Document:

Exhibit 10.40

   

  FIRST AMENDMENT TO

    AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT AND

    MEZZ CONVERTIBLE SUBORDINATED PROMISSORY NOTES

   

  This FIRST AMENDMENT TO AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT (this “First Amendment”) is made as of
    November 20, 2019, by and among OCUPHIRE PHARMA, INC., a Delaware corporation (the “Company”), and each of those persons and entities, severally and not jointly, whose names are set forth on the Schedule of Purchasers (the “Schedule

        of Purchasers”) attached as Exhibit A to the Amended and Restated Mezz Note Purchase Agreement (collectively, the “Purchasers” and each, without distinction, a “Purchaser”).

   

  RECITALS

   

  The Company and the Purchasers previously entered into that certain Amended and Restated Note Purchase Agreement dated January 22, 2019 (the “Agreement”),

      pursuant to which the Company issued the Company’s Mezz Convertible Subordinated Promissory Notes (the “Notes”) to the Purchasers.

   

  Pursuant to Section 5.8 of the Agreement, which states that the Agreement and Notes may be amended only with the written consent of the Company
    and the holders of a majority of the aggregate Principal Amount of the Notes (a “Majority in Interest”), the Company and the Purchasers desire to amend the Agreement and the Notes as set forth herein.

   

  AGREEMENT

   

  Now, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which
    is hereby acknowledged, the parties hereto hereby agree as follows:

   

  1.             AMENDMENT TO SECTION 1.2(c) OF THE AGREEMENT.  Section 1.2(c) of the Agreement is hereby deleted and replaced with
    the following:

   

  “At any time after the Effective Date, to the extent that (i) Purchasers already party to this Agreement (at the time determined, the “Existing Purchasers”),
      and/or (ii) additional Purchasers investing not less than Twenty-Five Thousand Dollars ($25,000), or such lesser amount determined by the Board (the “Additional Purchasers”), which Additional Purchasers and/or Existing
    Purchasers agree by execution of a counterpart of this Agreement to purchase an amount up to a balance of the Total Amount, the Company may hold additional Closings with respect to the purchase of such Notes (each a “Subsequent Closing”); provided,

    however, that the aggregate purchase price of Notes issued at the First Closing and all of the Subsequent Closings may not exceed the Total Amount unless otherwise approved by the Board of Directors of the Company, and provided further, however, that
    no Closing shall occur after December 31, 2019, subject to one ninety (90) day extension exercisable at the discretion of the Board of Directors of the Company.  There shall be no conditions precedent to a Subsequent Closing.  In connection with each
    such Subsequent Closing, the Company shall amend the Schedule of Purchasers to reflect any additional purchase by Existing Purchasers and to add any Additional Purchasers.  The terms of the transactions consummated at each Subsequent Closing shall be
    identical to the terms consummated at the Effective Date, excepting the date of issuance of the Notes shall be the date of such Subsequent Closing.  The Notes issued in each Subsequent Closing shall be issued to the Purchasers in the Principal Amount
    shown for each Purchaser with respect to such Subsequent Closing on the amended Schedule of Purchasers.”

   

  

  

  
    
      
 

  

  
  2.             AMENDMENT TO INTRODUCTORY PARAGRAPH IN THE NOTES.  The reference to December 31, 2019 in the introductory paragraph of each of the Notes
    is hereby deleted and replaced with September 30, 2020.

   

  3.             AMENDED TO SECTIONS 2(A)-(E) OF THE NOTES.  Sections 2(a) — (e) of each of the Notes are hereby deleted in their entirety and replaced
    with the following:

   

  “(a)      Conversion upon an IPO.  If prior to the occurrence of a Payoff Event, a Change in Control, a Qualified Financing or a Reverse Merger
    Transaction, the Company completes an IPO, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the Company’s Common Stock that is equal to One Hundred and Seventy-Five Percent (175%) times the Note
    Value divided by the Conversion Price, rounded to the nearest whole share.  “Conversion Price” means the per share price at which such shares are issued to purchasers of the Company’s equity securities in the IPO.  “IPO” means

    the closing by the Company (or its successor) of a firmly underwritten public offering of the Company’s common stock pursuant to a registration statement filed with the Securities and Exchange Commission, and declared effective under the Securities Act
    (and not subsequently withdrawn) covering the offer and sale of common stock for the account of the Company.  “Note Value” means the outstanding principal balance of, plus the accrued but unpaid interest on, this Note.

   

  

  

  
    2

    
      
 

  

  (b)      Conversion upon Change in Control.  If prior to the occurrence of a Payoff Event, an IPO, a Qualified Financing or a Reverse Merger
    Transaction, the Company completes a Change in Control, this Note shall automatically convert immediately prior to the effectiveness of such Change of Control into that number of fully paid and non-assessable shares of the Company’s Common Stock that
    is equal to Two Hundred Percent (200%) of the Note Value divided by the per share price of the Company’s Common Stock at which the Company’s Common Stock is valued (after giving effect to the conversion of the Notes) in such Change in Control, rounded
    to the nearest whole share.  The Holder shall be entitled to the same contractual rights and be bound by the same restrictions and obligations as the other stockholders of the Company in such Change in Control.  By acceptance of this Note, the Holder
    agrees to execute and deliver all documents and agreements necessary to evidence the grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the other stockholders of the Company
    or as required by the definitive agreement in such Change in Control on or before the initial issuance thereof.  “Change in Control” means (i) a merger or consolidation in which (A) the Company is a constituent party or (B) a subsidiary
    of the Company is a constituent party and the Company issues shares of the Company’s capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital
    stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for equity interest that represent, immediately following such merger of consolidation, at least a majority, by
    voting power, of the equity interest of (1) the surviving or resulting entity, or (2) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent entity of such
    surviving or resulting entity; (ii) the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company, of all or substantially all the assets of the Company and
    its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such
    subsidiary or subsidiaries, except where such sale, lease, transfer, or other disposition is to a wholly-owned subsidiary of the Company; or (iii) transaction or series of related transactions in which a person, or a group of related persons, acquires
    from the stockholders of the Company a number of shares of the Company’s capital stock representing more than Fifty Percent (50%) of the outstanding voting power of the Company; provided, however, a Change in Control shall not include (x) any
    transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or indebtedness of the Company is cancelled or converted or a combination thereof, (y) a Qualified Financing or (z) a
    Reverse Merger Transaction.

   

  

  

  
    3

    
      
 

  

  (c)      Conversion upon Qualified Financing.  If prior to the occurrence of a Payoff Event, an IPO, a Change in Control or a Reverse Merger
    Transaction, the Company completes a Qualified Financing, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the Company that is equal to One Hundred and Seventy-Five Percent (175%) times the Note
    Value divided by the per share price at which such shares of the Company are issued to purchasers of the Company’s equity securities in the Qualified Financing, rounded to the nearest whole share.  The Holder shall be entitled to the same contractual
    rights and be bound by the same restrictions and obligations as the other purchasers of shares in the Qualified Financing.  By acceptance of this Note, the Holder agrees to execute and deliver all documents and agreements necessary to evidence the
    grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the purchasers of the shares in the Qualified Financing on or before the initial issuance thereof.  “Qualified
        Financing” means, following the closing by the Company (or its successor) of the sale and issuance of Prior Notes and the Notes, the subsequent closing by the Company (or its successor) of the sale and issuance of capital stock of the
    Company (or its successor) in a single transaction or series of related transactions resulting in gross proceeds to the Company of not less than $5,000,000 (including new equity investment of at least $1,000,000 plus the sum of the outstanding
    principal amount of the Notes be so converted pursuant to this Section 2(c)).  Notwithstanding the foregoing, in the event the Company closes a Qualified Financing immediately prior to a Reverse Merger Transaction, this Note shall not convert upon the
    closing of such Qualified Financing and shall in lieu of conversion under this Section 2(c) convert upon the closing by the Company of such Reverse Merger Transaction in accordance with the applicable terms and conditions of Section 2(d)
    below.

   

  (d)      Conversion upon Reverse Merger Transaction.  If prior to the occurrence of a Payoff Event, an IPO, a Change in Control or a Qualified
    Financing (subject to the last sentence of Section 2(c) above), the Company completes a Reverse Merger Transaction, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the combined company in
    the Reverse Merger Transaction whose shares are publicly traded in the United States or other jurisdiction following the completion of the Reverse Merger Transaction (the “Reverse Merger Parent”), determined by dividing an amount equal
    to One Hundred and Seventy-Five Percent (175%) times the Note Value divided by the per share price at which such shares are issued by the Reverse Merger Parent, in such Reverse Merger Transaction, rounded to the nearest whole share.  The Holder shall
    be entitled to the same contractual rights and be bound by the same restrictions and obligations as the other stockholders of the Company in the Reverse Merger Transaction.  By acceptance of this Note, the Holder agrees to execute and deliver all
    documents and agreements necessary to evidence the grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the other stockholders of the Company in the Reverse Merger Transaction
    on or before the initial issuance thereof.  “Reverse Merger Transaction” means a reverse merger or similar transaction between the Company and a corporation whose securities are publicly traded in the United States or other
    jurisdiction.

   

  

  

  
    4

    
      
 

  

  (e) Non-occurrence of Payoff Event; Good Faith Conversion.  In the event an LPO, a Change in Control, a Qualified Financing or a Reverse Merger
    Transaction has not occurred by September 30, 2020 the Company and Majority in Interest will negotiate in good faith terms and conditions of the conversion of this Note into shares of the Company’s capital stock.”

   

  4.             DELETION OF SECTION 4 OF THE NOTES.  Section 4 of the Notes is hereby deleted in its entirety.

   

  5.             AMENDMENT TO EXHIBIT B OF THE AGREEMENT.  Exhibit B (Form of Note) attached to the Agreement is hereby deleted in its entirety
    and amended to read in the form of EXHIBIT B attached to this First Amendment.

   

  6.             NOTICE TO TRANSFEREES.  Each Purchaser hereby covenants and agrees to provide any transferee of such Purchaser’s
    Note with a copy of this First Amendment.

   

  7.             CONSTRUCTION.  Unless otherwise defined herein, capitalized terms shall have the meanings set forth in the
    Agreement and the Notes.  The terms of this First Amendment amend and modify the Agreement and the Notes as if fully set forth in the Agreement and the Notes.  If there is any conflict between the terms, conditions and obligations of this First
    Amendment and the Agreement or the Notes, this First Amendment’s terms, conditions and obligations shall control.  All other provisions of the Agreement and the Notes not specifically modified by this First Amendment are preserved.

   

  

  

  
    5

    
      
 

  

   

  8.             COUNTERPARTS; ELECTRONIC TRANSMISSION.  This First Amendment may be executed in one or more counterparts and by
    facsimile, each of which shall constitute an original and all of which together shall constitute one and the same instrument.  Signatures of the parties transmitted by facsimile or via .pdf format shall be deemed to be their original signatures for all
    purposes.  The words “execution,” “signed,” “signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
    as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
    Delaware Electronic Transactions Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  This First Amendment and any signed agreement or instrument entered into in connection with this First Amendment, and any
    amendments hereto or thereto, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”), will be treated in all manner and respects as an original agreement or instrument
    and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will
    re-execute original forms thereof and deliver them to the other party.  No party hereto or to any such agreement or instrument will raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument
    was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense related to lack of authenticity.

