltake Road
		

		
			Ajeltake Island
		

		
			Majuro
		

		
			Marshall Islands MH 96960
		

		
			Attention: Jason Klopfer
		

		
			March 21, 2018
		

		
			 
		

		
			Dear Sirs
		

		
			We refer to the pool agreement dated 11 June 2015 entered into between VL8 Pool Inc. as company (the Company) and Gener8 Andriotis Inc. as participant (the Participant), relating to Gener8 Andriotis (the Agreement).
		

		
			Words and expressions defined in the Agreement shall have the same meaning where used in this notice, unless a contrary indication appears.
		

		
			Pursuant to Clause 15.1 of the Agreement, we hereby give you ninety (90) days’ notice of our termination of the Agreement and the withdrawal of the vessel Gener8 Andriotis (the Vessel) from the Pool. This ninety (90) days’ notice is subject to the Company’s option of plus or minus thirty (30) days and the fulfilment of any underlying contracts entered into by the Company in respect of the Vessel (other than the Time Charter Party) as referred to in Clause 15.1 of the Agreement.
		

		
			Please confirm receipt of this notice and specify the date on which the termination of the Agreement will take effect in accordance with Clause 15.1 of the Agreement.
		

		
			This notice and any non-contractual obligations arising out of or in connection with it are governed by and construed in accordance with English law. The courts of England shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this notice and any non-contractual obligations arising in connection with it.
		

		
			Yours faithfully
		

		
			/s/ Sean Bradley
		

		
			For and on behalf of:
		

		
			Gener8 Andriotis Inc.
		

		
			 
		

		
			as Participant
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			Schedule of Substantially Identical Agreements Omitted
		

		
			 
		

		
			1.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Perth Shipping Company Ltd. with respect to the Gener8 Apollo.
		

		
			2.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Dundee Shipping Company Ltd. with respect to the Gener8 Ares.
		

		
			3.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Edinburgh Shipping Company Ltd. with respect to the Gener8 Athena.
		

		
			4.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and GMR Atlas LLC with respect to the Gener8 Atlas.
		

		
			5.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Chiotis Inc. with respect to the Gener8 Chiotis.
		

		
			6.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Cavaliere Shipping Company Ltd. with respect to the Gener8 Constantine.
		

		
			7.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Tankers 4 Inc. with respect to the Gener8 Ethos.
		

		
			8.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and GMR George T LLC with respect to the Gener8 George T.
		

		
			9.    Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and GMR Harriet G LLC with respect to the Gener8 Harriet G.
		

		
			10.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Tankers 7 Inc. with respect to the Gener8 Hector.
		

		
			11.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Newcastle Shipping Company Ltd. with respect to the Gener8 Hera.
		

		
			12.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and GMR Hercules LLC with respect to the Gener8 Hercules.
		

		
			13.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and GMR Kara G LLC with respect to the Gener8 Kara G.
		

		
			14.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Tankers 2 Inc. with respect to the Gener8 Macedon.
		

		
			15.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and Gener8 Maniate LLC with respect to the Gener8 Maniate.
		

		
			16.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Miltiades Inc. with respect to the Gener8 Miltiades.
		

		
			17.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Tankers 1 Inc. with respect to the Gener8 Nautilus.
		

		
			18.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of September 3, 2015, by and between VL8 Pool Inc. and Gener8 Neptune LLC with respect to the Gener8 Neptune.
		

		
			19.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and STI Esles Shipping Company Ltd. with respect to the Gener8 Oceanus.
		

		
			20.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Tankers 5 Inc. with respect to the Gener8 Perseus.
		

		
			21.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and GMR Spartiate LLC with respect to the Gener8 Spartiate.
		

		
			22.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between V8 Pool Inc. and GMR St. Nikolas LLC with respect to the Gener8 St. Nikolas.
		

		
			23.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Strength Inc. with respect to the Gener8 Strength.
		

		
			24.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Success Inc. with respect to the Gener8 Success.
		

