Document:

Exhibit 10.1

 

EXECUTION COPY

 

SECURITIES PURCHASE AGREEMENT

 

SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of September 26, 2018, by and between AKARI THERAPEUTICS, PLC,
a public limited company incorporated under the laws of England and Wales (the “Company”), and ASPIRE CAPITAL
FUND, LLC, an Illinois limited liability company (the “Buyer”). Capitalized terms used herein and not otherwise
defined herein are defined in Section 10 hereof.

 

WHEREAS:

 

Subject to the terms
and conditions set forth in this Agreement, the Company wishes to sell to the Buyer, and the Buyer wishes to buy from the Company,
up to Twenty Million Dollars ($20,000,000) of the Company’s ordinary shares, par value £ 0.01 per share (the “Ordinary
Shares”) which may be exchanged for American Depositary Shares (each American Depositary Share, an “ADS”),
with each ADS representing one hundred (100) Ordinary Shares, as determined in accordance with this Agreement. The ADSs to be issued
to the Buyer in connection with any purchases of Ordinary Shares (the “Purchase Ordinary Shares”) pursuant to
Section 1 of this Agreement being referred to as the “Purchase ADSs.” The Purchase Ordinary Shares underlying
the Purchase ADSs, being referred to as and together with the Purchase ADSs as the “Purchase Securities”; and

 

The Purchase ADSs will
be evidenced by American Depositary Receipts (“ADRs”) to be issued pursuant to the Deposit Agreement, dated
as of December 7, 2012, among the Company, Deutsche Bank Trust Company Americas, as depositary (the “Depositary”),
and all owners and holders from time to time of ADSs issued thereunder (as amended, and as may hereafter be amended or otherwise
modified in accordance with its terms, the “Deposit Agreement”). Each ADS represents 100 Ordinary Shares deposited
pursuant to the Deposit Agreement.

 

NOW THEREFORE,
the Company and the Buyer hereby agree as follows:

 

		1.	PURCHASE OF SECURITIES. 

 

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

 

(a)          Initial
Purchase; Commencement of Purchases of Securities. Promptly upon the execution of this Agreement, the Buyer shall purchase
(the “Initial Purchase“) from the Company 25,000,000 Ordinary Shares (the “Initial Purchase Ordinary
Shares” and shall promptly pay to the Company as the purchase price therefor, via wire transfer, Five Hundred Thousand
Dollars ($500,000). Upon receipt by the Company of full payment of the Five Hundred Thousand Dollars ($500,000) related to such
Initial Purchase, the Company shall promptly deliver notice to the Registrar of the Initial Purchase and instructions to its Registrar
to promptly issue to the Buyer 25,000,000 Ordinary Shares. Upon issuance, delivery and payment therefor as provided herein, such
Initial Purchase Ordinary Shares shall be validly issued and fully paid and non-assessable. The Initial Purchase Ordinary Shares
shall be issued to the Buyer bearing the restrictive legend set forth in Section 4(e). Thereafter, the purchase and sale of Ordinary
Shares and the related ADSs hereunder shall occur from time to time upon written notices by the Company to the Buyer on the terms
and conditions as set forth herein following the satisfaction of the conditions (the “Commencement”) as set
forth in Sections 6 and 7 below (the date of satisfaction of such conditions, the “Commencement Date”). The
Purchase ADSs relating to the Initial Purchase Ordinary Shares (the “Initial Purchase ADSs”) shall be issued
in connection with the Commencement unless the Buyer requests that they be issued sooner pursuant to Section 5 hereof.

 

    	 		 

     

    

 

(b)          The
Company’s Right to Require Regular Purchases. Subject to the terms and conditions of this Agreement, on any given
Business Day after the Commencement Date, the Company shall have the right but not the obligation to direct the Buyer by its
delivery to the Buyer of a Purchase Notice from time to time, and the Buyer thereupon shall have the obligation, to buy the
number of Purchase ADSs specified in such notice, up to 150,000 Purchase ADSs, on such Business Day that Purchase Notice is
delivered to the Buyer (as long as such notice is delivered on or before 5:00 p.m. Eastern Time) (each such purchase, a
 “Regular Purchase”) at the Purchase Price on the Purchase Date; however, in no event shall the Purchase
Amount of a Regular Purchase exceed Five Hundred Thousand Dollars ($500,000) per Business Day. Upon receipt by the Company of
full payment of the Purchase Amount related to such Regular Purchase, the Company shall (i) promptly deliver notice to the
Registrar of the Regular Purchase, including instructions to its Registrar to promptly issue to the Depositary the Ordinary
Shares to be issued in connection with such Regular Purchase and the Ordinary Shares so issued shall be deposited with the
Depositary pursuant to the Deposit Agreement, and (ii) upon such deposit, the Company shall promptly direct the Depositary to
promptly issue an amount of ADSs equal to the Purchase ADSs to be purchased by the Buyer in connection with such Regular
Purchase. The Company may deliver additional Purchase Notices to the Buyer from time to time so long as there is not more
than one outstanding purchase (either a Regular Purchase or VWAP Purchase) that is not then fully completed i.e. the Buyer
has fully paid for and received such Purchase ADSs. The amounts in this Section 1(b) shall be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

 

(c)          VWAP
Purchases. Subject to the terms and conditions of this Agreement, in addition to purchases of Purchase ADSs as described in
Section 1(b) above, the Company shall also have the right but not the obligation to direct the Buyer by the Company’s delivery
to the Buyer of a VWAP Purchase Notice from time to time as follows:

 

