Document:

Exhibit 10.16

 

Lock-Up Agreement

________, 202__

 

ThinkEquity

A Division of Fordham Financial Management, Inc.

17 State Street, 22nd Floor

New York, NY 10004

 

As Representative of the several Underwriters named on Schedule
1 to the Underwriting Agreement referenced below

Ladies and Gentlemen:

 

The undersigned understands
that ThinkEquity, a Division of Fordham Financial Management, Inc. (the “Representative”), proposes to enter
into an Underwriting Agreement (the “Underwriting Agreement”) with Vallon Pharmaceuticals Inc., a _______ corporation
(the “Company”), providing for the initial public offering (the “Public Offering”) of shares
of common stock, par value $0.0001 per share, of the Company (the “Common Shares”).

 

To induce the Representative
to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written
consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending [180/365]1
days after the date of the Underwriting Agreement relating to the Public Offering (the “Lock-Up Period”),
(1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired
by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively,
the “Lock-Up Securities”); (2) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise
any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer,
sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities.
Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the
prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open
market transactions after the completion of the Public Offering; provided that no filing under Section 13 or Section 16(a)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or other public announcement shall
be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market
transactions; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or to a family member or trust
for the benefit of the undersigned or a family member (for purposes of this lock-up agreement, “family member” means
any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a
charity or educational institution; (d) if the undersigned is a corporation, partnership, limited liability company or other business
entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business entity that controls, is
controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to members, partners,
stockholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of
the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; provided that in the case
of any transfer pursuant to the foregoing clauses (b), (c) (d) or (e), (i) any such transfer shall not involve a disposition
for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form
of this lock-up agreement and (iii) no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement
shall be required or shall be voluntarily made; (f) the receipt by the undersigned from the Company of Common Shares upon the
vesting of restricted stock awards or stock units or upon the exercise of options to purchase Common Shares issued under an equity
incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting
Agreement) (the “Plan Shares”) or the transfer of Common Shares or any securities convertible into Common Shares
to the Company upon a vesting event of the Company’s securities or upon the exercise of options to purchase the Company’s
securities, in each case on a “cashless” or “net exercise” basis or to cover tax obligations of the undersigned
in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, provided
that no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall
be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned
is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership
of Common Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect
that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting
or exercise and, provided further, that the Plan Shares shall be subject to the terms of this lock-up agreement;
(g) the transfer of Lock-Up Securities pursuant to agreements described in the Pricing Prospectus under which the Company has
the option to repurchase such securities or a right of first refusal with respect to the transfer of such securities, provided
that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction
in beneficial ownership of Common Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule
or report describing the purpose of the transaction; (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the
Exchange Act for the transfer of Lock-Up Securities, provided that (i) such plan does not provide for the transfer of Lock-Up
Securities during the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is
required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such
public announcement or filing shall include a statement to the effect that no transfer of Lock-Up Securities may be made under
such plan during the Lock-Up Period; (i) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant
to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and
deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further,
that any filing under Section 13 or Section 16(a) of the Exchange Act that is required to be made during the Lock-Up Period as
a result of such transfer shall include a statement that such transfer has occurred by operation of law; and (j) the transfer
of Lock-Up Securities pursuant to a bona fide third party tender offer, merger, consolidation or
other similar transaction made to all holders of the Common Shares involving a change of control (as defined below) of the Company
after the closing of the Public Offering and approved by the Company’s board of directors; provided that in the event
that the tender offer, merger, consolidation or other such transaction is not completed,
the Lock-Up Securities owned by the undersigned shall remain subject to the restrictions contained in this lock-up agreement.
For purposes of clause (j) above, “change of control” shall mean the consummation of any bona fide third party tender
offer, merger, amalgamation, consolidation or other similar transaction the result of which is that any “person” (as
defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock of the Company. The undersigned also agrees
and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer
of the undersigned’s Lock-Up Securities except in compliance with this lock-up agreement.

 

 

 

1
365 days to be inserted if officer or director and 180 days to be inserted if any other holder of common stock.

