Document:

Exhibit
10.2

  

STOCK
REPURCHASE AGREEMENT

 

RECITALS

 

This
STOCK REPURCHASE AGREEMENT (the Agreement”) is made as of August 16, 2018 (the “Effective Date”)
by and among JAMES CASSIDY (“Seller”), POWERCOMM HOLDINGS, INC., a Delaware corporation
(“PowerComm”)and TIBER CREEK CORPORATION, a Delaware corporation (“Tiber Creek”)
(collectively with the Seller, the “Parties”).

 

WHEREAS,
on August 4, 2015 PowerComm Construction Inc. entered into an agreement with Tiber Creek intended to result in it becoming a public
company trading on the OTC Bulletin Board under the name PowerComm Holdings, Inc.;

 

WHEREAS,
that process has been delayed;

 

WHEREAS,
Seller presently owns Three Hundred Thousand (250,000) shares of the Common Stock of PowerComm, par value $0.0001 per share (the
“Shares”); and

 

WHEREAS,
the redemption of the Shares may accelerate the process of PowerComm becoming publicly traded.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing Recitals and the mutual promises of the parties, the parties agree as follows:

 

1. Purchase.
Seller hereby agrees to sell, assign and transfer to PowerComrn, and PowerComm agrees to purchase from Seller, all of
the Shares on the terms and subject to the conditions hereinafter set forth. The consummation of the purchase and sale of the
Shares shall be concurrent with the execution hereof.

 

2. Purchase
Price. The purchase price payable to Seller for the Shares shall be $0.0001 per share, for an aggregate purchase price
of Thirty Dollars ($25) (the “Repurchase Price”). The parties hereto acknowledge that the Repurchase Price constitutes
and represents full and adequate consideration for the Shares, which shall be paid by delivery of a check concurrently with the
receipt by PowerComm of the deliveries described in Section 3(a) below.

 

3.
Deliveries and Acknowledgments.

 

(a)
Seller has delivered to PowerComm (I) a copy of this Agreement executed by the Seller , and (ii) the original stock certificate
representing the Shares.

 

(b) Upon
PowerComm’s receipt of the Seller’s deliveries described in Section 3(a) above, PowerComm shall execute and deliver to Seller
a check in the amount of $25.

  

     

     

    

 

4. Representations,
Warranties and Acknowledgmentsof Seller. Sellerrepresents and warrants to PowerCornm and acknowledges as follows:

 

(a) Title
to Shares. Seller is the record and beneficial owner of the Shares, free and clear of all liens, claims, encumbrances,
pledges, options and any other adverse interests, restrictions on transfer or defects in title of any kind or nature whatsoever,
except for restrictions on transfer imposed by federal and state securities laws. Upon transfer to PowerComm of the Shares, the
Shares will be duly and validly issued, fully paid and non-assessable and PowerComm will receive title to the Shares free and
clear of any lien, pledge, hypothecation, restriction, or encumbrance (other than restrictions on transfer under applicable state
and federal securities laws). As of the Effective Date, Seller holds the Shares of PowerComm, and holds no other equity interests
in PowerComm nor does he have any claims against PowerComm or any of its stockholders, directors, officers, agents, employees
or representatives in their capacities as stockholders, directors, officers, agents, employees or representatives.

 

(b) Legal
Power. Seller has the full legal right and authority to enter into this Agreement, to sell and deliver the Shares to PowerComm
and to consummate the transactions contemplated hereby.

 

(c) Conflicts.
This Agreement is a legally binding agreement that is enforceable against Seller in accordance with its terms, and
Seller’s execution and delivery of this Agreement and the performance by Seller of his obligations hereunder will not
conflict with or violate any other agreement or understanding, written or oral, to which Seller is a party or to which any of
the Shares are subject or bound.