(i)          with
one Business Day’s prior written notice (as long as such notice is delivered on or before 5:00 p.m. Eastern Time on the Business
Day immediately preceding the VWAP Purchase Date), and the Buyer thereupon shall have the obligation, to buy the VWAP Purchase
ADS Percentage of the trading volume of the ADSs on the VWAP Purchase Date up to the VWAP Purchase ADS Volume Maximum on the VWAP
Purchase Date (each such purchase, a “VWAP Purchase”) at the VWAP Purchase Price. The Company may only deliver
a VWAP Purchase Notice to the Buyer on or before 5:00 p.m. Eastern Time on a date on which the Company also submits a Purchase
Notice for a Regular Purchase of 150,000 Purchase ADSs to the Buyer. Any single VWAP Purchase Notice shall be limited to no more
than 250,000 Purchase ADSs in connection with such VWAP Purchase Notice. The VWAP Purchase Amount and the VWAP Purchase Price shall
be determined at the end of the VWAP Purchase Date and confirmed by the Buyer and approved by the Company. However, the VWAP Purchase
Amount and the VWAP Purchase Price shall be determined before the end of the VWAP Purchase Date at such time if during the VWAP
Purchase Date either: (1) the Sale Price falls below the VWAP Minimum Price Threshold or (2) the trading volume of ADSs on the
Principal Market exceeds the VWAP Purchase ADS Volume Maximum during normal trading hours. In such circumstances if:

 

    	 		 

     

    

 

		(A)	the Sale Price falls below the VWAP Minimum Price Threshold
during the VWAP Purchase Date, (1) the VWAP Purchase Amount shall be calculated using the VWAP Purchase ADS Percentage of the
aggregate ADSs traded on the Principal Market for such portion of the VWAP Purchase Date prior to the time that the Sale Price
fell below the VWAP Minimum Price Threshold and (2) the VWAP Purchase Price shall be calculated using the volume weighted average
price of all ADSs sold during such portion of the VWAP Purchase Date prior to the time that the Sale Price fell below the VWAP
Minimum Price Threshold.

 

OR

 

		(B)	the trading volume of ADSs on the Principal Market exceeds
the VWAP Purchase ADS Volume Maximum on the VWAP Purchase Date before normal trading hours end (meaning that the VWAP Purchase
ADS Estimate has been reached at a time before the end of normal trading hours), the VWAP Purchase Amount and VWAP Purchase Price
shall be calculated using the volume weighted average price of all ADSs sold during such portion of the VWAP Purchase Date prior
to the time that the trading volume of ADSs on the Principal Market exceeds the VWAP Purchase ADS Volume Maximum.

 

(ii)         By
no later than 5:00 p.m. Eastern Time on any VWAP Purchase Date, the Buyer shall submit to the Company a written confirmation of
the VWAP Purchase in form and substance reasonably acceptable to the Company setting forth the VWAP Purchase Amount and the VWAP
Purchase Price, i.e. the exact amount of ADSs to be sold pursuant to such VWAP Purchase Notice and the exact price to be paid by
the Buyer to the Company. Upon approval by the Company of the VWAP Purchase Amount and the VWAP Purchase Price and receipt by the
Company of full payment of the Purchase Amount related to such VWAP Purchase, the Company shall (i) promptly deliver notice to
the Registrar of the VWAP Purchase, including instructions to its Registrar to promptly issue to the Depositary an amount of Ordinary
Shares that the Company has confirmed to be issued in connection with such VWAP Purchase and the Ordinary Shares so issued shall
be deposited with the Depositary pursuant to the Deposit Agreement, and (ii) upon such deposit, the Company shall promptly direct
the Depositary to promptly issue an amount of ADSs equal to the Purchase ADSs to be purchased by the Buyer in connection with such
VWAP Purchase. The Company may deliver additional VWAP Purchase Notices to the Buyer from time to time so long as there is not
more than one outstanding purchase (either a Regular Purchase or VWAP Purchase) that is not then fully completed i.e. the Buyer
has fully paid for and has received such Purchase ADSs. The amounts in this Section 1(c) shall be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

 

(d)          Payment
for Purchase Securities. For each Regular Purchase, the Buyer shall pay to the Company an amount equal to the Purchase Amount
as full payment for such Purchase ADSs via wire transfer of immediately available funds no later than one Business Day from receipt
of a valid Purchase Notice and prior to the issuance of any Purchase Securities related to the Regular Purchase. For each VWAP
Purchase, the Buyer shall pay to the Company an amount equal to the VWAP Purchase Amount as full payment for such Purchase ADSs
via wire transfer of immediately available funds no later than one Business Day after the VWAP Purchase Date and prior to the issuance
of any Purchase Securities related to such VWAP Purchase. All payments made under this Agreement shall be made in lawful money
of the United States of America via wire transfer of immediately available funds to such account as the Company may from time to
time designate by written notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by
the terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the next succeeding
day that is a Business Day.

 

    	 		 

     

    

 

(e)          Purchase
Price Floor. The Company and the Buyer shall not effect any sales under this Agreement on any Purchase Date where the Closing
Sale Price is less than the Floor Price. “Floor Price” means $0.25 per ADS, which shall be appropriately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

 

(f)          Records
of Purchases. The Buyer and the Company shall each maintain records showing the remaining Available Amount at any given time
and the dates and Purchase Amounts for each purchase, or shall use such other method reasonably satisfactory to the Buyer and the
Company to reconcile the remaining Available Amount.

 

(g)          Taxes
and Fees of the Depositary. The Company shall pay any and all transfer, stamp or similar taxes and fees that may be payable
with respect to the issuance and delivery of any Securities to the Buyer made under this Agreement, including any and all fees
and expenses of the Depositary or Registrar.

