Document:

Farley White Pawtucket Blvd - Rapid Micro Biosystems Seventh Amendment to Lease-2 compared with Farley White Pawtucket Blvd - Rapid Micro Biosystems Seventh Amendment to Lease-2-1

Exhibit 10.19
SEVENTH AMENDMENT TO LEASE
THIS SEVENTH AMENDMENT TO LEASE (“Amendment”) dated as of March 18, 2022 between Farley White Pawtucket, LLC, a Massachusetts limited liability company having an address c/o Farley White Management Company, LLC, 155 Federal Street, Suite 1800, Boston, MA 02110 (“Landlord”), and Rapid Micro Biosystems, Inc., a Delaware corporation having an address of 1001 Pawtucket Boulevard, Lowell, MA 01854 (“Tenant”).
Preliminary Statement
Landlord’s predecessor in interest, 1001 Pawtucket, LLC, and Tenant entered into that certain Lease dated October 21, 2013 (the “Original Lease”), as amended by a (i) First Amendment of Lease dated July 10, 2014, (ii) Second Amendment of Lease dated December 30, 2014, (iii) Third Amendment of Lease dated January 9, 2015, (iv) Fourth Amendment of Lease dated June 18, 2015, (v) Fifth Amendment of Lease dated March 1l, 2016, and (vi) Sixth Amendment of Lease dated August 29, 2018 (the “Sixth Amendment”; collectively, the “Lease”) pertaining to premises now containing approximately 52,802 rentable square feet in Pod L2/A6, L2/A7 and L2/A8, in the Building known as Cross River Center and located at 1001 Pawtucket Boulevard in Lowell, Massachusetts (“Original Premises”), which is more particularly described in the Lease.  Landlord and Tenant desire to expand the Original Premises to include approximately 14,861 rentable square feet in Pod L2/A7 as shown on the floor plan attached hereto as Exhibit A (“Expansion Premises”) and to extend the Term of the Lease, all upon the terms and conditions hereinafter set forth. 
Landlord will tender possession of the Expansion Premises to Tenant in two phases.  The initial portion of the Expansion Premises that will be delivered consists of approximately 11,748 rentable square feet and is shown as the Phase I Premises on Exhibit A  (the “Phase I Premises”), and the remaining portion of the Expansion Premises consists of approximately 3,113 rentable square feet and is shown as the Remaining Space on Exhibit A (the “Remaining Space”).  
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Lease, Landlord and Tenant hereby agree as follows:
1.Premises.  Effective as of the Phase I Commencement Date (defined below), the Phase I Premises shall be added to the Original Premises and together shall be the Premises under the Lease.  Effective as of the Remaining Space Commencement Date (defined below), the Remaining Space shall be added to the Premises, and the Expansion Premises, together with the Original Premises, shall be the Premises under the Lease.
2.Expansion Premises Commencement Dates.  The “Phase I Commencement Date” shall be the date Landlord delivers possession of the Phase I Premises to Tenant free and clear of any tenancies or encumbrances.  The “Remaining Space Commencement Date” shall be the date (i) Landlord has tendered possession of the Remaining Space to Tenant free and clear of any tenancies or encumbrances, and (ii) the Expansion Premises is in the condition required by this Amendment, including without limitation the Demising Work set forth in and subject to Section 6 hereof, and the current tenant thereof shall have vacated the same.  Upon the Remaining Space Commencement Date, the Premises will contain a total of approximately 67,663 rentable square 

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feet.  Landlord shall use diligent efforts to cause the Phase I Commencement Date to occur on or before May 1, 2022 (the “Scheduled Delivery Date”).  Without limiting Landlord’s obligation to use diligent efforts as set forth in the prior sentence, if for any reason Landlord fails to tender possession to Tenant of the Phase I Premises and to perform the Phase I Demising Work by August 31, 2022 (the “Penalty Date”), then Tenant shall receive a credit of one day of Basic Rent payable for the Expansion Premises for every two days that occur after August 31, 2022, to the actual date on which Tenant has possession of the Phase I Premises with the Phase I Demising Work completed.  The free rent credit shall be applied beginning with the Remaining Space Commencement Date.  If Landlord’s failure to complete the Phase I Demising Work is caused by the occupant of the Expansion Premises as of the date of this Amendment holding over in the Expansion Premises (the “Occupant Holdover”), then the Penalty Date shall be delayed on a day-for-day basis to the extent caused by such Occupant Holdover.
3.Term.  The Term of the Lease is hereby extended to July 31, 2029, and the “Termination Date” (as defined in the Lease) is July 31, 2029.  Landlord and Tenant acknowledge and agree that Tenant has an option to extend the Term for the Extension Term under the terms and conditions of Section 4 of the Original Lease. 
4.Basic Rent.
Upon the Phase I Commencement Date and continuing until July 31, 2022, the Basic Rent for the Phase I Premises shall be payable at the rate of $8,321.50, and from August 1, 2022 through the day before the Remaining Premises Commencement Date, the Basic Rent for the Phase I Premises shall be $8,556.25.
Upon the Remaining Premises Commencement Date, the Basic Rent for the entire Premises shall be as follows (and all other Basic Rent amounts and Basic Rent charts set forth in the Lease and the Basic Rent amount for the Phase I Premises set forth above in this Section 4 shall be deleted):
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	PER
RSF
	ANNUAL
	MONTHLY

	Remaining Premises Commencement Date – July 31, 2022*
	$8.50
	N/A 
	$47,927.96

	August 1, 2022 – July 31, 2023
	$8.75
	$592,051.25
	$49,337.60

	August 1, 2023 – July 31, 2024
	$9.00
	$608,967.00
	$50,747.25

	August 1, 2024 – July 31, 2025
	$9.25
	$625,882.75
	$52,156.90

	August 1, 2025 – July 31, 2026
	$9.50
	$642,798.50
	$53,566.54

	August 1, 2026 – July 31, 2027
	$9.75
	$659,714.25
	$54,976.19

	August 1, 2027 – July 31, 2028
	$10.00
	$676,630.00
	$56,385.83

	August 1, 2028 – July 31, 2029
	$10.25
	$693,545.75
	$57,795.48

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*If the Remaining Premises Commencement Date occurs after July 31, 2022, then the references to any specific dates in the above Basic Rent chart that occur before the actual Remaining Premises Commencement Date shall be disregarded. 
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5.Tenant’s Pro Rata Share.  Tenant’s Pro Rata Share, as defined in Section 1 of the 

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Original Lease, shall be (i) 7.73% as of the Phase I Commencement Date and continuing until the date before the Remaining Premises Commencement Date, and (i) 8.10% as of the Expansion Space Commencement Date.
6.Construction; Landlord’s Work.  Tenant shall accept the Expansion Premises in its “as is” condition, and Landlord shall have no obligation to construct any improvements or perform any work therein except that Landlord, at its expense, (i) shall perform all of the necessary demising work to include the Expansion Premises in the Premises, which work shall be performed in accordance with the plan attached as Exhibit B and shall include all building standard wall installation, insulation, taping, painting and balancing of systems (the “Demising Work”); and (ii) shall ensure that all building systems are in good working order and free of defects including, without limitation, that (a) the interior mechanical systems and all necessary plumbing, electrical and other utilities are installed and in proper working condition; and (b) the HVAC serving the Expansion Premises is in good working order and condition.  The “Phase I Demising Work” shall mean completion of a building standard demising wall separating the Phase I Premises from the adjoining space provided that the Phase I Premises shall be separated from the Remaining Space by temporary demising barriers.   Notwithstanding the foregoing, at the time Landlord shall deliver the Phase I Premises, Landlord shall not be required to have performed any Demising Work, and upon such delivery the Phase I Commencement Date shall have occurred notwithstanding that such space shall not have been demised.  Upon delivery of the Phase I Space to Tenant, Landlord will promptly commence the Demising Work and complete the same as soon as reasonably possibly.
7.Allowance; Tenant’s Improvement Work.  Landlord will provide to Tenant an allowance in the amount of $270,652.00 (the “Construction Allowance”) for the purposes of reimbursing Tenant for the cost of any improvements that Tenant makes in the Premises within eighteen (18) months from the Phase I Commencement Date.  The Construction Allowance can be used for the costs of design, preparation, renovation, improvement and construction of the Premises, including without limitation, hard costs, space plans and architectural and engineering costs.  All such improvements shall be made in accordance with Section 3 of the Original Lease, except that (i) the combined single limit for the comprehensive general liability insurance and umbrella excess liability insurance shall be $5,000,000; and (ii) Tenant has no obligation to provide a lien and completion bond, bank letter of credit or other security.  Tenant has the right to select its preferred contractors, subcontractors, architects, engineers and consultants, subject to Landlord’s approval of the general contractor, which approval shall not be unreasonably withheld or delayed.  Landlord is not entitled to, and Tenant has no obligation to pay, any management, supervision or review fees in connection with any improvement work.  After Tenant has expended an amount equal to the estimated cost of the work in excess of the Construction Allowance, Landlord will disburse the Construction Allowance to Tenant in multiple payments within 30 days upon Tenant’s submission of a written request for payment, which request cannot be delivered more frequently than once every 30 days.  The payment request shall be for work completed and shall include (i) Tenant’s certificate that the requisite portion of work covered by the payment request has been completed, (ii) copies of invoices, receipts and bills evidencing the costs and expenses covered by the payment request, and (iii) lien waivers from the contractor or contractors performing the work.  If Landlord fails timely to disburse a payment of the Construction Allowance, then Tenant has the right to offset such unpaid amount against Basic Rent. 

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8.Right of First Offer.  If any space on the on the west side of Level 2 of the Building contiguous to the Premises shall become available for leasing during the Term (any such space, the “Expansion Space”), prior to offering such space to any party other than the then occupant of the Expansion Space or Cobham Advanced Electronics (which has rights thereto as of the date of this Amendment), then Landlord shall notify Tenant in writing of the terms and conditions on which Landlord in good faith intends to market the Expansion Space and offer to lease the Expansion Space to Tenant on such terms and conditions as shall be specified by Landlord (the “Offer Notice”), which Offer Notice shall: (a) describe the portion of the Expansion Space that at such time is available for leasing, (b) state the Basic Rent and other terms and conditions for the Expansion Space and the delivery date for such Expansion Space, and (c) state that the expiration of the Lease of such offered Expansion Space shall be coterminous with the Term of the Lease.  Tenant may not exercise its right hereunder unless at least two (2) years remain in the Term of the Lease or, if two (2) years shall not remain in the Term, it simultaneously exercises an available option to extend the Term.  Space shall be deemed available for leasing when such space is vacant or is scheduled to become vacant within nine (9) months or Landlord determines otherwise to market the space.  Tenant may elect to lease the Expansion Space on the terms and conditions of the Offer Notice by giving Landlord notice of Tenant’s election to do so within fifteen (15) days after delivery of the Offer Notice, and, if Tenant timely gives such notice, the parties shall execute and deliver an amendment of this Lease incorporating the terms and conditions set forth in the Offer Notice.  If Tenant shall fail to give notice of such election within such fifteen (15) day period, then Landlord may lease the Expansion Space to any party on any terms.  If an Offer Notice is delivered for less than all of the Expansion Space, then the remaining portion of the Expansion Space shall continue to be subject to the terms of this right of first offer.  This right of first offer is a one-time right only and shall be of no further force or effect after Landlord has made an offer to Tenant for the applicable space.
9.Termination Right.  Section 12 of the Sixth Amendment to the Lease is hereby deleted. Landlord hereby grants to Tenant a right to terminate the Lease (the “Termination Right”) before the scheduled expiration date of the Term, which termination, if the Termination Right is exercised, will be effective on July 31, 2026 (the “Termination Date”).  If Tenant desires to exercise the Termination Right, then Tenant must give written notice thereof to Landlord no later than July 31, 2025.  As a condition to such Termination Right (i) at the time of Tenant giving such notice exercising the Termination Right, there must be no default by Tenant (continuing uncured beyond the expiration of all applicable notice and grace periods); and (ii) at least 90 days before the Termination Date, Tenant shall pay to Landlord a termination fee equal to the Construction Allowance and the brokerage commission payable in connection with this Seventh Amendment, with interest thereon at the rate of six percent (6%) per annum from the Remaining Space Commencement Date.  Upon request from Tenant, Landlord agrees to provide its calculation of the termination fee. 
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10.Electricity.  Landlord shall, at Landlord’s expense, either install an electrical checkmeter to measure Tenant’s consumption of electricity in the Expansion Premises or rearrange the electric metering to include the entire Premises (the “Separate Meter”).  If the Phase I Commencement Date occurs before Landlord shall install the Separate Meter, then Landlord shall make a reasonable estimate of Tenant’s and the adjoining tenant’s respective shares of electrical usage periodically, and bill Tenant on a monthly basis for its proportionate share accordingly (the “Alternative Billing”).  Notwithstanding the foregoing, Landlord shall install the Separate Meter 