 

     

     

    

 

The undersigned agrees
that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement during
the period from the date hereof to and including the 34th day following the expiration of the Lock-Up Period, the undersigned
will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received
written confirmation from the Company that the Lock-Up Period has expired.

 

If the undersigned
is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable
to any issuer-directed or “friends and family” securities that the undersigned may purchase in the Public Offering;
(ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the
foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending
release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by
press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any
release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business
days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver
is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing
to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in
effect at the time of such transfer.

 

The undersigned understands
that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public
Offering and that the Representative (which shall be a third party beneficiary of this lock-up agreement) and the Company shall
be entitled to specific performance of the undersigned’s obligations hereunder. The undersigned hereby represents that the
undersigned has the power and authority to execute, deliver and perform this lock-up agreement, that the undersigned has received
adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated
by the Underwriting Agreement. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding
upon the undersigned’s heirs, legal representatives, successors and assigns.

 

This lock-up agreement
may not be amended or otherwise modified in any respect without the written consent of each of the Company, the Representative
and the undersigned. This lock-up agreement shall be construed and enforced in accordance with the laws of the State of New York
without regard to the principles of conflict of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction
of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located
in Manhattan, for the purposes of any suit, action or proceeding arising out of or relating to this lock-up agreement, and hereby
waives, and agrees not to assert in any such suit, action or proceeding, any claim that (i) it is not personally subject to the
jurisdiction of such court, (ii) the suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue of the
suit, action or proceeding is improper. The undersigned hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by receiving a copy thereof sent to the Company at the address in effect for
notices to it under the Underwriting Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. The undersigned agrees and understands that this lock-up
agreement does not intend to create any relationship between the undersigned and the Representative and that the Representative
is not entitled to cast any votes on the matters herein contemplated and that no issuance or sale of the Company’s securities
is created or intended by virtue of this lock-up agreement.

 

     

     

    

 

The undersigned understands
that, if the Underwriting Agreement is not executed by June 30, 2021, or if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Shares to be
sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

 

     

     

    

 

Whether or not the
Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made
pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

 

	 	Very truly yours,

 

 

	 	 

	 	(Name - Please Print)

 

 

	 	 

	 	(Signature)

 

 

 

	 	 

	 	(Name of Signatory, in the case of entities - Please Print)

 

 

 

	 	 

	 	(Title of Signatory, in the case of entities - Please Print)

 

 

 

	 	Address:Exhibit 10.17

 

VOTING AGREEMENT

 

This VOTING AGREEMENT
(this “Agreement”) is made and entered into as of December 30, 2020, by and between Vallon Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), and the undersigned stockholders of the Company, set forth on
Schedule A hereto (each a “Stockholder” and collectively, the “Stockholders”).
For the avoidance of doubt, each Stockholder’s obligations hereunder are several and not joint.

 

WITNESSETH:

 

WHEREAS, as
of the date hereof each Stockholder is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) of the number of shares of common stock, par value $0.0001 per
share, of the Company (the “Common Stock”) set forth opposite the name of such Stockholder on Schedule
A hereto;

 

WHEREAS, the
Company has filed a registration statement on Form S-1 (the “Registration Statement”) with
the U.S. Securities and Exchange Commission (the “SEC”) and intends to complete an initial public offering
of its Common Stock (the “IPO”);

 

WHEREAS, in
connection with the IPO, the Company has applied to list its Common Stock on the Nasdaq Capital Market (the “Nasdaq”);

 

WHEREAS, as
a condition of listing, the Nasdaq has required that each Stockholder enter into this Agreement; and

 

WHEREAS, the
parties hereto desire to set forth certain rights and obligations of the Stockholders as set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below intending
to be legally bound, the parties hereto agree as follows:

 

1.            Certain
Definitions. For all purposes of and under this Agreement, the following terms shall have the following respective meanings:

 

“Affiliate”
shall mean with respect to any Person, any other Person that directly or indirectly, including through one or more intermediaries,
controls, is controlled by or is under common control with such Person. As used in this definition, the term “controls”
(including the terms “controlled by” and “under common control with”) means possession, directly or indirectly,
including through one or more intermediaries, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Applicable
Law” shall mean with respect to any Person, any supranational, national, federal, state, provincial, local or other
law, constitution, treaty, convention, statute, ordinance, code, rule, regulation or common law or other similar requirement enacted,
adopted, promulgated or applied by any Governmental Authority, in each such case that is binding on or applicable to such Person,
or its subsidiaries or its or their respective properties, assets or businesses.