 

		2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

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

 

(a)          Investment
Purpose. The Buyer is entering into this Agreement and acquiring the Commitment Ordinary Shares (as defined in Section 4(e)
hereof) and any ADSs that may be issued for the Commitment Ordinary Shares (the “Commitment ADSs” and together
with the Commitment Ordinary Shares, the “Commitment Securities”) and the Purchase Securities (the Purchase
Securities and the Commitment Securities are collectively referred to herein as the “Securities”), for its own
account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof;
provided however, by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum
or other specific term.

 

(b)          Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation
D of the 1933 Act.

 

(c)          Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Buyer's compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire
the Securities.

 

    	 		 

     

    

 

(d)          Information.
The Buyer has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities that have been reasonably requested by the Buyer, including, without limitation,
the SEC Documents (as defined in Section 3(f) hereof). The Buyer understands that its investment in the Securities involves a high
degree of risk. The Buyer (i) is able to bear the economic risk of an investment in the Securities including a total loss, (ii)
has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the
proposed investment in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the officers
of the Company concerning the financial condition and business of the Company and other matters related to an investment in the
Securities. Neither such inquiries nor any other due diligence investigations conducted by the Buyer or its representatives shall
modify, amend or affect the Buyer’s right to rely on the Company’s representations and warranties contained in Section
3 below. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

 

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

 

(f)          Transfer
or Sale. The Buyer understands that except as provided in the Registration Rights Agreement (as defined in Section 4(a) hereof):
(i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered
for sale, sold, assigned or transferred unless (A) subsequently registered thereunder or (B) an exemption exists permitting such
Securities to be sold, assigned or transferred without such registration; (ii) any sale of the Securities made in reliance on Rule
144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register the Securities under
the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 

(g)          Organization.
The Buyer is a limited liability company duly organized and validly existing in good standing under the laws of the jurisdiction
in which it is organized, and has the requisite organizational power and authority to own its properties and to carry on its business
as now being conducted.

 

(h)          Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer and is a valid
and binding agreement of the Buyer enforceable against the Buyer in accordance with its terms, subject as to enforceability to
(i) general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) public policy
underlying any law, rule or regulation (including any federal or state securities law, rule or regulation) with regards to indemnification,
contribution or exculpation. The execution and delivery of the Transaction Documents (as defined in Section 3(b) hereof) by the
Buyer and the consummation by it of the transactions contemplated hereby and thereby do not conflict with the Buyer’s certificate
of organization or operating agreement or similar documents, and do not require further consent or authorization by the Buyer,
its managers or its members.

 

    	 		 

     

    

 

(i)          Residency.
The Buyer is a resident of the State of Illinois.

 

(j)          No
Prior Short Selling. The Buyer represents and warrants to the Company that at no time prior to the date of this Agreement has
any of the Buyer, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any (i) “short sale” (as such term is defined in Section 242.200 of Regulation SHO of the 1934 Act) of the Securities
or (ii) hedging transaction, which establishes a net short position with respect to the Securities.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

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

 

(a)          Organization
and Qualification. The Company and its “Subsidiaries” (which for purposes of this Agreement means any entity in
which the Company, directly or indirectly, owns more than 50% of the voting stock or capital stock or other similar equity interests)
are corporations, partnerships, limited liability companies or other entities that are duly organized and validly existing in good
standing under the laws of the jurisdiction in which they are incorporated or organized, and have the requisite corporate or organizational
power and authority to own their properties and to carry on their business as now being conducted. Each of the Company and its
Subsidiaries is duly qualified as a foreign corporation, partnership, limited liability company or other entity to do business
and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it
makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing could not reasonably
be expected to have a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect” means any
material adverse effect on any of: (i) the business, properties, assets, operations, results of operations or financial condition
of the Company and its Subsidiaries, if any, taken as a whole, or (ii) the authority or ability of the Company to perform its obligations
under the Transaction Documents. The Company has no material Subsidiaries except as set forth on Schedule 3(a).

 

(b)          Authorization;
Enforcement; Validity. (i) The Company has the requisite power and authority to enter into and perform its obligations under
this Agreement, the Registration Rights Agreement and each of the other agreements entered into by the parties on the Commencement
Date and attached hereto as exhibits to this Agreement (collectively, the “Transaction Documents”), and to issue
the Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by
the Company and the consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance
of the Commitment Securities and the reservation for issuance and the issuance of the Purchase Securities issuable under this Agreement,
have been duly authorized by the board of directors of the Company (the “Board of Directors”) or duly authorized
committee thereof, do not conflict with the Company’s Articles of Association (as defined below), and, except for a direction
from two members of the Pricing Committee to the Registrar and the Depositary with respect to the issue of Purchase Securities
in connection with each VWAP Purchase or Regular Purchase, do not require further consent or authorization by the Company, its
Board of Directors, except as set forth in this Agreement, or its stockholders, (iii) this Agreement has been, and each other Transaction
Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and
each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and binding obligations
of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited by
(y) general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of creditors' rights and remedies and (z) public policy underlying any law,
rule or regulation (including any federal or state securities law, rule or regulation) with regards to indemnification, contribution
or exculpation. The Board of Directors or duly authorized committee thereof has approved the resolutions (the “Signing
Resolutions”) substantially in the form as set forth as Exhibit B attached hereto to authorize this Agreement
and the transactions contemplated hereby. The Signing Resolutions are valid, in full force and effect and have not been modified
or supplemented in any material respect other than by the resolutions regarding the registration statement referred to in Section
4 hereof. The Company has delivered to the Buyer a true and correct copy of the Signing Resolutions as approved by the Board of
Directors.