		
			25.  Notice, dated March 21, 2018, regarding the Pool Participation Agreement, dated as of June 11, 2015, by and between VL8 Pool Inc. and Gener8 Supreme Inc. with respect to the Gener8 Supreme.SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of May 01, 2018, between Medovex Corp. a Nevada
corporation (the “Company”), and the purchasers identified on the signature pages hereto (including any successors
and assigns, the “Purchaser(s)”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506(b) promulgated thereunder, the Company desires to issue and
sell to the Purchasers, and the Purchasers desire to purchase from the Company, severally and not jointly, (i) up to $1,000,000
in units of $100,000, each consisting of one thousand (1,000) shares of Series B Preferred Stock (the “Shares”) and
250,000 warrants $0.001 par value per share to purchase Common Stock at $0.75 per share for a period of three (3) years (the “Warrants”)
in substantially the form attached as Exhibit B hereto (the Shares and the Warrants are collectively referred to as the “Units”);
The Company shall have the right to accept subscriptions for Fractional Units.

 

WHEREAS,
the parties desire that, subject to the terms and conditions set forth herein, the Units shall be paid for by the Purchasers as
set forth herein;

 

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

 

ARTICLE
I.

DEFINITIONS

 

1.1.
Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Certificate of Designation (the “COD”) for the Series
B Preferred Shares in the form attached as Exhibit B hereto, and (b) the following terms have the meanings set forth in this Section
1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

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

 

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

 

“Agreements”
shall mean this Agreement, the Warrant and the COD.

 

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

 

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

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.0001, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

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“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive Common Stock.

 

“Company”
means Medovex Corporation.

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the Shares of Series B Preferred Stock.

 

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

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(gg).

 

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

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Legal
Counsel Opinion” shall have the meaning ascribed to such term in Section 4.1(c).

 

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

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

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

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

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

 

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

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

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

 

“Required
Minimum” means, as of any date (updated on a monthly basis), the maximum aggregate number of shares of Common Stock
then issuable (at the then-effective Exercise Price) pursuant to the Transaction Documents, including any Conversion Shares then
issuable upon conversion of Shares and any Warrant Shares issuable upon exercise of the Warrants), ignoring any conversion or
exercise limits set forth therein, multiplied by 2.0.

 

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“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares , Conversion Shares and the Warrant Shares.

 

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

 

“Shell
Company” means an entity that fits within the definition of a “Shell Company” under Section 12b-2 of the
Exchange Act.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

“Subsidiary”
any direct or indirect corporation, limited or general partnership, limited liability company, trust, estate, association, joint
venture or other business entity of which (A) more than 30% of (i) the outstanding capital stock having (in the absence of contingencies)
ordinary voting power to elect a majority of the board of directors or other managing body of such entity, (ii) in the case of
a partnership or limited liability company, the interest in the capital or profits of such partnership or limited liability company
or (iii) in the case of a trust, estate, association, joint venture or other entity, the beneficial interest in such trust, estate,
association or other entity business is, at the time of determination, owned or controlled directly or indirectly through one
or more intermediaries, by such entity, or (B) is under the actual control of the Company.

 

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

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, the OTCQB, the OTCQX,, or the OTCBB.

 

“Transaction
Documents” means this Agreement, the COD and the Warrant, all exhibits and schedules thereto and hereto and any other
documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Issuer Direct Corporation, LLC and any successor transfer agent of the Company.

 

“Underlying
Shares” means the Conversion Shares and the Warrant Shares.

 

“Warrant
Shares” means the shares of Common Stock issued and issuable upon exercise of the Warrants in accordance with the terms
of the Warrants.

 

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ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Purchase and Sale of Units.

 

(a)
Purchase of Units. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser and the Purchasers
shall purchase from the Company, severally and not jointly, the Units, at a Per Unit Purchase Price of $100,000.

 

(b)
Form of Payment. On the Closing Date, the (A) Purchasers, severally and not jointly, shall pay the purchase price for the
Units by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions,
against delivery of the Shares and Warrants in an amount equal to the Purchase Price.

 

(c)
Closing Date. The date and time of the issuance and sale of the Units pursuant to this Agreement (the “Closing Date”)
shall be substantially concurrently with the execution of this Agreement, or such other mutually agreed upon time.

 

2.2
Deliveries.

 

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

 

(i)
this Agreement duly executed by the Company;

 

(ii)
a legal opinion of Company Counsel, substantially in the form of Exhibit D attached hereto;

 

(iii)
the Shares; and

 

(iv)
the Warrants, duly executed by the Company, registered in the name of such Purchaser.

 

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

 

(i)
this Agreement duly executed by such Purchaser;

 

(ii)
payment of an amount equal to the aggregate dollar amount of the Units being purchased by such Purchaser, at a per Unit purchase
price of $100,000, by wire transfer either directly to the Company.