 

    

     

    

 

“Business
Day” shall mean a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by Applicable Law to close.

 

“Common
Shares” shall mean, with respect to any Stockholder, all shares of Common Stock beneficially owned by such Stockholder
as of the date hereof and as may be acquired during the period from the date of this Agreement through the Expiration Date.

 

“DGCL”
shall mean the General Corporation Law of the State of Delaware, as the same may be amended from time to time.

 

“Effective
Date” shall mean the date and time that the SEC declares the Registration Statement to be effective under the Securities
Act.

 

“Expiration
Date” shall mean the earliest of (i) the date following the Effective Date on which the Stockholders’
collective beneficial ownership of the issued and outstanding shares of Common Stock falls below 9.99%, (ii) the date following
the Company’s written notice to the Stockholders that it has withdrawn the Registration Statement and does not intend to
proceed with the IPO, (iii) the third anniversary of the Effective Date and (iv) with respect to any Stockholder, the
date on which any Proceeding before or brought by the SEC against such Stockholder has been terminated or otherwise concluded,
in which case, from and after such date, such person shall no longer be a Stockholder hereunder.

 

“Governmental
Authority” shall mean any supranational, national, federal, state, provincial, local or other government, department,
authority, court, tribunal, commission, regulatory body or self-regulatory body (including any securities exchange), or any political
or other subdivision, department, agency or branch of any of the foregoing.

 

“Order”
shall mean, with respect to any Person, any order, injunction, judgment, decision, determination, award, writ, ruling, stipulation,
assessment or decree or other similar requirement of, or entered, enacted, adopted, promulgated or applied by, with or under the
supervision of, a Governmental Authority or arbitrator, in each such case that is binding upon or applicable to such Person or
its subsidiaries or its or their respective properties, assets or businesses.

 

“Person”
shall mean means any individual, general or limited partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated organization, joint venture, firm, association or other entity or organization (whether or
not a legal entity), including any Governmental Authority.

 

“Proceeding”
shall mean any suit (whether civil, criminal, administrative, judicial or investigative), claim, action, litigation, arbitration,
mediation, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, criminal
prosecution, in each case commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Governmental
Authority or any mediator, arbitrator or arbitration panel.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time.

 

    2

     

    

 

2.            Share
Voting Cap; Irrevocable Proxy.

 

(a)            Following
the Effective Date, at every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and
on every action or approval by written consent of the stockholders of the Company, the Stockholders (in their capacity as stockholders
of the Company) shall have the right to vote all Common Shares held by the Stockholders collectively constituting no more than
9.99% of the total number of shares of Common Stock issued and outstanding as of the record date for voting on the matters presented
at such meeting or taking action by written consent (the “Share Voting Cap”).

 

(b)            Following
the Effective Date, Common Shares held or otherwise beneficially owned by Stockholders in excess of the Share Voting Cap (“Excess
Shares”) shall be voted at every meeting of the stockholders of the Company, and at every adjournment or postponement
thereof, and on every action or approval by written consent of the stockholders of the Company, in a manner that is proportionate
to the manner in which all other holders of the issued and outstanding shares of Common Stock vote in respect of each matter presented
at any such meeting and in respect of each action taken by written consent. As among the Stockholders, the number of Excess Shares
shall be allocated pro rata based on the relative number of Common Shares beneficially owned by them.