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within 90 days after the Remaining Space Commencement Date, provided that with respect to the air handler that serves both the Premises and the adjacent space, Tenant understands it may be impractical for Landlord to install the Separate Meter, in which case the Alternative Billing will continue for the payment of electricity related to such air handler.  From and after the later of the Phase I Commencement Date and the install of the Separate Meter, Tenant shall pay to Landlord monthly as Additional Rent an amount equal to the actual number of kilowatt hours of electrical service provided to the Premises, multiplied by the average rate per kilowatt hour paid by Landlord for the Building plus any Alternative Billing for the aforementioned air handler; and there shall be no markup or additional amounts charged to Tenant.
11.Parking Allotment.  As of the Phase I Premises Commencement Date, Tenant is entitled to Tenant’s Pro Rata Share of all parking spaces on the Property, which is 136 parking spaces, including 5 Reserved Parking Spaces.  All such parking shall be provided to Tenant at no charge.
12.Ratification.  Except only as expressly amended hereby, the Lease shall continue in full force and effect as heretofore.  The Lease and this Amendment set forth the entire agreement of the parties with respect to the subject matter as of the date hereof and no prior agreement, letters, representations, warranties, promises or understandings pertaining to any such matters shall be effective for any such purpose.
13.Estoppel.  As of the date hereof, to Tenant’s actual knowledge:  (a) Landlord is not in default of its obligations under the Lease, and no state of facts exists which, but for the giving of notice and/or the passage of time, would be a default by Landlord under the Lease; and (b) except as expressly set forth herein, Tenant is not currently entitled to any credit, offset, or reduction in rent or other charges due or to become due under the Lease for any reason whatsoever.  As of the date hereof, to Landlord’s actual knowledge, Tenant is not in default of its monetary obligations under the Lease.
14.Defined Terms.  All capitalized terms not otherwise defined in this Amendment shall have the meaning used in the Lease.
15.Brokerage.  Landlord and Tenant represent and warrant to each other that they have not dealt with any real estate broker in connection with this Amendment other than CRESA and that no other broker (claiming through such representing party) is entitled to any commission on account of this Amendment.  Tenant will defend, hold harmless and indemnify Landlord from any loss, damage or expense, including reasonable attorneys’ fees, arising from a breach by Tenant of such representation and a claim arising under Tenant in connection with this Amendment.  Landlord will defend, hold harmless and indemnify Tenant from any loss, damage or expense, including reasonable attorneys’ fees, arising from a breach by Landlord of such representation and a claim arising under Landlord in connection with this Amendment.  Landlord shall pay all commissions owed to CRESA in connection with this Amendment.
16.Bind and Inure.  This document shall become effective and binding only upon the execution and delivery of this Amendment by Landlord and Tenant.  This Amendment shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.

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17.Counterparts.  This Amendment may be executed in any number of counterparts, provided each of the parties hereto executes at least one counterpart; each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement.  This Amendment may be executed and delivered by (i) facsimile, (ii) scanned image (e.g., pdf or .tiff file extension name) as an attachment to electronic mail (email), or (iii) electronic signature technology (e.g. DocuSign), and such signatures shall have the same force and effect as originals.  Landlord and Tenant each warrant to the other that the person or persons executing this Amendment on its behalf has or have authority to do so and that such execution has fully obligated and bound such party to all terms and provisions of this document.
(SIGNATURES APPEAR ON NEXT PAGE)

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WITNESS the execution hereof as an instrument under seal as of the day first above written.
LANDLORD: 
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Farley White Pawtucket, LLC, 
a Massachusetts Limited Liability Company
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By:/s/ John F. Power                                                   
John F. Power, Manager
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TENANT: 
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Rapid Micro Biosystems, Inc.,
 a Delaware Corporation 
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By: /s/ Robert Spignesi                                               
Name:Robert Spignesi
Title:President and CEO
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EXHIBIT A
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Expansion Premises
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EXHIBIT B
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Space Plan
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5482449.2

10Exhibit
10.1

 

Execution Version

 

PURCHASE
AGREEMENT

 

PURCHASE
AGREEMENT (the “Agreement”), dated as of March 23, 2022, by and between PROCESSA PHARMACEUTICALS, INC.,
a Delaware corporation (the “Company”), LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company
(the “Investor”).

 

WHEREAS:

Subject
to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from
the Company, up to Fifteen Million Dollars ($15,000,000) of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”). The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares.”

 

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 Investor hereby agree as follows:

 

1.
CERTAIN DEFINITIONS. 

 

For
purposes of this Agreement, the following terms shall have the following meanings:

 

(a)
“Accelerated Purchase Date” means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
the Business Day immediately following the applicable Regular Purchase Date with respect to the corresponding Regular Purchase referred
to in clause (i) of the second sentence of Section 2(b) hereof.

 

(b)
“Accelerated Purchase Minimum Price Threshold” means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, the minimum per share price threshold set forth by the Company (if any) in the applicable Accelerated Purchase Notice.

 

(c)
“Accelerated Purchase Notice” means, with respect to an Accelerated Purchase made pursuant to Section 2(b)
hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the number of Purchase Shares
specified by the Company therein as the Accelerated Purchase Share Amount to be purchased by the Investor (such specified Accelerated
Purchase Share Amount subject to adjustment in accordance with Section 2(b) hereof as necessary to give effect to the Purchase
Share amount limitations applicable to such Accelerated Purchase Share Amount as set forth in this Agreement) at the applicable Accelerated
Purchase Price on the applicable Accelerated Purchase Date for such Accelerated Purchase.

 

(d)
“Accelerated Purchase Price” means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
ninety-five percent (95%) of the lower of (i) the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the applicable Accelerated
Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement) of trading on the
Principal Market on such applicable Accelerated Purchase Date, or such later time on the applicable Accelerated Purchase Date as mutually
agreed by the Company and the Investor and set forth in the applicable Accelerated Purchase Notice for such Accelerated Purchase (the
“Accelerated Purchase Commencement Time”), and ending at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable
Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading on the Principal
Market on such applicable Accelerated Purchase Date, (B) such time, from and after the Accelerated Purchase Commencement Time for such
Accelerated Purchase, that the total number (or volume) of shares of Common Stock traded on the Principal Market has exceeded the applicable
Accelerated Purchase Share Volume Maximum, and (C) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated
Purchase, that the Sale Price has fallen below the applicable Accelerated Purchase Minimum Price Threshold (if any) (such earliest of
(i)(A), (i)(B) and (i)(C) above, the “Accelerated Purchase Ending Time”), and (ii) the Closing Sale Price of the Common
Stock on such applicable Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction).

 

    	 

    	 

    

 

(e)
“Accelerated Purchase Share Amount” means, with respect to an Accelerated Purchase made pursuant to Section 2(b)
hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor in an applicable Accelerated Purchase
Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company
to be purchased by the Investor pursuant to the corresponding Regular Purchase referred to in clause (i)(A) of the second sentence of
Section 2(b) hereof (such corresponding Regular Purchase being subject to the applicable Regular Purchase Share Limit) and (ii)
an amount equal to (A) the Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume) of shares of Common Stock
traded on the Principal Market during the period on the applicable Accelerated Purchase Date beginning at the Accelerated Purchase Commencement
Time for such Accelerated Purchase and ending at the Accelerated Purchase Ending Time for such Accelerated Purchase; provided,
however, that that the parties may mutually agree to increase the Accelerated Purchase Share Amount applicable to any Accelerated
Purchase.

 

(f)
“Accelerated Purchase Share Percentage” means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, thirty percent (30%).

 

(g)
“Accelerated Purchase Share Volume Maximum” means, with respect to an Accelerated Purchase made pursuant to Section
2(b) hereof, a number of shares of Common Stock equal to (i) the number of Purchase Shares specified by the Company in the applicable
Accelerated Purchase Notice as the Accelerated Purchase Share Amount to be purchased by the Investor in such Accelerated Purchase, divided
by (ii) the Accelerated Purchase Share Percentage (to be appropriately adjusted for any applicable reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(h)
“Additional Accelerated Purchase Date” means, with respect to an Additional Accelerated Purchase made pursuant to
Section 2(c) hereof, the Business Day (i) that is the Accelerated Purchase Date with respect to the corresponding Accelerated
Purchase referred to in clause (i) of the proviso in the second sentence of Section 2(c) hereof and (ii) on which the Investor
receives, prior to 1:00 p.m., Eastern time, on such Business Day, a valid Additional Accelerated Purchase Notice for such Additional
Accelerated Purchase in accordance with this Agreement.

 

(i)
“Additional Accelerated Purchase Minimum Price Threshold” means, with respect to an Additional Accelerated Purchase
made pursuant to Section 2(c) hereof, the minimum per share price threshold (if any) set forth by the Company in the applicable
Additional Accelerated Purchase Notice.

 

(j)
“Additional Accelerated Purchase Notice” means, with respect to an Additional Accelerated Purchase made pursuant to
Section 2(c) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the number
of Purchase Shares specified by the Company therein as the Additional Accelerated Purchase Share Amount to be purchased by the Investor
(such specified Additional Accelerated Purchase Share Amount subject to adjustment in accordance with Section 2(c) hereof as necessary
to give effect to the Purchase Share amount limitations applicable to such Additional Accelerated Purchase Share Amount as set forth
in this Agreement) at the applicable Additional Accelerated Purchase Price on the applicable Additional Accelerated Purchase Date for
such Additional Accelerated Purchase.

 

    	-2-

    	 

    

 

(k)
“Additional Accelerated Purchase Price” means, with respect to an Additional Accelerated Purchase made pursuant to
Section 2(c) hereof, ninety-five percent (95%) of the lower of (i) the VWAP for the period on the applicable Additional Accelerated
Purchase Date, beginning at the time mutually agreed by the Company and the Investor and set forth in the applicable Additional Accelerated
Purchase Notice delivered by the Company to the Investor with respect to such Additional Accelerated Purchase, which shall not be earlier
than the latest of (A) the applicable Accelerated Purchase Ending Time with respect to the corresponding Accelerated Purchase referred
to in clause (i) of the proviso in the second sentence of Section 2(c) hereof on such Additional Accelerated Purchase Date, (B)
the applicable Additional Accelerated Purchase Ending Time with respect to the most recently completed prior Additional Accelerated Purchase
on such Additional Accelerated Purchase Date, as applicable, and (C) the time at which all Purchase Shares subject to all prior Accelerated
Purchases and Additional Accelerated Purchases (as applicable), including, without limitation, those that have been effected on the same
Business Day as the applicable Additional Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase
relates, have theretofore been received by the Investor as DWAC Shares in accordance with this Agreement (such mutually agreed beginning
time, the “Additional Accelerated Purchase Commencement Time”), and ending at the earliest of (X) 4:00 p.m., Eastern
time, on such Additional Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close
of trading on the Principal Market on such Additional Accelerated Purchase Date, (Y) such time, from and after the Additional Accelerated
Purchase Commencement Time for such Additional Accelerated Purchase, that total number (or volume) of shares of Common Stock traded on
the Principal Market has exceeded the applicable Additional Accelerated Purchase Share Volume Maximum, and (Z) such time, from and after
the Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase, that the Sale Price has fallen below
the applicable Additional Accelerated Purchase Minimum Price Threshold (if any) (such earliest of (i)(X), (i)(Y) and (i)(Z) above, the
“Additional Accelerated Purchase Ending Time”), and (ii) the Closing Sale Price of the Common Stock on such Additional
Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction).

 

(l)
“Additional Accelerated Purchase Share Amount” means, with respect to an Additional Accelerated Purchase made pursuant
to Section 2(c) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor on an Additional
Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares
directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase referred to in clause (i)(A) of
the second sentence of Section 2(b) hereof (such corresponding Regular Purchase being subject to the applicable Regular Purchase
Share Limit) and (ii) an amount equal to (A) the Additional Accelerated Purchase Share Percentage multiplied by (B) the total number
(or volume) of shares of Common Stock traded on the Principal Market during the period on the applicable Additional Accelerated Purchase
Date beginning at the Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase and ending at the Additional
Accelerated Purchase Ending Time for such Additional Accelerated Purchase; provided, however, that that the parties may
mutually agree to increase the Additional Accelerated Purchase Share Amount applicable to any Additional Accelerated Purchase.

 

(m)
“Additional Accelerated Purchase Share Percentage” means, with respect to an Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, thirty percent (30%).

 

(n)
“Additional Accelerated Purchase Share Volume Maximum” means, with respect to an Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, a number of shares of Common Stock equal to (i) the number of Purchase Shares specified by the
Company in the applicable Additional Accelerated Purchase Notice as the Additional Accelerated Purchase Share Amount to be purchased
by the Investor in such Additional Accelerated Purchase, divided by (ii) the Additional Accelerated Purchase Share Percentage (to be
appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction).

 

    	-3-

    	 

    

 

(o)
“Alternate Adjusted Regular Purchase Share Limit” means, with respect to a Regular Purchase made pursuant to Section
2(a) hereof, the maximum number of Purchase Shares which, taking into account the applicable per share Regular Purchase Price therefor
calculated in accordance with this Agreement, would enable the Company to deliver to the Investor, on the applicable Regular Purchase
Date for such Regular Purchase, a Regular Purchase Notice for a Purchase Amount equal to, or as closely approximating without exceeding,
One Hundred Fifty Thousand Dollars ($150,000).

 

(p)
“Available Amount” means, initially, Fifteen Million Dollars ($15,000,000) in the aggregate, which amount shall be
reduced by the Purchase Amount each time the Investor purchases Purchase Shares pursuant to Section 2 hereof.

 

(q)
“Average Price” means a price per Purchase Share (rounded to the nearest tenth of a cent) equal to the quotient obtained
by dividing (i) the aggregate gross purchase price paid by the Investor for all Purchase Shares purchased pursuant to this Agreement,
by (ii) the aggregate number of Purchase Shares issued pursuant to this Agreement.