 

2.3
Closing Conditions.

 

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

 

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

 

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

 

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(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The obligation of the Purchasers hereunder to purchase the Units is subject to the following conditions being met:

 

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

 

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

 

(iii)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof and the Company shall not be
in breach of any Transaction Document;

 

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

 

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

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

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

 

(a)
Subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each of its
Subsidiaries, free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are
validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.
If the Company has no Subsidiaries, all other references to the Subsidiaries in the Transaction Documents shall be disregarded.

 

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

 

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

 

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

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.6 and (ii) the filing of a Form D with the Commission and such filings as
are required to be made under applicable state securities laws (such filings and approvals set forth in clauses (a), (b) and (c)
of this Section 3.1(e) are the “Required Filings and Approvals”).

 

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(f)
Issuance of the Securities. The issuance of the Shares and the Warrants and the Underlying Shares being issued pursuant
to this Agreement have been duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents,
will be fully paid and nonassessable, free and clear of all liens imposed by the Company other than restrictions on transfer provided
for in the Transaction Documents. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents,
will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions
on transfer provided for in the Transaction Documents. The Company has reserved the Required Minimum for issuance of the Underlying
Shares.

 

(g)
Capitalization. The capitalization of the Company is, in all material respects, as set forth in the SEC Reports as of the
respective dates thereof. Except as disclosed in the SEC Reports, no Person has (i) any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents except
for such, if any, as will have been validly waived before each Closing and (ii) except pursuant to the operation of agreements
filed as exhibits to the SEC Reports before the date of this Agreement, the issuance and sale of the Securities will not obligate
the Company to issue shares of Common Stock or other securities to any Person (other than the Purchaser) and will not result in
a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
All of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued
in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive
rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the
Board of Directors or others is required for the issuance and sale of the Securities. Except as filed as exhibits to the SEC Reports,
there are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital
stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h)
SEC Reports; Financial Statements. The Company has filed all Quarterly Reports on Form 10-Q and all Annual Reports on Form
10-K required to be filed by the Company under Section 13 or 15(d) of the Exchange Act for the two years preceding the date hereof
(the foregoing materials, in addition to all schedules, forms, statements and other documents filed with the Commission for the
two years preceding the date hereof, including any amendments thereto, the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all
material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto
as in effect at the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting
principles (“GAAP”), except as may be otherwise specified in such financial statements and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial
position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash
flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

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

 

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

 

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

 

(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other material agreement or instrument to which it is a party or by which it
or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order
of any court, arbitrator or governmental body or (iii) is or has been in violation of any statute, rule or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws applicable to its business and all such laws
that affect the environment, except in each of the foregoing cases as could not have or reasonably be expected to result in a
Material Adverse Effect.

 

    	8

    	 

    

 

(m)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where
the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(n)
Title to Assets. The Company does not own any real property. Any real property and facilities held under lease by the Company
and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries
are in compliance.

 

(o)
Patents and Trademarks. To the Company’s knowledge (without having conducted any independent investigation): (i)
the Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar
rights as described in the SEC Reports as necessary or material for use in connection with their respective businesses and which
the failure to so have could reasonably be expected to have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”); (ii) neither the Company nor any Subsidiary has received a notice (written or otherwise) that any
of the Intellectual Property Rights violates or infringes upon the rights of any Person; (iii) all such Intellectual Property
Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights, except
where the failure to be so enforceable or for such infringements as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; and (iv) the Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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

 

(q)
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Purchaser shall have no obligation with respect to any fees or with respect to any claims made
by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

    	9

    	 

    

 

(r)
Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Units by the Company to the Purchasers as contemplated
hereby. The issuance and sale of the Units hereunder does not contravene the rules and regulations of the Trading Market.

 

(s)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become subject to the Investment Company Act
of 1940, as amended.

 

(t)
Listing and Maintenance Requirements. Except as disclosed in the SEC Reports, the Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect
that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is required
to make current filings under Section 15(d) of the Exchange Act.

