Document:

EX-10.3

 Exhibit 10.3 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT (as it may from time to time be amended and including all exhibits referenced herein, this
“Agreement”), dated as of [•], 2022, is entered into by and between Oaktree Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), and Oaktree Acquisition
Holdings III, L.P., a Cayman Islands exempted limited partnership (the “Purchaser”). 
 WHEREAS, the Company
intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (each, a
“Share”), and one-third of one warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”), File Number 333-253103 (the “Registration
Statement”), under the Securities Act of 1933, as amended (the “Securities Act”). 
 WHEREAS, the
Purchaser has agreed to purchase an aggregate of 7,333,333 warrants (and up to 900,000 additional warrants if the underwriters in the Public Offering exercise their over-allotment option in full) (the “Private Placement
Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, at a price of $1.50 per warrant. 

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants. 

A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement
Warrants to the Purchaser. 
 B. Purchase and Sale of the Private Placement Warrants. 

(i) On the date of the consummation of the Public Offering (the “IPO Closing Date”), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, 7,333,333 Private Placement Warrants at a price of $1.50 per warrant for an aggregate purchase price of $11,000,000 (the “Purchase Price”). The Purchaser
shall pay the Purchase Price by wire transfer of immediately available funds to the Company, to the trust account, at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as
trustee, in accordance with the Company’s wiring instructions (the “Trust Account”), at least one (1) business day prior to the IPO Closing Date. On the IPO Closing Date, upon the payment by the Purchaser of the
Purchase Price, by wire transfer of immediately available funds to the Company, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to
the Purchaser or effect such delivery in book-entry form. 

 (ii) On the date of the closing of the over-allotment option, if any, in connection with the
Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Over-allotment Closing Date”, and each Over-allotment Closing Date (if any) and the IPO Closing Date, a
“Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 900,000 Private Placement Warrants (or, to the extent the over-allotment option is not
exercised in full, a lesser number of Private Placement Warrants in proportion to the portion of the over-allotment option that is exercised) at a price of $1.50 per warrant for an aggregate purchase price of up to $1,350,000 (the
“Over-allotment Purchase Price”). The Purchaser shall pay the Over-allotment Purchase Price in accordance with the Company’s wire instruction by wire transfer of immediately available funds to the Trust Account, at least
one (1) business day prior to the Over-allotment Closing Date. On the Over-allotment Closing Date, upon the payment by the Purchaser of the Over-allotment Purchase Price by wire transfer of immediately available funds to the Company, the
Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 

C. Terms of the Private Placement Warrants. 

(i) Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent
on the IPO Closing Date, in connection with the Public Offering (the “Warrant Agreement”). 
 (ii) On the IPO Closing
Date, the Company and the Purchaser shall enter into a registration and shareholder rights agreement (the “Registration and Shareholder Rights Agreement”) pursuant to which the Company will grant certain registration rights
to the Purchaser relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants. 

Section 2. Representations and Warranties of the Company. As a material inducement to the Purchaser to
enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that: 

A. Incorporation and Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good standing under
the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement. 

  
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 B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of
the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date. 

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s share capital
or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency
pursuant to the memorandum and articles of association of the company (in effect on the date hereof or as may be amended prior to completion of the Public Offering) or any material law, statute, rule or regulation to which the Company is subject, or
any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, and upon
registration in the Company’s register of members, the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the
terms hereof and the Warrant Agreement, and upon registration in the Company’s register of members, the Purchaser will have good title to the Private Placement Warrants purchased by it and the Shares issuable upon exercise of such Private
Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state
securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser. 
 D. Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby. 
 E. Regulation D Qualification. Neither the Company nor, to its actual
knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities
Act. 

  
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 Section 3. Representations and Warranties of the
Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and
warranties shall survive each Closing Date) that: 
 A. Organization and Requisite Authority. The Purchaser possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement. 
 B. Authorization; No Breach. 

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or
law). 
 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by
the Purchaser does not and shall not as of the Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien,
security interest, charge or encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or
filing with, any court or administrative or governmental body or agency pursuant to the Purchaser’s organizational documents in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering, or any
material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date hereof under federal or state
securities laws. 
 C. Investment Representations. 

(i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon
such exercise (collectively, the “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the
Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 
 (iii)
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such
Securities. 

  
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 (iv) The Purchaser did not decide to enter into this Agreement as a result of any general
solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act. 
 (v) The Purchaser has been furnished with
all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask
questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities. 
 (vi) The Purchaser understands that no United
States 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 the investment in the Securities by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the Securities. 
 (vii) The Purchaser understands that: (a) the
Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration and Shareholder Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the SEC has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after an initial Business Combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted
pursuant to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon
another exemption from the registration requirements of the Securities Act. 
 (viii) The Purchaser has such knowledge and experience in
financial and business matters, knowledge of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the
Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities. 