 

(d) Informed
Investment Decision. Seller has such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks of the sale contemplated by this Agreement and has made an independent decision to sell the Shares.
Based on the knowledge and experience of Seller, Seller has reviewed the merits and risks of the transaction contemplated by this
Agreement. Seller is entering into this Agreement freely and understands and expressly accepts and assumes the economic and market
risk associated with the transactions contemplated by this Agreement. Seller acknowledges that the value of the Shares in the
future may be substantially higher than the consideration being paid with respect thereto under this Agreement, but nevertheless
desires to sell the Shares for such consideration. Seller has not relied on any information (in any form, whether written or oral)
furnished by PowerComm, or its representatives, in making its decision to effect the transaction contemplated by this Agreement.

 

(e) Material
Non-Public Information. Seller acknowledges that PowerComm may possess material non-public information not known to Seller
regarding or relating to PowerComm, including, but not limited to, information concerning the business, financial condition, results
of operations, prospects or other plans of PowerComm, and that Seller has not received or requested any such information, and
Seller agrees that PowerComm shall not have any liability whatsoever to Seller with respect to the nondisclosure of any such material
non-public information, whether before or after the date of this Agreement.

 

(f) Legal
and Tax Advice. Seller has had the opportunity to have this Agreement and the transactions contemplated by this Agreement
reviewed by competent legal and tax advisors and to receive advice of such advisors of the legal and tax consequences of this
Agreement. Seller has not relied upon PowerComm or counsel for PowerComm in connection with this Agreement.

  

     

     

    

 

5.
Mutual Release.

 

(a) Mutual
Release. The Parties, including each of their affiliates, officers, directors, shareholders, successors, assigns, representatives,
agents, employees, consultants, and attorneys, on the other hand, irrevocably and forever mutually release, forgive, and discharge
each other now, or in the future, from any and all claims, actions, causes of action, demands, suits, damages, losses, contracts,
liabilities, and compensation of any nature whatsoever, which may exist as of the Effective Date, whether known orunknown, fixed
or contingent, including any further obligations of Tiber Creek under the agreement of August 4, 2015 excepting only its obligation
to continue to make its best efforts to cause PowerComm to be eligible for trading on the OTC Bulletin Board and to make introductions
to underwriters and others that may be interested in selling, promoting or investing in PowerComm securities.

 

(b) Waiver
of Unknown Claims and Civil Code Section 1542. The Parties acknowledge and agree that, upon execution by all parties,
this Agreement shall be effective as a full and final accord and satisfaction and settlement of, and as a bar to, each and every
claim, demand, damage, debt, account, liability, obligation, cost, expense, lien, action, and cause of action as between them
as of the Effective Date. It is each Party’s intention hereby to fully, finally, absolutely, and forever settle any and all such
claims, disputes , and differences, which presently exist and which could have existed between the Parties through the Effective
Date, and that, in furtherance of such intention, the mutual releases herein given shall be, and remain in effect as, full and
complete mutual releases notwithstanding the discovery of any different or additional facts that may have given rise to additional
claims or causes of action. Therefore, each Party acknowledges that he or it has been informed by its attorneys and advisors of,
and that it is familiar with, Section 1542 of the California Civil Code, which provides as follows:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Unless
otherwise specifically provided herein, the Parties hereby waive and relinquish all rights and benefits conferred by Section 1542
of the California Civil Code, and any laws of any state or territory of the United States, or principle of common law, which is
similar, comparable, or equivalent to Section 1542 of the California Civil Code to the full extent that they may lawfully waive
all such rights and benefits pertaining to the subject matters of this Agreement. Any waiver described herein does not waive any
breach of the obligation of any Party under this Agreement.

 

6.
Miscellaneous.

 

(a) Entire
Agreement;Amendment; Waiver. This Agreement is final and complete, and embodies all of the agreements and understandings
of the parties hereto with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements or understandings,
written or oral, with respect thereto. This Agreement may not be amended or modified, except by a written instrument signed by
all of the parties affected thereby. No waiver of any right hereunder shall be effective unless it is given in a written document
or instrument signed by the party waiving such right.

    

(b) Successors
and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs,
executors and administrators of the parties hereto.

 

(c) Further
Assurances. Seller agrees to execute all such other documents and take all such other actions as PowerComm may
reasonably request to better evidence or carry out the provisions

of
this Agreement.