   

  

  

  
    6

    
      
 

  

  IN WITNESS WHEREOF, this First Amendment to Amended and Restated Mezz Note Agreement and Mezz Convertible Subordinated Promissory Notes
    is hereby executed as of the date first above written.

   

  THE COMPANY:

   

  	OCUPHIRE PHARMA, INC.	 
	 	
           

        	 
	By:	
          /s/ Mina Sooch

        	 
	Name:	
          Mina Sooch

        	 
	Title:	
          CEO and President

        	 

   

  SIGNATURES ON FOLLOWING PAGES

  

  

  
    7

    
      
 

  

   

  THE PURCHASERS:

   

   

  

  

  
    	/s/ Mina Sooch
	Mina Sooch
	Date:
	 

    	/s/ Michael DeVries
	Michael & Michelle DeVries Trust
	Date: 12/6/2019
	 

    	/s/ Daniela Oniciu
	Daniela Oniciu
	Date: 
	 

    WESTERN MICHIGAN UNIVERSITY

    

    acting through its BIOSCIENCE RESEARCH

    

    and COMMERCIALIZATION CENTER

     

    	By:	/s/ Patti VanWalbeck
	Title:	Assistant Treasurer
	Date:	12/2/2019
	 	 

    	/s/ Devang Shah
	Devang Shah
	Date: 
	 

    	/s/ Alan Meyer
	Alan R. Meyer
	Date:
	 

    	Einhorn Associates, Inc.
	 	 
	By:	/s/ Stephen Einhorn
	Title:	Stephen Einhorn
	Date:	11/20/2019

  

  
    	Cole & Associates
	 	 
	By:	/s/ J.S. Cole
	Title:	President
	Date:	11/27/2019
	 	 

    Martha C. Parfet Trust

    

    FBO Donald R. Parfet U/A/D 11/21/57

     

    	By:	/s/ Thomas I. Meyers, Vice President
	Title:	Greenleaf Trust, Trustee
	Date:	11/26/2019

     

    Mary C. Vandewiele Trust

    

    U/A/D 10/13/2004

     

    	By:	/s/ Mary Vandewiele
	Title:	Trustee
	Date:	11/26/2019
	 	 

    	/s/ Michael Davies
	Michael J. Davies
	Date: 
	 

    	/s/ Sean Ainsworth
	Sean Ainsworth
	Date:
	 

    Belle Michigan Impact Fund Side Car, LP

     

    	By:	/s/ Caorlyn Cassin
	Title:	General Partner
	Date:	11/21/2019

  

  

  

  Signature Pages to FIRST AMENDMENT TO

  AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT

   

  

  

  
    
      
 

  

  

   

  
    
      Mainstar Trust Custodian

      

      FBO Inland Eye Specialists

      

      Profit Sharing & Savings Plan

      

      FBO Robert C. Sorenson

       

      	By:	/s/ Robert C. Sorenson
	Title:	Trustee
	Date:	11/23/2019
	 	 

      The Belle Michigan Impact Fund, LP

       

      	By:	/s/ Carolyn Cassin
	Title:	General Partner
	Date:	11/25/2019
	 	 

      	/s/ Cam Gallagher
	Cam Gallagher
	 

      	/s/ James Manuso
	James S. Manuso
	Date:
	 

      	/s/ Harry & Julie Kraemer
	 
	/s/ Harry & Julie Kraemer
	Harry M. Kraemer, Jr. and

              Julie M. Jansen-Kraemer
	Date: 
	 

      	/s/ Glenn Steeg
	Glenn D. Steeg
	Date:
	 

      	/s/ Lawrence H.N. Kinet
	Lawrence H.N. Kinet
	Date: 

    

  

  
    
      RBI Opportunity Fund I, LLC

      

      David Richmond

      

      Manager of RBI P.I. Manager, LLC

       

      	By:	/s/ RBI Opportunities Fund I & II
	Title:	Manager
	Date:	11/21/2019

       

      RBI Opportunity Fund II, LLC

      

      David Richmond

      

      Manager of RBI P.I. Manager, LLC

       

      	By:	/s/ RBI Opportunities Fund I & II
	Title:	Manager
	Date:	11/21/2019

       

      Lawrence J. Fingerle Trust

      

      U/A/D 12/28/90

       

      	By:	/s/ Lawrence J. Fingerle
	Title:	Trustee
	Date:	11/20/2019
	 	 

      	/s/ Geebee Thimotheose
	Geebee Thimotheose
	Date:

       

      	/s/ Tel Ganesan
	Tel Ganesan

      

      

       Invest Detroit Foundation

      

       d/b/a First Capital Fund

       

      	By:	/s/ Martin Dober
	Title:	Managing Director
	Date:	11/22/2019

    

  

   

  Signature Pages to FIRST AMENDMENT TO

  AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT

   

  
    
      
 

  

   

   

  
    Douglas C. Finch Trust

    

    U/A/D April 16, 2014

     

    	By:	/s/ Doug Finch
	Title:	Co-Trustee
	Date:	11/24/2019
	 	 

    Thomas A. Lozser Revocable Trust

     

    	By:	/s/ Thomas Lozser
	Title:	Trustee
	Date:	11/21/2019
	 	 

    Brian P and Cynthia F. Sommer

    

    Living Trust U/A/D 3/4/2011

     

    	By:	/s/ Brian Sommer
	By:	/s/ Cynthia F. Sommer
	Title:	Trustees
	Date:	11/20/2019
	 	 

    Cady Investment Co. LLC

     

    	By:	/s/ EC Cady
	Title:	President
	Date:	11/24/2019
	 	 

    Edwin R. Clarke, III

    

    U/T/A December 22, 1997

     

    	By:	/s/ Edwin Clarke
	Title:	Trustee
	Date:	11/21/2019
	 	 

  

  
    Michigan Angel Fund III, LLC

     

    	By:	/s/ Joseph Simms
	Title:	Managing Member
	Date:	11/21/2019
	 	 

    H.B. Calder Revocable Trust

      Dated 7/15/2007

     

    	By:	/s/ H.B. Calder
	Title:	Trustee
	Date:	12/1/2019
	 	 

    Warren K. Liu Trust

     

    	By:	
	Title:	 
	Date:	 

     

    Mike Schumacher Revocable Trust

    

    Dated August 7, 2014

     

    	By:	/s/ Mark Schumacher
	Title:	Trustee
	Date:	11/20/2019

     

    /s/ David Kershaw and Martha Kershaw, JTWROS

     

    /s/ David Kershaw and Martha Kershaw, JTWROS  

    David & Martha Kershaw JTWROS

    Date

  

  

  

   

  Signature Pages to FIRST AMENDMENT TO

  AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT

   

  

  

  
    
      
 

  

  
    	/s/ Anup Chatta
	Anup Chatta 
	Date:
	 

    	/s/ Josh Hunegs
	 
	/s/ Josh Hunegs
	Joshua M. Hunegs and

            Emily R. Kaufman

            Jointly w/ Rights of Survivorship
	Date: 
	 

    	/s/ Jatinder-Bir S. Sandhu
	Jatinder-Bir S. Sandhu
	Date:
	 

    	/s/ Nicholas Palmer
	Nicholas Franklin Palmer
	Date: 
	 

    MCN Ocuphire SPE, LLC

     

    	By:	/s/ Timothy S. Parker
	Title:	Manager
	Date:	11/26/2019

     

    Atain Specialty Insurance Group

     

    	By:	/s/ Michael O. Martin
	Title:	Senior VP & CFO
	Date:	11/26/2019
	 	 

  

  
    	/s/ Kostas Charizanis
	Konstantinos Charizanis
	Date:
	 

    	/s/ Bernhard Hoffmann
	Bernhard Hoffman
	Date:
	 

    BWA Ocuphire Investment Group, LLC

     

    	By:	/s/ Ken Kousky
	Title:	President
	Date:	11/26/2019

  

  

  

  Signature Pages to FIRST AMENDMENT TO 

  AMENDED AND RESTATED MEZZ NOTE PURCHASE AGREEMENT

  

  

  
    
      
 

  

   

  
   

   

  EXHIBIT B

   

  FORM OF NOTE

   

  THIS NOTE AND ANY SHARES OF CAPITAL STOCK THAT MAY BE ISSUED UPON THE CONVERSION OF THIS NO 1E HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933 OR
    ANY STATE SECURITIES LAW. NEITHER THIS NOTE NOR ANY PORTION HEREOF OR INTEREST HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR UNLESS
    AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND THE COMPANY SHALL HAVE RECEIVED, AT THE EXPENSE OF THE HOLDER HEREOF, EVIDENCE OF SUCH EXEMPTION REASONABLY SATISFACTORY TO THE COMPANY (WHICH MAY INCLUDE, AMONG OTHER THINGS, AN OPINION OF COUNSEL
    REASONABLY SATISFACTORY TO THE COMPANY).

   

  OCUPHIRE PHARMA, INC.

    CONVERTIBLE SUBORDINATED PROMISSORY NOTE

   

  

  	U.S. $[APPLICABLE PRINCIPAL AMOUNT]	Issue Date: _________20____

   

  FOR VALUE RECEIVED, OCUPHIRE PHARMA, INC., a Delaware corporation (the "Company"), hereby promises to pay [NAME OF PURCHASER],
    whose address is [ADDRESS OF PURCHASER] (the "Purchaser"; together with any permitted successor holder hereof, the "Holder"), the principal sum of U.S. $[APPLICABLE PRINCIPAL AMOUNT], together with interest thereon,
    accruing from the date hereof at a per annum rate of Eight Percent (8.0%) which shall continue to accrue on the outstanding principal until the entire balance of this Note is paid, and shall be computed based on the actual number of days elapsed and on
    a year of three hundred sixty five (365) days. The outstanding principal of, and accrued interest on, this Note shall, subject to Section 2 below, be payable on demand at any time as of the first to occur of any of the following events (each a
    "Payoff Event"): (a) September 30, 2020; and (b) an Event of Default.

   

  This Note is issued pursuant to the terms of that certain Amended and Restated Mezz Note Purchase Agreement, dated as of January 22, 2019, as
    amended from time to time (the "Agreement"), among the Company, the Holder, and the Purchasers (as defined in the Agreement) and is entitled to the benefit thereof. Capitalized terms used herein without definition shall have the
    respective meanings ascribed to them in the Agreement.

   

  If paid in cash, the Company shall pay this Note in lawful money of the United States at the address of the Purchaser or at such other address
    of which the Holder shall have notified the Company in writing.

   

  For purposes of this Note, the term "Affiliate" shall mean: (a) for purposes of any Holder that is an individual, (i) the
    ancestors, descendants, spouse or private, tax-exempt foundation of such Holder, (ii) a trust, partnership, limited liability company, custodianship or other fiduciary account for the benefit of such Holder and/or such private foundation, ancestors,
    descendants or spouse; (b) for purposes of any Holder that is not an individual, (i) any person controlled by, or under the control of, the Holder, or (ii) any member, stockholder, partner or other equity holder of such Holder that is an "accredited
    investor", as that term is defined in Rule 501 of Regulation D, as promulgated under the Securities Act of 1933, as amended (the "Securities Act").

  

   

  
    EXHIBIT B - 1

    
      
 

  

   

  Pursuant to the applicable provisions of Section 2 below, upon the occurrence of an IPO, a Change in Control, a Qualified Financing or a
    Reverse Merger Transaction, the outstanding principal amount of, and accrued but unpaid interest on, this Note shall automatically convert into shares of the Company's capital stock.