  
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 Section 4. Conditions of the Purchaser’s
Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 

A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and
correct at and as of the Closing Date as though then made. 
 B. Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 
 D. Warrant Agreement and Registration and Shareholder Rights
Agreement. The Company shall have entered into the Warrant Agreement, in the form of Exhibit A hereto, and the Registration and Shareholder Rights Agreement, in the form of Exhibit B hereto, in each case on terms satisfactory to the Purchaser.

 Section 5. Conditions of the Company’s Obligations. The obligations of the Company to the
Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 
 A.
Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made. 

B. Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date. 
 C. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants
hereunder. 
 D. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any
of the transactions contemplated by this Agreement or the Warrant Agreement. 
 E. Warrant Agreement. The Company shall have entered
into the Warrant Agreement. 

  
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 Section 6. Definitions. Terms used but not otherwise
defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement. 

Section 7. Miscellaneous. 

A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign
this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members). 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 
 D.
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall
be by way of example rather than by limitation. 
 E. Governing Law. This Agreement shall be deemed to be a contract made under the
laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the laws of another
jurisdiction. 
 F. Amendments. This letter agreement may not be amended, modified or waived as to any particular provision, except by
a written instrument executed by the parties hereto. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

			
	COMPANY:
	
	OAKTREE ACQUISITION CORP. III
		
	By:	 	              

	Name:	 	Zaid Pardesi
	Title:	 	 President and Chief Financial Officer

	
	PURCHASER:
	
	OAKTREE ACQUISITION HOLDINGS III, L.P.
		
	By:	 	Oaktree Acquisition Holdings III GP Ltd.,
		 	its general partner
		
	By:	 	Oaktree Capital Management, L.P.,
		 	its Director
		
	By:	 	              

	Name:	 	Brian Price
	Title:	 	Senior Vice President
		
	By:	 	              

	Name:	 	Peter Boos
	Title:	 	Vice President

 EXHIBIT A 

Warrant Agreement 

 EXHIBIT B 

Registration and Shareholder Rights AgreementExhibit 10.1

 

Execution Copy 

 

Eyenovia, Inc.

295 Madison Avenue, Suite 2400

New York, NY 10017

February 4, 2022

 

Stuart M. Grant

11 Summit Lane

Greenville, DE 19807

 

 

This letter (the “Agreement”)
constitutes the agreement between Eyenovia, Inc., a Delaware corporation (the “Company”), on the one hand, and Stuart
Grant (the “Investor”), on the other hand, with respect to the matters set forth below.

 

1.                  Board
Matters.

 

(a)               
New Directors. The Board of Directors of the Company (the “Board”) shall, on the date hereof, take all
necessary actions to expand the size of the Board to allow for the addition of two new members, with terms expiring at the Company’s
2022 annual meeting of shareholders (the “2022 Annual Meeting”), and shall appoint Stephen Benjamin (“Mr.
Benjamin”) and Rachel Jacobson (“Ms. Jacobson,” the “Initial New Directors”) to
fill the resulting vacancies. In addition, a third director (together with the Initial New Directors, the “New Directors”)
shall be mutually agreed-upon by the Company and the Investor to be nominated to the Board for election at the 2022 Annual Meeting. The
Company also agrees to nominate the New Directors to serve on the Board in its proxy statement for the 2022 Annual Meeting (the “Proxy
Statement”) and in any proxy card filed and delivered in connection with such meeting and shall recommend
and advocate that the Company’s stockholders vote in favor of the election of the New Directors and otherwise support the New Directors
for election in a manner no less rigorous and favorable than the manner in which the Company supports any other nominees. To the
extent that Michael Rowe is appointed by the Board as the Company’s Chief Executive Officer, he will also be named to the Board
at the time of such appointment.

 

(b)               
Certain Committee Appointments. As soon as practicable (and in no event later than five (5) business days) after the date
hereof, the Board shall, after reasonable consultation with the Investor, (i) appoint one of the Initial New Directors to serve on the
Nominating and Corporate Governance Committee of the Board and (ii) such other Initial New Director to serve on one additional committee
of the Board as mutually agreed-upon by the Board and the Investor; it being understood, for the avoidance of doubt, that each Initial
New Director shall be appointed to at least one committee of the Board pursuant to the terms of this Agreement.

 

(c)               
Director Resignations. Dr. Ernest Mario shall resign from the Board effective as of the date hereof. In addition, two current
Board members (to be identified separately) shall not stand for re-election at the 2022 Annual Meeting.

 

2.                  
Corporate Governance Matters. The Board will, on the date hereof, take all necessary actions to amend the Company’s
Bylaws to add the provision set forth in Exhibit A hereto. In addition, the Board will, promptly after the date hereof, take action
by written consent to approve stock ownership guidelines to be applicable to all members of the Board, which guidelines shall also be
acceptable to and approved by the Investor. During the term of this Agreement, the Board shall not
take any steps to alter, amend, or rescind any such stock ownership guidelines without the prior written approval of the Investor.