 

(u)
FDA. To the Company’s knowledge, it is not in violation of the Federal Food, Drug and Cosmetic Act, as amended, and
the rules and regulations thereunder, except where the violation thereof would not have a Material Adverse Effect. There is no
pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative
or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the
Company or any of its Subsidiaries has received any notice, warning letter or other communication from the U.S. Food and Drug
Administration (“FDA”) or any other governmental entity, which (i) contests the premarket clearance, licensure,
registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of,
or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension,
or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical
Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production
at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent
injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations
by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect.
The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States
of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed to the Company or any of
its Subsidiaries any concern as to approving or clearing for marketing any product being developed or proposed to be developed
by the Company. Notwithstanding the above, each Purchaser acknowledges that the Company has not obtained FDA approval of its product.

 

(v)
Disclosure. Except with respect to (i) the material terms and conditions of the transactions contemplated by the Transaction
Documents and (ii) information given to the Purchasers, if any, which the Company hereby confirms will not constitute material
non-public information six months from the date hereof, the Company confirms that neither it nor any other Person acting on its
behalf has provided the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute
material, nonpublic information. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All disclosure furnished in writing by or on behalf of the Company to
the Purchasers regarding the Company, its business and the transactions contemplated hereby, is true and correct and does not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company
during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made and when made, not misleading.

 

    	10

    	 

    

 

The
Company acknowledges and agrees that the Purchasers have not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(w)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, neither the Company, nor, to the Company’s knowledge, any of its Affiliates, nor any Person acting on its or their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes
of the Securities Act which would require the registration of any such securities under the Securities Act.

 

(x)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and each Subsidiary has filed all necessary federal, state and foreign income and franchise
tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which
has been asserted or threatened against the Company or any Subsidiary.

 

(y)
No General Solicitation. Neither the Company nor, to the Company’s knowledge, any person acting on behalf of the
Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has
offered the Securities for sale only to the Purchaser and certain other “accredited investors” within the meaning
of Rule 501 under the Securities Act.

 

(z)
Foreign Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person acting on
behalf of the Company, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government
officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose
fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is
in violation of law or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(aa)
No Disagreements with Accountants and Lawyers; Outstanding SEC Comments. There are no disagreements of any kind presently
existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently
employed by the Company and the Company is or immediately after the Closing Date will be current with respect to any fees owed
to its accountants which could affect the Company’s ability to perform any of its obligations under any of the Transaction
Documents. There are no unresolved comments or inquiries received by the Company or its Affiliates from the Commission which remain
unresolved as of the date hereof.

 

(bb)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that the Purchasers
are acting solely in the capacity of arm’s length purchasers with respect to the Transaction Documents and the transactions
contemplated thereby. The Company further acknowledges that the Purchasers are not acting as financial advisors or fiduciaries
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by the Purchasers or any of its representatives or agents in connection with the Transaction Documents and
the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further
represents to the Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents
has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

    	11

    	 

    

 

(cc)
Disqualification. No executive officer, member of the Board of Directors of the Company or shareholder of the Company beneficially
owning more than 10% of the Company’s securities is currently subject to a Disqualifying Event. For purposes of this Agreement,
“Disqualifying Event” means any conviction, order, judgment, decree, suspension, expulsion, event or other matter
set out in Rule 506(d)(1)(i) through (viii) of Regulation D that is currently in effect or which occurred within the periods set
out in Rule 506(d)(1)(i) through (viii).

 

(dd)
Solvency. As of the date hereof, the Company has no intention to file for reorganization or liquidation under the bankruptcy
or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Reports set forth as of the date hereof
all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary
has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or
amounts owed in excess of $10,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties,
endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected
in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments
in excess of $10,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary
is in default with respect to any Indebtedness. The Company has never been identified as
a “Shell Company” and otherwise complies with Rule 144(i).

 

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

 

(ff)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid
to the Company’s placement agent in connection with the placement of the Securities.

 

    	12

    	 

    

 

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

 

3.2
Representations and Warranties of each Purchaser. Each Purchaser hereby represents and warrants as of the date hereof to
the Company as follows:

 

(a)
Organization; Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate
the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against
it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)
Own Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons
to distribute or regarding the distribution of such Securities (this representation and warranty not limiting the Purchaser’s
right to sell the Securities pursuant to a registration statement or otherwise in compliance with applicable federal and state
securities laws) in violation of the Securities Act or any applicable state securities law. The Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time the Purchaser was offered the Units, it was, and as of the date hereof it is, and on each
date on which it exercises a Warrant or converts a Share it will be either: (i) an “accredited investor” as defined
in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act. The Purchaser is not required to be registered as a broker-dealer under Section
15 of the Exchange Act.