 

(d) Governing
Law, Venue. This Agreement shall be governed by the laws of the State of California, without regard for conflicts of laws.
Any dispute with respect to this Agreement shall be heard in the state or federal courts in California and the parties agree to
the jurisdiction of such courts.

  

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Stock Repurchase Agreement as of the Effective Date.

  

	PURCHASER:	 	SELLER:
	 	 	 
	POWERCOMM HOLDINGS, INC.	 	James Cassidy
	 	 	 
	By:	     	 	/s/ James Cassidy
	Name: David Kwasnik	 	 
	Title: President	 	 

 

	 	TIBER CREEK CORPORATION
	 	 
	 	By:	 /s/ James Cassidy
	 	 	Name: James Cassidy
	 	 	Title: PresidentTHE
SHARES OF COMMON STOCK, PAR VALUE $0.0001 PER SHARE (“SHARES”), OF AIT THERAPEUTICS, INC. (“AIT”)
CONSTITUTE SECURITIES THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE APPLICABLE SECURITIES LAWS OF ANY STATE (“STATE LAWS”). THE SHARES MAY NOT, AT ANY TIME, BE OFFERED
FOR SALE, SOLD OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE ACT AND STATE LAWS, OR DELIVERY TO AIT OF AN OPINION OF
LEGAL COUNSEL SATISFACTORY TO AIT THAT SUCH REGISTRATION IS NOT REQUIRED. RESTRICTIONS ON TRANSFER WILL BE IMPRINTED ON THE DOCUMENTS
EVIDENCING THE SHARES TO THE FOREGOING EFFECTS.

 

THE
PURCHASE OF SHARES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF LOSING THEIR
ENTIRE INVESTMENT.

 

SUBSCRIPTION
AGREEMENT

 

AIT
Therapeutics, Inc.

825
East Gate Boulevard, Suite 320

Garden
City, NY 11530

 

Ladies
and Gentlemen:

 

The
undersigned (the “Subscriber”) hereby subscribes for the number of shares of common stock, par value $0.0001
per share, of AIT Therapeutics, Inc. (“AIT”) set forth on page S-1 hereto (the “Shares”).
The Subscriber understands that the Shares have not been registered under the Act or any State Law and is being made only to “accredited
investors” (as defined in Rule 501 of Regulation D under the Act).

 

1.
Subscription. Subject to the terms and conditions hereof, the Subscriber hereby irrevocably subscribes for the number of
Shares set forth on page S-1 hereto at a purchase price of $5.00 per share (the “Subscription”). The total
amount due for such purchase shall be payable in full in readily available funds, as described in Section 3. The Subscriber
acknowledges that the Shares will be subject to restrictions on transfer pursuant to applicable law and the terms set forth in
this Subscription Agreement.

 

2.
Acceptance of Subscription and Issuance of Shares. It is understood and agreed that AIT shall have the sole right, at its
complete discretion, to accept or reject this Subscription, in whole or in part, for any reason and that the same shall be deemed
to be accepted by AIT only when it is signed by a duly authorized officer of AIT. It is understood and agreed that, upon execution
of this Subscription Agreement, AIT has, in reliance upon the representations and warranties of the Subscriber and against payment
for the Shares, accepted this Subscription. Notwithstanding anything in this Subscription Agreement to the contrary, there shall
be no obligation to issue any Shares if such issuance would constitute a violation of the Act or State Laws.

 

3.
Payment for Shares. Payment for the Shares shall be received by AIT from the Subscriber on or before execution of this
Subscription Agreement by the Subscriber, in cash, cashier’s check or by wire transfer.

 

    	1

    	 

    

 

4.
Representations, Warranties and Covenants of the Subscriber. The Subscriber hereby represents, warrants and covenants to
AIT and each officer, director and agent of AIT that:

 

(a)
General:

 

(i)
If the Subscriber is a natural person, he or she has the legal capacity and all requisite authority to enter into, execute and
deliver this Subscription Agreement, to purchase the Shares and to perform all of the obligations required to be performed by
the Subscriber hereunder. If the Subscriber is a corporation, partnership, trust or other entity, it is authorized to purchase
the Shares and otherwise to comply with its obligations under this Subscription Agreement. The person signing this Subscription
Agreement on behalf of such entity is duly authorized by such entity to do so. This Subscription Agreement is the valid and binding
agreement of the Subscriber and enforceable against the Subscriber in accordance with its terms.