 

(r)
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(s)
“Base Price” means a price per Purchase Share equal to the sum of (i) the Signing Market Price and (ii) $0.1331 (subject
to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction
that occurs on or after the date of this Agreement).

 

(t)
“Base Prospectus” shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(u)
“Business Day” means any day on which the Principal Market is open for trading, including any day on which the Principal
Market is open for trading for a period of time less than the customary time.

 

(v)
“Closing Sale Price” means, for any security as of any date, the last closing sale price for such security on the
Principal Market as reported by the Principal Market.

 

(w)
“Confidential Information” means any information disclosed by either party to the other party, either directly or
indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant
and equipment), which is designated as “Confidential,” “Proprietary” or some similar designation. Information
communicated orally shall be considered Confidential Information if such information is confirmed in writing as being Confidential Information
within ten (10) Business Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing
party by third parties. Confidential Information shall not, however, include any information which (i) was publicly known and made generally
available in the public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally
available after disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party; (iii)
is already in the possession of the receiving party without confidential restriction at the time of disclosure by the disclosing party
as shown by the receiving party’s files and records immediately prior to the time of disclosure; (iv) is obtained by the receiving
party from a third party without a breach of such third party’s obligations of confidentiality; (v) is independently developed
by the receiving party without use of or reference to the disclosing party’s Confidential Information, as shown by documents and
other competent evidence in the receiving party’s possession; or (vi) is required by law to be disclosed by the receiving party,
provided that the receiving party gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance
in obtaining an order protecting the information from public disclosure.

 

    	-4-

    	 

    

 

(x)
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(y)
“DTC” means The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

(z)
“DWAC Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified
Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program
hereafter adopted by DTC performing substantially the same function.

 

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

 

(bb)
“Floor Price” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, $1.00, which
shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction
and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction,
the Floor Price shall mean the lower of (i) the adjusted price and (ii) $1.00.

 

(cc)
“Fully Adjusted Regular Purchase Share Limit” means, with respect to any reorganization, recapitalization, non-cash
dividend, stock split or other similar transaction from and after the date of this Agreement, the Regular Purchase Share Limit (as defined
in Section 2(a) hereof) in effect on the applicable date of determination, after giving effect to the full proportionate adjustment
thereto made pursuant to Section 2(a) hereof for or in respect of such reorganization, recapitalization, non-cash dividend, stock
split or other similar transaction.

 

(dd)
“Initial Prospectus Supplement” shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(ee)
“Material Adverse Effect” means any material adverse effect on (i) the enforceability of any Transaction Document,
(ii) the results of operations, assets, business or financial condition of the Company and its Subsidiaries, taken as a whole, other
than any material adverse effect that resulted primarily from (A) any change in the United States or foreign economies or securities
or financial markets in general that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, (B)
any change that generally affects the industry in which the Company and its Subsidiaries operate that does not have a disproportionate
effect on the Company and its Subsidiaries, taken as a whole, (C) any change arising in connection with earthquakes, hostilities, acts
of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage
or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor, its affiliates or its or their
successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect of any change in applicable laws
or accounting rules that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, or (F) any change
resulting from compliance with terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii)
the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document to be
performed as of the date of determination.

 

    	-5-

    	 

    

(ff)
“Maturity Date” means the first day of the month immediately following the thirty-six (36) month anniversary of the
Commencement Date.

 

(gg)
“Person” means an individual or entity including but not limited to any limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

(hh)
“Principal Market” means The Nasdaq Capital Market (or any nationally recognized successor thereto); provided however,
that in the event the Company’s Common Stock is ever listed or traded on The Nasdaq Global Market, The Nasdaq Global Select Market,
the New York Stock Exchange, the NYSE American, the NYSE Arca, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or any
nationally recognized successors thereto), then the “Principal Market” shall mean such other market or exchange on which
the Company’s Common Stock is then listed or traded or any successor thereto.

 

(ii)
“Prospectus” shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(jj)
“Prospectus Supplement” shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(kk)
“Purchase Amount” means, with respect to a Regular Purchase, an Accelerated Purchase or an Additional Accelerated
Purchase made hereunder, as applicable, the portion of the Available Amount to be purchased by the Investor pursuant to Section 2
hereof.

 

(ll)
“Registration Statement” shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(mm)
“Regular Purchase Date” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the
Business Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 5:00 p.m., Eastern time, on such Business Day,
a valid Regular Purchase Notice for such Regular Purchase in accordance with this Agreement.

 

(nn)
“Regular Purchase Notice” means, with respect to a Regular Purchase pursuant to Section 2(a) hereof, an irrevocable
written notice from the Company to the Investor directing the Investor to buy a specified number of Purchase Shares (subject to the Purchase
Share limitations contained in Section 2(a) hereof) at the applicable Regular Purchase Price for such Regular Purchase in accordance
with this Agreement.

 

(oo)
“Regular Purchase Price” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the
lower of: (i) the lowest Sale Price on the applicable Regular Purchase Date for such Regular Purchase and (ii) the arithmetic average
of the three (3) lowest Closing Sale Prices for the Common Stock during the ten (10) consecutive Business Days ending on the Business
Day immediately preceding such Regular Purchase Date for such Regular Purchase (in each case, to be appropriately adjusted for any reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction that occurs on or after the date of this Agreement).

 

    	-6-

    	 

    

 

(pp)
“Regular Purchase Share Limit” means, with respect to a Regular Purchase pursuant to Section 2(a) hereof, Twenty-Five
Thousand (25,000) Purchase Shares, subject to adjustment as set forth below; provided, however, that (i) the Regular Purchase
Share Limit shall be increased to Fifty Thousand (50,000) Purchase Shares, if the Closing Sale Price of the Common Stock on the applicable
Regular Purchase Date is not below $6.00, and (ii) the Regular Purchase Share Limit shall be increased to Seventy-Five Thousand (75,000)
Purchase Shares, if the Closing Sale Price of the Common Stock on the applicable Regular Purchase Date is not below $8.00 (all of which
share and dollar amounts shall be appropriately proportionately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split or other similar transaction; provided that if, after giving effect to the full proportionate adjustment to the Regular
Purchase Share Limit therefor, the Fully Adjusted Regular Purchase Share Limit then in effect would preclude the Company from delivering
to the Investor, on a Regular Purchase Date for a Regular Purchase hereunder, a Regular Purchase Notice for a Purchase Amount equal to
or greater than One Hundred Fifty Thousand Dollars ($150,000) (which shall be determined by multiplying (X) the Fully Adjusted Regular
Purchase Share Limit then in effect on such Regular Purchase Date, by (Y) the applicable Regular Purchase Price per Purchase Share for
such Regular Purchase calculated in accordance with this Agreement), the Regular Purchase Share Limit shall equal the applicable Alternate
Adjusted Regular Purchase Share Limit); provided, further, however, that the Investor’s maximum committed
obligation under any single Regular Purchase, other than any Regular Purchase with respect to which an Alternate Adjusted Regular Purchase
Share Limit shall apply, shall not exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000); and provided, further,
however, that the parties may mutually agree to increase the Regular Purchase Share Limit applicable to any Regular Purchase.

 

(qq)
“Sale Price” means any trade price for the shares of Common Stock on the Principal Market as reported by the Principal
Market.

 

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

 

(ss)
“Securities” means, collectively, the Purchase Shares and the Commitment Shares.

 

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

 

(uu)
“Signing Market Price” means $3.25, representing the official closing price of the Common Stock on The Nasdaq Capital
Market (as reflected on Nasdaq.com) on the date of this Agreement.

 

(vv)
“Subsidiary” means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly,
owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of
Regulation S-K promulgated under the Securities Act.

 

(ww)
“Transaction Documents” means, collectively, this Agreement and the schedules and exhibits hereto, the Registration
Rights Agreement and the schedules and exhibits thereto, and each of the other agreements, documents, certificates and instruments entered
into or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

(xx)
“Transfer Agent” means Equiniti Trust Company, or such other Person who is then serving as the transfer agent for
the Company in respect of the Common Stock.

 

    	-7-

    	 

    

 

(yy)
“VWAP” means in respect of an Accelerated Purchase Date and an Additional Accelerated Purchase Date, as applicable,
the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market or by another reputable
source such as Bloomberg, L.P.

 

2.
PURCHASE OF COMMON STOCK. 

 

Subject
to the terms and conditions set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the
obligation to purchase from the Company, Purchase Shares as follows:

 

(a)
Commencement of Regular Sales of Common Stock. Upon the satisfaction of all of the conditions set forth in Sections 7 and
8 hereof (the “Commencement” and the date of satisfaction of such conditions the “Commencement Date”),
and thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of
a Regular Purchase Notice from time to time in accordance with this Agreement, to purchase up to the Regular Purchase Share Limit at
the applicable Regular Purchase Price on the applicable Regular Purchase Date (each such purchase a “Regular Purchase”).
The Company may deliver a Regular Purchase Notice to the Investor as often as every Business Day, so long as (i) the Closing Sale Price
of the Common Stock on such Business Day is not less than the Floor Price and (ii) all Purchase Shares subject to all prior Regular Purchases
have theretofore been received by the Investor as DWAC Shares in accordance with this Agreement.

 

(b)
Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after the Commencement Date, in addition
to purchases of Purchase Shares as described in Section 2(a) above, the Company shall also have the right, but not the obligation,
to direct the Investor, by its delivery to the Investor of an Accelerated Purchase Notice from time to time in accordance with this Agreement,
to purchase the applicable Accelerated Purchase Share Amount at the Accelerated Purchase Price on the Accelerated Purchase Date therefor
in accordance with this Agreement (each such purchase, an “Accelerated Purchase”). The Company may deliver an Accelerated
Purchase Notice to the Investor only (i) on a Regular Purchase Date on which the Company also properly submitted a Regular Purchase Notice
for a Regular Purchase of not less than the Regular Purchase Share Limit then in effect and (ii) if all Purchase Shares subject to all
Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases prior to the Regular Purchase Date referred to in clause
(i) hereof (as applicable) have theretofore been received by the Investor as DWAC Shares in accordance with this Agreement. Within one
(1) Business Day after completion of each Accelerated Purchase Date for an Accelerated Purchase, the Investor will provide to the Company
a written confirmation of such Accelerated Purchase setting forth the applicable Accelerated Purchase Share Amount and Accelerated Purchase
Price for such Accelerated Purchase (each, an “Accelerated Purchase Confirmation”).

 

(c)
Additional Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after the Commencement Date,
in addition to purchases of Purchase Shares as described in Section 2(a) and Section 2(b) above, the Company shall also
have the right, but not the obligation, to direct the Investor, by its timely delivery to the Investor of an Additional Accelerated Purchase
Notice on an Additional Accelerated Purchase Date in accordance with this Agreement, to purchase the applicable Additional Accelerated
Purchase Share Amount at the applicable Additional Accelerated Purchase Price therefor in accordance with this Agreement (each such purchase,
an “Additional Accelerated Purchase”). The Company may deliver multiple Additional Accelerated Purchase Notices to
the Investor on an Additional Accelerated Purchase Date only (i) on a Business Day that is also the Accelerated Purchase Date for an
Accelerated Purchase with respect to which each of the conditions set forth in the second sentence of Section 2(b) have been satisfied,
and (ii) if all Purchase Shares subject to all prior Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases, including,
without limitation, those that have been effected on the same Business Day as the applicable Additional Accelerated Purchase Date with
respect to which the applicable Additional Accelerated Purchase relates, have theretofore been received by the Investor as DWAC Shares
in accordance with this Agreement. The Investor will provide to the Company a written confirmation of each Additional Accelerated Purchase
on such Additional Accelerated Purchase Date setting forth the applicable Additional Accelerated Purchase Share Amount and Additional
Accelerated Purchase Price for each such Additional Accelerated Purchase on such Additional Accelerated Purchase Date in the Accelerated
Purchase Confirmation for the related Accelerated Purchase as provided in the last sentence of Section 2(b).

 

    	-8-

    	 

    

 

(d)
Excess Share Limitations. If the Company delivers any Regular Purchase Notice for a Purchase Amount in excess of the Regular Purchase
Share Limit, such Regular Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase
Shares set forth in such Regular Purchase Notice exceeds the number of Purchase Shares which the Company is permitted to include in such
Regular Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares in
respect of such Regular Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the number
of Purchase Shares which the Company is permitted to include in such Regular Purchase Notice. If the Company delivers any Accelerated
Purchase Notice or Additional Accelerated Purchase Notice directing the Investor to purchase an amount of Purchase Shares that exceeds
the Accelerated Purchase Share Amount or Additional Accelerated Purchase Amount, as applicable, that the Company is then permitted to
include in such Accelerated Purchase Notice or Additional Accelerated Purchase Notice, respectively, such Accelerated Purchase Notice
or Additional Accelerated Purchase Notice, as applicable, shall be void ab initio to the extent of the amount by which the number
of Purchase Shares set forth in such Accelerated Purchase Notice or Additional Accelerated Purchase Notice, as applicable, exceeds the
Accelerated Purchase Share Amount or Additional Accelerated Purchase Amount, respectively, that the Company is then permitted to include
in such Accelerated Purchase Notice or Additional Accelerated Purchase Notice, respectively (which shall be confirmed in an Accelerated
Purchase Confirmation), and the Investor shall have no obligation to purchase such excess Purchase Shares; provided, however,
that the Investor shall remain obligated to purchase the Accelerated Purchase Share Amount or Additional Accelerated Purchase Amount,
as applicable, which the Company is permitted to include in such Accelerated Purchase Notice or Additional Accelerated Purchase Notice,
respectively.