   

  The following is a statement of the rights of the Holder under this Note and the conditions to which this Note is subject, to which the Holder,
    by acceptance of this Note, agrees:

   

  1.            OPTIONAL PREPAYMENT. The Company may not prepay this Note at any time prior to the occurrence of a Payoff Event; provided,
    however, that the Company may prepay this Note, in whole or in part, at any time after a Payoff Event, without premium or penalty. Any such prepayment shall be first applied to accrued but unpaid interest and then to principal.

   

  2.             CONVERSION.

   

  (a)            Conversion upon an IPO. If prior to the occurrence of a Payoff Event, a Change in Control, a Qualified Financing or a
    Reverse Merger Transaction, the Company completes an IPO, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the Company's Common Stock that is equal to One Hundred and Seventy-Five Percent (175%)
    times the Note Value divided by the Conversion Price, rounded to the nearest whole share. "Conversion Price" means the per share price at which such shares are issued to purchasers of the Company's equity securities in the IPO. "IPO"

      means the closing by the Company (or its successor) of a firmly underwritten public offering of the Company's common stock pursuant to a registration statement filed with the Securities and Exchange Commission, and declared effective under
    the Securities Act (and not subsequently withdrawn) covering the offer and sale of common stock for the account of the Company. "Note Value" means the outstanding principal balance of, plus the accrued but unpaid interest on, this Note.

   

   

  
    EXHIBIT B - 2

    
      
 

  

   

  (b)            Conversion upon Change in Control. If prior to the occurrence of a Payoff Event, an IPO, a Qualified Financing or a Reverse
    Merger Transaction, the Company completes a Change in Control, this Note shall automatically convert immediately prior to the effectiveness of such Change of Control into that number of fully paid and non-assessable shares of the Company's Common Stock
    that is equal to Two Hundred Percent (200%) of the Note Value divided by the per share price of the Company's Common Stock at which the Company's Common Stock is valued (after giving effect to the conversion of the Notes) in such Change in Control,
    rounded to the nearest whole share. The Holder shall be entitled to the same contractual rights and be bound by the same restrictions and obligations as the other stockholders of the Company in such Change in Control. By acceptance of this Note, the
    Holder agrees to execute and deliver all documents and agreements necessary to evidence the grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the other stockholders of the
    Company or as required by the definitive agreement in such Change in Control on or before the initial issuance thereof. "Change in Control" means (i) a merger or consolidation in which (A) the Company is a constituent party or (B) a
    subsidiary of the Company is a constituent party and the Company issues shares of the Company's capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of
    capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for equity interest that represent, immediately following such merger of consolidation, at least a
    majority, by voting power, of the equity interest of (1) the surviving or resulting entity, or (2) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent entity
    of such surviving or resulting entity; (ii) the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company, of all or substantially all the assets of the
    Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by
    such subsidiary or subsidiaries, except where such sale, lease, transfer, or other disposition is to a wholly-owned subsidiary of the Company; or (iii) transaction or series of related transactions in which a person, or a group of related persons,
    acquires from the stockholders of the Company a number of shares of the Company's capital stock representing more than Fifty Percent (50%) of the outstanding voting power of the Company; provided, however, a Change in Control shall not include (x) any
    transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or indebtedness of the Company is cancelled or converted or a combination thereof, (y) a Qualified Financing or (z) a
    Reverse Merger Transaction.

   

  (c)             Conversion upon Qualified Financing. If prior to the occurrence of a Payoff Event, an IPO, a Change in Control or a
    Reverse Merger Transaction, the Company completes a Qualified Financing, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the Company that is equal to One Hundred and Seventy-Five Percent (175%)
    times the Note Value divided by the per share price at which such shares of the Company are issued to purchasers of the Company's equity securities in the Qualified Financing, rounded to the nearest whole share. The Holder shall be entitled to the same
    contractual rights and be bound by the same restrictions and obligations as the other purchasers of shares in the Qualified Financing. By acceptance of this Note, the Holder agrees to execute and deliver all documents and agreements necessary to
    evidence the grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the purchasers of the shares in the Qualified Financing on or before the initial issuance thereof. "Qualified

        Financing" means, following the closing by the Company (or its successor) of the sale and issuance of Prior Notes and the Notes, the subsequent closing by the Company (or its successor) of the sale and issuance of capital stock of the
    Company (or its successor) in a single transaction or series of related transactions resulting in gross proceeds to the Company of not less than $5,000,000 (including new equity investment of at least $1,000,000 plus the sum of the outstanding
    principal amount of the Notes to be so converted pursuant to this Section 2(c)). Notwithstanding the foregoing, in the event the Company closes a Qualified Financing immediately prior to a Reverse Merger Transaction, this Note shall not
    convert upon the closing of such Qualified Financing and shall in lieu of conversion under this Section 2(c) convert upon the closing by the Company of such Reverse Merger Transaction in accordance with the applicable terms and conditions of Section

      2(d) below.

   

  
    EXHIBIT B - 3

    
      
 

  

   

   

   

  (d)            Conversion upon Reverse Merger Transaction. If prior to the occurrence of a Payoff Event, an IPO, a Change in Control or a
    Qualified Financing (subject to the last sentence of Section 2(c) above), the Company completes a Reverse Merger Transaction, then this Note shall automatically convert into that number of fully paid and non-assessable shares of the combined
    company in the Reverse Merger Transaction whose shares are publicly traded in the United States or other jurisdiction following the completion of the Reverse Merger Transaction (the "Reverse Merger Parent"), determined by dividing an
    amount equal to One Hundred and Seventy-Five Percent (175%) times the Note Value divided by the per share price at which such shares are issued by the Reverse Merger Parent, in such Reverse Merger Transaction, rounded to the nearest whole share. The
    Holder shall be entitled to the same contractual rights and be bound by the same restrictions and obligations as the other stockholders of the Company in the Reverse Merger Transaction. By acceptance of this Note, the Holder agrees to execute and
    deliver all documents and agreements necessary to evidence the grant of such rights to the Holder, and the imposition of such restrictions and obligations upon the Holder, as are executed by the other stockholders of the Company in the Reverse Merger
    Transaction on or before the initial issuance thereof. "Reverse Merger Transaction" means a reverse merger or similar transaction between the Company and a corporation whose securities are publicly traded in the United States or other
    jurisdiction.

   

  (e)             Non-occurrence of Payoff Event; Good Faith Conversion. In the event an IPO, a Change in Control, a Qualified Financing or
    a Reverse Merger Transaction has not occurred by September 30, 2020 the Company and Majority in Interest will negotiate in good faith terms and conditions of the conversion of this Note into shares of the Company's capital stock.

   

  (f)              Conversion Shares. For purposes of this Note, the shares issuable upon conversion of this Note are referred to as the "Conversion

        Shares."

   

  (g)            Market Stand-off. The Holder (and any permitted transferee of this Note) agrees not to sell, dispose of, transfer, make any
    short sale of, or grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Conversion Shares during the one hundred and eighty (180) day period following the effective date of
    an IPO or a Reverse Merger Transaction (or such shorter or longer period as the underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation).
    The Holder (and any transferee of this Note) agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriters that are consistent with the foregoing or that are necessary to give further
    effect to the foregoing provision. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Holder's (and any transferee of this Note) Conversion Shares until the end of such period. The
    underwriters of the Company's stock are intended third party beneficiaries of this Section 2(g) and shall have the right, power and authority to enforce the provisions hereof as though they were a party to this Agreement.

   

   

  
    EXHIBIT B - 4

    
      
 

  

   

  3.             MECHANICS OF CONVERSION. Upon conversion of this Note as provided in Section 2 above, the Company shall promptly
    issue the Holder a certificate in the Holder's name for the number of Conversion Shares to which the Holder is entitled by reason of such conversion, rounded to the nearest whole share. Upon issuance of such certificate this Note shall automatically be
    deemed cancelled and fully paid with no need for surrender hereof.

   

  4.             FULLY PAID STOCK; TAXES. The Company agrees that the securities represented by each and every certificate for Conversion
    Shares delivered on the conversion of this Note shall, at the time of such delivery, be validly issued and outstanding, fully paid and non-assessable. The Company further covenants and agrees that it will pay, when due and payable, all federal and
    state stamp, original issue or similar taxes, if any, which are payable in respect of the issuance of this Note and/or any Conversion Shares or certificates therefor.

   

  5.            LIMITED TRANSFERABILITY. Neither this Note nor the Conversion Shares have been registered under the Securities Act and may
    be transferred only pursuant to an effective registration thereunder or an exemption from the registration requirements of the Securities Act, and otherwise in compliance with applicable state securities laws. This Note may not be transferred if such
    transfer would require any registration or qualification under, or cause the loss of exemption from registration or qualification under, the Securities Act or any applicable state securities law with respect to this Note or the Conversion Shares. This
    Note and any Conversion Shares shall bear an appropriate legend with respect to such restrictions on transfer. This Note is transferable only upon the books that the Company shall cause to be maintained for such purpose. Any assignment or transfer may
    be made by surrendering this Note to the Company together with an assignment properly executed by the assignor or transferor. Upon such surrender the Company will execute and deliver, in the case of an assignment or transfer in whole, a new note in the
    name of the assignee or transferee or, in the case of an assignment or transfer in part, a new note in the name of the assignee or transferee named in such instrument of assignment or transfer and a new note in the name of the assignor or transferor
    covering the portion of this Note not assigned or transferred to the assignee or transferee. The Holder may not assign or transfer this Note to any person or entity (other than an Affiliate) without the consent of the Company, which consent shall not
    be unreasonably withheld, conditioned or delayed. This Note and the Conversion Shares are also subject to the restrictions on transfer set forth in Article 3 of the Agreement.

   

  6.             REPLACEMENT OF NOTE. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
    mutilation of this Note, and of indemnity in form and amount reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Note, if mutilated, and upon reimbursement of the Company's reasonable
    incidental expenses, the Company shall execute and deliver to the Holder a new note of like date, tenor and denomination.

   

  7.             HOLDER NOT A STOCKHOLDER. Except as provided in Section 4.1 of the Agreement, this Note does not confer upon the Holder
    any right to vote or to consent or to receive notice as a stockholder of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder, prior to the conversion hereof into Conversion Shares.

   

   

  
    EXHIBIT B - 5

    
      
 

  

   

  8.             EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each an "Event of Default"), the
    Company shall be in default hereunder, and the Holder may immediately accelerate payment of the unpaid principal of this Note, together with all accrued and unpaid interest, upon written notice to the Company:

   

  (a)            The Company fails to pay the principal of, and interest on, this Note when due, and such payment shall not have been made
    within five (5) days of the Company's receipt of the Holder's written notice to the Company of such failure to pay.

   

  (b)           The Company is the debtor in a bankruptcy, receivership, "Chapter 11" or other insolvency proceeding, is generally unable to
    pay its debts when due, or makes an assignment for the benefit of creditors.

   

  (c)           The Company violates in any material respect any other covenant, agreement or condition contained in this Note or in the
    Agreement or any document executed pursuant thereto, which violation has not been cured within thirty (30) days after the Company's receipt of written notice of any such default.

   

  (d)           The Company is liquidated, dissolved or ceases to operate its business.