 

(c)            In
furtherance of the agreements herein and concurrently with the execution of this Agreement, each Stockholder shall deliver to the
Company a proxy in the form attached hereto as Exhibit A (each such proxy, a “Proxy”),
which shall be irrevocable to the fullest extent permissible by law and shall apply only to those Common Shares held by such Stockholder
that constitute such Stockholder’s pro-rata portion of the Excess Shares.

 

(d)            Each
Stockholder hereby represents and warrants to the Company that any proxies heretofore given by him in respect of his Common Shares
are not irrevocable, that any such proxies have heretofore been effectively revoked, and that written notice of revocation of such
proxies has been delivered to any such proxy holders.

 

(e)            Each
Stockholder hereby affirms that his Proxy is an irrevocable proxy given to secure the performance of the duties of such Stockholder
under this Agreement. Each Stockholder hereby further affirms that his Proxy is coupled with an interest sufficient in law to support
an irrevocable power and may under no circumstances be revoked. Such Stockholder hereby ratifies and confirms all that such Proxy
may lawfully do or cause to be done by virtue hereof. Such Proxy is executed and intended to be irrevocable in accordance with
the provisions of Section 212 of the DGCL until the termination of this Agreement in accordance with its terms.

 

(f)             Each
Stockholder shall not enter into any agreement or understanding with any Person to vote or give instructions in any manner inconsistent
with the terms of this Section 2.

 

(g)            In
the event of any issuance of shares of the Company’s voting securities hereafter to a Stockholder (including, without limitation,
in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), in relation to such Stockholder’s
Common Shares, such additional shares shall automatically become subject to this Agreement.

 

    3

     

    

 

(h)            Each
Stockholder covenants and agrees not to transfer any of his Common Shares to an Affiliate or a family member unless such Person
executes a joinder to this Agreement agreeing to be bound by the provisions hereof as if a party hereto.

 

3.            Representations
and Warranties of the Stockholders. Each Stockholder hereby represents and warrants to the Company, severally and not jointly,
and solely as to himself and his Common Shares, as follows:

 

(a)            Ownership.
Such Stockholder (i) is the beneficial owner of the Common Shares set forth opposite such Stockholder’s name on Schedule
A hereto; (ii) does not own as of the date hereof, of record or beneficially, any shares of capital stock of the Company
(or rights to acquire any such shares) other than the Common Shares set forth on Schedule A hereto; and (iii) has
the sole right to vote, dispose of and exercise and holds sole power to issue instructions with respect to the matters set forth
in Section 2 hereof and sole power to agree to all of the matters set forth in this Agreement with respect to all of
such Stockholder’s Common Shares, subject to the terms of this Agreement, except that Dov Malnik has granted Ariel Malnik
a power of attorney to vote and dispose of the shares held individually by Dov Malnik. If any Stockholder is married and such Stockholder’s
Common Shares constitute community property, this Agreement (including the Proxy) has been duly authorized, executed and delivered
by, and constitutes a valid and binding agreement of, Stockholder’s spouse, enforceable against such person in accordance
with its terms.

 

(b)            Power;
Binding Agreement. Such Stockholder has the legal capacity and all requisite power and authority to execute and deliver this
Agreement and the Proxy, to perform such Stockholder’s obligations hereunder. This Agreement has been duly and validly executed
and delivered by such Stockholder, and, assuming this Agreement constitutes a valid and binding obligation of the Company, constitutes
a valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, except that
such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar Applicable Laws affecting or relating to creditors’ rights generally and is subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or law).

 

(c)            No
Conflicts. None of the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of
its obligations hereunder will (i) result in a violation or breach of, or constitute (with or without notice or lapse of time
or both) a default under, or conflict with any agreement to which such Stockholder is a party or by which such Stockholder’s
Common Shares are bound, or (ii) violate, or require any consent, approval, or notice under, any provision of any judgment,
Order or decree or any Applicable Law that is applicable to such Stockholder or any of such Stockholder’s Common Shares (other
than filings required pursuant to the Exchange Act), except, in the case of (i) or (ii) above, as would not reasonably
be expected, either individually or in the aggregate, to impair the ability of such Stockholder to perform his obligations hereunder
on a timely basis.