 

(e)
Payment for Purchase Shares. For each Regular Purchase, the Investor shall pay to the Company an amount equal to the Purchase
Amount with respect to such Regular Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds
on the same Business Day that the Investor receives such Purchase Shares, if such Purchase Shares are received by the Investor before
1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern time, the next Business Day.
For each Accelerated Purchase and each Additional Accelerated Purchase, the Investor shall pay to the Company an amount equal to the
Purchase Amount with respect to such Accelerated Purchase and Additional Accelerated Purchase, respectively, as full payment for such
Purchase Shares via wire transfer of immediately available funds on the second (2nd) Business Day following the date that
the Investor receives such Purchase Shares. If the Company or the Transfer Agent shall fail for any reason or for no reason to electronically
transfer any Purchase Shares as DWAC Shares in respect of a Regular Purchase, an Accelerated Purchase or an Additional Accelerated Purchase
(as applicable) within two (2) Business Days following the receipt by the Company of the Regular Purchase Price, Accelerated Purchase
Price or Additional Accelerated Purchase Price (as applicable) therefor in compliance with this Section 2(e), and if on or after
such Business Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Investor of such Purchase Shares that the Investor anticipated receiving from the Company in respect of such Regular
Purchase, Accelerated Purchase or Additional Accelerated Purchase, then the Company shall, within two (2) Business Days after the Investor’s
request, either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased (the “Cover Price”), at which point the Company’s obligation
to deliver such Purchase Shares as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor such
Purchase Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total
Purchase Amount paid by the Investor pursuant to this Agreement for all of the Purchase Shares to be purchased by the Investor in connection
with such Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase (as applicable). The Company shall not issue any
fraction of a share of Common Stock upon any Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase. If the issuance
would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock
up or down to the nearest whole share. All payments made under this Agreement shall be made in lawful money of the United States of America
or wire transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance
with the provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that
is not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.

 

    	-9-

    	 

    

 

(f)
Compliance with Rules of Principal Market.

 

(i)
Exchange Cap. Subject to Section 2(f)(ii) below, the Company shall not issue or sell any shares of Common Stock pursuant
to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent
that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement and
the transactions contemplated hereby would exceed 3,142,430 (representing 19.99% of the shares of Common Stock issued and outstanding
immediately prior to the execution of this Agreement), which number of shares shall be (i) reduced, on a share-for-share basis, by the
number of shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with
the transactions contemplated by this Agreement under applicable rules of The Nasdaq Stock Market and (ii) appropriately adjusted for
any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction that occurs after the date of this
Agreement (such maximum number of shares, the “Exchange Cap”), unless and until the Company elects to solicit stockholder
approval of the issuance of Common Stock as contemplated by this Agreement, and the stockholders of the Company have in fact approved
the issuance of Common Stock as contemplated by this Agreement in accordance with the applicable rules of The Nasdaq Stock Market. For
the avoidance of doubt, the Company may, but shall be under no obligation to, request its stockholders to approve the issuance of Common
Stock as contemplated by this Agreement; provided, that if stockholder approval is not obtained in accordance with this Section 2(f)(i),
the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all times during
the term of this Agreement (except as set forth in Section 2(f)(ii) below).

 

(ii)
At-Market Transaction. Notwithstanding Section 2(f)(i) above, the Exchange Cap shall not be applicable for any purposes
of this Agreement and the transactions contemplated hereby, solely to the extent that (and only for so long as) the Average Price shall
equal or exceed the Base Price (it being hereby acknowledged and agreed that the Exchange Cap shall be applicable for all purposes of
this Agreement and the transactions contemplated hereby at all other times during the term of this Agreement, unless the stockholder
approval referred to in Section 2(f)(i) is obtained). The parties acknowledge and agree that the Signing Market Price used to
determine the Base Price hereunder represents the lower of (i) the Nasdaq official closing price of the Common Stock on The Nasdaq Global
Market (as reflected on Nasdaq.com) on the date of this Agreement and (ii) the average Nasdaq official closing price of the Common Stock
on The Nasdaq Global Market (as reflected on Nasdaq.com) for the five (5) consecutive trading days ending on the date of this Agreement.

 

    	-10-

    	 

    

 

(iii)
General. The Company shall not issue any shares of Common Stock pursuant to this Agreement if such issuance would reasonably be
expected to result in (A) a violation of the Securities Act or (B) a breach of the rules and regulations of The Nasdaq Stock Market.
The provisions of this Section 2(f) shall be implemented in a manner otherwise than in strict conformity with the terms hereof
only if necessary to ensure compliance with the Securities Act and the rules and regulations of The Nasdaq Stock Market.

 

(g)
Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue
or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with
all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more than 9.99%
of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written
or oral request of the Investor, the Company shall promptly (but not later than 24 hours) confirm orally or in writing to the Investor
the number of shares of Common Stock then outstanding. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(g) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The Investor and the Company shall each cooperate in good faith in
the determinations required hereby and the application hereof. The Investor’s written certification to the Company of the applicability
of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the
applicability thereof and such result absent manifest error.

 

3.
INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

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

 

(a)
Organization, Authority. Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, with the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder.

 

(b)
Accredited Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of
Regulation D promulgated under the Securities Act.

 

(c)
Information. The Investor understands that its investment in the Securities involves a high degree of risk. The Investor (i) is
able to bear the economic risk of an investment in the Securities including a total loss thereof, (ii) has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment in the Securities
and (iii) has had an opportunity to ask questions of and receive answers from the officers of the Company concerning the financial condition
and business of the Company and other matters related to an investment in the Securities. Neither such inquiries nor any other due diligence
investigations conducted by the Investor or its representatives shall modify, amend or affect the Investor’s right to rely on the
Company’s representations and warranties contained in Section 4 below. The Investor has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.

 

    	-11-

    	 

    

 

(e)
No Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and
is a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability
to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws
relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(g)
Residency. The Investor is a resident of the State of Illinois.

 

(h)
No Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has
any of the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii)
hedging transaction, which establishes a net short position with respect to the Common Stock.

 

4.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to the Investor that, except as set forth in the disclosure schedules attached hereto, which exceptions
shall be deemed to be a part of the representations and warranties made hereunder, as of the date hereof and as of the Commencement Date:

 

(a)
Organization and Qualification. The Company and each of its 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 corporate
power and authority to own and use its properties and assets and to carry on its business as currently conducted, 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 a Material Adverse
Effect. Neither the Company nor any of its Subsidiaries is in violation or 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 its 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 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. The Company has no Subsidiaries except as set forth on Exhibit 21.1 to the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2020, as amended.

 

    	-12-

    	 

    

 

(b)
Authorization; Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and perform
its obligations under this Agreement, the Registration Rights Agreement and each of the other Transaction Documents, and to issue the
Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment
Shares (as defined below in Section 5(e)) and the reservation for issuance and the issuance of the Purchase Shares issuable under this
Agreement, have been duly authorized by the Company’s Board of Directors and no further consent or authorization is required by
the Company, its Board of Directors or its stockholders, (iii) this Agreement has been, and each other Transaction Document shall be
on the Commencement Date, duly executed and delivered by the Company and (iv) each of this Agreement and the Registration Rights Agreement
constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and binding
obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally, the enforcement of creditors’ rights and remedies. The Board of Directors of the Company has approved
resolutions substantially in the form set forth in Exhibit B attached hereto (the “Signing Resolutions”)
to authorize this Agreement, the Registration Rights Agreement and the transactions contemplated hereby and thereby. The Signing Resolutions
are valid, in full force and effect and have not been modified or supplemented in any respect. The Company has delivered to the Investor
a true copy of the minutes of a meeting of the Company’s Board of Directors at which the Signing Resolutions were unanimously adopted
by the Board of Directors or a unanimous written consent in lieu of a meeting. Except as set forth in this Agreement, no other approvals
or consents of the Company’s Board of Directors, any authorized committee thereof, and/or stockholders is necessary under applicable
laws and the Company’s Certificate of Incorporation and/or Bylaws to authorize the execution and delivery of this Agreement, the
Registration Rights Agreement or any of the transactions contemplated hereby or thereby, including, but not limited to, the issuance
of the Securities.

 

(c)
Capitalization. As of the date hereof, the authorized capital stock of the Company is set forth in the Registration Statement.
Except as disclosed in the SEC Documents (as defined below), (i) no shares of the Company’s capital stock are subject to preemptive
rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
securities, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional
shares of capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any
of its Subsidiaries, (iv) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to
register the sale of any of their securities under the Securities Act (except this Agreement and the Registration Rights Agreement),
(v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is
or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii)
the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.
The Company has furnished to the Investor true and correct copies of the Company’s Certificate of Incorporation, as amended and
as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s Bylaws, as amended and
as in effect on the date hereof (the “Bylaws”), and summaries of the terms of all securities convertible into or exercisable
for Common Stock, if any, and copies of any documents containing the material rights of the holders thereof in respect thereto.

 

    	-13-

    	 

    

 

(d)
Issuance of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement, the
Purchase Shares shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of
first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder
of Common Stock. Upon issuance in accordance with the terms and conditions of this Agreement, the Commitment Shares shall be validly
issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of first refusal and preemptive rights
with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock. 2,976,391 shares
of Common Stock have been duly authorized and reserved for issuance upon purchase under this Agreement as Purchase Shares.

 

(e)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Commitment Shares and
the reservation for issuance and issuance of the Purchase Shares) will not (i) result in a violation of the Certificate of Incorporation,
any Certificate of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the Bylaws or
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and the rules and regulations of the Principal Market applicable to the Company or
any of its Subsidiaries) or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in
the case of conflicts, defaults, terminations, amendments, accelerations, cancellations and violations under clause (ii), which would
not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor its Subsidiaries is in violation of any term
of or in default under its Certificate of Incorporation, any Certificate of Designation, Preferences and Rights of any outstanding series
of preferred stock of the Company or Bylaws or their organizational charter or bylaws, respectively. Neither the Company nor any of its
Subsidiaries is in violation of any term of or is in default under any material contract, agreement, mortgage, indebtedness, indenture,
instrument, judgment, decree or order or any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible
conflicts, defaults, terminations or amendments that would not reasonably be expected to have a Material Adverse Effect. The business
of the Company and its Subsidiaries is not being conducted, and shall not be conducted, in violation of any law, ordinance, regulation
of any governmental entity, except for possible violations, the sanctions for which either individually or in the aggregate would not
reasonably be expected to have a Material Adverse Effect. Except as specifically contemplated by this Agreement and as required under
the Securities Act or applicable state securities laws and the rules and regulations of the Principal Market, the Company is not required
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or any regulatory
or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction
Documents in accordance with the terms hereof or thereof. Except as set forth elsewhere in this Agreement, all consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected
on or prior to the Commencement Date.

 

(f)
SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company with the SEC under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, and under the Securities
Act, in each case during the 12-month period immediately preceding the date of this Agreement (the foregoing materials, including the
exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Documents”),
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration
of any such extension. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the
Securities Act and the Exchange Act, as applicable. None of the SEC Documents, 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 Documents
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto
as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted
accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise
specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments. The Company and its Subsidiaries do not have any material liabilities
or obligations, direct or contingent (including any off-balance sheet obligations or any “variable interest entities” as
that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not disclosed in the SEC Documents. All disclosures contained
in the SEC Documents that contain “non-GAAP financial measures” (as such term is defined by the rules and regulations of
the SEC) comply, in all material respects, with Regulation G under the Exchange Act and Item 10 of Regulation S-K under the Securities
Act, to the extent applicable. Except as set forth in the SEC Documents, the Company has received no notices or correspondence from the
SEC for the one year preceding the date hereof. The SEC has not commenced any enforcement proceedings against the Company or any of its
Subsidiaries.

 

    	-14-

    	 

    

 

(g)
Absence of Certain Changes. Except as disclosed in the SEC Documents, since December 31, 2020, (i) there has been no material
adverse change in the business, properties, operations, financial condition or results of operations of the Company or its Subsidiaries,(ii)
the Company and its Subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct
or contingent, including without limitation any losses or interference with its business from fire, explosion, flood, earthquakes, accident
or other calamity, whether or not covered by insurance, or from any strike, labor dispute or court or governmental action, order or decree,
that are material, individually or in the aggregate, to the Company and its Subsidiaries, considered as one entity, or has entered into
any transactions not in the ordinary course of business; and (iii) there has not been any material decrease in the capital stock or any
material increase in any short-term or long-term indebtedness of the Company or its Subsidiaries and there has been no dividend or distribution
of any kind declared, paid or made by the Company or, except for dividends paid to the Company or other Subsidiaries, by any of the Company’s
Subsidiaries on any class of capital stock, or any repurchase or redemption by the Company or any of its Subsidiaries of any class of
capital stock. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any
Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate
involuntary bankruptcy or insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as they become
due.

 

(h)
Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against
or affecting the Company, the Common Stock or any of the Company’s or its Subsidiaries’ officers or directors in their capacities
as such, which could reasonably be expected to have a Material Adverse Effect.