   

  Upon the occurrence of an Event of Default or an event that, with notice or lapse of time or both, would become an Event of Default, the Company shall immediately
    give notice thereof to the Holder, specifying the nature of the Event of Default. Upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount hereof shall bear interest at the rate of Twelve Percent (12%) per
    annum.

   

  9.            EXERCISE OF REMEDIES. By acceptance hereof, the Holder acknowledges and agrees that this Note is one of a series of
    Convertible Subordinated Promissory Notes of similar tenor issued by the Company and that upon the occurrence and during the continuance of any Event of Default, the holders of a Majority in Interest shall have the right to act on behalf of the holders
    of all such Notes in exercising and enforcing all rights and remedies available to all of such holders under this Note, including, without limitation, foreclosure of any judgment lien on any assets of the Company. By acceptance hereof, the Holder
    agrees not to independently exercise any such right or remedy without the consent of the holders of a Majority in Interest.

   

  10.           SUBORDINATION.

   

  (a)            To the extent hereinafter provided, this Note is expressly subordinated in right of payment to the prior payment in full of
    Senior Indebtedness (as hereinafter defined) of the Company, unless the instrument creating or evidencing any Senior Indebtedness provides that such Senior Indebtedness is pari passu or subordinated in right of payment to this Note. For
    purposes hereof, "Senior Indebtedness" shall be defined as the principal of (and premium, if any) and interest on and fees and other amounts payable with respect to all debt or obligations of the Company to any regulated financial
    institution for borrowed money and other credit now existing or hereafter arising.

   

   

  
    EXHIBIT B - 6

    
      
 

  

   

  (b)           The Holder, for itself and its successors and assigns, expressly for the benefit of the present and future holders of Senior
    Indebtedness, by accepting this Note, agrees to and shall be bound by the subordination provisions of this Section 10.

   

  (c)           Notwithstanding anything contained herein to the contrary, so long as any Senior Indebtedness is outstanding, the Holder
    shall have no right to accelerate this Note or take any other action under Section 8 until one-hundred and eighty (180) days after the Holder shall have given the Company notice of the occurrence of an Event of Default. No payment on account of
    the principal of this Note shall be made, and the Holder shall not be entitled to receive any such payment unless and until full payment of all amounts currently due on Senior Indebtedness has been made or duly provided for in money or money's worth.
    No payment on account of the principal of this Note shall be made, and the Holder shall not be entitled to receive any such payment, if, at the time of such payment or application or immediately after giving effect thereto: (i) there shall exist under
    any Senior Indebtedness or any agreement pursuant to which any such Senior Indebtedness is issued, any default or any condition, event or act, which with notice or lapse of time, or both, would constitute a default; or (ii) such payment would itself
    constitute a default or an event of default under any Senior Indebtedness or any agreement pursuant to which any such Senior Indebtedness is issued, unless and until such default or event of default shall have been cured or waived or cease to exist.

   

  (d)            In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other
    similar proceedings in connection therewith, relative to the Company or to its creditors, as such, or to its property, or in the event of any proceedings for voluntary liquidation, dissolution, or other winding up of the Company, whether or not
    involving insolvency or bankruptcy, the holders of Senior Indebtedness shall be entitled to receive payment in full of all principal, premium, if any, and interest on all Senior Indebtedness (on the basis of the respective amounts of Senior
    Indebtedness held by such holders) before the Holder is entitled to receive any payment on account of principal of this Note and to receive for application in payment thereof any payment or distribution of any kind or character, whether in cash,
    property or securities (other than shares of stock of the Company as reorganized or readjusted or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated to the
    payment of all Senior Indebtedness which may at the time be outstanding) which may be payable or deliverable in any such proceedings in respect of this Note.

   

  (e)            If, notwithstanding the foregoing, any payment or distribution of assets of the Company, whether in cash, property or
    securities (other than shares of stock of the Company as reorganized or readjusted or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated to the
    payment of all Senior Indebtedness which may at the time be outstanding) shall be received by the Holder contrary to the provisions of this Section 10 before all Senior Indebtedness is paid in full, or provision made for its payment in cash,
    such payment or distribution shall be held in trust for the benefit of, and shall (upon acceleration of the Senior Indebtedness) be paid over or delivered to, the holders of such Senior Indebtedness or their representative or representatives, or to the
    trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all such
    Senior Indebtedness after giving effect to any concurrent payment or distribution, or provision for payment thereof in cash, to the holders of such Senior Indebtedness.

   

   

  
    EXHIBIT B - 7

    
      
 

  

   

  (f)            No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any
    time in any way be prejudiced or impaired by the noncompliance by the Company with the terms, provisions and covenants of this Note regardless of any knowledge thereof which any such holder may have or otherwise be charged with. Nothing contained in
    this Section 10 or elsewhere in this Note is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holder, the obligation of the Company, which is absolute and unconditional,
    to pay to the Holder the principal and accrued interest of this Note in accordance with its terms, or is intended to or shall affect the relative rights of the Holder and the creditors of the Company other than the holders of Senior Indebtedness, nor
    shall anything herein or therein prevent the Holder from exercising all remedies otherwise permitted by applicable law upon default under this Note, subject to the rights, if any, under this Note of the Senior Indebtedness in respect of cash, property
    or securities of the Company received upon the exercise of any such remedy.

   

  (g)           Upon the payment in full of all Senior Indebtedness to the extent such payment in full resulted from the subordination
    provisions of this Note, the rights of the Holder shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until
    the principal of this Note shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holder would be entitled except for the
    provisions of this Section 10, and no payment pursuant to the provisions of this Section 10 to or for the benefit of the holders of Senior Indebtedness by the Holder shall, as between the Company, its creditors other than holders of
    Senior Indebtedness, and the Holder, be deemed to be a payment by the Company to or on account of the Senior Indebtedness. The provisions of this Section 10 are solely for the purpose of defining the relative rights of the Holder on the one
    hand, and the holders of the Senior Indebtedness, on the other.

   

  (h)           Notwithstanding the provisions of this Note, the Holder shall not be permitted to receive any payment of the outstanding
    principal amount of this Note as a result of the same becoming due upon the first to occur of a Payoff Event without obtaining the prior written consent of applicable holders of any Senior Indebtedness related to debts or obligations of the Company to
    regulated financial institutions.

   

  (i)            Nothing contained in this Section 10 shall in any way impair, delay or otherwise affect the conversion of this Note
    into Conversion Shares as provided in Section 2 and Section 3 hereof.

   

   

  
    EXHIBIT B - 8

    
      
 

  

   

  11.          MISCELLANEOUS.

   

  (a)            This Note shall be governed by and construed in accordance with the laws of the State of Michigan, without regard to its
    principles of conflicts of laws. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of Michigan and any United States District Court in the State of Michigan for the purpose of any suit, action,
    proceeding or judgment relating to or arising out of this Note and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same
    methods as are specified for the giving of notices under this Note. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto
    irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
    inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

   

  (b)            The Company waives presentment for payment, demand, notice of non-payment, notice of protest or protest of this Note, and
    the Holder's diligence in collection or bringing suit, and hereby consents to any and all extensions of time, renewals, waivers or modifications as may be granted by the Holder with respect to payment or any other provisions of this Note.

   

  (c)             Acceptance by the Holder of any payment in an amount less than the amount then due shall be deemed an acceptance on
    account only, and the Company's failure to pay the entire amount then due shall be and continue to be a default. Upon the occurrence of any default, neither the failure of the Holder promptly to exercise its right to declare the outstanding principal
    and accrued unpaid interest hereunder to be immediately due and payable, nor the failure of the Holder to demand strict performance of any other obligation of the Company hereunder, shall constitute a waiver of any such rights, nor a waiver of such
    rights in connection with any future default on the part of the Company hereunder.

   

  (d)            This Note may be amended only with the written consent of the Company and a Majority in Interest. Any such amendment shall
    apply to all of the Notes (including this Note), and be binding on all holders (including the Holder) of the Notes, even if they do not execute such consent or amendment.

   

  (e)             All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal
    delivery to the party to be notified; (b) when sent by confirmed email, telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (c) five (5) days after having been sent by registered or certified
    mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at
    37000 Grand River Avenue, Suite 120, Farmington Hills, MI 48335, Phone: 248-681-9815, or such other address as the Company has designated in writing to the Holder, or to the Holder at the address shown on the Company's books as described above. If
    notice is given to the Company, a copy shall also be sent to Honigman LLP, Attention: Phillip D. Torrence, Esq., 650 Trade Centre Way, Suite 200, Kalamazoo, MI 49002-0402.

   

   

  
    EXHIBIT B - 9

    
      
 

  

   

  (f)             Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under
    applicable law, but if any provision of this Note shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the
    remaining provisions of this Note.

   

   

   

  

  EXHIBIT B - 10Exhibit 10.41

   

  

  conversion AGREEMENT

   

  This Conversion Agreement (this “Agreement”) is made as of June 8, 2020, by
    and among Ocuphire Pharma, Inc., a Delaware corporation (the “Company”), and each of those persons and entities, severally and not jointly, whose names are set forth on the Schedule
    of Purchasers (the “Schedule of Purchasers”) on Exhibit A attached hereto (collectively, the “Purchasers” and each, without distinction, a “Purchaser”).

   

  Recitals

   

  Whereas, the Company and the Purchasers previously entered into that certain Amended and Restated Mezz Note Purchase Agreement dated January 22, 2019 as further amended by the terms and conditions of the
      certain First Amendment to Amended and Restated Mezz Note Purchase Agreement and Mezz Convertible Subordinated Promissory Notes dated November 20, 2019 (as amended, modified or supplemented, the “Purchase Agreement”), pursuant to which
      the Company issued the Company’s Mezz Convertible Subordinated Promissory Notes (as amended, modified or supplemented, the “Notes”) to the Purchasers;

   

  Whereas, the Company, a Delaware corporation whose securities are listed on The Nasdaq Capital Market (“Parent”), and Razor Merger Sub, Inc., a Delaware corporation and a wholly-owned
      subsidiary of Parent (“Merger Sub”), are entering into an Agreement and Plan of Merger and Reorganization, following the date hereof (as amended from time to time, the “Merger Agreement”), pursuant to which Merger Sub
      shall be merged with and into the Company, with the Company continuing as the surviving corporation thereafter (the “Merger”);

   

  Whereas, as an inducement to the Company’s and Parent’s willingness to enter into the Merger Agreement and consummate the transactions contemplated thereby, transactions from which the Purchasers believe
      they will derive substantial benefits through their ownership interests in the Company, the Purchasers are entering into this Agreement; and

   

  Whereas, pursuant to Section 5.8 of the Purchase Agreement and Section 11(d) of the Notes, the Company and the Purchasers, constituting the holders of at least a majority of the aggregate Principal Amount
      (as defined in the Purchase Agreement) of the Notes, desire to amend the Purchase Agreement and the Notes as set forth in this Agreement to provide for the conversion of the Notes into shares of the Company’s common stock prior to the effectiveness
      of the Merger. Unless otherwise provided, capitalized terms used in this Agreement but not defined herein shall have the meanings given to such terms in the Merger Agreement, the Purchase Agreement and the Notes.