 

(ii)
The Subscriber is subscribing to invest in AIT solely for his, her or its own account, and is not acquiring the Shares as an agent
or otherwise for any other person.

 

(b)
Information Concerning the Offering:

 

(i)
The Subscriber has had access to all of the reports filed by AIT with the Securities and Exchange Commission (“SEC”)
since December 31, 2016 (collectively, the “SEC Documents”). In connection with the Subscription, the Subscriber
has had access to, and has relied solely upon, the SEC Documents and the risk factors set forth in Exhibit A hereto.

 

(ii)
In formulating a decision to invest in the Shares, the Subscriber has been furnished by AIT with all of the information regarding
the Company which the Subscriber has requested or desired to know, has been afforded the opportunity to ask questions of and receive
answers from duly authorized officers or other representatives of the Company concerning the Shares and has received any additional
information which the Subscriber has requested. The Subscriber has not relied or acted on the basis of any information purported
to be given on behalf of AIT, except as set forth in the SEC Documents and the risk factors set forth in Exhibit A hereto (it
being understood that no person has been authorized by AIT to furnish any information except as set forth in the SEC Documents
and the risk factors set forth in Exhibit A hereto).

 

(iii)
The Subscriber understands that the purchase of the Shares involves various risks, including those outlined in the SEC Documents,
and the risk factors set forth in Exhibit A hereto and elsewhere in this Subscription Agreement. Investment in the Shares being
offered should be regarded as speculative and involving a high degree of risk. The Subscriber is fully aware of the nature of
his, her or its investment in the Shares and the lack of liquidity of his, her or its investment in the Shares.

 

(iv)
The Subscriber understands that no federal or state agency has passed upon the Shares or made any finding or determination concerning
the fairness or advisability of this Subscription Agreement.

 

(v)
The undersigned understands that estimates and projections like those contained in the SEC Documents, by their nature, involve
significant elements of subjective judgment and analysis that may or may not be correct; that there can be no assurance that such
projections or goals will be attained; and that the projections and estimates contained in the SEC Documents should not be relied
upon as a promise or representation of the future performance of AIT.

 

(c)
Status of Subscriber; Additional Information:

 

(i)
The Subscriber has such knowledge, skill and experience in business, financial and investment matters so that he, she or it is
capable of evaluating the merits and risks of an investment in the Shares. To the extent necessary, the undersigned has retained,
at his, her or its own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits
and consequences of this Subscription Agreement and owning the Shares. The Subscriber is able to bear the economic risk of an
investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

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(ii)
The Subscriber represents and warrants that he, she or it has read the definition of “accredited investor” as defined
in Rule 501 of Regulation D under the Act, and acknowledges by his, her or its signature that he, she or it is an “accredited
investor,” fully capable of subscribing for the Shares by means of meeting the requirements for an accredited investor.

 

(iii)
The Subscriber agrees to furnish any additional information requested to assure compliance with the Act and State Laws in connection
with the purchase and sale of the Shares.

 

(d)
Restrictions on Transfer or Sale of Shares:

 

(i)
The Subscriber is acquiring the Shares solely for his, her or its own beneficial account, for investment purposes, and not with
a view to, or for resale in connection with, any distribution of the Shares. The Subscriber understands that the Shares have not
been registered under the Act or any State Law by reason of specific exemptions under the provisions thereof, which depend in
part upon the investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription
Agreement. The Subscriber understands that AIT is relying upon the representations and agreements contained in this Subscription
Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for
such exemptions.

 

(ii)
The Subscriber shall not sell, assign, pledge, give, transfer or otherwise dispose of any Shares or any interest therein, or make
any offer or attempt to do any of the foregoing, except pursuant to a registration of the Shares under the Act and State Laws
or in a transaction that is exempt from the registration provisions of the Act and any applicable State Laws.