 

(i)
Acknowledgment Regarding Investor’s Status. The Company acknowledges and agrees that the Investor is acting solely in the
capacity of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby.
The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given by the
Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby
and thereby is merely incidental to the Investor’s purchase of the Securities. The Company further represents to the Investor that
the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company
and its representatives and advisors.

 

    	-15-

    	 

    

 

(j)
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause
this offering of the Securities to be integrated with prior offerings by the Company in a manner that would require stockholder approval
pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated. The issuance and
sale of the Securities hereunder does not contravene the rules and regulations of the Principal Market.

 

(k)
Intellectual Property Rights. Each of the Company and its Subsidiaries owns and has full right, title and interest in and to,
or has valid licenses to use, each material trade name, trademark, service mark, patent, copyright, approval, trade secret and other
similar rights (collectively “Intellectual Property”) under which the Company and its Subsidiaries conduct all or
any material part of their respective businesses, and the Company has not created any lien or encumbrance on, or granted any right or
license with respect to, any such Intellectual Property, except where the failure to own or obtain a license or right to use any such
Intellectual Property could not reasonably be expected to result in a Material Adverse Effect; there is no claim pending against the
Company or its Subsidiaries with respect to any Intellectual Property, and the Company and its Subsidiaries have not received notice
or otherwise become aware that any Intellectual Property that it uses or has used in the conduct of its business infringes upon or conflicts
with the rights of any third party.

 

(l)
Environmental Laws. The Company is not in violation of any statute, any rule, regulation, decision or order of any governmental
agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous chemicals, toxic substances or
radioactive and biological materials or relating to the protection or restoration of the environment or human exposure to hazardous chemicals,
toxic substances or radioactive and biological materials (collectively, “Environmental Laws”), which violation, contamination,
liability or claim would individually or in the aggregate result in a Material Adverse Effect; and the Company is not aware of any pending
investigation which might lead to such a claim. The Company neither owns nor, to its knowledge, operates any real property contaminated
with any substance that is subject to any Environmental Laws, is not liable for any off-site disposal or contamination pursuant to any
Environmental Laws, nor is it subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim
would individually or in the aggregate result in a Material Adverse Effect; and the Company is not aware of any pending investigation
which might lead to such a claim.

 

(m)
Title. The Company and its Subsidiaries have good and marketable title in fee simple to all real property owned by them and good
and marketable title in all personal property owned by them that is material to the business of the Company and its Subsidiaries, in
each case free and clear of all liens, encumbrances and defects (“Liens”) and, except for Liens as do not materially
affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company
and its Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject
to penalties. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting
and enforceable leases with which the Company and its Subsidiaries are in compliance with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.

 

    	-16-

    	 

    

 

(n)
Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the
Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought
or applied for and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business
or operations of the Company and its Subsidiaries, taken as a whole.

 

(o)
Regulatory Permits. The Company possesses all licenses, certificates, registrations, authorizations and permits required by the
U.S. Food and Drug Administration (“FDA”) the European Medicines Agency (“EMA”) and other governmental
or regulatory authorities performing functions similar to those performed by the FDA and the EMA and have made all declarations and filings
with, the appropriate local, state, federal or foreign governmental or regulatory agencies or bodies (including, without limitation,
those administered by the FDA, the EMA or by any foreign, federal, state or local governmental or regulatory authority performing functions
similar to those performed by the FDA and the EMA) that are necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in the Registration Statement and the Prospectus (collectively, the “Material
Permits”) except where any failures to possess or make the same would not, singularly or in the aggregate, have a Material
Adverse Effect. The Company is in compliance with all such Material Permits, including with all conditions and limitations on the commercial
rights granted by such Material Permits; all such Material Permits are valid and in full force and effect, except where the validity
or failure to be in full force and effect would not, singularly or in the aggregate, have a Material Adverse Effect. The Company has
not received notification of any revocation, modification, suspension, termination or invalidation (or proceedings related thereto) of
any such Material Permit and the Company has no reason to believe that any such Material Permit will not be renewed.

 

(p)
Tax Status. All United States federal income tax returns of the Company and its Subsidiaries required by law to be filed have
been filed or extensions thereof have been requested, and all taxes shown by such returns or otherwise assessed, which are due and payable,
have been paid, except assessments that are being contested in good faith and as to which adequate reserves have been provided. Each
of the Company and its Subsidiaries has filed all other tax returns that are required to have been filed by it pursuant to applicable
foreign, state, local or other law except insofar as the failure to file such returns would not result in a Material Adverse Effect,
and has paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except
for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided and except for such
taxes or assessments the nonpayment of which would not, individually or in the aggregate, result in a Material Adverse Effect. The charges,
accruals and reserves on the books of the Company and its Subsidiaries in respect of any income and corporation tax liability for any
years not finally determined are adequate to meet any assessments or re-assessments for additional tax for any years not finally determined,
except to the extent of any inadequacy that would not result in a Material Adverse Effect. All material taxes which the Company and its
Subsidiaries are required by law to withhold or to collect for payment have been duly withheld and collected and have been paid to the
appropriate governmental authority or agency or have been accrued, reserved against and entered on the books of the Company and its Subsidiaries.
There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Company of the Securities
to the Investor pursuant to this Agreement.

 

    	-17-

    	 

    

 

(q)
Transactions With Affiliates. Except as set forth in the SEC Documents, none of the officers or directors of the Company and,
to the knowledge of the Company, none of the Company’s stockholders, the officers or directors of any stockholder of the Company,
or any family member or affiliate of any of the foregoing, has either directly or indirectly any interest in, or is a party to, any transaction
that is required to be disclosed as a related party transaction pursuant to Item 404 of Regulation S-K promulgated under the Securities
Act.

 

(r)
Application of Takeover Protections. The Company and its board of directors have taken or will take prior to the Commencement
Date all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or the laws
of the state of its incorporation which is or could become applicable to the Investor as a result of the transactions contemplated by
this Agreement, including, without limitation, the Company’s issuance of the Securities and the Investor’s ownership of the
Securities.

 

(s)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents
that will be timely publicly disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf
has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute material, non-public
information which is not otherwise disclosed in the Registration Statement or the SEC Documents. The Company understands and confirms
that the Investor will rely on the foregoing representation in effecting purchases and sales of securities of the Company. All of the
disclosure furnished by or on behalf of the Company to the Investor regarding the Company, its business and the transactions contemplated
hereby, including the disclosure schedules to this Agreement, is true and correct in all material respects 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. The Company acknowledges and agrees that the Investor neither makes nor has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3 hereof.

 

(t)
Foreign Corrupt Practices. None of the Company, any subsidiary or, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or other person acting on behalf of the Company or any of its Subsidiaries, is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations thereunder (collectively, the “FCPA”), including, without limitation, making use of the
mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign
official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA. The Company and its Subsidiaries have conducted their respective businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.

 

    	-18-

    	 

    

 

(u)
Registration Statement. The Company has prepared and filed the Registration Statement with the SEC in accordance with the Securities
Act. The Registration Statement was declared effective by order of the SEC on July 9, 2021. The Registration Statement is effective pursuant
to the Securities Act and available for the issuance of the Securities thereunder, and the Company has not received any written notice
that the SEC has issued or intends to issue a stop order or other similar order with respect to the Registration Statement or the Prospectus
or that the SEC otherwise has (i) suspended or withdrawn the effectiveness of the Registration Statement or (ii) issued any order preventing
or suspending the use of the Prospectus or any Prospectus Supplement, in either case, either temporarily or permanently or intends or
has threatened in writing to do so. The “Plan of Distribution” section of the Prospectus permits the issuance of the Securities
under the terms of this Agreement. At the time the Registration Statement and any amendments thereto became effective, at the date of
this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities Act, the Registration Statement
and any amendments thereto complied and will comply in all material respects with the requirements of the Securities Act and did not
and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading; and the Base Prospectus and any Prospectus Supplement thereto, at the time such Base Prospectus
or such Prospectus Supplement thereto was issued and on the Commencement Date, complied and will comply in all material respects with
the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided
that this representation and warranty does not apply to statements in or omissions from any Prospectus Supplement made in reliance upon
and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly
for use therein. The Company meets all of the requirements for the use of a registration statement on Form S-3 pursuant to the Securities
Act for the offering and sale of the Securities contemplated by this Agreement in reliance on General Instruction I.B.1. of Form S-3,
and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1)
of the Securities Act. The Company hereby confirms that the issuance of the Securities to the Investor pursuant to this Agreement would
not result in non-compliance with the Securities Act or any of the General Instructions to Form S-3. The Registration Statement, as of
its effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant to the Securities Act. At the earliest time after
the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning
of Rule 164(h)(2) of the Securities Act) relating to any of the Securities, the Company was not, and as of the date of this Agreement
the Company is not, an Ineligible Issuer (as defined in Rule 405 of the Securities Act). The Company has not distributed any offering
material in connection with the offering and sale of any of the Securities, and, until the Investor does not hold any of the Securities,
shall not distribute any offering material in connection with the offering and sale of any of the Securities, to or by the Investor,
in each case, other than the Registration Statement or any amendment thereto, the Prospectus or any Prospectus Supplement required pursuant
to applicable law or the Transaction Documents. The Company has not made and shall not make an offer relating to the Securities that
would constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act.

 

(v)
DTC Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer
(FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer
(FAST) Program.

 

(w)
Sarbanes-Oxley. The Company is in compliance in all material respects with all provisions of the Sarbanes-Oxley Act of 2002, as
amended, which are applicable to it as of the date hereof.

 

(x)
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 Investor 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 4(x) that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

    	-19-

    	 

    

 

(y)
Investment Company. The Company is not, and immediately after receipt of payment for the Purchase Shares will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

(z)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock pursuant to the Exchange Act nor has the Company received any notification that the SEC is currently contemplating terminating
such registration. Except as disclosed in the SEC Documents, the Company has not, in the twelve (12) months preceding the date hereof,
received any notice from any Person to the effect that the Company is not in compliance with the listing or maintenance requirements
of the Principal Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Principal Market has not commenced any delisting proceedings against the Company.

 

(aa)
Accountants. The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company, such accountants
are an independent registered public accounting firm as required by the Securities Act.

 

(bb)
No Market Manipulation. The Company has not, and to its knowledge no Person 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.

 

(cc)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(dd)
OFAC. None of the Company, any subsidiary or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly
use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered
by OFAC.

 

    	-20-

    	 

    

 

(ee)
No Unlawful Contributions or Other Payments. No payments or inducements have been made or given, directly or indirectly, to any
federal or local official or candidate for, any federal or state office in the United States or foreign offices by the Company or any
of its officers or directors, or, to the knowledge of the Company, by any of its employees or agents or any other person in connection
with any opportunity, contract, permit, certificate, consent, order, approval, waiver or other authorization relating to the business
of the Company, except for such payments or inducements as were lawful under applicable laws, rules and regulations. Neither the Company,
nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the
Company, (i) has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (ii) made any direct or indirect unlawful payment to any government official or employee from corporate funds; or (iii) made
any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment in connection with the business of the Company.

 

(ff)
Information Technology. The Company’s and the Subsidiaries’ information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) operate
and perform in all material respects as required in connection with the operation of the business of the Company and the Subsidiaries
as currently conducted. The Company, and the Subsidiaries maintain commercially reasonable controls, policies, procedures, and safeguards
to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all
IT Systems and all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)
processed and stored thereon, and to the knowledge of the Company, there have been no breaches, incidents, violations, outages, compromises
or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty
to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and the Subsidiaries
are presently in compliance in all material respects with all applicable laws or statutes and all applicable judgments, orders, rules
and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except for any such noncompliance that would not have a Material Adverse Effect.

 

(gg)
Certain Regulations. The studies, tests and clinical trials conducted by or on behalf of the Company and its Subsidiaries were
and, if still pending, are being conducted in compliance with experimental protocols, procedures and controls pursuant to accepted professional
scientific standards and all applicable laws and authorizations, including, without limitation, the Federal Food, Drug and Cosmetic Act
and the rules and regulations promulgated thereunder, except where the failure to be in compliance could not reasonably be expected to
result in a Material Adverse Effect; the descriptions of the results of such studies, tests and clinical trials contained in the Registration
Statement and the Prospectus are accurate and complete in all material respects and fairly present the data derived from such studies,
tests and clinical trials; except to the extent disclosed in the Registration Statement and the Prospectus, to the knowledge of the Company,
there are no studies, tests or clinical trials, the results of which the Company believes reasonably call into question the study, test,
or clinical trial results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which
such results are described; and, except to the extent disclosed in the Registration Statement and the Prospectus, the Company and its
Subsidiaries have not received any notices or correspondence from any applicable governmental authority requiring the termination, suspension
or material modification of any studies, tests or clinical trials conducted by or on behalf of the Company or its Subsidiaries.

 

    	-21-

    	 

    

 

(hh)
FDA Regulations. The Company and its Subsidiaries: (A) are and at all times have been in compliance with all statutes, rules,
or regulations, including but not limited to those administered by the FDA, the EMA and similar governmental authorities applicable to
the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer
for sale, storage, import, export or disposal of any products being developed, manufactured or distributed by the Company or its subsidiaries
(“Applicable Laws”), except as could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect; (B) have not received any warning letter or other correspondence or notice from the FDA, EMA or any other governmental
authority alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations,
permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”); (C) possess
all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term
of any such Authorizations; (D) have not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any governmental authority or third party alleging that any product operation or activity is in violation
of any Applicable Laws or Authorizations and have no knowledge that any such governmental authority or third party is considering any
such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) have not received notice that any governmental authority
has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and have no knowledge that any
such governmental authority is considering such action; (F) have filed, obtained, maintained or submitted all material reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations
and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete
and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (G) have not, either voluntarily or
involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement,
safety alert, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect
or violation and, to the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or
action.