   

  Agreement

   

  Now, Therefore, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Purchasers hereby
      agree as follows:

   

  1.            Acknowledgement and
        Agreement. The Company and each of the Purchasers acknowledge and hereby agree that this Agreement and the transactions contemplated hereby shall constitute an
      amendment of and waiver with respect to the Purchase Agreement and the Notes, and an agreement for the conversion of the Notes, by the written consent of the Company and the Purchasers representing the holders of at least a majority of the aggregate
      Principal Amount of the Notes pursuant to Section 5.8 of the Purchase Agreement and Section 11(d) of the Notes. Each Purchaser hereby covenants and agrees to provide any transferee of such Purchaser’s Note with a copy of this Agreement.

   

  
    1

    
      
 

  

   

  2.            Conversion of the Notes.

   

  (a)          Automatic Conversion. Notwithstanding anything to the contrary contained in the Purchase Agreement or the Notes, upon such
    date selected by the Company following Parent’s receipt of the Required Parent Stockholder Vote and prior to the effectiveness of the Merger (the “Conversion Event”), each Note shall automatically and without any action required by any
    Purchaser or the Company be cancelled and, simultaneously with such cancellation, convert into that number of fully paid and non-assessable shares of the Company’s common stock (the “Conversion Shares”) that is equal to (x) One Hundred
    Seventy-Five Percent (175%) times (y) the Note Value applicable to such Note divided by (z) the Conversion Price, rounded to the nearest whole share.

   

  (b)          Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below:

   

  (i)           “Conversion Price” for the purposes of this Agreement means the per share price resulting from the quotient of (1)
    $100,000,000 less the aggregate amount of One Hundred Seventy-Five Percent (175%) times the Note Value of all of the Notes divided by (2) the Fully Diluted Shares.

   

  (ii)          “Fully Diluted Shares” shall mean as of each such date of determination the sum of the following: (1) all of the
    issued outstanding shares of the Company’s common stock; and (2) the aggregate number of shares of the Company’s common stock reserved for issuance under all outstanding options or other awards under equity incentive plans of the Company in effect as
    such date of determination.

   

  (iii)         “Note Value” means the outstanding principal balance of, plus the accrued but unpaid interest on, each Note.

   

  (c)          Notice of the Conversion Event. The Company shall provide each Purchaser written (or electronic) notice within two (2)
    Business Days of the occurrence of the Conversion Event.

   

   

  
    2

    
      
 

  

   

  (d)          Effect of the Issuance of the Conversion Shares on the Notes. Upon the conversion of the Notes and issuance of the Conversion
    Shares to the Purchasers, each Purchaser hereby agrees that (i) each Note and all rights, title and interest arising from each such Note shall be deemed cancelled and extinguished, without need for surrender to the Company of the Notes or any other
    further action by any of the parties to the Notes or the Purchase Agreement; (ii) all of the Notes and the Purchase Agreement shall thereupon be null and void and have no further force or effect; and (iii) all obligations of the Company owing to the
    Purchasers under the Notes and the Purchase Agreement, including, without limitation, principal, interest, fees and all other obligations, shall be unconditionally and irrevocably fully paid, discharged and satisfied in full, all without further action
    being required to effectuate the foregoing. The Purchasers hereby agree that, as of the Conversion Event, except for the right of the Purchasers to receive the Conversion Shares and as set forth in Section 2(h) below, all rights and obligations
    of the Purchasers and the Company with respect to such Purchaser’s Note or the Purchase Agreement shall terminate in their entirety. The Purchasers hereby waive all notice provisions in the Purchase Agreement, the Notes and any related documents. To
    the extent necessary or required to effectuate the conversion of the Notes and the other transactions contemplated hereby, the Company and each Purchaser agree that this Agreement constitutes an amendment to the Purchase Agreement and the Notes and
    shall supersede all terms of the Purchase Agreement and the Notes that are inconsistent with the terms of this Agreement, and specifically, the Purchasers executing this Agreement hereby consent and agree that each Purchaser shall be subject to the
    conversion of the Notes on the terms stated herein in accordance with the terms of the Notes as amended hereby, whether or not all of the Purchasers execute this Agreement. For the avoidance of doubt, the non-delivery by any Purchaser of its original
    Note(s) to the Company on or after the date of the Conversion Event shall not have the effect of giving such Purchaser, or any person or entity claiming under, through or by right of the Purchaser, nor any successor, assignee or other party, any rights
    therein or thereto.

   

  (e)          Acknowledgement of the Merger and Transactions Contemplated by the Merger Agreement. By execution of this Agreement, each
    Purchaser acknowledges and agrees that (i) upon the consummation of the Merger, the Conversion Shares will be subject to the terms and conditions and related treatment of the shares of the Company’s common stock as set forth in the Merger Agreement;
    (ii) following the issuance of the Conversion Shares and pursuant to the terms and conditions of the Merger Agreement, the Company may elect to consummate a reverse stock split with respect to its capital stock and that the Conversion Shares will be
    subject to any such reverse stock split; and (iii) prior to the issuance of the Conversion Shares, the requisite holders of the Company’s common stock approved and authorized the Merger, the Merger Agreement and the other transactions contemplated by
    the Merger Agreement.

   

  (f)           Agreement to Consent to and Vote in Favor of the Merger and the Merger Agreement. By execution of this Agreement, each
    Purchaser covenants and agrees that at any meeting of the stockholders of Company (the “Company Stockholders”), however called, and at every adjournment or postponement thereof (or pursuant to a written consent of the Company
    Stockholders acting by written consent in lieu of a meeting), concerning any proposal related to the Merger or the transactions contemplated by the Merger Agreement, such Purchaser shall, or shall cause the holder of record on any applicable record
    date to, be present (in person or by proxy) and to vote the Conversion Shares (i) in favor of adopting the Merger Agreement and approving the Merger and the other transactions and actions contemplated by the Merger Agreement, (ii) against the approval
    of any proposal made in opposition to the adoption of the Merger Agreement or the Merger or the other transactions contemplated by the Merger Agreement or in competition or inconsistent with the Merger and the other transactions contemplated by the
    Merger Agreement and (iii) against any action, proposal or agreement that (x) would reasonably be expected to result in a breach of any representation, warranty, covenant or agreement of the Company under the Merger Agreement or (y) would reasonably be
    expected to prevent or materially delay or adversely affect the consummation of the transactions contemplated by the Merger Agreement, including the Merger.

   

   

  
    3

    
      
 

  

   

  (g)          Joinder to the Stockholders Agreement. By execution of this Agreement, upon the issuance of the Conversion Shares each
    Purchaser shall (i) become party to, and the Conversion Shares shall become subject to, that certain Stockholders Agreement dated April 10, 2018 entered into by and among the Company and the Stockholders named therein (the “Stockholders
        Agreement”) and (ii) be considered a “Stockholder” for all purposes under the Stockholders Agreement and have all of the rights and obligations of a “Stockholder” under the Stockholders Agreement until the Stockholders Agreement is
    terminated in accordance with the terms and conditions set forth in Section 6.5 of the Stockholders Agreement. By execution hereof, each Purchaser represents and warrants that such Purchaser has received, reviewed and understood the provisions of the
    Stockholders Agreement and agrees to be bound thereby to the extent provided in this Section 2(g), and that delivery of this Agreement constitutes delivery of a counterpart signature page thereto by such Purchaser.

   

  (h)          Lockup Agreement. Notwithstanding anything contained to the contrary in the Notes, by execution of this Agreement, upon the
    issuance of the Conversion Shares, each Purchaser hereby covenants and agrees with the Company, and for the express benefit of Parent, as follows:

   

  (i)            In connection with, and as a material inducement to, each of the parties entering into the Merger Agreement and for other
    good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, such Purchaser, by executing this Agreement, irrevocably agrees that, without the prior written consent of Parent, during the period commencing at the
    Effective Time and continuing until the end of the Lock-Up Period (as hereinafter defined), such Purchaser will not:  (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
    option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of or lend, directly or indirectly, any shares of Parent Common Stock or any securities convertible into, exercisable or exchangeable for or that represent the
    right to receive Parent Common Stock (including without limitation, Parent Common Stock or such other securities which may be deemed to be beneficially owned by such Purchaser in accordance with the rules and regulations of the SEC and securities of
    Parent which may be issued upon exercise of a stock option, restricted stock unit or warrant) whether now owned or hereafter acquired (collectively, the “Parent Securities”); (2) enter into any swap or other agreement that transfers, in
    whole or in part, any of the economic consequences of ownership of the Parent Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Parent Common Stock or such other securities, in cash or
    otherwise; (3) make any demand for or exercise any right with respect to, the registration of any Parent Common Stock or any security convertible into or exercisable or exchangeable for Parent Common Stock; (4) except for any voting agreement entered
    into as of the date hereof by such Purchaser with Parent and the Company or pursuant to the Stockholders Agreement, grant any proxies or powers of attorney with respect to any Parent Securities, deposit any Parent Securities into a voting trust or
    enter into a voting agreement or similar arrangement or commitment with respect to any Parent Securities; or (5) publicly disclose the intention to do any of the foregoing (each of the foregoing restrictions, the “Lock-Up Restrictions”).

   

  (ii)          Notwithstanding the terms of Section 2(h) above, the Lock-Up Restrictions shall automatically terminate and cease
    to be effective on the date that is one-hundred and eighty (180) days after the Effective Time.  The period during which the Lock-Up Restrictions apply to the Parent Securities shall be deemed the “Lock-Up Period” with respect thereto.

   

   

  
    4

    
      
 

  

   

  (iii)         Such Purchaser agrees that the Lock-Up Restrictions preclude such Purchaser from engaging in any hedging or other
    transaction with respect to any then-subject Parent Securities which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of such Parent Securities even if such Parent Securities would be disposed of by
    someone other than such Purchaser.  Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to such
    Parent Securities or with respect to any security that includes, relates to, or derives any significant part of its value from such Parent Securities.

   

  (iv)          Notwithstanding the foregoing, such Purchaser may transfer or sell any of the Parent Securities (1) if such Purchaser is a
    natural person, (u) to any person related to such Purchaser by blood or adoption who is an immediate family member (not more remote than first cousin), or a family member by marriage or domestic partnership (a “Family Member”), (v) as a
    bona fide gift or charitable contribution, (w) to any trust for the direct or indirect benefit of such Purchaser or any Family Member of such Purchaser, (x) to such Purchaser’s estate, following the death of such Purchaser, by will, intestacy or
    other operation of law, (y) by operation of law pursuant to a qualified domestic order or in connection with a divorce settlement, or (z) to any partnership, corporation, limited liability company, investment fund or other entity which is controlled by
    such Purchaser and/or by any Family Member of such Purchaser; (2) if such Purchaser is a corporation, partnership, limited liability company, trust or other business entity, (y) to another corporation, partnership, limited liability company, trust or
    other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of such Purchaser or (z) as distributions or dividends of shares of Parent Common Stock or any security
    convertible into or exercisable for Parent Common Stock to limited partners, limited liability company members or stockholders of such Purchaser or holders of similar equity interests in such Purchaser, (3) if such Purchaser is a trust, to the
    beneficiary of such trust, (4) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under above clauses (1) through (3), (5) to Parent in a transaction exempt from Section 16(b) of the Securities
    Exchange Act of 1934, as amended (the “Exchange Act”) upon a vesting event of the Parent Securities or upon the exercise of options or warrants to purchase Parent Common Stock on a “cashless” or “net exercise” basis or to cover tax
    withholding obligations of such Purchaser in connection with such vesting or exercise (but for the avoidance of doubt, excluding all manners of exercise that would involve a sale in the open market of any securities relating to such options or
    warrants, whether to cover the applicable aggregate exercise price, withholding tax obligations or otherwise), (6) to Parent in connection with the termination of employment or other termination of a service provider and pursuant to agreements in
    effect as of the Effective Time whereby Parent or the Company has the option to repurchase such shares or securities, (7) acquired by such Purchaser in open market transactions after the Effective Time, (8) pursuant to a bona fide third party tender
    offer, merger, consolidation or other similar transaction made to all holders of Parent’s capital stock involving a change of control of Parent, provided that in the event that such tender offer, merger, consolidation or other such transaction is not
    completed, the Parent Securities shall remain subject to the restrictions contained in this Agreement, or (9) pursuant to an order of a court or regulatory agency; provided, in the case of clauses (1)-(4), that (A) such transfer shall not
    involve a disposition for value and (B) the transferee shall have executed and delivered a Lock-Up Agreement with terms and in a form substantially identical to this Agreement with respect to the shares of Parent Common Stock or other securities so
    transferred; and provided,  further, in the case of clauses (1)-(7), no filing or public announcement under the Exchange Act or otherwise shall be required or voluntarily made by any person in connection with such transfer.