 

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

 

(e)
General Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

    	13

    	 

    

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
The Purchasers acknowledge they understand that they may only dispose of the Securities in compliance with state and federal securities
laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to
the Company or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to
provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and
substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree
in writing to be bound by the terms of this Agreement, including the representations and warranties made by each Purchaser herein,
and shall have the rights of a Purchaser under this Agreement.

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the
following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [CONVERTIBLE] HAS [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”), 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 ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL TO THE COMPANY TO SUCH EFFECT, OR COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [CONVERSION] OF THIS SECURITY]
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES, UNLESS OTHERWISE PROHIBITED
BY FEDERAL OR STATE SECURITIES LAWS.

 

The
Company acknowledges and agrees that the Purchasers may from time to time grant a security interest in some or all of the Securities
to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and
who agrees in writing with the Company to be bound by the provisions of this Agreement and, if required under the terms of such
arrangement and subject to compliance with applicable federal and state securities laws, the Purchasers may transfer secured Securities
to the secured parties. Absent special circumstances, such a transfer would not be subject to approval of the Company and no legal
opinion of legal counsel of the secured party shall be required in connection therewith. At such Purchaser’s expense, the
Company will execute and deliver such reasonable documentation as a secured party of Securities may reasonably request in connection
with a pledge or transfer of the Securities.

 

    	14

    	 

    

 

(c)
Certificates evidencing the Shares or Underlying Shares (or, if the Shares or Underlying Shares are issued in uncertificated form,
comparable share notices) shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a
registration statement covering the resale of such security is effective under the Securities Act, or (ii) following any sale
of such Shares or Underlying Shares pursuant to Rule 144, or (iii) if such Shares or Underlying Shares are eligible for sale under
Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule
144 as to such Shares or Underlying Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not otherwise
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by
the staff of the Commission), as reasonably determined by the Company. Upon any Purchaser’s request in connection with a
proposed sale of the Underlying Shares pursuant to Rule 144 and if the Company reasonably determines it is so required, upon receipt
of customary documentation from such Purchaser’s broker (if the Underlying Shares are sold in brokers transactions), the
Company shall, at its own cost and effort, retain legal counsel to provide an opinion letter to the Company’s transfer agent
opining that the Underlying Shares may be resold without registration under the Securities Act, pursuant to Rule 144, promulgated
thereunder, so long as the requirements of Rule 144 are met for any Underlying Shares to be resold thereunder (the “Legal
Counsel Opinion”). The Company shall arrange for any such opinion letter to be provided not later than two (2) business
days after the date of delivery to and receipt by the Company of a written request by such Purchaser together with (if required
in order to render the opinion) any broker’s representation letter of other customary documentation reasonably requested
by the Company evidencing compliance with Rule 144 (the “Legend Removal Date”).

 

(d)
Reserved.

 

(e)
Each Purchaser agrees that the Purchaser will sell any Securities only pursuant to either an exemption from registration or a
registration statement under the Securities Act, including any applicable prospectus delivery requirements. If the Purchaser sells
Securities pursuant to a registration statement, it shall do so in compliance with the plan of distribution set forth therein.
The Purchaser acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in
this Section 4.1 is predicated upon the Company’s reliance upon the Purchaser’s understanding set forth herein.

 

4.2
Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges
that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares
pursuant to the Transaction Documents, are, except as otherwise set forth in the Transaction Documents, unconditional and absolute
and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any
claim the Company may have against the Purchaser and regardless of the dilutive effect that such issuance may have on the ownership
of the other stockholders of the Company.

 

4.3
Furnishing of Information. The Company represents and warrants to the Purchaser that the Company files reports with the
Commission pursuant to Section 15(d) of the Exchange Act. Until the earlier to occur of the time that (i) the Purchaser owns no
Securities, or (ii) 18 months from the date hereof, the Company covenants that it will use all commercially reasonable efforts
to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to the Exchange Act. As long as the Purchaser owns Securities, if the Company
is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchaser and make publicly available
in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Securities under Rule 144. The Company
further covenants that it will use all commercially reasonable efforts to take such further action as any holder of Securities
may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without registration
under the Securities Act within the requirements of the exemption provided by Rule 144.