 

    	 		 

     

    

 

(c)          Capitalization.
As of the date hereof, the authorized share capital of the Company consists of 10,000,000,000 Ordinary Shares, par value £0.01
per share, of which as of the date hereof, 1,525,693,413 Ordinary Shares are issued and outstanding, of which 1,520,837,700 Ordinary
Shares are held in the name of Deutsche Bank AG London, the nominee of the Depositary, there are outstanding options to purchase
73,053,664 Ordinary Shares and 110,029,543 Ordinary Shares are reserved for future issuance pursuant to the Company’s 2014
equity incentive plan. All of the 1,525,693,413 Ordinary Shares issued and outstanding have been, validly issued and are fully
paid and non-assessable. None of the Securities shall be subject to preemptive rights or any other similar rights or any liens
or encumbrances suffered or permitted by the Company. Except as disclosed in Schedule 3(c), (i) there are no outstanding debt securities
of the Company or any of its Subsidiaries, (ii) there are no outstanding options, warrants, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any securities of the Company or any of its
Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may
become bound to issue additional securities of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any securities of the
Company or any of its Subsidiaries, (iii) except the Registration Rights Agreement, there are no material agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933
Act on the Registration Statement, (iv) there are no outstanding securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries,
(v) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance
of the Securities as described in this Agreement and (vi) the Company does not have any share appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. The Company has furnished or made available to the Buyer a true
and correct copy of the Company’s Articles of Association, as amended and as in effect on the date hereof (the “Articles
of Association”).

 

(d)          Issuance
of Securities. The Securities have been duly authorized and, upon issuance (and payment therefore in the case of the Purchase
Ordinary Shares) in accordance with the terms hereof, shall be (i) validly issued, fully paid and non-assessable and (ii) free
from all taxes, liens and charges with respect to the issuance thereof and (iii) entitled to the rights set forth in the Deposit
Agreement. Upon the issuance of the Commitment Ordinary Shares and the Purchase Ordinary Shares in accordance with the terms hereof,
they will be (A) duly deposited with the Depositary in accordance with the Deposit Agreement (except in the case of the Commitment
ADSs and the Initial Purchase ADSs, which shall be duly deposited with the Depositary prior to Commencement), (B) properly and
validly allotted and issued, fully paid and nonassessable and (C) free from all taxes and liens with respect to the issuance thereof.
The holders of the Commitment Ordinary Shares and Purchase Ordinary Shares, upon issuance and surrender of the Commitment Ordinary
Shares and Purchase Ordinary Shares to the Depositary, will be entitled to all rights accorded to a holder of Ordinary Shares.
Upon issuance in accordance with the terms and conditions of this Agreement and the Deposit Agreement, the Commitment ADSs and
the Purchase ADSs shall be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect
to the issue thereof, and entitled to the rights set forth in the Deposit Agreement.

 

    	 		 

     

    

 

(e)          No
Conflicts. Except as disclosed in Schedule 3(e), the execution, delivery and performance of the Transaction Documents by the
Company and the consummation by the Company of the transactions contemplated hereby and thereby will not (i) result in a violation
of the Articles of Association or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or
both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or result, to the Company’s
knowledge, in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws
and regulations and the rules and regulations of the Principal Market applicable to the Company or any of its Subsidiaries) or
by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of conflicts,
defaults, terminations, amendments, accelerations, cancellations and violations under clause (ii), which could not reasonably be
expected to result in a Material Adverse Effect. Except as disclosed in Schedule 3(e), neither the Company nor its Subsidiaries
is in violation of any term of or in default under its Articles of Association. Except as disclosed in Schedule 3(e), neither the
Company nor any of its Subsidiaries is in violation of any term of or is in default under any material contract, agreement, mortgage,
indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation applicable to the Company or
its Subsidiaries, except for possible violations, defaults, terminations or amendments that could not reasonably be expected to
have a Material Adverse Effect. The business of the Company and its Subsidiaries is not being conducted, and shall not be conducted,
in violation of any law, ordinance, or regulation of any governmental entity, except for possible violations, the sanctions for
which either individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. Except as specifically
contemplated by this Agreement, reporting obligations under the 1934 Act or as required under the 1933 Act or applicable state
securities laws or the filing of a Listing of Additional Shares Notification Form with the Principal Market, the Company is not
required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency
or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated
by the Transaction Documents in accordance with the terms hereof or thereof. Except as disclosed in Schedule 3(e) and for reporting
obligations under the 1934 Act, all consents, authorizations, orders, filings and registrations which the Company is required to
obtain pursuant to the preceding sentence shall be obtained or effected on or prior to the Commencement Date. Except as disclosed
in Schedule 3(e), the Company is not subject to any notices or actions from or to the Principal Market, other than routine matters
incident to listing on the Principal Market and not involving a violation of the rules of the Principal Market. Except as disclosed
in Schedule 3(e), to the Company’s knowledge, the Principal Market has not commenced any delisting proceedings against the
Company.

 

    	 		 

     

    

 

(f)          SEC
Documents; Financial Statements. Except as disclosed in Schedule 3(f), since June 30, 2017, the Company has filed all reports,
schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements
of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements
and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”).
Except as disclosed in Schedule 3(f), as of their respective dates (except as they have been correctly amended), the SEC Documents
complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC (except as they may have
been properly amended), contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
As of their respective dates (except as they have been properly amended), the financial statements of the Company included in the
SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial
statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or
may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of
the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). Except as disclosed in Schedule 3(f) or routine correspondence, such as comment
letters and notices of effectiveness in connection with previously filed registration statements or periodic reports publicly available
on EDGAR, to the Company’s knowledge, the Company or any of its Subsidiaries are not on the date hereof the subject of any
inquiry, investigation or action by the SEC.