 

     

     

    

 

3.                  
 Withdrawal of Section 220 Demand and Shareholder Proposal. The Investor hereby withdraws his demand for certain
books and records of the Company pursuant to Section 220 of the Delaware General Corporation Law and his shareholder proposal under Rule
14a-8 under the Securities Exchange Act of 1934, as amended, regarding a mandatory retirement age for members of the Board. Promptly following
the execution and delivery of this Agreement, the Company will file a Current Report on Form 8-K, which will report the resignation of
Dr. Mario, the amendment to its Bylaws, and the entry into this Agreement. The Investor shall be given a reasonable opportunity to review
and comment on such Current Report on Form 8-K or other filing with the SEC to be made by the Company with respect to this Agreement,
and the Company shall give reasonable consideration to any comments of the Investor. In addition, the Company shall be given a reasonable
opportunity to review and comment on any Schedule 13D filing or other filing with the SEC to be made by the Investor with respect to this
Agreement, and the Investor shall give reasonable consideration to any comments of the Company.

 

4.                  
Company Policies. The parties hereto acknowledge that the New Directors, upon appointment to the Board, will serve
as members of the Board and will be governed by the same protections and obligations regarding confidentiality, conflicts of interest,
related party transactions, fiduciary duties, codes of conduct, trading and disclosure policies, and other governance guidelines and policies
of the Company as are other directors of the Company, and shall be required to preserve the confidentiality of Company business and information,
including discussions or matters considered in meetings of the Board or Board committees, and shall have the same rights and benefits,
including with respect to insurance, indemnification, compensation and fees, as are applicable to all independent directors of the Company.

 

5.                  
Non-Disparagement. From the date hereof until the date that is thirty (30) days before the opening of the period
during which, pursuant to the Bylaws, stockholders may timely and validly submit proposals for consideration at the 2024 annual meeting
of stockholders of the Company (the “Non-Disparagement Period”), the Company and the Investor shall each refrain
from making, and shall cause their respective affiliates and respective principals, directors, members, general partners, officers and
employees not to make or cause to be made any statement or announcement, including in any document or report filed with or furnished to
the SEC or through the press, media, analysts or other persons, that constitutes an ad hominem attack on, or otherwise disparages,
defames, slanders, impugns or is reasonably likely to damage the reputation of, (a) in the case of such statements or announcements by
the Investor: the Company or any of its affiliates or subsidiaries, or any of its or their respective current or former officers, directors
or employees, and (b) in the case of statements or announcements by the Company: the Investor and the Investor’s family or employees.
In addition, the Investor will not submit any books and records demand under Section 220 of the Delaware General Corporation Law (except
as needed to pursue a solicitation of proxies from stockholders of the Company in advance of any meeting of stockholders to elect directors
or enact other business) or shareholder proposal under Rule 14a-8 under the Securities Exchange Act of 1934, as amended, during the Non-Disparagement
Period.

 

6.                  
Investor Representations. The Investor represents and warrants that (a) this Agreement has been duly authorized,
executed and delivered by him and is a valid and binding obligation, enforceable against him in accordance with its terms; and (b) he
does not have any agreement, arrangement or understanding, written or oral, with the New Directors pursuant to which such individuals
have been or will be compensated for his or her service as a director on, or nominee for election to, the Board.

 

7.                   Company
Representations. The Company represents and warrants that (a) this Agreement has been duly authorized, executed and
delivered by it and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms;
(b) does not require the approval of the stockholders of the Company; and (c) does not and will not violate any law, any order of
any court or other agency of government, the Company’s Certificate of Incorporation or Bylaws, each as amended from time to
time, or any provision of any agreement or other instrument to which the Company or any of its properties or assets is bound, or
conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement
or other instrument, or result in the creation or imposition of, or give rise to, any material lien, charge, restriction, claim,
encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument.

 

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8.                  
Specific Performance. The Company and the Investor each acknowledge and agree that money damages would not be a sufficient
remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach hereof,
(a) the non-breaching party will be entitled to seek injunctive and other equitable relief, without proof of actual damages; (b) the breaching
party will not plead in defense thereto that there would be an adequate remedy at law; and (c) the breaching party agrees to waive any
applicable right or requirement that a bond be posted by the non-breaching party. Such remedies will not be the exclusive remedies for
a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.