 

5.
Condition to Obligations. The Subscription made hereby may be accepted or rejected by AIT at any time after the execution
hereof by the Subscriber. No Subscriber shall have the right to demand a return of his, her or its Subscription under any circumstances.

 

6.
Waiver, Amendment, Binding Effect. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed,
discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or
termination is sought. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties
hereto and their respective heirs, legal representatives, successors and assigns.

 

7.
Assignability. Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or
by reason hereof shall be assignable by AIT or the Subscriber without the prior written consent of the other.

 

8.
Applicable Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of New York,
without regard to the conflict of laws provisions thereof.

 

9.
Counterparts. This Subscription Agreement may be executed in any number of counterparts and by facsimile, each of which
when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same
agreement.

 

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10.
Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been
duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid:

 

(a)
If to AIT, to it at the following address:

 

AIT
Therapeutics, Inc.

825
East Gate Boulevard, Suite 320

Garden
City, NY 11530

 

(b)
If to the Subscriber, to him, her or it at the address set forth on the signature page hereto; or at such other address as either
party shall have specified by notice in writing to the other.

 

11.
Survival. All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the
acceptance of the Subscription by AIT and (ii) the death or disability of the Subscriber.

 

12.
Notification of Changes. The Subscriber hereby covenants and agrees to notify AIT upon the occurrence of any event prior
to the closing of the purchase of the Shares pursuant to this Subscription Agreement which would cause any representation, warranty
or covenant of the Subscriber contained in this Subscription Agreement to be false or incorrect.

 

[SIGNATURE
PAGES TO FOLLOW]

 

    	4

    	 

    

 

This
Subscription Agreement is executed effective as of the __ day of _______,

 

BY:
(CHECK ONE)

 

	_______	INDIVIDUAL	 
	 	 	 
	_______	CORPORATION
    	 
	 	 	 
	_______	PARTNERSHIP
    	 
	 	 	 
	_______	TRUST
    	 

 

		 	 
	 	 	 
		Please
print the EXACT name	 
		 (registration)

the
    purchaser desires to appear in	 
		the
    records of the Company.	 
		 	 
	 	 	 
	 	 	 
		Address
    of Purchaser	
		 	 
	 	 	 
		Social
    Security or Taxpayer Identification	 
		Number
    of Purchaser	 

 

	Number
    of Shares Purchased: _______________	 
	Aggregate
    Purchase Price: _______________	 

 

    	S-1

    	 

    

 

Please
execute this Subscription Agreement by completing the appropriate section below.

 

	1.	If
    the subscriber is an INDIVIDUAL, complete the following: 

 

	 	 
	Signature
    of Purchaser	 

 

	 	 
	Name
    (Please type or print)	 

 

	2.	If
    the subscriber is a CORPORATION, complete the following: 

 

	 	The
    undersigned hereby represents, warrants and covenants that the undersigned has been duly authorized by all requisite action
    on the part of the corporation listed below (the “Corporation”) to acquire the Shares, that the Corporation
    has all requisite authority to acquire such Shares, and that the Corporation was not formed for the purposes of acquiring
    such Shares.
	 	 
	 	The
    officer signing below represents and warrants that each of the above representations or agreements or understandings set forth
    herein has been made by the Corporation and that he or she has authority under the Articles of Incorporation, bylaws and resolutions
    of the Board of Directors of such Corporation to execute and deliver this Subscription Agreement on behalf of the Corporation.

 

	 	  
	Name
    of Corporation (Please type or print)	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	S-2

    	 

    

 

	3.	If
    the subscriber is a PARTNERSHIP, complete the following: 

 

	 	The
    undersigned hereby represents, warrants and covenants that the undersigned is a general partner of the Partnership named below
    (the “Partnership”), the undersigned has been duly authorized by the Partnership to acquire the Shares,
    the Partnership has all requisite authority to acquire such Shares, and that the Partnership was not formed for the purposes
    of acquiring such Shares.
	 	 
	 	The
    undersigned represents and warrants that each of the above representations or agreements or understandings set forth herein
    has been made by the Partnership and that he or she is authorized by such Partnership to execute and deliver this Subscription
    Agreement.