 

(g)          Absence
of Certain Changes. Except as disclosed in Schedule 3(g), since June 30, 2018, there has been no material adverse change in
the business, properties, operations, financial condition or results of operations of the Company or its Subsidiaries taken as
a whole. For purposes of this Agreement, neither a decrease in cash or cash equivalents or in the market price of the Securities
nor losses incurred in the ordinary course of the Company’s business shall be deemed or considered a material adverse change.
The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy
Law nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate
involuntary bankruptcy or insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as
they become due.

 

(h)          Absence
of Litigation. Except as disclosed in Schedule 3(h), to the Company’s knowledge, there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the Company or any of its Subsidiaries, threatened against the Company, the Securities or any of the Company’s
Subsidiaries or any of the Company’s or the Company’s Subsidiaries’ officers or directors in their capacities
as such, which could reasonably be expected to have a Material Adverse Effect (each, an “Action”). A description
of each such Action, if any, is set forth in Schedule 3(h).

 

    	 		 

     

    

 

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

 

(j)          Intellectual
Property Rights. To the Company’s knowledge, the Company and its Subsidiaries own or possess adequate rights or licenses
to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights,
copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights
(collectively, “Intellectual Property”) necessary to conduct their respective businesses as now conducted, except
as set forth in Schedule 3(j) or to the extent that the failure to own, possess, license or otherwise hold adequate rights to use
Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect. Except as disclosed in Schedule
3(j), to the Company’s knowledge, none of the Company’s active and registered Intellectual Property have expired or
terminated, or, by the terms and conditions thereof, will expire or terminate within two years from the date of this Agreement,
except as would not reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries do not have any
knowledge of any infringement by the Company or its Subsidiaries of any Intellectual Property of others and, except as set forth
on Schedule 3(j), there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being
threatened against, the Company or its Subsidiaries regarding Intellectual Property, which could reasonably be expected to have
a Material Adverse Effect.

 

(k)          Environmental
Laws. To the Company’s knowledge, the Company and its Subsidiaries (i) are in material compliance with any and all applicable
foreign, English, U.S. federal, state and local laws and regulations relating to the protection of human health and safety or the
environment and with respect to hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”),
(ii) have received all material permits, licenses or other approvals required of them under applicable Environmental Laws to conduct
their respective businesses and (iii) are in material compliance with all terms and conditions of any such permit, license or approval,
except where, in each of the three foregoing clauses, the failure to so comply or receive such approvals could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(l)          Title.
The Company and its Subsidiaries have good and marketable title to all personal property owned by them that is material to the
business of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as
are described in Schedule 3(l) or such as do not materially affect the value of such property and do not interfere with the use
made and proposed to be made of such property by the Company and any of its Subsidiaries or could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. Any real property and facilities held under lease by the Company
and any of its Subsidiaries, to the Company’s knowledge, are held by them under valid, subsisting and enforceable leases
with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings
by the Company and its Subsidiaries.

 

    	 		 

     

    

 

(m)          Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be reasonable and customary in the businesses in which the Company
and its Subsidiaries are engaged. To the Company’s knowledge, since January 1, 2016, neither the Company nor any such Subsidiary
has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary, to the Company’s
knowledge, will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material
Adverse Effect.

 

(n)          Regulatory
Permits. The Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate
English, U.S. federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted,
except when the failure to so possess such certificates, authorizations or permits could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, and neither the Company nor any such Subsidiary has received any written notice
of proceedings relating to the revocation or modification of any such material certificate, authorization or permit.

 

(o)          Tax
Status. The Company and each of its Subsidiaries has made or filed all foreign, English and U.S. federal and state income and
all other material tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to
the extent that the Company and each of its Subsidiaries has set aside on its books reserves reasonably adequate for the payment
of all unpaid and unreported taxes or filed valid extensions) and has paid all taxes and other governmental assessments and charges
that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested
in good faith and has set aside on its books reserves reasonably adequate for the payment of all taxes for periods subsequent to
the periods to which such returns, reports or declarations apply. To the Company’s knowledge, there are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction.

 

(p)          Transactions
With Affiliates. Except as set forth on Schedule 3(p), and other than the grant or exercise of stock options or any other equity
securities offered pursuant to duly adopted stock or incentive compensation plans as disclosed on Schedule 3(c), none of the officers,
directors or employees of the Company is on the date hereof a party to any transaction with the Company or any of its Subsidiaries
(other than for services as employees, officers and directors and reimbursement for expenses incurred on behalf of the Company),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or,
to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any such
employee has a material interest or is an officer, director, trustee or general partner.

 

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

 

    	 		 

     

    

 

		4.	COVENANTS.

 

(a)          Filing
of Form 6-K and Registration Statement. The Company agrees that it shall, within the time required under the 1934 Act, file
a Report on Form 6-K disclosing this Agreement and the transaction contemplated hereby. The Company shall also file within ten
(10) Business Days from the date hereof a new registration statement covering the sale of the Securities by the Buyer in accordance
with the terms of the Registration Rights Agreement between the Company and the Buyer, dated as of the date hereof (“Registration
Rights Agreement”).