 

    	15

    	 

    

 

4.4
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities to
the Purchaser in a manner that would require the registration under the Securities Act of the sale of the Securities to the Purchaser.

 

4.5
Securities Laws Disclosure; Publicity. The Company shall, with the time period required under the Exchange Act disclose
the material terms of the transactions contemplated hereby by issuing a Current Report on Form 8-K regarding the transaction with
the Transaction Documents included as exhibits.

 

4.6
Shareholder Rights Plan. The Company will not make or enforce any claim will be or, provide its consent to any claim by
any other Person, that the Purchaser is an “Acquiring Person” under any control share acquisition, business
combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in
effect, or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving
Securities under the Transaction Documents or any other agreement between the Company and the Purchaser.

 

4.7
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company covenants and agrees that after the Closing Date neither it, nor any other Person acting on
its behalf, will provide the Purchasers or their agents or counsel with any information that the Company believes constitutes
material non-public information, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that the Purchasers shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.

 

4.8
Use of Proceeds. The Company shall not use any of the net proceeds from the sale of the Units for: (a) the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices), (b) the redemption of any Common Stock or Common Stock Equivalents or (c) the settlement of any
litigation.

 

4.10
Indemnification of Purchaser. Subject to the provisions of this Section 4.10, the Company will indemnify and hold the Purchasers
and their respective directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person
who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person (each,
a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages,
costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and
costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to any action, suit, claim
or proceeding brought by a third party against such Purchaser Party arising out of or relating to (a) any breach of any of the
representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents
or (b) any action instituted against a Purchaser in any capacity, or any of them or their respective Affiliates, by any stockholder
of the Company who is not an Affiliate of the Purchaser, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a breach of such Purchaser’s representations, warranties or covenants under
the Transaction Documents or any agreements or understandings a Purchaser may have with any such stockholder or any violations
by a Purchaser of state or federal securities laws or any conduct by a Purchaser which constitutes fraud, gross negligence, willful
misconduct or malfeasance). If any action shall be brought against the Purchaser Party in respect of which indemnity may be sought
pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the
right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser
Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume
such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will
not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent that a loss, claim, damage or
liability is attributable to (a) any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements
made by such Purchaser Party in this Agreement or in the other Transaction Documents, (b) any Purchaser Party’s fraud, gross
negligence, willful misconduct or malfeasance.

 

    	16

    	 

    

 

4.11
Reservation and Listing of Securities.

 

(a)
The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction
Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

 

(b)
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required
Minimum on such date, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate
or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required
Minimum at such time, as soon as possible and in any event not later than the 90th calendar day after such date.

 

(c)
The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such
Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required
Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for
listing on such Trading Market as soon as possible thereafter, (iii) provide to the Purchaser evidence of such listing and (iv)
maintain the listing of such Common Stock on any date at least equal to the Required Minimum on such date on such Trading Market
or another Trading Market.

 

4.12
Form D; Blue Sky Filings. The Company shall timely file a Form D with respect to the Securities, if it determines, in consultation
with its legal counsel, that such a filing is required under Regulation D and shall provide a copy thereof, promptly upon request
of the Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain
an exemption for, or to qualify the Securities for, sale to the Purchaser at each Closing under applicable securities or “Blue
Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser.

 

4.13
Promotional Stock Activities. Neither the Company, nor any of its officers, directors, affiliates or agents, have engaged
in any stock promotional activity that could give rise to a complaint or inquiry by the Commission alleging (i) a violation of
the anti-fraud provisions of the U.S. federal securities laws, (ii) violations of the anti-touting provisions of the U.S. federal
securities laws, (iii) improper “gun-jumping” under applicable law or (iv) improper promotion of the Company or its
securities without adequate disclosure of compensation information.

 

4.14
Transfer Agent. The Company covenants and agrees that it will at all times while the Shares and Warrants remain outstanding
to maintain a duly qualified independent transfer agent.

 

    	17

    	 

    

 

4.15
No Short Selling. Each Purchaser has and shall not, directly or indirectly, his, her or itself, through related parties,
affiliates or otherwise, (i) sell “short” or “short against the box” (as those terms are generally understood)
any equity security of the Company or (ii) otherwise engage in any transaction that involves hedging of the Purchaser’s
position in any equity security of the Company, until the Purchaser no longer owns any Securities.