   

   

  
    5

    
      
 

  

   

  (v)           In addition, the foregoing restrictions shall not apply to (1) the exercise of stock options granted pursuant to equity
    incentive plans existing immediately following the Effective Time, including the “net” exercise of such options in accordance with their terms and the surrender of Parent Common Stock in lieu of payment in cash of the exercise price and any tax
    withholding obligations due as a result of such exercise (but for the avoidance of doubt, excluding all manners of exercise that would involve a sale in the open market of any securities relating to such options, whether to cover the applicable
    aggregate exercise price, withholding tax obligations or otherwise); provided that it shall apply to any of the Parent Securities issued upon such exercise, (2) the sale or transfer of Parent Common Stock in an amount approximately equivalent
    to satisfy any income tax liabilities associated with ownership of Parent Securities; (3) the establishment of any contract, instruction or plan (a “Plan”) that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the
    Exchange Act; provided that (A) such Plan does not provide for the transfer of Parent Common Stock or any securities convertible into or exercisable or exchangeable for Parent Common Stock during the Lock-Up Period and (B) no public
    announcement or filing with the SEC or other regulatory authority is required or voluntarily made by or on behalf of such Purchaser, Parent or any other person, prior to the expiration of the Lock-Up Period, in connection with the establishment of such
    Plan or any transactions contemplated thereunder; or (4) shares of Parent Common Stock acquired by such Purchaser in open market transactions after the Effective Time.

   

  (vi)          Any attempted transfer in violation of this Agreement will be of no effect and null and void, regardless of whether the
    purported transferee has any actual or constructive knowledge of the transfer restrictions set forth in this Agreement, and will not be recorded on the share register of Parent.  In furtherance of the foregoing, such Purchaser hereby agrees and
    consents to the entry of “stop transfer” instructions with Parent’s transfer agent and registrar relating to the transfer of such Purchaser’s shares of Parent Common Stock in violation of this Agreement and further agrees that Parent and its transfer
    agent and registrar are hereby authorized to decline to make any transfer of shares of Parent Common Stock if such transfer would constitute a violation or breach of this Agreement.  

   

  (vii)         Parent may cause the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any
    certificate(s) or other documents, ledgers or instruments evidencing such Purchaser’s ownership of Parent Common Stock:

   

  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A CONVERSION AGREEMENT, A COPY OF WHICH
    IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.

   

   

  
    6

    
      
 

  

   

  (viii)       In the event that any holder of Parent Securities that is subject to a substantially similar agreement entered into by such
    holder and that acquired such Parent Securities as a former securityholder of the Company pursuant to the Merger Agreement, other than such Purchaser, is permitted by Parent to sell or otherwise transfer or dispose of shares of Parent Common Stock for
    value other than as permitted by this or a substantially similar agreement entered into by such holder, the same percentage of shares of Parent Common Stock held by such Purchaser shall be immediately and fully released on the same terms from any
    remaining restrictions set forth herein (the “Pro-Rata Release”). Upon the release of any Parent Securities from this Agreement, the Company will cooperate with such Purchaser to facilitate the timely preparation and delivery of evidence
    of book-entry shares representing the Parent Securities without the restrictive legend above or the withdrawal of any stop transfer instructions.

   

  (ix)          Such Purchaser understands that such Purchaser shall be released from all obligations under this Agreement upon the earlier
    of (1) the expiration of the Lock-Up Period, and (2) if the Merger Agreement is terminated prior to the Effective Time pursuant to its terms, upon the date of such termination.

   

  (x)           Any and all remedies expressly conferred upon Parent and the Company under this Section 2(h) will be deemed
    cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity, and the exercise by Parent and/or the Company of any one remedy will not preclude the exercise of any other remedy.  Such Purchaser agrees that irreparable
    damage would occur to Parent and the Company in the event that any provision of this Section 2(h) were not performed in accordance with its specific terms or were otherwise breached.  It is accordingly agreed that Parent and the Company shall
    be entitled to an injunction or injunctions to prevent breaches of this Section 2(h) and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any
    other remedy to which Parent and the Company are entitled at law or in equity, and such Purchaser waives any bond, surety or other security that might be required of Parent or the Company with respect thereto.

   

  (xi)          Such Purchaser acknowledges and agrees that Parent is an intended third party beneficiary of this Section 2(h) and
    that following the conversion of such Purchaser’s Note pursuant to the terms and conditions of this Agreement, Parent shall be entitled to enforce the rights and restrictions set forth in this Section 2(h) directly against such Purchaser. Such
    Purchaser acknowledges and agrees that this Section 2(h) constitutes an amendment to Section 2(g) of the Notes and is binding and enforceable against all of the Purchasers pursuant to Section 11(d) of the Notes and shall survive the conversion
    of the Notes notwithstanding anything to the contrary set forth in this Agreement.

   

  (xii)        Prior to the Effective Time, with the prior written consent of the Company and Parent, the Company may release such
    Purchaser in whole or in part of the restrictions set forth in this Section 2(h) if necessary or desirable in connection the continued listing of Parent Securities on The Nasdaq Capital Market following the completion of the Merger by providing
    such Purchaser with written notice of the amount of Parent Securities released by the Company and Parent pursuant to this Section 2(h)(xii).

   

   

  
    7

    
      
 

  

   

  3.            Closing.

   

  (a)           The consummation of the conversion of the Notes into the Conversion Shares contemplated by Section 2, and the other
    transactions contemplated herein, shall be deemed to occur on the date of the Conversion Event and in any event prior to the effectiveness of the Merger. If the Conversion Event does not occur, this Agreement and the transactions contemplated hereby
    shall be null and void.

   

  (b)           At or promptly following the date of the Conversion Event, the Company shall deliver or cause to be delivered to each
    Purchaser a certificate representing such Purchaser’s Conversion Shares, or written confirmation that such Conversion Shares have been issued in book-entry form.

   

  4.            Representations and Warranties of the Purchasers. Each Purchaser hereby
    represents and warrants to the Company, severally and not jointly, on the date of this Agreement and as of the date of the Conversion Event that:

   

  (a)          Authorization. Such Purchaser has full power, right, authority and capacity to enter into and perform this Agreement and
    consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Purchaser. This Agreement is the legal, valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with
    its terms, except as enforcement may be limited by general principles of equity, whether applied in a court of law or a court of equity, and bankruptcy, insolvency, fraudulent transfer, and conveyance and similar laws affecting creditors’ rights and
    remedies generally.

   

  (b)          Ownership of the Notes; Acknowledgement of Cancellation of the Notes upon Issuance of the Conversion Shares. Such Purchaser
    hereby agrees that the entire amount owed under such Purchaser’s Note(s) is being tendered to the Company on the date of the Conversion Event in exchange for the applicable Conversion Shares that such Purchaser is entitled to received pursuant to Section

      2(a), and that effective upon the Company’s and such Noteholder’s execution and delivery of this Agreement, without any further action required by the Company or such Purchaser, such Notes and all obligations set forth therein shall, as of the
    effectiveness of the date of the Conversion Event and in any event prior to the effectiveness of the Merger, be immediately deemed repaid in full and terminated in their entirety. Such Purchaser hereby waives any notice provisions set forth in the
    Notes or the Purchase Agreement and agrees that upon and subject to the issuance by the Company of the Conversion Shares in accordance with Section 2(a), (i) all obligations represented by the Notes and the Purchase Agreement (including any
    discount and interest related provisions set forth therein) shall automatically be satisfied in full and cancelled, without any further action required, and this Section 4(b) shall constitute an instrument of cancellation for such obligations,
    and (ii) each agreement and instrument entered into by the Company and/or each Purchaser in connection with the Notes and the Purchase Agreement will be terminated in their entirety, without any further action required, and this Section 4(b)
    shall constitute an instrument of termination for such agreements and instruments. Such Purchaser represents that it is the legal and beneficial owner of the Note(s) being tendered to the Company in exchange for the applicable Conversion Shares that
    such Purchaser is entitled to received pursuant to Section 2(a), and such Purchaser has good and marketable title to such Note(s), free and clear of all liens, claims, mortgages, encumbrances, pledges, security interests, equities or charges of
    any kind or other defects in title.

   

   

  
    8

    
      
 

  

   

  (c)          Investment Representations. Such Purchaser understands that the Conversion Shares have not been registered under the
    Securities Act of 1933 as amended (the “Securities Act”) or any securities, “blue sky” or other similar laws of any state of the United States (“State Securities Laws”). Such Purchaser also understands that the Conversion
    Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon such Purchaser’s representations contained in this Agreement. Such Purchaser hereby further represents and warrants as
    follows:

   

  (i)           Such Purchaser understands and accepts that the purchase of the Conversion Shares involves various risks. Such Purchaser
    represents that it is able to bear any loss associated with an investment in the Conversion Shares. Such Purchaser has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the
    Company so that it has the necessary knowledge and experience to evaluate, and is capable of evaluating, the merits and risks of its investment in the Company and has the capacity to protect its own interests. Such Purchaser must bear the economic risk
    of this investment indefinitely unless the Conversion Shares are registered pursuant to the Securities Act, or an exemption from registration is available. Such Purchaser understands that the Company has no present intention of registering the
    Conversion Shares. Such Purchaser also understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow such Purchaser to transfer all or
    any portion of the Conversion Shares under the circumstances, in the amounts or at the times such Purchaser might propose.

   

  (ii)          Such Purchaser has been furnished all materials relating to the Company and the Conversion Shares that it has requested and
    has been afforded the opportunity to obtain any additional information necessary to evaluate such Purchaser’s participation in the transactions contemplated by this Agreement.

   

  (iii)         Such Purchaser is acquiring the Conversion Shares for such Purchaser’s own account for investment only, and not with a view
    towards their distribution. Such Purchaser understands that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the
    requirements for such exemptions.

   

  (iv)          Such Purchaser represents that by reason of its, or of its management’s, business or financial experience, such Purchaser
    has the capacity to protect such Purchaser’s own interests in connection with the transactions contemplated in this Agreement. Such Purchaser is not acquiring the Conversion Shares as a result of any form of general solicitation or general advertising,
    including but not limited to any advertisement, article, notice or other communication regarding the Conversion Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or meeting
    whose attendees have been invited by any general solicitation or general advertising.