 

(b)          Blue
Sky. The Company shall take such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify
(i) the initial issuance of the Securities to the Buyer under this Agreement and (ii) any subsequent sale of the Securities by
the Buyer, in each case, under applicable securities or “Blue Sky” laws of the states of the United States in such
states as is reasonably requested by the Buyer from time to time, and shall provide evidence of any such action so taken to the
Buyer at its written request; provided, however, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified
or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

(c)          Listing.
The Company shall promptly secure the listing of all of the Commitment ADSs and the Purchase ADSs upon each national securities
exchange and automated quotation system that requires an application by the Company for listing, if any, upon which its ADSs are
then listed (subject to official notice of issuance) and shall maintain such listing, so long as any other ADSs shall be so listed.
The Company shall use its reasonable best efforts to maintain the ADS listing on the Principal Market in accordance with the requirements
of the Registration Rights Agreement. Except as set forth in Schedule 4(c), neither the Company nor any of its Subsidiaries shall
take any action that would be reasonably expected to result in the delisting or suspension of the ADSs on the Principal Market,
unless the ADSs are promptly thereafter traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market,
the Nasdaq Global Market, the Nasdaq Capital Market, or the OTCQB marketplace or OTCQX marketplace of the OTC Markets Group. The
Company shall pay all fees and expenses in connection with satisfying its obligations under this Section.

 

(d)          Limitation
on Short Sales and Hedging Transactions. The Buyer agrees that beginning on the date of this Agreement and ending on the date
of termination of this Agreement as provided in Section 11(k), the Buyer and its agents, representatives and affiliates shall not
in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined
in Section 242.200 of Regulation SHO of the 1934 Act) of the Securities or (ii) hedging transaction, which establishes a net short
position with respect to the Securities.

 

(e)          Issuance
of Commitment Ordinary Shares and Initial Purchase Ordinary Shares. Promptly upon the execution of this Agreement, in lieu
of the commitment fee of $600,000 payable by the Company to the Buyer, the Company shall issue to the Buyer as consideration for
the Buyer entering into this Agreement 30,000,000 Ordinary Shares (the “Commitment Ordinary Shares”). The Commitment
Ordinary Shares and the Initial Purchase Ordinary Shares to be purchased pursuant to Section 1(a) hereof shall be issued in certificated
or restricted book-entry form and (subject to Section 5 hereof) shall bear a restrictive legend substantially similar to the following:

 

    	 		 

     

    

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, UNLESS SOLD PURSUANT TO: (1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF HOLDER’S COUNSEL,
IN A CUSTOMARY FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

(f)          Due
Diligence. The Buyer shall have the right, from time to time as the Buyer may reasonably deem appropriate, to perform reasonable
due diligence on the Company during normal business hours and subject to reasonable prior notice to the Company. The Company and
its officers and employees shall provide information and reasonably cooperate with the Buyer in connection with any reasonable
request by the Buyer related to the Buyer’s due diligence of the Company, including, but not limited to, any such request
made by the Buyer in connection with (i) the filing of the registration statement described in Section 4(a) hereof and (ii) the
Commencement; provided, however, that at no time is the Company required to disclose material nonpublic information to the Buyer
or breach any obligation of confidentiality or non-disclosure to a third party or make any disclosure that could cause a waiver
of attorney-client privilege. Except as may be required by law, court order or governmental authority, each party hereto agrees
not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information
of such other party for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby;
provided, that to the extent such disclosure is required by law, court order or governmental authority, the receiving party shall
provide the disclosing party with reasonable prior written notice of such disclosure and make a reasonable effort to assist the
disclosing party in obtaining a protective order preventing or limiting the disclosure and/or requiring that the Confidential Information
so disclosed be used only for the purposes for which the law, court order or governmental authority requires. Each party hereto
acknowledges that the Confidential Information shall remain the property of the disclosing party and agrees that it shall take
all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other party.

 

(g)          Disposition
of Securities. The Buyer shall not sell or transfer any Securities except as provided in this Agreement, the Registration
Rights Agreement and the “Plan of Distribution” section of the prospectus included in the Registration Statement (as
defined in the Registration Rights Agreement).
The Buyer shall not sell or transfer any Securities except pursuant to sales described in the “Plan of Distribution”
section of the prospectus included in the Registration Statement or pursuant to Rule 144 under the 1933 Act. In the event of any
sales of Securities pursuant to the Registration Statement, the Buyer will (i) effect such sales pursuant to the “Plan of
Distribution” section of the prospectus included in the Registration Statement, and (ii) will comply with all applicable
prospectus delivery requirements.

 

    	 		 

     

    

 

		5.	REGISTRAR AND DEPOSITARY INSTRUCTIONS.

 

Promptly upon the execution
of this Agreement, the Company shall deliver to the Registrar documentation in reasonable form with respect to the issuance of
the Commitment Ordinary Shares and the Initial Purchase Ordinary Shares. After the Registration Statement has been declared effective
by the SEC and prior to the Commencement, the Company shall direct that the Commitment Ordinary Shares and the Initial Purchase
Ordinary Shares shall be deposited with the Depositary in accordance with the provisions of the Deposit Agreement so that ADRs
evidencing the Commitment ADSs and the Initial Purchase ADSs shall be issued by the Depositary to the Buyer. So long as Registration
Statement has been declared effective by the SEC and the Buyer complies with its obligations in Section 4(g), all of the ADSs to
be issued under this Agreement shall be issued without any restrictive legend unless the Buyer expressly consents otherwise. However,
so long as the Buyer complies with the requirements of the Depositary, the Buyer may request at any time prior to the Commencement,
that the Company shall direct that the Commitment Ordinary Shares and the Initial Purchase Ordinary Shares to be deposited with
the Depositary in accordance with the provisions of the Deposit Agreement so that ADRs evidencing the Commitment ADSs and the Initial
Purchase ADSs may be issued by the Depositary to the Buyer. In such case, these ADSs may be issued with a restrictive legend as
required by the Depositary.

 

		6.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE
SALES OF SECURITIES UNDER THIS AGREEMENT.