 

(d)            Reliance
by the Company. Such Stockholder understands and acknowledges that the Company is relying upon such Stockholder’s execution,
delivery and performance of this Agreement.

 

    4

     

    

 

4.            Representations
and Warranties of the Company. The Company hereby represents and warrants to the Stockholders as follows:

 

(a)            Power;
Binding Agreement. The Company has the legal capacity and all requisite power and authority to execute and deliver this Agreement,
to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by the Company, and, assuming
this Agreement constitutes a valid and binding obligation of each Stockholder, constitutes a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except that such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other similar Applicable Laws affecting or relating to creditors’
rights generally and is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or law).

 

(b)            No
Conflicts. The execution, delivery, and performance of this Agreement by the Company will not (i) result in a violation
or breach of, or constitute (with or without notice or lapse of time or both) a default under, or conflict with (A) any provisions
of the certificate of incorporation or bylaws of the Company or (B) any contract to which the Company is a party or by which
the Company’s assets may be bound, or (ii) violate, or require any consent, approval, or notice under, any provision
of any judgment, Order or decree or any Applicable Law that is applicable to the Company (other than filings required pursuant
to the Exchange Act), except, in the case of (i) or (ii) above, as would not reasonably be expected, either individually
or in the aggregate, to impair the ability of the Company to perform its obligations hereunder on a timely basis.

 

5.            Further
Assurances. Subject to the terms and conditions of this Agreement, upon the request of the Company, each Stockholder shall
execute and deliver any additional documents and take, or cause to be taken, all actions, and do, or cause to be done, all things
as may reasonably be deemed by the Company to be necessary or desirable to fulfill such Stockholder’s obligations under this
Agreement.

 

6.            Effectiveness
and Termination.

 

(a)            Effectiveness.
This Agreement shall become effective on the Effective Date, and contingent upon the declaration of the effectiveness of the Registration
Statement by the SEC.

 

(b)            Termination.
Contingent upon the effectiveness of this Agreement, this Agreement and each Proxy, and all rights and obligations of the parties
hereunder and thereunder, shall terminate and shall have no further force or effect as of the Expiration Date.

 

(c)            Survival.
Notwithstanding the foregoing, nothing set forth in this Section 6 or elsewhere in this Agreement shall relieve any
party hereto from liability, or otherwise limit the liability of any party hereto, for any material breach of this Agreement prior
to such termination. This Section 6 and Sections 1 and 7 (as applicable) shall survive any termination
of this Agreement.

 

    5

     

    

 

7.            Miscellaneous.

 

(a)            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a determination, the
parties hereto agree to negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner, in order that substance of this Agreement be consummated as originally contemplated
to the fullest extent possible.

 

(b)            Binding
Effect and Assignment. Neither this Agreement nor any of the rights, interests or obligations of the Stockholders hereunder
may be assigned by any such Stockholder (whether by operation of law or otherwise) without prior written consent of the Company.
Subject to the preceding sentence, this Agreement and all of the provisions hereof shall be binding upon, inure to the benefit
of and be enforceable by, the Company and its successors and assigns and the provisions of this Agreement are not intended to confer
upon any person other than the parties hereto any rights or remedies hereunder.

 

(c)            Amendments.
This Agreement may be amended by the parties hereto only by an instrument in writing signed on behalf of each of the parties hereto.

 

(d)            Specific
Performance; Injunctive Relief. The parties hereto acknowledge that the Company shall be irreparably harmed and that there
shall be no adequate remedy at law for a violation of any of the covenants or agreements of any Stockholder set forth herein. Therefore,
it is agreed that, in addition to any other remedies that may be available to the Company upon any such violation at law or in
equity, the Company shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or
by any other means available to the Company at law or in equity, without the requirement of posting a bond or other security.