   

   

  
    9

    
      
 

  

   

  (v)           Such Purchaser is an “accredited investor,” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act,
    as such Purchaser (1) has an individual net worth, or joint net worth with his spouse, in excess of $1,000,000, excluding as an asset the value of his primary residence but including as a liability any indebtedness secured by his primary residence in
    excess of the estimated fair market value of such residence, and/or (2) had an individual income in excess of $200,000 in each of the two most recent years or joint income with his spouse in excess of $300,000 in each of those years and has a
    reasonable expectation of reaching the same income level in the current year.

   

  (vi)          Neither such Purchaser nor any of such Purchaser’s Rule 506(d) Related Parties is a “bad actor” within the meaning of Rule
    506(d) of the Securities Act. For purposes of this Agreement, a “Rule 506(d) Related Party” shall mean a person or entity covered by the “Bad Actor disqualification” provision of Rule 506(d) of the Securities Act.

   

  (d)          Tax Consequences. Such Purchaser has reviewed with such Purchaser’s own tax advisors the federal, state, local and foreign tax
    consequences of this investment and the transactions contemplated by this Agreement. Such Purchaser is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Such Purchaser understands that
    such Purchaser (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement, including without limitation the issuance of the Conversion Shares.

   

  (e)          Company Information.

   

  (i)            Such Purchaser confirms that it is not relying on any communication (written or oral) of the Company as investment advice
    or as a recommendation to acquire the Conversion Shares. It is understood that information and explanations related to the terms and conditions of the Conversion Shares provided by the Company shall not be considered investment advice or a
    recommendation to purchase the Conversion Shares, and that the Company is neither acting nor has acted as an advisor to such Purchaser in deciding to invest in the Conversion Shares. Such Purchaser acknowledges that the Company has not made any
    representation regarding the proper characterization of the Conversion Shares for purposes of determining the Purchaser’s authority to invest in the Conversion Shares.

   

  (ii)           Such Purchaser confirms that the Company has not (1) given any guarantee or representation as to the potential success,
    return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Conversion Shares or (2) made any representation to such Purchaser regarding the legality of an investment in the Conversion Shares
    under applicable legal investment or similar laws or regulations. In deciding to purchase the Conversion Shares, such Purchaser is not relying on the advice or recommendations of the Company and such Purchaser has made its own independent decision that
    the investment in the Conversion Shares is suitable and appropriate for such Purchaser.

   

  (iii)         Such Purchaser is familiar with the business and financial condition and operations of the Company. Such Purchaser has had
    an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities. Such Purchaser has also had the
    opportunity to ask questions of and receive answers from, the Company and its management regarding the terms and conditions of this investment.

   

  

   

  
    10

    
      
 

  

   

  (f)           Rule 144. Such Purchaser acknowledges and agrees that the Conversion Shares are “restricted securities” as defined in Rule
    144 promulgated under the Securities Act as in effect from time to time and must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Purchaser has been advised
    or is aware of the provisions of Rule 144, which permits limited resale of Conversion Shares purchased in a private placement subject to the satisfaction of certain conditions, including, among other things: the availability of certain current public
    information about the Company, the resale occurring following the required holding period under Rule 144 and the number of Conversion Shares being sold during any three-month period not exceeding specified limitations.

   

  (g)          Resale. Such Purchaser agrees: (i) that it will not sell, assign, pledge, give, transfer or otherwise dispose of the
    Conversion Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Conversion Shares under the Securities Act and all applicable State Securities Laws, or in a transaction which
    is exempt from the registration provisions of the Securities Act and all applicable State Securities Laws; (ii) that certificates representing the Conversion Shares will bear a legend making reference to the foregoing restrictions and shall bear
    (without duplication) the Legend (as defined in Section 2.5(a) of the Stockholders Agreement) pursuant to Section 2.5(a) of the Stockholders Agreement; and (iii) that the Company shall not be required to give effect to any purported transfer of such
    Conversion Shares except upon compliance with the foregoing restrictions and the restrictions on transfer set forth in the Stockholders Agreement.

   

  5.            Representations and Warranties of the Company. The Company hereby represents
    and warrants to the Purchasers as follows:

   

  (a)          Organization and Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the
    laws of the State of Delaware.

   

  (b)          Authorization. The execution, delivery and performance of this Agreement by the Company and the consummation of the
    transactions contemplated by this Agreement are within the corporate powers of the Company and have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement, when duly executed and delivered by the parties
    to this Agreement, will constitute a valid and legally binding instrument, enforceable in accordance with its terms against the Company, except as enforcement may be limited by the effect of any applicable bankruptcy, insolvency, reorganization or
    similar laws or court decisions affecting enforcement of creditors’ rights generally and except as enforcement is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law).

   

  (c)          Authorization of Conversion Shares. The Conversion Shares will be duly authorized by the Company prior to the date of the
    Conversion Event, and when issued and delivered by the Company in accordance with the terms and conditions of this Agreement will be validly issued, fully paid and non-assessable.

   

   

  
    11

    
      
 

  

   

  6.            Confidentiality. Except as and to the extent required by law, without the
    prior written consent of the Company, the Purchasers will not, and will direct their representatives not to, make, directly or indirectly, any public comment, statement or communication with respect to, or otherwise to disclose or to permit the
    disclosure of the existence of discussions regarding, the Merger, the Merger Agreement or any of the terms, conditions or other aspects of the transactions contemplated by this Agreement. If a Purchaser is required by law to make any such disclosure,
    it must first provide to the Company the content of the proposed disclosure, the reasons that such disclosure is required by law and the time and place that the disclosure will be made.

   

  7.            Miscellaneous.

   

  (a)          Benefit and Assignment. This Agreement shall be binding upon and inure to the benefit of the Company, the Purchasers and,
    solely with respect to the rights of Parent set forth in Section 2(h), Parent and their respective successors, assigns, guardians, legal representatives, trustees or heirs. Neither the Purchasers nor the Company may assign any rights or duties
    under this Agreement without the prior signed written consent of the other party.

   

  (b)          Construction. Unless otherwise defined herein, capitalized terms shall have the meanings set forth in the Merger Agreement,
    the Purchase Agreement and the Notes. The terms of this Agreement amend and modify the Purchase Agreement and the Notes as if fully set forth in the Purchase Agreement and the Notes. If there is any conflict between the terms, conditions and
    obligations of this Agreement and the Purchase Agreement or the Notes, this Agreement’s terms, conditions and obligations shall control. All other provisions of the Purchase Agreement and the Notes not specifically modified by this Agreement are
    preserved.

   

  (c)          Entire Agreement and Amendment. This Agreement and the Stockholders Agreement, including any schedule or exhibit attached
    hereto, contains the entire agreement between the Company and the Purchasers with respect to the matters described herein and is a complete and exclusive statement of the terms thereof and supersedes all previous agreements. This Agreement may not be
    altered or modified except by a writing signed by the Company and the Purchasers representing the holders of a majority of the aggregate Principal Amount of the Notes (a “Majority in Interest”). The conditions or observance of any term
    of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by written instrument and with respect to conditions or performance obligations benefiting the Company, by the Company, and
    with respect to conditions or performance obligations benefiting the Purchasers, only with the consent of the holders of a Majority in Interest. Any amendment or waiver effected in accordance with this shall be binding on all holders of the Notes, even
    if they do not execute such amendment, consent or waiver, as the case may be.

   

   

  
    12

    
      
 

  

   

  (d)          Waiver. The failure of any party at any time to require performance by any other party of any provision of this Agreement
    shall not be deemed a continuing waiver of that provision or a waiver of any other provision of this Agreement and shall in no way affect the full right to require such performance from the other party at any time thereafter.

   

  (e)          Governing Law; Consent to Jurisdiction, Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance
    with the internal laws of the State of Delaware, without regard to its principles of conflicts of laws. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for
    the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto
    anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying
    of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any
    such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
    WAIVER.

   

  (f)           Further Assistance. Each party shall, at the request of the other party, furnish, execute and deliver such other documents as
    the other party may reasonably request and shall take such other actions as any other party shall reasonably request, provided only that the furnishing of such documents and taking of such action shall be necessary and convenient to consummate or
    confirm the transactions contemplated herein.

   

  (g)          Acknowledgment and Waiver. Each of the Purchasers acknowledge that this Agreement has been prepared by legal counsel to the
    Company and that such Purchaser has been advised to obtain separate legal counsel to represent the legal interests of the Purchaser. Each party to this Agreement acknowledges that Honigman LLP, outside general counsel to the Company (“Honigman”),

    has in the past represented, is representing, or may now or in the future represent, one or more Purchasers or their affiliates in matters unrelated to the transactions contemplated by this Agreement (the “Mezz Conversion”), including
    representation of such Purchasers or their affiliates in matters of a similar nature to the Mezz Conversion. The applicable rules of professional conduct require that Honigman inform the parties hereunder of this representation and obtain their
    consent. Honigman has served as outside general counsel to the Company and has negotiated the terms of the Mezz Conversion solely on behalf of the Company. The Company and each Purchaser hereby acknowledge: (i) that they have had an opportunity to ask
    for and have obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation; and (ii) that with respect to the Mezz Conversion, Honigman has represented solely the
    Company, and not any Purchaser or any stockholder, director, employee, member or manager of the Company or any Purchaser. Each Purchaser gives such Purchaser’s informed consent to Honigman’s representation of the Company in the Mezz Conversion and the
    transactions contemplated by this Agreement.

   

   

  
    13

    
      
 

  

   

  (h)          Counterparts. This Agreement may be executed in one or more counterparts and by facsimile, each of which shall constitute an
    original and all of which together shall constitute one and the same instrument. Signatures of the parties transmitted by facsimile or via .pdf format shall be deemed to be their original signatures for all purposes. The words “execution,” “signed,”
    “signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
    of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act, or
    any other similar state laws based on the Uniform Electronic Transactions Act. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, to the extent delivered by means
    of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”), will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if
    it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to the other party.
    No party hereto or to any such agreement or instrument will raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as
    a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense related to lack of authenticity.