 

The right of the Company
hereunder to commence sales of the Purchase Securities (other than the Initial Purchase) is subject to the satisfaction of each
of the following conditions on or before the Commencement Date (the date that the Company may begin sales of Purchase Securities
other than the Initial Purchase):

 

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

 

(b)          The
representations and warranties of the Buyer shall be true and correct as of the Commencement Date as though made at that time (except
for representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as
of such specific date) and the Buyer shall have performed, satisfied and complied in all material respects with the covenants and
agreements required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Commencement
Date; and

 

(c)          A
registration statement covering the sale of the Commitment ADSs and the Purchase ADSs by the Buyer shall have been declared effective
under the 1933 Act by the SEC and no stop order with respect to the registration statement shall be pending or threatened by the
SEC.

 

		7.	CONDITIONS TO THE BUYER’S OBLIGATION TO MAKEPURCHASES
OF SECURITIES.

 

The obligation of the
Buyer to buy Purchase Securities (other than the Initial Purchase) under this Agreement is subject to the satisfaction of each
of the following conditions on or before the Commencement Date (the date that the Company may begin sales of Purchase Securities
other than the Initial Purchase) and once such conditions have been initially satisfied, there shall not be any ongoing obligation
to satisfy such conditions after the Commencement has occurred:

 

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

 

    	 		 

     

    

 

(b)          Assuming
that the Buyer shall have surrendered the originally issued certificate(s) representing the Commitment Ordinary Shares and the
Initial Purchase Ordinary Shares, the Commitment ADSs and the Initial Purchase ADSs shall have been issued (or reissued) to the
Buyer without any restrictive legend;

 

(c)          The
ADSs shall be authorized for quotation on the Principal Market, trading in the ADSs shall not have been within the last 365 days
suspended by the SEC or the Principal Market, other than a general halt in trading in the ADSs by the Principal Market under halt
codes indicating pending or released material news, and the Securities shall be approved for listing upon the Principal Market;

 

(d)          The
Buyer shall have received the opinion of the Company’s United Kingdom and United States legal counsel dated as of the Commencement
Date in customary form and substance;

 

(e)          The
representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any
of such representations and warranties is already qualified as to materiality in Section 3 above, in which case, such representations
and warranties shall be true and correct without further qualification) as of the date of this Agreement and as of the Commencement
Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true
and correct in all material respects as of such specific date) and the Company shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied
or complied with by the Company at or prior to the Commencement Date. The Buyer shall have received a certificate, executed by
the CEO, President or CFO of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto
as Exhibit A;

 

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

 

(g)          Registrar
instructions and Depositary instructions, in form acceptable to the Buyer and to the Company, shall have been signed by the Company
and the Buyer and shall have been delivered to the Registrar and the Depositary as applicable;

 

(h)          The
Company shall have delivered to the Buyer a certificate evidencing the good standing of the Company in England and Wales issued
by the applicable authority of such jurisdiction as of a date within ten (10) Business Days of the Commencement Date;

 

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

 

(j)          A
registration statement covering the sale of (i) all of the Commitment ADSs and all of the Initial Purchase ADSs) and (ii) such
number of additional Purchase ADSs as reasonably determined by the Company shall have been declared effective under the 1933 Act
by the SEC and no stop order with respect thereto shall be pending or threatened by the SEC. The Company shall have prepared and
delivered to the Buyer a final and complete form of prospectus, dated and current as of the Commencement Date, to be used by the
Buyer in connection with any sales of any ADSs, and to be filed by the Company one (1) Business Day after the Commencement Date
pursuant to Rule 424(b). The Company shall have made all filings under all applicable United Kingdom, English, United States federal
and state securities laws necessary to consummate the issuance of the Commitment Securities and the Purchase Securities pursuant
to this Agreement in compliance with such laws;

 

    	 		 

     

    

 

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

 

(l)           On
or prior to the Commencement Date, the Company shall take all necessary action, if any, and such actions as reasonably requested
by the Buyer, in order to render inapplicable any control share acquisition, business combination, stockholder rights plan or poison
pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Articles of Association
or the laws of the jurisdiction of its organization, that is or could become applicable to the Buyer as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company's issuance of the Securities and the Buyer's ownership
of the Securities; and

 

(m)        The
Company shall have provided the Buyer with the information reasonably requested by the Buyer in connection with its due diligence
requests made prior to, or in connection with, the Commencement, in accordance with the terms of Section 4(f) hereof.

 

		8.	INDEMNIFICATION.

 

In consideration of
the Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to
all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and
hold harmless the Buyer and all of its affiliates, members, officers, directors, and employees, and any of the foregoing person’s
agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated
by this Agreement) (collectively, the “Indemnitees”) from and against any and all third party actions, causes
of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective
of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result
of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company
in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of
any covenant, agreement or obligation of the Company contained in the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, or (c) any cause of action, suit or claim brought or made against such Indemnitee and
arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, other than with respect to Indemnified Liabilities which directly
and primarily result from (A) a breach of any of the Buyer’s representations and warranties, covenants or agreements contained
in this Agreement, or (B) the gross negligence, bad faith or willful misconduct of the Buyer or any other Indemnitee. To the extent
that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

    	 		 

     

    

 

		9.	EVENTS OF DEFAULT.

 

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

 