 

9.                  
Entire Agreement Successors and Assigns; Amendment and Waiver; Third Party Beneficiaries. This Agreement (including
its exhibits) constitutes the only agreement between the Investor and the Company with respect to the subject matter hereof and supersedes
all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and permitted assigns. No party may assign or otherwise transfer either
this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported
transfer requiring consent without such consent shall be void. No amendment, modification, supplement or waiver of any provision of this
Agreement shall be effective unless it is in writing and signed by the party affected thereby, and then only in the specific instance
and for the specific purpose stated therein. Any waiver by any party of a breach of any provision of this Agreement shall not operate
as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The
failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. This Agreement
is solely for the benefit of the parties and is not enforceable by any other person.

 

10.              
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable. The parties further agree
to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the
extent possible, the purposes of such invalid or unenforceable provision.

 

11.               Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. Each of the
Investor and the Company (a) irrevocably and unconditionally consents to the personal jurisdiction and venue of the federal or state
courts located in Wilmington, Delaware; (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court; (c) agrees that it shall not bring any action relating to this Agreement or
otherwise in any court other than such courts; and (d) waives any claim of improper venue or any claim that those courts are an
inconvenient forum. Each of the parties, after consulting or having had the opportunity to consult with counsel, knowingly,
voluntarily and intentionally waives any right that such party may have to a trial by jury in any litigation based upon or arising
out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of
conduct, dealing, statements (whether oral or written), or actions of any of them. No party shall seek to consolidate, by
counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or
has not been waived.

 

    3 

     

    

 

12.              
Notice. All notices, consents, requests, instructions, approvals and other communications provided for herein, and all legal
process in regard hereto, will be in writing and will be deemed validly given, made or served when delivered in person, by electronic
mail, by overnight courier or two business days after being sent by registered or certified mail (postage prepaid, return receipt requested)
as follows:

 

If to the Company to:

 

Eyenovia, Inc.

295 Madison Avenue, Suite 2400

New York, NY 10017

Attn: Sean Ianchulev, CEO

Email: tianchul@eyenoviabio.com

 

with a copy (which shall not constitute notice) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, MA 02111

Attn:  Megan Gates

Email:  mgates@mintz.com

 

If to the Investor:

 

Stuart M. Grant

11 Summit Lane

Greenville, DE 19807

Email: sgrantesq@gmail.com

 

with a copy (which shall not constitute notice) to:

 

Schulte Roth
 & Zabel LLP

919 Third
Avenue

New York,
NY 10022

Attn: Eleazer
Klein, Esq.

Email: eleazer.klein@srz.com

 

At any time, any party may, by notice given in accordance with
this paragraph to the other party, provide updated information for notices hereunder.

 

13.              
Expenses. All attorneys’ fees, costs and expenses incurred in connection with this Agreement and all matters
related hereto will be paid by the party incurring such fees, costs and expenses.

 

14.              
Receipt of Adequate Information; No Reliance; Representation by Counsel. Each party acknowledges that it has received
adequate information to enter into this Agreement, that is has not relied on any promise, representation or warranty, express or implied
not contained in this Agreement and that it has been represented by counsel in connection with this Agreement. Accordingly, any rule of
law or any legal decision that would provide any party with a defense to the enforcement of the terms of this Agreement against such party shall have no application and is expressly
waived. The provisions of the Agreement shall be interpreted in a reasonable manner to effect the intent of the parties.

 

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15.              
Counterparts. This Agreement may be executed by the parties in separate counterparts, each of which when so executed
shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

16.             
Term. The term of this Agreement will last until the conclusion of the Non-Disparagement
Period unless earlier terminated upon mutual written consent of both of the parties, except that Sections 8 through 15 of
this Agreement will survive any such termination.

 

If the terms of this Agreement are in
accordance with your understanding, please sign below, whereupon this Agreement shall constitute a binding agreement among us.

 

	 	Very truly yours,
	 	 
	 	EYENOVIA, INC.
	 	 
	 	By: 	/s/ Sean Ianchulev
	 	Name: Sean Ianchulev
	 	Title: Chief Executive Officer

  

Accepted and agreed to as of the date first written above:

  

	/s/ Stuart M. Grant	 
	Stuart M. Grant	 

 

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EXHIBIT A

 

AMENDMENT TO BYLAWS

 

Addition to Section 3.3:

 

“No person may be elected or re-elected as a director,
if at the time of their election or re-election, such person shall have (i) attained the age of seventy-five (75) years or (ii) served
on the Board for more than ten (10) consecutive years. Any director who has attained such age or such length of tenure while in office
shall retire from the Board effective at the annual meeting of stockholders held in the calendar year in which their then current term
expires, and any such director shall not be nominated or re-elected as a director; provided, however, that if no annual meeting of stockholders
is held in such calendar year, any director who attained such age or such length of tenure while in office shall retire effective on the
last day of such calendar year. This Section 3.3 may be amended only by a majority of the voting power of all of the outstanding shares
of capital stock of the corporation entitled to vote generally in the election of directors, voting together as a single class.”

 

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