   

  Signatures on the Following Page

   

   

  
    14

    
      
 

  

   

   

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund I, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $709,200.00

   

  Date of Investment: April 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By: 	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund II, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $290,800.00

   

  Date of Investment: April 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund I, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $347,574.92

   

  Date of Investment: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund II, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $152.425.08

   

  Date of Investment: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  

  
    
      
 

  

   

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund I, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $1,000,000.00

   

  Date of Investment: March 10, 2020

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund II, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $250,000.00

   

  Date of Investment: March 10, 2020

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  RBI Opportunities Fund II, LLC

   

  	By:	/s/ David Richmond	 

  	Title: 	David Richmond, Manager	 

   

  Principal Amount of Note: $500,000.00

   

  Date of Investment: March 10, 2020

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  The Belle Michigan Impact Fund, LP

   

  	By:	/s/ Carolyn Cassin	 

  	Title: 	General Partner	 

   

  Principal Amount of Note: $200,000.00

   

  Date of Investment: September 14, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  Belle Michigan Impact Fund Side Car, LP

   

  	By:	/s/ Carolyn Cassin	 

  	Title: 	General Partner	 

   

  Principal Amount of Note: $250,000.00

   

  Date of Investment: August 17, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  Belle Michigan Impact Fund Side Car, LP

   

  	By:	/s/ Carolyn Cassin	 

  	Title: 	General Partner	 

   

  Principal Amount of Note: $50,000.00

   

  Date of Investment: January 22, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  MCN Ocuphire SPE, LLC

   

  	By:	/s/ Jim Parker	 

  	Title: 	President	 

   

  Principal Amount of Note: $682,500.00

   

  Date of Investment: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  BT Capital Management, LLC

   

  	By:	/s/ Timothy J. Tichenor

          	 

  	Title: 	Managing Director	 

   

  Principal Amount of Note: $100,000.00

   

  Date of Investment: March 10, 2020

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  Western Michigan University, acting through its Biosciences
        Research and Commercialization Center

   

  	By:	/s/ Patti VanWalbeck	 

  	Title: 	Assistant Treasurer	 

   

  Principal Amount of Note: $250,000.00

   

  Date of Investment: May 25, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Alan R. Meyer	 

  

  Name: Alan R. Meyer

   

  Principal Amount of Note: $218,982.00 

  Date of Issue: May 25, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Alan R. Meyer	 

   

  Name: Alan R. Meyer

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Mina Sooch	 

   

  Name: Mina Sooch

   

  Principal Amount of Note: $100,000.00 

  Date of Issue: May 25, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Mina Sooch	 

   

  Name: Mina Sooch

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Mina Sooch	 

   

  Name: Mina Sooch

   

  Principal Amount of Note: $75,540.00 

  Date of Issue: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Cam Gallagher	 

   

  Name: Cam Gallagher

   

  Principal Amount of Note: $50,000.00 

  Date of Issue: January 22, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Cam Gallagher	 

   

  Name: Cam Gallagher

   

  Principal Amount of Note: $50,000.00 

  Date of Issue: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Sean Ainsworth	 

   

  Name: Sean Ainsworth

   

  Principal Amount of Note: $50,000.00 

  Date of Issue: August 17, 2018

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Sean Ainsworth	 

   

  Name: Sean Ainsworth

   

  Principal Amount of Note: $50,000.00 

  Date of Issue: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ James S. Manuso	 

   

  Name: James S. Manuso

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: January 22, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ James S. Manuso	 

   

  Name: James S. Manuso

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ James S. Manuso	 

   

  Name: James S. Manuso

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: December 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Bernhard Hoffmann	 

   

  Name: Bernhard Hoffmann

   

  Principal Amount of Note: $22,500.00 

  Date of Issue: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  

  
    
      
 

  

   

  In Witness Whereof, the Company and the Purchasers have made this Agreement effective as of
    the date first set forth above.

   

  THE COMPANY:

   

  Ocuphire Pharma, Inc.

   

  	By:	/s/ Mina Sooch	 
	Name: Mina Sooch	 
	Title:   President & CEO	 

   

  THE PURCHASERS:

   

  	By:	/s/ Konstantinos Charizanis	 

   

  Name: Konstantinos Charizanis

   

  Principal Amount of Note: $25,000.00 

  Date of Issue: June 30, 2019

   

  Signature Page to

    Conversion Agreement

    Ocuphire Pharma, Inc.

   

  
    
      
 

  

  

  

  Exhibit A

   

  SCHEDULE OF PURCHASERS

   

  May 25, 2018

  	Name	Address	Principal Amount ($)
	Mina Sooch	[*]	$100,000.00
	Michael & Michele DeVries Trust	[*]	$25,000.00
	Daniel Oniciu	[*]	$15,000.00
	WESTERN MICHIGAN UNIVERSITY, acting through its BIOSCIENCES RESEARCH AND
          COMMERCIALIZATION CENTER	[*]	$250,000.00
	Devang Shah	[*]	$100,000
	Alan R. Meyer*	[*]	$218,982.00
	Einhorn Associates, Inc.*	[*]	$20,414.00
	Cole & Associates*	[*]	$5,064.00
	 	Total this Closing	$734,460.00

   

  June 30, 2018

  	Name	Address	Principal Amount ($)
	Martha G. Parget Trust FBO Donald R. Parfet U/A/D 11/21/1957	[*]	$100,000.00
	Mary C. Vandewiele Trust U/A/D 10/13/2004	[*]	$10,000.00
	 	Total this Closing	$110,000.00

   

  August 17, 2018

  	Name	Address	Principal Amount ($)
	Michael J. Davies	[*]	$25,000.00
	Sean Ainsworth	[*]	$50,000.00

   

  
    
      
 

  

  

  

   

  	Name	Address	Principal Amount ($)
	Belle Michigan Impact Fund Side Car, LP	[*]	$250,000.00
	 	Total this Closing	$325,000.00

   

  September 14, 2018

  	Name	Address	Principal Amount ($)
	
          Robert C. Sorenson

           

          Pay to: Mainstar Trust, Custodian FBO Inland Eye Specialists Profit Sharing & Savings Plan, FBO Robert C. Sorenson

        	
          [*]

           

          [*]	$75,000.00
	The Belle Michigan Impact Fund, LP	[*]	$200,000.00
	 	Total this Closing	$275,000.00

   

  January 22, 2019 

  	Name	Address	Principal Amount ($)
	Cam Gallagher	[*]	$50,000.00
	James S. Manuso	[*]	$25,000.00
	Harry M. Kraemer, Jr. and Julie M. Jansen Kraemer	[*]	$100,000.00
	Glenn D. Steeg	[*]	$50,000.00
	Belle Michigan Impact Fund Side Car, LP	[*]	$50,000.00
	Lawrence H.N. Kinet	[*]	$30,000.00
	 	Total this Closing	$305,000.00

   

  April 30, 2019

  	Name	Address	Principal Amount ($)
	RBI Opportunities Fund I, LLC	[*]	$709,200.00

   

  
    
      
 

  

  

  

   

  	Name	Address	Principal Amount ($)
	RBI Opportunities Fund II, LLC	[*]	$290,800.00
	Lawrence J. Fingerle Trust, U/A/D 12-28-90	[*]	$25,000.00
	Geebee Thimotheose	[*]	$25,000.00
	Tel Ganesan	[*]	$25,000.00
	 	Total this Closing	$305,000.00

   

  May 30, 2019

  	Name	Address	Principal Amount ($)
	Invest Detroit Foundation d/b/a First Capital Fund	[*]	$200,000.00
	Douglas C. Finch Trust u/a/d April 16, 2014	[*]	$25,000.00
	Thomas A. Lozser Revocable Trust	[*]	$25,000.00
	Brian P. and Cynthia F. Sommer Living Trust u/a/dtd 3-4-2011	
          [*]

        	$25,000.00
	Cady Investment Co. LLC	[*]	$25,000.00
	 	Total this Closing	$300,000.00

   

  June 30, 2019

  	Name	Address	Principal Amount ($)
	Edwin R. Clarke, III U/T/A December 22, 1997	[*]	$25,000.00
	Michigan Angel Fund III, LLC	[*]	$150,000.00
	H.B. Calder Revocable Trust Dated 7.15.2008	[*]	$70,000.00
	Warren K. Liu Trust	[*]	$50,000.00
	Mark Schumacher Revocable Trust Dated August 7, 2014	[*]	$25,000.00
	David & Martha Kershaw JTWROS	[*]	$25,000.00
	James S. Manuso	[*]	$25,000.00

   

  
    
      
 

  

  

  

   

  	Name	Address	Principal Amount ($)
	Anup Chattha	[*]	$100,000.00
	
          Joshua M. Hunegs and Emily R. Kaufman

          Jointly w/ Rights of Survivorship

        	[*]	$25,000.00
	Devang Shah	[*]	$100,000.00
	Mina Sooch	
          [*]

        	$75,540.00
	Jatinder-Bir S. Sandhu	[*]	$200,000.00
	Nicholas Franklin Palmer	[*]	$25,000.00
	MCN Ocuphire SPE, LLC	[*]	$682,500.00
	Atain Specialty Insurance Group	[*]	$350,000.00
	Konstantinos Charizanis	[*]	$25,000.00
	Bernhard Hoffmann	[*]	$22,500.00
	BWA Ocuphire Investment Group, LLC	[*]	$75,000.00
	Alan Meyer	[*]	$25,000.00
	 	Total this Closing	$2,075,540.00

   

  December 30, 2019

  	Name	Address	Principal Amount ($)
	The Roland L. Pohlman III Trust	[*]	$25,000.00
	Thomas A. Lozser Revocable Trust	[*]	$25,000.00
	Cady Investment Co. LLC	[*]	$25,000.00
	Michigan Angel Fund III, LLC	[*]	$50,000.00
	RBI Opportunities Fund I, LLC	[*]	$347,574.92

   

  
    
      
 

  

  

  

   

  	Name	Address	Principal Amount ($)
	RBI Opportunities Fund II, LLC	[*]	$152,425.08
	Brian P. and Cynthia F. Sommer Living Trust u/a/dtd 3-4-2011	[*]	$25,000.00
	James S. Manuso	[*]	$25,000.00
	Cam Gallagher	[*]	$50,000.00
	Mark Schumacher Revocable Trust Dated August 7, 2014	[*]	$25,000.00
	David & Martha Kershaw JTWROS	[*]	$25,000.00
	Scott Sproat	[*]	$25,000.00
	Mike Davies	[*]	$25,000.00
	Lawrence J. Fingerle Trust, U/A/D 12-28-90	[*]	$25,000.00
	Bryan Muthig Trust dtd 11/11/11	[*]	$50,000.00
	Michael Magdich	[*]	$25,000.00
	Ronald B. Greenspun 	[*]	$25,000.00
	Mina Sooch	[*]	$25,000.00
	John Langmore	[*]	$50,000.00
	Sean Ainsworth	[*]	$50,000.00
	 	Total this Closing	$1,075,000.00

   

  January 10, 2020

  	Name	Address	Principal Amount ($)
	Mark Wallace	[*]	$50,000.00
	Invest Detroit Foundation d/b/a First Capital Fund	[*]	$25,000.00
	Daniel E. Bober Revocable Trust u/a/d 2/26/15	[*]	$12,500.00

   

  
    
      
 

  

  

  

   

  	Name	Address	Principal Amount ($)
	Edwin R. Clarke Trust, III U/T/A December 22, 1997	[*]	$10,000.00
	Douglas DeKock Trust dated October 31, 1988	[*]	$50,000.00
	 	Total this Closing	$147,500.00

   

  March 10, 2020

  	Name	Address	Principal Amount ($)
	BT Capital Management, LLC	[*]	$100,000.00
	Douglas C. Finch Trust u/a/d April 16, 2014	[*]	$25,000.00
	Koziarz Group LLC	[*] 	$50,000.00
	Harold N Olsen and Donna J Olsen, Co-Trustees of the Harold N Olsen Revocable Trust
          dated April 16, 2014	[*]	$25,000.00
	RBI Opportunities Fund I, LLC	[*]	$1,000,000.00
	RBI Opportunities Fund II, LLC	[*]	$250,000.00
	RBI Private Investments III, LLC	[*]	$500,000.00
	
          Robert C. Sorenson

          Pay to: Mainstar Trust, Custodian FBO Inland Eye Specialists Profit Sharing & Savings Plan, FBO Robert C. Sorenson

        	
          [*]

          [*]

        	$100,000.00
	 	Total this Closing	$2,050,000.00
	 	Total Mezz Note Proceeds	$8,472,500.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]