 

	 	 
	Name
    of Partnership (Please type or print)	 

 

	By:
    	 	 
	Name:
    	 	 
	Title:
	 	 

 

	4.	If
    the subscriber is a TRUST, complete the following: 

 

	 	The
    undersigned hereby represents, warrants and covenants that he or she is duly authorized by the terms of the trust agreement
    described below (the “Trust Instrument”) to acquire the Shares and that the undersigned, as trustee, has
    all requisite authority to acquire such Shares for the Trust.
	 	 
	 	The
    undersigned, as trustee, executing this Subscription Agreement on behalf of the Trust, represents and warrants that each of
    the above representations or agreements or understandings set forth herein has been made by the Trust and that he or she is
    authorized by such Trust to execute and deliver this Subscription Agreement.

 

	 	 
	Name
    of Trust (Please type or print)	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	S-3

    	 

    

 

Accepted
by AIT Therapeutics, Inc. this day of _________, 201 .

 

	 	AIT
    THERAPEUTICS, INC.
	 	 	 
	 	By:
    	                 
	 	Name:	 
	 	Title:	 

 

    	S-4

    	 

    

 

Exhibit
A

 

RISK
FACTORS

 

Investing
in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider
the risk factors we describe below, in the Subscription Agreement and in the SEC Documents. Although we discuss key risks in those
risk factor descriptions, additional risks not currently known to us or that we currently deem immaterial also may impair our
business. Our subsequent filings with the SEC may contain amended and updated discussions of significant risks. We cannot predict
future risks or estimate the extent to which they may affect our financial performance.

 

There
is no firm commitment to purchase the Shares being offered, and as a result initial investors assume additional risk.

 

We
expect, but do not guarantee, that we will offer up to $7 million Shares in this offering. This is a best efforts, no minimum
offering of Shares of our common stock being conducted solely by certain members of our management. There is no commitment by
anyone to purchase any of the Shares being offered. We cannot give any assurance that any or all of the Shares will be sold. We
will retain any amount of proceeds received from the sale of the Shares. Therefore, you will bear the risk that we will accept
subscriptions for a nominal number of Shares. Moreover, there is no assurance that our estimate of our liquidity needs is accurate
or that new business development or other unforeseen events will not occur, resulting in the need to raise additional funds. As
this offering is a best efforts financing, there is no assurance that this financing will be completed or that any future financing
will be affected. Initial investors assume additional risk on whether the offering will be fully subscribed and how AIT will utilize
the proceeds.

 

The
value of our shares of Circassia Pharmaceuticals, plc is volatile

 

We
granted Circassia Pharmaceuticals, plc (“Circassia”) an exclusive royalty-bearing license to distribute, market and
sell certain rights and licenses held by AIT. Circassia shall pay AIT an aggregate of $32.55 milestone payments and a significant
amount of royalties. The milestone payments shall be in cash or ordinary shares of Circassia (the “Circassia Shares”),
at Circassia’s option. Royalty payments shall be made in cash. Circassia Shares are traded on the AIM (a sub-market of the
London Stock Exchange). The trading price of Circassia Shares could be volatile and could fluctuate widely in response to a variety
of factors, many of which are beyond our control. If we receive Circassia Shares as the payment, we may lose significant amount
of value in this stock as its market price decreases.

 

We
have not yet filed our Annual Report for the fiscal year ending March 31, 2019, and many factors could cause our actual activities
and results to differ materially from the activities and results disclosed in our previously filed SEC Documents.

 

Risks
and uncertainties, the occurrence of which could adversely affect our business, include, without limitation, the following:

 

	 	●	We
    have incurred significant losses since our inception and anticipate that we will continue to incur losses for the foreseeable
    future. We are a clinical-stage company with no approved products, and have generated no revenue to date and may never generate
    revenue or achieve profitability.
	 	 	 
	 	●	It
    is highly likely that we will need to raise additional capital to meet our business requirements in the future, and such capital
    raising may be costly or difficult to obtain and could dilute current stockholders’ ownership interests.
	 	 	 