 

(ii)
Labor Matters. No labor dispute with the employees of the Company exists or, to the Company’s knowledge, is threatened or
imminent, and the Company is not aware of any existing or imminent labor dispute by the employees of any of its principal suppliers,
contractors or customers, that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
None of the employees of the Company or any of its subsidiaries is represented by a union and, to the knowledge of the Company, no union
organizing activities are taking place. Neither the Company nor any of its subsidiaries has violated any federal, state or local law
or foreign law relating to the discrimination in hiring, promotion or pay of employees, nor any applicable wage or hour laws, or the
rules and regulations thereunder, or analogous foreign laws and regulations, which might, individually or in the aggregate, result in
a Material Adverse Effect.

 

(jj)
ERISA. The Company is in compliance in all material respects with all presently applicable provisions of the Employee Retirement
Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”);
no “reportable event” (as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA)
for which the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i) Title IV
of ERISA with respect to termination of, or withdrawal from, any “pension plan” or (ii) Sections 412 or 4971 of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the “Code”);
and each “pension plan” for which the Company would have any liability that is intended to be qualified under Section 401(a)
of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause
the loss of such qualification.

 

(hh)
Material Agreements. There are no contracts, agreements, instruments or other documents that are required to be described in the
Registration Statement or the Prospectus or to be filed as exhibits thereto which have not been so described in all material respects
and filed as required by Item 601(b) of Regulation S-K under the Securities Act. The copies of all contracts, agreements, instruments
and other documents (including governmental licenses, authorizations, permits, consents and approvals and all amendments or waivers relating
to any of the foregoing) that have been furnished to the Investor or its counsel are complete and genuine and include all material collateral
and supplemental agreements thereto. All contracts and agreements between the Company and third parties expressly referenced in the Registration
Statement or the Prospectus are legal, valid and binding obligations of the Company, enforceable against the Company in accordance with
their respective terms, except as rights to indemnity thereunder (as applicable) may be limited by federal or state securities laws and
except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors
generally, and subject to general principles of equity.

 

    	-22-

    	 

    

 

(jj)
Shell Company Status. The Company is not currently, and since October 4, 2017, has not been, an issuer identified in Rule 144(i)(1)
under the Securities Act and has filed with the SEC current “Form 10 information” (as defined in Rule 144(i)(3) under the
Securities Act) at least 12 calendar months prior to the date of this Agreement reflecting its status as an entity that is no longer
an issuer identified in Rule 144(i)(1) under the Securities Act.

 

5.
COVENANTS.

 

(a)
Filing of Current Report and Initial Prospectus Supplement. The Company agrees that it shall, on the date hereof, file with the
SEC a current report on Form 8-K relating to the transactions contemplated by, and describing the material terms and conditions of, the
Transaction Documents in the form agreed upon by the Investor prior to the date hereof (the “Current Report”). The
Company further agrees that it shall, on the date hereof, file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b)
under the Securities Act, in the form agreed upon by the Investor prior to such filing, specifically relating to the transactions contemplated
by, and describing the material terms and conditions of, the Transaction Documents, containing information previously omitted at the
time of effectiveness of the Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing all information
relating to the transactions contemplated hereby required to be disclosed in the Registration Statement and the Prospectus as of the
date of the Initial Prospectus Supplement, including, without limitation, information required to be disclosed in the section captioned
“Plan of Distribution” in the Prospectus, pursuant to and in accordance with the terms of the Registration Rights Agreement.

 

(b)
Blue Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to
register or qualify (i) the issuance of the Commitment Shares and the issuance and sale of the Purchase Shares to the Investor under
this Agreement and (ii) any subsequent resale of the Securities by the Investor, in each case, under applicable securities or “Blue
Sky” laws of the states of the United States in such states as is reasonably requested by the Investor from time to time, and shall
provide evidence of any such action so taken to the Investor.

 

(c)
Listing/DTC. The Company shall promptly secure the listing of all of the Securities to be issued to the Investor under this Agreement
on the Principal Market (subject to official notice of issuance) and upon each other national securities exchange or automated quotation
system, if any, upon which the Common Stock is then listed, and shall use commercially reasonable efforts to maintain, so long as any
shares of Common Stock shall be so listed, such listing of all such Securities. The Company shall use commercially reasonable efforts
to maintain the listing of the Common Stock, including the Securities, on the Principal Market and shall comply in all respects with
the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the Principal Market. Neither
the Company nor any of its Subsidiaries shall take any action that would reasonably be expected to result in the delisting or suspension
of the Common Stock, including the Securities, on the Principal Market. The Company shall promptly, and in no event later than the following
Business Day, provide to the Investor copies of any notices it receives from the Principal Market regarding the continued eligibility
of the Common Stock for listing on the Principal Market; provided, however, that the Company shall not be required to provide the Investor
copies of any such notice that the Company reasonably believes constitutes material non-public information and the Company would not
be required to publicly disclose such notice in any report or statement filed with the SEC under the Exchange Act (including on Form
8-K) or the Securities Act. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section
5(c). The Company shall take all action necessary to ensure that its Common Stock, including the Securities, can be transferred electronically
as DWAC Shares.

 

(d)
Prohibition of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending
on the date of termination of this Agreement as provided in Section 11, the Investor and its agents, representatives and affiliates shall
not in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined
in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position
with respect to the Common Stock.

 

    	-23-

    	 

    

 

(e)
Issuance of Commitment Shares. In consideration for the Investor’s execution and delivery of this Agreement, the Company
shall cause to be issued to the Investor a total of 123,609 shares of Common Stock (the “Commitment Shares”) on the
Business Day immediately following the date of this Agreement and shall deliver to the Transfer Agent immediately following the execution
of this Agreement the Irrevocable Transfer Agent Instructions with respect to the issuance of such Commitment Shares pursuant hereto.
For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the date of this Agreement, whether or not the Commencement
shall occur or any Purchase Shares are purchased by the Investor under this Agreement and irrespective of any subsequent termination
of this Agreement.

 

(f)
Due Diligence; Non-Public Information. The Investor shall have the right, from time to time as the Investor may reasonably deem
appropriate, and upon providing reasonable advance notice to the Company, to perform reasonable due diligence on the Company during normal
business hours. The Company and its officers and employees shall provide information and reasonably cooperate with the Investor in connection
with any reasonable request by the Investor related to the Investor’s due diligence of the Company. Each party hereto agrees not
to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information for any
purpose other than in connection with, or in furtherance of, the transactions contemplated hereby. Each party hereto acknowledges that
the Confidential Information shall remain the property of the disclosing party and agrees that it shall take all reasonable measures
to protect the secrecy of any Confidential Information disclosed by the other party. The Company confirms that neither it nor any other
Person acting on its behalf shall provide the Investor or its agents or counsel with any information that constitutes or might constitute
material, non-public information, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated
by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined
in the reasonable good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction Documents,
if the Investor is holding any Securities at the time of the disclosure of material, non-public information, the Investor shall have
the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public
information without the prior approval by the Company; provided the Investor shall have first provided notice to the Company that it
believes it has received information that constitutes material, non-public information, the Company shall have at least 48 hours to publicly
disclose such material, non-public information prior to any such disclosure by the Investor or demonstrate to the Investor in writing
why such information does not constitute material, non-public information, and (assuming the Investor and Investor’s counsel disagree
with the Company’s determination) the Company shall have failed to publicly disclose such material, non-public information within
such time period. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective directors,
officers, employees, stockholders or agents, for any such disclosure. The Company understands and confirms that the Investor shall be
relying on the foregoing covenants in effecting transactions in securities of the Company.

 

(g)
Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given
time and the dates and Purchase Amounts for each Regular Purchase, Accelerated Purchase and Additional Accelerated Purchase or shall
use such other method, reasonably satisfactory to the Investor and the Company.

 

(h)
Taxes. The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and
delivery of any shares of Common Stock to the Investor made under this Agreement.

 

(i)
Use of Proceeds. The Company will use the net proceeds from the offering as described in the Prospectus.

 

(j)
Other Transactions. The Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement
or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the
Company to perform its obligations under the Transaction Documents, including, without limitation, the obligation of the Company to deliver
the Securities to the Investor in accordance with the terms of the Transaction Documents.

 

    	-24-

    	 

    

 

(k)
No Aggregation. From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company
shall use its commercially reasonable efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any
offers or sales of any security or solicit any offers to buy any security, under circumstances that would reasonably be expected to cause
this offering of the Securities by the Company to the Investor to be aggregated with other offerings by the Company in a manner that
would require stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed
or designated unless stockholder approval is obtained before the closing of such subsequent transaction in accordance with the rules
of such Principal Market.

 

(l)
Limitation on Variable Rate Transactions. From and after the date of this Agreement until the later of (i) the 36-month anniversary
of the date of this Agreement or (ii) the 36-month anniversary of the Commencement Date (if the Commencement has occurred), in either
case irrespective of any earlier termination of this Agreement, the Company shall be prohibited from effecting or entering into an agreement
to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units
thereof) involving a Variable Rate Transaction, other than in connection with an Exempt Issuance. The Investor shall be entitled to seek
injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right
to collect damages, without the necessity of showing economic loss and without any bond or other security being required. “Common
Stock Equivalents” means any securities of the Company or its Subsidiaries which 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. “Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents
either (A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices
of or quotations for the Common Stock at any time after the initial issuance of such debt or equity securities (other than pursuant to
a customary “cashless exercise” provision), or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock (including, without limitation,
any “full ratchet” or “weighted average” anti-dilution provisions), (ii) issues or sells any debt or equity securities,
including without limitation, Common Stock or Common Stock Equivalents, either (A) at a price that is subject to being reset at some
future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly
or indirectly related to the business of the Company or the market for the Common Stock, or (B) that is subject to or contains any put,
call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes”
put or call right) that provides for the issuance of additional debt or equity securities of the Company or the payment of cash by the
Company, or (iii) enters into any agreement, including, but not limited to, an “equity line of credit”, “at-the-market
offering” or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may
sell Common Stock or Common Stock Equivalents at a future determined price. “Exempt Issuance” means the issuance of
(a) Common Stock or options to employees, officers, directors or vendors of the Company pursuant to any stock or option plan duly adopted
for such purpose, by the Board of Directors or a majority of the members of a committee of directors established for such purpose, (b)
(1) any Securities issued to the Investor pursuant to this Agreement, (2) any securities issued to the Investor pursuant to any other
agreement between the Company and the Investor, (3) any securities issued upon the exercise or exchange of or conversion of any shares
of Common Stock or Common Stock Equivalents held by the Investor at any time, or (4) any securities issued upon the exercise or exchange
of or conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement, provided that such securities
referred to in this clause (4) have not been amended since the date of this Agreement to increase the number of such securities or to
decrease the exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions or
strategic transactions approved by the Board of Directors or a majority of the members of a committee of directors established for such
purpose, which acquisitions or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance
shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or
an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition
to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, or (d) Common Stock issued pursuant to an “at-the-market
offering” by the Company exclusively through one or more registered broker-dealers acting primarily as agent(s) of the Company
pursuant to a written equity distribution or sales agreement between the Company and such registered broker-dealer(s).

 

    	-25-

    	 

    

 

6.
TRANSFER AGENT INSTRUCTIONS.

 

On
the date of this Agreement, the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions,
in the form substantially similar to those used by the Investor in substantially similar transactions, to issue the Purchase Shares and
the Commitment Shares in accordance with the terms of this Agreement (the “Irrevocable Transfer Agent Instructions”).
All Securities to be issued to or for the benefit of the Investor pursuant to this Agreement shall be issued as DWAC Shares. The Company
represents and warrants to the Investor that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this
Section 6 will be given by the Company to the Transfer Agent with respect to the Securities, and the Securities shall otherwise
be freely transferable on the books and records of the Company. If the Investor effects a sale, assignment or transfer of the Purchase
Shares, the Company shall permit the transfer and shall promptly instruct the Transfer Agent (and any subsequent transfer agent) to issue
DWAC Shares in such name and in such denominations as specified by the Investor to effect such sale, transfer or assignment. The Company
shall take all actions to carry out the intent and accomplish the purposes of this Section 6, including, without limitation, delivering
or causing to be delivered all such legal opinions, consents, certificates, resolutions and instructions to the Transfer Agent, and any
successor transfer agent of the Company, as may be requested from time to time by the Investor or necessary or desirable to carry out
the intent and accomplish the purposes of this Section 6, and all fees and costs associated therewith shall be borne by the Company.

 

7.
CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The
right of the Company hereunder to commence sales of the Purchase Shares on the Commencement Date is subject to the satisfaction or, where
legally permissible, the waiver of each of the following conditions:

 

(a)
The Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(b)
No stop order with respect to the Registration Statement shall be pending or threatened by the SEC; and

 

(c)
The representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and as of
the Commencement Date as though made at that time.