 

(e)            Notices.
Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be
in writing and shall be deemed to have been duly given (i) when delivered or sent if delivered in person, (ii) on the
fifth Business Day after dispatch by registered or certified mail, (iii) on the next Business Day if transmitted by national
overnight courier, or (iv) on the date delivered if sent by email (provided confirmation of email receipt is obtained), in
each case as follows:

 

If to the Company,
to:

 

Vallon Pharmaceuticals, Inc.

100 N. 18th Street,
Suite 300

Philadelphia, PA 19103

Attention: Chief Executive
Officer

Email:
davidb@vallon-pharma.com

 

If to the Stockholders,
to the address set forth opposite such Stockholder’s name on Schedule A hereto.

 

    6

     

    

 

(f)            No
Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available
in respect of this Agreement at law or in equity, or to insist upon compliance by any other party with its obligation under this
Agreement, and any custom or practice of the parties at variance with the terms of this Agreement, shall not constitute a waiver
by such party of such party’s right to exercise any such or other right, power or remedy or to demand such compliance.

 

(g)            No
Third-Party Beneficiaries. This Agreement is not intended to and shall not confer any rights or remedies upon any Person other
than the parties hereto.

 

(h)            Governing
Law. This Agreement and any Proceedings arising out of or related hereto or to the inducement of any party hereto to enter
into this Agreement (whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute
or otherwise) shall be governed by and construed in accordance with the laws of the State of Delaware, including all matters of
construction, validity, and performance, without regard to the conflicts of law rules of such State that would refer a matter
to the laws of another jurisdiction.

 

(i)             Consent
to Jurisdiction. The parties hereto agree that any Proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement shall be brought in the Chancery Court of the State of Delaware located in Wilmington,
Delaware and any state appellate court therefrom located in Wilmington, Delaware, or, if no such state court has proper jurisdiction,
the Federal District Court for the District of Delaware located in Wilmington, Delaware, and any appellate court therefrom. Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of such court in respect of any legal or equitable Proceeding
arising out of or relating to this Agreement, or relating to enforcement of any of the terms of this Agreement, and hereby waives,
and agrees not to assert, as a defense in any such Proceeding, any claim that it is not subject personally to the jurisdiction
of such court, that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper or that this
Agreement may not be enforced in or by such courts. Each Party agrees that notice or the service of process in any Proceeding arising
out of or relating to this Agreement shall be properly served or delivered if delivered in the manner contemplated by Section 7(e) or
in any other manner permitted by Applicable Law.

 

(j)             Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT CONTEMPLATED HEREBY.

 

(k)            Rules of
Construction. Each of the parties hereto acknowledge that it has been represented by counsel of its choice throughout all negotiations
that have preceded the execution of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

    7

     

    

 

(l)             Entire
Agreement. This Agreement (together with any other documents and instruments referred to herein) constitutes the entire agreement,
and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or
any of them, with respect to the subject matter hereof.

 

(m)           Interpretation.

 

(i)            Whenever
the words “include,” “includes” or “including” are used in this Agreement they shall be deemed
to be followed by the words “without limitation.”

 

(ii)           The
article and section headings contained in this Agreement are for reference purposes only and shall not in any way affect or be
deemed to affect the meaning or interpretation of this Agreement.

 

(iii)          Words
describing the singular number shall be deemed to include the plural and vice versa, and words denoting any gender shall be deemed
to include all genders.

 

(n)            Expenses.
Except as expressly provided for herein, all fees, costs and expenses incurred in connection with this Agreement shall be paid
by the party incurring such fees, costs and expenses.

 

(o)            Non-Recourse.
This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement
may only be brought against the Persons that are expressly named as parties hereto and then only with respect to the specific obligations
set forth herein with respect to such party.

 

(p)            Counterparts;
Facsimile Transmission of Signatures. This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures to this Agreement
transmitted by facsimile transmission, by electronic mail in PDF form, or by any other electronic means designed to preserve the
original graphic and pictorial appearance of a document, will be deemed to have the same effect as physical delivery of the paper
document bearing the original signatures.

 

[Remainder of Page Intentionally
Left Blank]

 

    8

     

    

 

 

IN WITNESS WHEREOF,
the undersigned have executed on the date first above written.