	 	●	We
    are heavily dependent on the success of our product candidates, which are in the early stages of clinical development. We
    cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they
    can be commercialized.

 

    	A-1

    	 

    

 

	 	●	The
    regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable.
    If we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
	 	 	 
	 	●	Medical
    device development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies may
    not be predictive of future study results.
	 	 	 
	 	●	We
    are working on NTM Abscessus, which is very rare.
	 	 	 
	 	●	We
    are working on bronchiolitis in infants that usually is caused by the RSV virus. RSV is a seasonal virus and the length of
    the disease and the severity of the disease might change every year.
	 	 	 
	 	●	We
    are heavily dependent on the Aeronox system to conduct our trial outside the United States.
	 	 	 
	 	●	The
    value of the Circassia Shares at March 31, 2019, used to calculate stockholders equity in our financial statements, was at
    a 52-week low. 

 

Our
delivery system is classified as a Class III medical device by the FDA and requires 510(k) or PMA approval by the FDA, which can
be a rigorous, time-consuming and expensive process.

 

The
dilution in the net tangible book value per share of the common stock you purchase is not ascertainable.

 

Since
the offering price per Share is substantially higher than the net tangible book value per share of our common stock, you will
suffer substantial dilution in the net tangible book value of the common stock you purchase in this offering. However, we do not
have a minimum or maximum offering amount so cannot ascertain with any specificity the dilution in the net tangible book value
per share of common stock until the completion of the offering.

 

Investors
in this offering may experience future dilution as a result of future equity offerings.

 

In
order to raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible
into or exchangeable for our common stock. We cannot assure you that we will be able to sell shares or other securities in any
other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and
investors purchasing our shares or other securities in the future could have rights superior to existing common stockholders.
The price per share at which we sell additional shares of our common stock or other securities convertible into or exchangeable
for our common stock in future transactions may be higher or lower than the price per share in this offering.

 

If
we fail to comply with the continuing listing standards of The NASDAQ Capital Market, our securities could be delisted.

 

Our
common stock is currently traded on The NASDAQ Capital Market under the symbol “AITB.” If we fail to meet any of the
continued listing standards of The NASDAQ Capital Market, our common stock could be delisted from The NASDAQ Capital Market. These
continued listing standards include specifically enumerated criteria, such as:

 

	●	a
    $1.00 minimum closing bid price;
	●	stockholders’
    equity of $2.5 million;
	●	500,000
    shares of publicly-held common stock with a market value of at least $1 million;
	●	300
    round-lot stockholders; and
	●	compliance
    with NASDAQ’s corporate governance requirements, as well as additional or more stringent criteria that may be applied
    in the exercise of NASDAQ’s discretionary authority.

 

    	A-2

    	 

    

 

If
we fail to comply with NASDAQ’s continued listing standards, we may be delisted and our common stock will trade, if at all,
only on the over-the-counter market, such as the OTC Bulletin Board or OTCQX market, and then only if one or more registered broker-dealer
market makers comply with quotation requirements. In addition, delisting of our common stock could depress our stock price, substantially
limit liquidity of our common stock and materially adversely affect our ability to raise capital on terms acceptable to us, or
at all. Further, delisting of our common stock would likely result in our common stock becoming a “penny stock” under
the Exchange Act.

 

Our
management will have broad discretion over the use of any net proceeds from this offering, you may not agree with how we use the
proceeds, and the proceeds may not be invested successfully.

 

Our
management will have broad discretion as to the use of any net proceeds from this offering and could use them for purposes other
than those contemplated at the time of this offering. Accordingly, you will be relying on the judgment of our management with
regard to the use of any proceeds from the sale of the Shares in this offering, and you will not have the opportunity, as part
of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the proceeds will
be invested in a way that does not yield a favorable, or any, return for you.

 

The
issuance and sale of the Shares could cause our stock price to decline.

 

Sales
of substantial amounts of our common stock in the public market, or the perception that such sales could occur, could adversely
affect the market price of our common stock. Sale of our Shares and the potential for such sales, could cause our stock price
to decline.

 

    	A-3

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