 

8.
CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The
obligation of the Investor to buy Purchase Shares under this Agreement is subject to the satisfaction or, where legally permissible,
the waiver of each of the following conditions on or prior to the Commencement Date and, once such conditions have been initially satisfied,
there shall not be any ongoing obligation to satisfy such conditions after the Commencement has occurred:

 

(a)
The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

(b)
The Common Stock shall be listed or quoted on the Principal Market, trading in the Common Stock shall not have been within the last 365
days suspended by the SEC or the Principal Market, and all Securities to be issued by the Company to the Investor pursuant to this Agreement
shall have been approved for listing or quotation on the Principal Market in accordance with the applicable rules and regulations of
the Principal Market, subject only to official notice of issuance;

 

(c)
The Investor shall have received the opinions and negative assurances of the Company’s legal counsel dated as of the Commencement
Date substantially in the form heretofore agreed by the parties hereto;

 

    	-26-

    	 

    

 

(d)
The representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any of
such representations and warranties is already qualified as to materiality in Section 4 above, in which case, the portion of such
representations and warranties so qualified shall be true and correct without further qualification) as of the date hereof and as of
the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date, which
shall be true and correct as of such date) and the Company shall have performed, satisfied and complied with the covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement
Date. The Investor shall have received a certificate, executed by the CEO, President or CFO of the Company, dated as of the Commencement
Date, to the foregoing effect in the form attached hereto as Exhibit A;

 

(e)
The Board of Directors of the Company shall have adopted resolutions substantially in the form attached hereto as Exhibit B,
which shall be in full force and effect without any amendment or supplement thereto as of the Commencement Date;

 

(f)
As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, solely for the purpose
of effecting purchases of Purchase Shares hereunder, 2,976,391 shares of Common Stock;

 

(g)
The Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and the Company’s
Transfer Agent, and the Commitment Shares required to have been issued on the Commencement Date in accordance with Section 5(e)
hereof shall have been issued directly to the Investor electronically as DWAC Shares;

 

(h)
The Company shall have delivered to the Investor a certificate evidencing the incorporation and good standing of the Company in the State
of Delaware issued by the Secretary of State of the State of Delaware as of a date within ten (10) Business Days of the Commencement
Date;

 

(i)
The Company shall have delivered to the Investor a certified copy of the Certificate of Incorporation as certified by the Secretary of
State of the State of Delaware within ten (10) Business Days of the Commencement Date;

 

(j)
The Company shall have delivered to the Investor a secretary’s certificate executed by the Secretary of the Company, dated as of
the Commencement Date, in the form attached hereto as Exhibit C;

 

(k)
The Registration Statement shall continue to be effective and no stop order with respect to the Registration Statement shall be pending
or threatened by the SEC. The Company shall have a maximum dollar amount certain of Common Stock registered under the Registration Statement
which is sufficient to issue to the Investor not less than (i) the full Available Amount worth of Purchase Shares plus (ii) all of the
Commitment Shares. The Current Report and the Initial Prospectus Supplement each shall have been filed with the SEC, as required pursuant
to Section 5(a) and in compliance with Registration Rights Agreement, and copies of the Prospectus shall have been delivered to
the Investor in accordance with Registration Rights Agreement. The Prospectus shall be current and available for issuances and sales
of all of the Securities by the Company to the Investor, and for the resale of all of the Securities by the Investor. Any other Prospectus
Supplements required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall
have been filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act. All reports, schedules,
registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC at or prior
to the Commencement Date pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the applicable
time periods prescribed for such filings under the Exchange Act;

 

(l)
No Event of Default has occurred, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

 

    	-27-

    	 

    

 

(m)
All federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction
Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations and orders
of, and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local
regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation
of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation,
in each case those required under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or
applicable rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities
regulators;

 

(n)
No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed
by any federal, state, local or foreign court or governmental authority of competent jurisdiction which prohibits the consummation of
or which would materially modify or delay any of the transactions contemplated by the Transaction Documents; and

 

(o)
No action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or governmental authority of competent
jurisdiction shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign governmental
authority of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors or
affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking
material damages in connection with such transactions.

 

9.
INDEMNIFICATION. 

 

In
consideration of the Investor’s execution and delivery of the Transaction Documents and acquiring the Securities hereunder and
in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify
and hold harmless the Investor and all of its affiliates, stockholders, members, officers, directors, employees and direct or indirect
investors and any of the foregoing Person’s agents or other representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of,
or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in the Transaction
Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement
or obligation of the Company contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby
or thereby, or (c) any cause of action, suit or claim brought or made against such Indemnitee and arising out of or resulting from the
execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument or document contemplated
hereby or thereby, other than, in the case of clause (c), with respect to Indemnified Liabilities which directly and primarily result
from the fraud, gross negligence or willful misconduct of an Indemnitee. The indemnity in this Section 9 shall not apply to amounts paid
in settlement of any claim if such settlement is effected without the prior written consent of the Company, which consent shall not be
unreasonably withheld, conditioned or delayed. To the extent that the foregoing undertaking by the Company may be unenforceable for any
reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which
is permissible under applicable law. Payment under this indemnification shall be made within thirty (30) days from the date the Indemnitee
makes written request for it; provided that the Investor shall promptly reimburse the Company for any portion of such payment
that a court of competent jurisdiction determines by final and non-appealable judgement that any such Indemnitee was not entitled to
receive hereunder. A certificate containing reasonable proof and detail as to the amount of such indemnification submitted to the Company
by Investor shall be conclusive evidence, absent manifest error, of the amount due from the Company to Investor. If any action shall
be brought against any Indemnitee in respect of which indemnity may be sought pursuant to this Agreement, such Indemnitee 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 Indemnitee. Any Indemnitee 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 Indemnitee, 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 Indemnitee, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.

 

    	-28-

    	 

    

 

10.
EVENTS OF DEFAULT. 

 

An
“Event of Default” shall be deemed to have occurred at any time as any of the following events occurs:

 

(a)
the effectiveness of the Registration Statement registering the Securities lapses for any reason (including, without limitation, the
issuance of a stop order or similar order), the Registration Statement or the Prospectus is unavailable for the sale by the Company to
the Investor (or the resale by the Investor) of any or all of the Securities to be issued to the Investor under the Transaction Documents
(including, without limitation, as a result of any failure of the Company to satisfy all of the requirements for the use of a registration
statement on Form S-3 pursuant to the Securities Act for the offering and sale of the Securities contemplated by this Agreement), and
any such lapse or unavailability continues for a period of ten (10) consecutive Business Days or for more than an aggregate of thirty
(30) Business Days in any 365-day period;

 

(b)
the suspension of the Common Stock from trading or the failure of the Common Stock to be listed on the Principal Market for a period
of one (1) Business Day, provided that the Company may not direct the Investor to purchase any shares of Common Stock during any such
suspension;

 

(c)
the delisting of the Common Stock from The Nasdaq Capital Market (or any nationally recognized successor thereto), provided, however,
that the Common Stock is not immediately thereafter trading on The Nasdaq Global Market, The Nasdaq Global Select Market, the New York
Stock Exchange, the NYSE American, the NYSE Arca, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or any nationally recognized
successors thereto);

 

(d)
the failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within two (2) Business Days after the Regular
Purchase Date, Accelerated Purchase Date or Additional Accelerated Purchase Date, as applicable, on which the Investor is entitled to
receive such Purchase Shares;

 

(e)
the Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach
would reasonably be expected to have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably
curable, only if such breach continues for a period of at least five (5) Business Days;

 

    	-29-

    	 

    

 

(f)
if any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g)
if the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the
same become due;

 

(h)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation
of the Company or any Subsidiary;

 

(i)
if, at any time, the Company is not eligible to transfer its Common Stock electronically as DWAC Shares; or

 

(j)
if, at any time after the Commencement Date, the Exchange Cap is reached (to the extent such Exchange Cap is applicable pursuant to Section
2(f) hereof), and the stockholder approval referred to in Section 2(f)(i) has not been obtained in accordance with the applicable
rules of The Nasdaq Stock Market.

 

In
addition to any other rights and remedies under applicable law and this Agreement, so long as an Event of Default has occurred and is
continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default has occurred and is continuing,
the Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase Notice or Additional Accelerated Purchase
Notice.

 

11.
TERMINATION

 

This
Agreement may be terminated only as follows:

 

(a)
If pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company which is not discharged within 90 days, a Custodian is appointed for the Company or for all or substantially all
of its property, or the Company makes a general assignment for the benefit of its creditors (any of which would be an Event of Default
as described in Sections 10(f), 10(g) and 10(h) hereof), this Agreement shall automatically terminate without any
liability or payment to the Company (except as set forth below) without further action or notice by any Person.

 

(b)
In the event that the Commencement shall not have occurred on or before April 15, 2022, due to the failure to satisfy the conditions
set forth in Sections 7 and 8 above with respect to the Commencement, either the Company or the Investor shall have the
option to terminate this Agreement at the close of business on such date or thereafter without liability of any party to any other party
(except as set forth below); provided, however, that the right to terminate this Agreement under this Section 11(b) shall not
be available to any party if such party is then in breach of any covenant or agreement contained in this Agreement or any representation
or warranty of such party contained in this Agreement fails to be true and correct such that the conditions set forth in Section 7(c)
or Section 8(d), as applicable, could not then be satisfied.

 

    	-30-

    	 

    

 

(c)
At any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason
by delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without
any liability whatsoever of any party to any other party under this Agreement (except as set forth below). The Company Termination Notice
shall not be effective until one (1) Business Day after it has been received by the Investor.

 

(d)
This Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available Amount
as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other
party under this Agreement (except as set forth below).

 

(e)
If, for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this Agreement
by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of
any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

Except
as set forth in Sections 11(a) (in respect of an Event of Default under Sections 10(f), 10(g) and 10(h)), 11(d)
and 11(e), any termination of this Agreement pursuant to this Section 11 shall be effected by written notice from the
Company to the Investor, or the Investor to the Company, as the case may be, setting forth the basis for the termination hereof. The
representations and warranties of the Company and the Investor contained in Sections 3 and 4 hereof, the indemnification
provisions set forth in Section 9 hereof and the agreements and covenants set forth in Sections 5, 6, 10,
11 and 12 shall survive the Commencement and any termination of this Agreement. No termination of this Agreement shall
(i) affect the Company’s or the Investor’s rights or obligations under (A) this Agreement with respect to pending Regular
Purchases, Accelerated Purchases and Additional Accelerated Purchases and the Company and the Investor shall complete their respective
obligations with respect to any pending Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases under this Agreement
and (B) the Registration Rights Agreement, which shall survive any such termination in accordance with its terms, or (ii) be deemed to
release the Company or the Investor from any liability for intentional misrepresentation or willful breach of any of the Transaction
Documents.

 

12.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. The corporate laws of the State of Delaware shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of Illinois, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Illinois. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Illinois, County of Cook, for the adjudication of any
dispute hereunder or under the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated
hereby or discussed herein, 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 brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. 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 to such party at the address for
such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	-31-

    	 

    

 

(b)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which 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; provided
that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file, including any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(c)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(d)
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

(e)
Entire Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company,
their affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction
Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty,
covenant or undertaking with respect to such matters. The Company acknowledges and agrees that is has not relied on, in any manner whatsoever,
any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents.

 

(f)
Notices. Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile
or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses for such communications shall be:

 

	 	If
    to the Company:
	 	 	Processa
    Pharmaceuticals, Inc.
	 	 	7380
    Coca Cola Drive, Suite 106
	 	 	Hanover,
    MD 21076
	 	 	Telephone:	(443)
    776-3133
	 	 	E-mail:	jstanker@processapharmaceuticals.com
	 	 	Attention:	James
    Stanker
	 	 	 	Chief
    Financial Officer
	 	 	 	 
	 	With
    a copy to (which shall not constitute notice or service of process):
	 	 	Foley
    & Lardner LLP
	 	 	1
    Independent Drive, Suite 1300
	 	 	Jacksonville,
    FL 32202
	 	 	Telephone:	(904)
    359-8778
	 	 	Facsimile:	(904)
    359-8700
	 	 	E-mail:	jwolfel@foley.com
	 	 	Attention:	John
    Wolfel, Esq.

 

    	-32-

    	 

    

 

	 	If
    to the Investor:
	 	 	Lincoln
    Park Capital Fund, LLC
	 	 	440
    North Wells, Suite 410
	 	 	Chicago,
    IL 60654
	 	 	Telephone:	(312)
    822-9300
	 	 	Facsimile:	(312)
    822-9301
	 	 	E-mail:	jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
	 	 	Attention:	Josh
    Scheinfeld/Jonathan Cope
	 	 	 	 
	 	With
    a copy to (which shall not constitute notice or service of process):
	 	 	Dorsey
    & Whitney LLP
	 	 	51
    West 52nd Street
	 	 	New
    York, NY 10019
	 	 	Telephone:	(212)
    415-9214
	 	 	Facsimile:	(212)
    953-7201
	 	 	E-mail:	marsico.anthony@dorsey.com
	 	 	Attention:	Anthony
    J. Marsico, Esq.
	 	 	 	 
	 	If
    to the Transfer Agent:
	 	 	Equiniti
    Trust Company
	 	 	3200
    Cherry Creek Dr. South, Suite 430
	 	 	Denver,
    CO 80209
	 	 	Telephone:	(303)
    282-4800
	 	 	E-mail:	Andrea.Severson@equiniti.com
	 	 	Attention:	Andrea
    Severson

 

or
at such other address, email address and/or facsimile number and/or to the attention of such other Person as the recipient party has
specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by
the sender’s facsimile machine or email account containing the time, date, and recipient facsimile number or email address, as
applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and any permitted successors
and assigns of the Company. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(h)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and any permitted successors and
assigns of the Company and, except as set forth in Section 9, is not for the benefit of, nor may any provision hereof be enforced
by, any other Person.