 

THE COMPANY:

 

	 	VALLON PHARMACEUTICALS, INC.
	 	 
	 	By:	      /s/ David Baker
	 	 	Name:   David Baker
	 	 	Title:     Chief Executive Officer

 

    

     

    

 

THE STOCKHOLDERS:

 

	 	DOV MALNIK
	 	 
	 	By:	      /s/ Ariel Malnik
	 	 	Ariel Malnik, Attorney-in-Fact
	 	 
	 	TOMER FEINGOLD
	 	 
	 	By:	      /s/ Tomer Feingold
	 	 	Name: Tomer Feingold
	 	 
	 	ARIEL MALNIK
	 	 
	 	By:	       /s/ Ariel Malnik
	 	 	Name: Ariel Malnik

 

    

     

    

 

EXHIBIT A

 

IRREVOCABLE PROXY

 

The undersigned Stockholder
(the “Stockholder”) of Vallon Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
hereby irrevocably (to the fullest extent permitted by law) appoints the Company, acting through any of its authorized signatories,
as the sole and exclusive attorneys and proxies of the undersigned, with full power of substitution and resubstitution, to vote
and exercise all voting and related rights (to the full extent that the undersigned is entitled to do so) with respect to the subset
of shares of Common Stock, par value $0.0001 per share, of the Company that now are or hereafter may be beneficially owned by the
undersigned and that constitute the Stockholder’s pro-rata portion of the Excess Shares (as such term is defined in that
certain Voting Agreement of even date herewith by and between the Company and the undersigned Stockholder (the “Voting
Agreement”)) (collectively, the “Shares”) in accordance with the terms of this Irrevocable
Proxy until the Expiration Date (as defined in the Voting Agreement). Upon the undersigned’s execution of this Irrevocable
Proxy, any and all prior proxies given by the undersigned with respect to any Shares are hereby revoked and the undersigned agrees
not to grant any subsequent proxies with respect to the Shares until after the Expiration Date.

 

This Irrevocable Proxy
is irrevocable to the fullest extent permitted by Applicable Law, is coupled with an interest sufficient in law and is granted
pursuant to the Voting Agreement.

 

The attorneys and proxies
named above, and each of them, are hereby authorized and empowered by the undersigned, at any time prior to the Expiration Date,
to act as the undersigned’s attorney and proxy to vote the Shares, and to exercise all voting, consent and similar rights
of the undersigned with respect to the Shares (including, without limitation, the power to execute and deliver written consents)
at every annual, special, adjourned or postponed meeting of stockholders of the Company and in every written consent in lieu of
such meeting in a manner that is proportionate to the manner in which all holders of the issued and outstanding shares of Common
Stock (other than the Stockholders) vote in respect of each matter presented at any such meeting and in respect of each action
taken by written consent.

 

This Irrevocable Proxy
shall terminate, and be of no further force and effect, automatically upon the Expiration Date.

 

[Remainder of Page Intentionally
Left Blank]

 

    

     

    

 

SIGNATURE PAGE TO IRREVOCABLE PROXY

 

Dated: December 30, 2020

 

	 	DOV MALNIK
	 	 
	 	By:	       /s/ Ariel Malnik
	 	 	Ariel Malnik, Attorney-in-Fact

 

    

     

    

 

SIGNATURE PAGE TO IRREVOCABLE PROXY

 

Dated: December 30, 2020

 

	 	TOMER FEINGOLD
	 	 
	 	By:	       /s/ Tomer Feingold
	 	 	Name: Tomer Feingold

 

    

     

    

 

SIGNATURE PAGE TO IRREVOCABLE PROXY

 

Dated: December 30, 2020

 

	 	ARIEL MALNIK
	 	 
	 	By:	       /s/ Ariel Malnik
	 	 	Name: Ariel Malnik

 

    

     

    

 

SCHEDULE A

 

Common Shares Held By the Stockholders1

 

[Omitted pursuant to Item 601(a)(5) of
Regulation S-K]

 

 

1
To be adjusted for reverse split.

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