 

4.16
Corporate Existence. So long as the Shares and/or Warrants remain outstanding, the Company shall not directly or indirectly
consummate any merger, reorganization, restructuring, consolidation, sale of all or substantially all of the Company’s assets
or any similar transaction or related transactions, (each such transaction, an “Organizational Change”) unless the
Company provides the Purchasers with three (3) Trading Days written notice of such Organizational Change.

 

4.17
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless
the same consideration is also offered to all of the parties to the Transaction Documents. Further, the Company shall not make
any payment of principal on the Debentures in amounts which are disproportionate to the respective principal amounts outstanding
on the Debentures at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each
Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers
as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase,
disposition or voting of Securities or otherwise.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by the Purchasers, as to the Purchasers’ obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the Purchaser, by written notice to the other parties,
if the Closing has not been consummated on or before May15, 2018; provided, however, that such termination will
not affect the right of any party to sue for any breach by the other party (or parties) and provided that the Company may unilaterally
extend this Offering until May 31, 2018. The Company’s and the Purchasers’ representations and warranties shall survive
the termination of this Agreement.

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer
agent fees, levied in connection with the delivery of any Securities to the Purchaser.

 

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

 

5.4
Piggyback Registration Rights. The Company hereby grants to the Purchaser the registration rights set forth on Exhibit
A hereto.

 

    	18

    	 

    

 

5.5
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) one Trading Day after the date of transmission,
if such notice or communication is delivered via email to the email address set forth on the signature pages attached hereto,
set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading
Day after the date of transmission, if such notice or communication is delivered via email, to the email address set forth on
the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

5.6
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Purchasers or, in the case of a waiver, by the party against
whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.

 

5.7
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.8
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any
Person to whom the Purchaser assigns or transfers any Securities, provided that such transfer complies with all applicable federal
and state securities laws and that such transferee agrees in writing with the Company to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the Purchaser.

 

5.9
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.10.

 

5.10
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an
action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

 

    	19

    	 

    

 

5.11
Survival. The representations and warranties shall survive each Closing and the delivery of the Shares and Warrants until,
with respect to the Purchasers, the Shares held by the Purchasers have been paid in full or converted into Underlying Shares,
at which time they shall expire and shall no longer be of any force or effect.

 

5.12
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such facsimile or “.pdf” signature page were an original thereof.

 

5.13
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.14
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever the Purchasers exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
the Purchasers may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however,
that in the case of a rescission of a conversion of a Share, such Purchaser shall be required to return any shares of Common Stock
subject to any such rescinded conversion or exercise notice.

 

5.15
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Securities.

 

5.16
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agrees to waive and not to assert in any action for specific performance of
any such obligation the defense that a remedy at law would be adequate.

 

    	20

    	 

    

 

5.17
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or such Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.18
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under
the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial
liquidated damages or other amounts are due and payable shall have been canceled.

 

5.19
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.20
Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
hereto.

 

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

 

5.22
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by any Purchaser in
order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in
any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents
for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum
Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of
them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction
Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to
the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof,
the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from
the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever,
interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction
Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded
to the Company, the manner of handling such excess to be at such Purchaser’s election.

 

5.23
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the
performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein
or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in their review and negotiation of the Transaction Documents. The Company has elected to provide all Purchasers
with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested
to do so by any of the Purchasers.

 

(Signature
Pages Follow)

 

    	21

    	 

    

 

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

 

	MEDOVEX CORP.	 
	 	 	 
	By:	 	 
	Name:	            	 
	Title:	 	 

 

Medovex
Corp.

3060
Royal Blvd. South, Ste. 150

Alpharetta,
GA 30022

 

Email
address for Notice: [______]

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	22

    	 

    

 

[PURCHASER
SIGNATURE PAGE TO AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed by its authorized signatory as of the date first
indicated above.

 

	Name
    of Purchaser:	 
	Signature
    of Authorized Signatory of Purchaser: 	 
	Name
    of Authorized Signatory:	 
	Title
    of Authorized Signatory:	 
	Email
    Address of Authorized Signatory:	 
	Facsimile
    Number of Authorized Signatory: 	 

 

Address
for Notice of Purchaser:

 

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

 

	EIN
    Number: 	[PROVIDE
    THIS UNDER SEPARATE COVER]

 

	Aggregate
    Dollar Amount of Units being purchased: 	$                    

 

    	23

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