 

    	-33-

    	 

    

 

(i)
Publicity. The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall consult
with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor
or its counsel on, any press release, SEC filing or any other public disclosure by or on behalf of the Company relating to the Investor,
its purchases hereunder or any aspect of the Securities, the Transaction Documents or the transactions contemplated thereby, not less
than 24 hours prior to the issuance, filing or public disclosure thereof. The Investor must be provided with a final version of any such
press release, SEC filing or other public disclosure at least 24 hours prior to any release, filing or use by the Company thereof, unless
such disclosure is materially consistent with prior approved disclosures. The Company agrees and acknowledges that its failure to fully
comply with this provision constitutes a Material Adverse Effect.

 

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

 

(k)
No Financial Advisor, Placement Agent, Broker or Finder. The Company represents and warrants to the Investor that it has not engaged
any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The Investor represents
and warrants to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions
contemplated hereby. The Company shall be responsible for the payment of any fees or commissions, if any, of any financial advisor, placement
agent, broker or finder relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold the Investor
harmless against, any liability, loss or expense (including, without limitation, attorneys’ fees and out of pocket expenses) arising
in connection with any such claim.

 

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

 

(m)
Remedies, Other Obligations, Breaches and Injunctive Relief. The Investor’s remedies provided in this Agreement, including,
without limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all other remedies available
to the Investor under this Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief),
no remedy of the Investor contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and
nothing herein shall limit the Investor’s right to pursue actual damages for any failure by the Company to comply with the terms
of this Agreement. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investor
and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach
or threatened breach, the Investor shall be entitled, in addition to all other available remedies, to an injunction restraining any breach,
without the necessity of showing economic loss and without any bond or other security being required.

 

(n)
Enforcement Costs. If: (i) this Agreement is placed by the Investor in the hands of an attorney for enforcement or is enforced
by the Investor through any legal proceeding; (ii) an attorney is retained to represent the Investor in any bankruptcy, reorganization,
receivership or other proceedings affecting creditors’ rights and involving a claim under this Agreement; or (iii) an attorney
is retained to represent the Investor in any other proceedings whatsoever in connection with this Agreement, then the Company shall pay
to the Investor, as incurred by the Investor, all reasonable costs and expenses including reasonable attorneys’ fees incurred in
connection therewith, in addition to all other amounts due hereunder. If this Agreement is placed by the Company in the hands of an attorney
for enforcement or is enforced by the Company through any legal proceeding, then the Investor shall pay to the Company, as incurred by
the Company, all reasonable costs and expenses, including attorneys’ fees incurred in connection therewith, in addition to all
other amounts due hereunder.

 

(o)
Amendment; Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement may be amended other than by a written instrument
signed by both parties hereto. No provision of this Agreement may be waived other than in a written instrument signed by the party against
whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privilege.

 

    	-34-

    	 

    

 

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

 

	 	THE
    COMPANY:
	 	 	 
	 	PROCESSA
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/
    David Young
	 	Name:	David
Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	INVESTOR:
	 	 	 
	 	LINCOLN
    PARK CAPITAL FUND, LLC
	 	BY:
    LINCOLN PARK CAPITAL, LLC
	 	BY:
    ROCKLEDGE CAPITAL CORPORATION
	 	 	 
	 	By:	/s/
    Josh Scheinfeld
	 	Name:	Josh
    Scheinfeld
	 	Title:	President

 

Signature Page to Purchase
Agreement

 

    	-35-

    	 

    

 

EXHIBITS

 

	Exhibit
    A	Form
    of Officer’s Certificate
	Exhibit
    B	Form
    of Resolutions of Board of Directors of the Company
	Exhibit
    C	Form
    of Secretary’s Certificate

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF OFFICER’S CERTIFICATE

 

This
Officer’s Certificate (“Certificate”) is being delivered pursuant to Section 8(d) of that certain Purchase
Agreement dated as of March 23, 2022 (“Purchase Agreement”), by and between PROCESSA PHARMACEUTICALS, INC.,
a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”).
Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

 

The
undersigned, ___________, ______________ of the Company, hereby certifies, on behalf of the Company and not in his individual capacity,
as follows:

 

1.
I am the _____________ of the Company and make the statements contained in this Certificate;

 

2.
The representations and warranties of the Company are true and correct in all material respects (except to the extent that any of such
representations and warranties is already qualified as to materiality in Section 4 of the Purchase Agreement, in which case, such representations
and warranties are true and correct without further qualification) as of the date when made and as of the Commencement Date as though
made at that time (except for representations and warranties that speak as of a specific date, in which case such representations and
warranties are true and correct as of such date);

 

3.
The Company has performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the
Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

 

4.
The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law
nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary
bankruptcy or insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as they become due.

 

IN
WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ___________.

 

	 	 
	 	Name:
	 	Title:

 

The
undersigned as Secretary of PROCESSA PHARMACEUTICALS, INC., a Delaware corporation, hereby certifies that ___________ is the duly
elected, appointed, qualified and acting ________ of _________ and that the signature appearing above is his genuine signature.

 

	 	 
	 	Secretary

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF COMPANY RESOLUTIONS

FOR
SIGNING PURCHASE AGREEMENT

 

RESOLVED,
that the terms and conditions of, and the transactions contemplated by, the form of Purchase Agreement (the “Purchase Agreement”)
by and between the Corporation and Lincoln Park Capital Fund, LLC (“Lincoln Park”), providing for the purchase by Lincoln
Park of up to Fifteen Million Dollars ($15,000,000) of the Corporation’s common stock, par value $0.0001 par value (the “Common
Stock”) are hereby authorized and approved in all respects, and that each of the Chairman, Chief Executive Officer, President,
Chief Financial Officer, any Senior Vice President or Executive Vice President or Secretary of the Corporation (collectively, the “Authorized
Officers”) is hereby authorized to execute and deliver the Purchase Agreement, and any other agreements or documents contemplated
thereby including, without limitation, a registration rights agreement (the “Registration Rights Agreement”) providing for
the registration of the shares of the Corporation’s Common Stock issuable in respect of the Purchase Agreement on behalf of the
Corporation, with such amendments, changes, additions and deletions as any of the Authorized Officers determines to be appropriate, such
determination to be conclusively evidenced by the signature of any Authorized Officer thereon; and be it further

 

RESOLVED,
that the terms and provisions of, and the transactions contemplated by, the Registration Rights Agreement by and among the Corporation
and Lincoln Park are hereby authorized and approved in all respects, and that each of the Authorized Officers is hereby authorized to
execute and deliver the Registration Rights Agreement (pursuant to the terms of the Purchase Agreement), with such amendments, changes,
additions and deletions as any of the Authorized Officer determines to be appropriate, such determination to be conclusively evidenced
by the signature of any Authorized Officer thereon; and be it further

 

RESOLVED,
that the terms and provisions of, and the transactions described in, the forms of Irrevocable Transfer Agent Instructions and Notice
of Effectiveness of Registration Statement (collectively, the “Instructions”, and together with the Purchase Agreement, the
Registration Rights Agreement and any other agreements, instruments or other documents contemplated by any of the foregoing, the “Transaction
Documents”) are hereby authorized and approved in all respects and each of the Authorized Officers is hereby authorized to execute
and deliver the Instructions on behalf of the Corporation in accordance with the Purchase Agreement, with such amendments, changes, additions
and deletions as any of the Authorized Officers determines to be appropriate, such determination to be conclusively evidenced by the
signature of an Authorized Officer thereon; and be it further

 

RESOLVED,
that each of the Transaction Documents, the execution and delivery thereof by any of the Authorized Officers for and on behalf of the
Corporation, the performance by the Corporation of its obligations thereunder and the consummation of the transactions contemplated thereby
are hereby authorized and approved in all respects; and be it further

 

RESOLVED,
that the Corporation is hereby authorized to issue to Lincoln Park Capital Fund, LLC, 123,609 shares of Common Stock (the “Commitment
Shares”), as set forth in the Purchase Agreement, and that upon issuance of the Commitment Shares pursuant to the Purchase Agreement
the Commitment Shares shall be duly authorized, validly issued, fully paid and nonassessable with no personal liability attaching to
the ownership thereof;

 

RESOLVED,
that the Corporation is hereby authorized to issue shares of Common Stock upon the purchase of shares of Common Stock by Lincoln Park
under the Purchase Agreement (the “Purchase Shares”) up to the Available Amount (as defined in the Purchase Agreement) under
the Purchase Agreement in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant
to the Purchase Agreement, the Purchase Shares will be duly authorized, validly issued, fully paid and nonassessable with no personal
liability attaching to the ownership thereof;

 

    	 

    	 

    

 

RESOLVED,
that the Corporation shall initially reserve [________] shares of Common Stock for issuance as Purchase Shares under the Purchase Agreement;

 

RESOLVED,
that, without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
behalf of the Corporation and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel, to
cause the Corporation to consummate the agreements referred to herein and to perform its obligations under such agreements;

 

RESOLVED,
that the Authorized Officers be, and each of them with full authority to act without the others hereby is, authorized and directed for
and on behalf of the Corporation to take or cause to be taken any and all actions, to execute and deliver any and all agreements, certificates,
instructions, requests or other instruments (including any amendments or supplements to any of the documents contemplated by these resolutions),
and to do any and all things which, in any such officer’s judgment, may be necessary or desirable to effect each of the foregoing
resolutions and to carry out the purposes thereof, the taking of any such actions, the execution and delivery of any such certificates,
instructions, requests, or instruments, or the doing of any such things to be conclusive evidence of their necessity or desirability;

 

RESOLVED,
that the Authorized Officers be, and each of them hereby is, authorized and directed to work with counsel to prepare and file with the
Commission one or more prospectus supplements (in preliminary and/or final form, as required by applicable securities laws) in connection
with the issuance of the Purchase Shares and Commitment Shares (together, the “Securities”) (each, a “Prospectus Supplement”)
to the shelf registration statement (File No. 333-257558), filed on June 30, 2021, and as declared effective by the Commission on July
9, 2021; and be it further

 

RESOLVED,
that the issuance by the Company of the Securities as contemplated by the Prospectus Supplement is hereby authorized and approved in
all respects and if and when any such Securities consisting of the Company’s common stock are so issued, such Securities will be
validly issued, fully paid and nonassessable; and be it further

 

RESOLVED,
that the Authorized Officers be, and each of them hereby is, authorized, in the name and on behalf of the Corporation, to retain any
legal counsel, accounting firm, investment banking firm, financing advisors or other such consultants, advisors and agents as such officers
shall deem necessary, desirable or advisable to perform such services and render such opinions as may be necessary, desirable or advisable
in connection with the transactions contemplated by the Purchas Agreement, and to enter into such contracts providing for the retention,
compensation, reimbursement of expenses and indemnification of such legal counsel, accounting firm, investment banking firm or other
such consultants that the Authorized Officers, individually and with full authority to act without the others, may deem necessary, advisable
or proper.

 

    	 

    	 

    

 

EXHIBIT
C

 

FORM
OF SECRETARY’S CERTIFICATE

 

This
Secretary’s Certificate (“Certificate”) is being delivered pursuant to Section 8(j) of that certain Purchase
Agreement dated as of March 23, 2022 (“Purchase Agreement”), by and between PROCESSA PHARMACEUTICALS, INC., a Delaware
corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”), pursuant to which the
Company may sell to the Investor up to Fifteen Million Dollars ($15,000,000) of the Company’s Common Stock, par value $0.0001 per
share (the “Common Stock”). Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase
Agreement.

 

The
undersigned, ____________, Secretary of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as
follows:

 

1.
I am the Secretary of the Company and make the statements contained in this Secretary’s Certificate.

 

2.
Attached hereto as Exhibit A and Exhibit B are true, correct and complete copies of the Company’s bylaws (“Bylaws”)
and Certificate of Incorporation (“Charter”), in each case, as amended through the date hereof, and no action has been taken
by the Company, its directors, officers or stockholders, in contemplation of the filing of any further amendment relating to or affecting
the Bylaws or Charter.

 

3.
Attached hereto as Exhibit C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors of
the Company on _____________, at which a quorum was present and acting throughout. Such resolutions have not been amended, modified or
rescinded and remain in full force and effect and such resolutions are the only resolutions adopted by the Company’s Board of Directors,
or any committee thereof, or the stockholders of the Company relating to or affecting (i) the entering into and performance of the Purchase
Agreement, or the issuance, offering and sale of the Securities and (ii) and the performance of the Company of its obligation under the
Transaction Documents as contemplated therein.

 

4.
As of the date hereof, the authorized, issued and reserved capital stock of the Company is as set forth on Exhibit D hereto.

 

IN
WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ____________.

 

	 	 
	 	Secretary

 

The
undersigned as ___________ of PROCESSA PHARMACEUTICALS, INC., a Delaware corporation, hereby certifies that ____________ is the
duly elected, appointed, qualified and acting Secretary of PROCESSA PHARMACEUTICALS, INC., and that the signature appearing above
is his genuine signature.

 

	 	 
	 	[TITLE]

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