(a)          during
any period in which the effectiveness of any registration statement is required to be maintained pursuant to the terms of the Registration
Rights Agreement, the effectiveness of such registration statement lapses for any reason (including, without limitation, the issuance
of a stop order) or is unavailable to the Buyer for the sale of all of the Registrable Securities (as defined in the Registration
Rights Agreement), and such lapse or unavailability continues for a period of ten (10) consecutive Business Days or for more than
an aggregate of thirty (30) Business Days in any 365-day period, which is not in connection with a Permitted Delay (as defined
in the Registration Rights Agreement), post-effective amendment to any such registration statement or the filing of a new registration
statement; provided, however, that in connection with any post-effective amendment to such registration statement or filing of
a new registration statement that is required to be declared effective by the SEC, such lapse or unavailability may continue for
a period of no more than thirty (30) consecutive Business Days, which such period shall be extended for an additional thirty (30)
Business Days if the Company receives a comment letter from the SEC in connection therewith;

 

(b)          the
suspension from trading or failure of the ADSs to be listed on a Principal Market for a period of three (3) consecutive Business
Days;

 

(c)          the
delisting of the ADSs from the Principal Market, and the ADSs are not promptly thereafter trading on the New York Stock Exchange,
the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, or the OTCQB marketplace
or OTCQX marketplace of the OTC Markets Group;

 

(d)          the
failure for any reason by the Registrar or the Depositary to issue Purchase Securities to the Buyer within five (5) Business Days
after payment therefore by the Buyer has been received by the Company that the Buyer is entitled to receive under this Agreement;

 

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

 

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

 

(g)          if
the Company pursuant to or within the meaning of any Bankruptcy Law; (A) commences a voluntary case, (B) consents to the entry
of an order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially
all of its property, (D) makes a general assignment for the benefit of its creditors or (E) becomes insolvent; or

 

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

 

    	 		 

     

    

 

So long as an Event of Default has occurred
and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and
is continuing, or so long as the Closing Sale Price is below the Floor Price, the Company may not require and the Buyer shall not
be obligated or permitted to purchase any Securities under this Agreement. If pursuant to or within the meaning of any Bankruptcy
Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed
for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its
creditors, (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h) hereof) this Agreement shall
automatically terminate without any liability or payment to the Company without further action or notice by any Person. No such
termination of this Agreement under Section 11(k)(i) shall affect the Company’s or the Buyer’s obligations under this
Agreement with respect to pending purchases and the Company and the Buyer shall complete their respective obligations with respect
to any pending purchases under this Agreement.

 

		10.	CERTAIN DEFINED TERMS.

 

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

 

(a)          “1933
Act” means the Securities Act of 1933, as amended.

 

(b)          “Available
Amount” means initially Twenty Million Dollars ($20,000,000) in the aggregate which amount shall be reduced by the Purchase
Amount (including the Initial Purchase) each time the Buyer purchases Purchase Securities pursuant to Section 1 hereof but which
amount shall not be reduced by the Commitment Securities issued pursuant to Section 4(e) hereof.

 

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

 

(d)          “Business
Day” means any day on which the Principal Market is open for trading during normal trading hours (i.e., 9:30 a.m. to
4:00 p.m. Eastern Time), including any day on which the Principal Market is open for trading for a period of time less than the
customary time.

 

(e)          “Closing
Sale Price” means the last closing trade price for the ADSs on the Principal Market as reported by the Principal Market.

 

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

 

    	 		 

     

    

 

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

 

(h)         “Eastern
Time” means the time of the fifth time zone west of Greenwich, England that includes the eastern United States.

(i)           “Maturity Date” means the date that is thirty
(30) months from the Commencement Date.

 

(j)           “Person”
means an individual or entity including any limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization and a government or any department or agency thereof.

 

(k)          “Principal
Market” means the Nasdaq Capital Market; provided however, that in the event the Company’s ADSs are ever listed
or traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, Nasdaq
Capital Market, or either of the OTCQB marketplace or the OTCQX marketplace of the OTC Markets Group, then the “Principal
Market” shall mean such other market or exchange on which the Company’s ADSs are then listed or traded.

 

(l)           “Purchase
Amount” means, with respect to any particular purchase made hereunder, the portion of the Available Amount to be purchased
by the Buyer pursuant to the Initial Purchase or any other purchase pursuant to Section 1 hereof as set forth in a valid Purchase
Notice or VWAP Purchase Notice which the Company delivers to the Buyer.

 

(m)         “Purchase
Date” means, with respect to any Regular Purchase made hereunder, the Business Day of receipt by the Buyer of a valid
Purchase Notice that the Buyer is to buy Purchase Securities pursuant to Section 1(b) hereof.

 

(n)         “Purchase
Notice” shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase Securities
pursuant to Section 1(b) hereof as specified by the Company therein at the applicable Purchase Price on the Purchase Date.

 

(o)        
 “Purchase Price” means the lesser of (i) the lowest Sale Price of the ADSs on the Purchase Date or (ii) the
arithmetic average of the three (3) lowest Closing Sale Prices for the ADSs during the ten (10) consecutive Business Days ending
on the Business Day immediately preceding such Purchase Date (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

    	 		 

     

    

 

(p)         “Registrar”
means the Registrar of the Company as set forth in Section 11(f) hereof or such other person who is then serving as the Registrar
for the Company in respect of the Ordinary Shares.

 

(q)         “Sale
Price” means any trade price for the ADSs on the Principal Market during normal trading hours, as reported by the Principal
Market.

 

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

 

(s)         “VWAP
Minimum Price Threshold” means, with respect to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase
Date equal to the greater of (i) 80% of the Closing Sale Price on the Business Day immediately preceding the VWAP Purchase Date
or (ii) such higher price as set forth by the Company in the VWAP Purchase Notice.

 

(t)          “VWAP
Purchase Amount” means, with respect to any particular VWAP Purchase Notice, the portion of the Available Amount to be
purchased by the Buyer pursuant to Section 1(c) hereof pursuant to a valid VWAP Purchase Notice which requires the Buyer to buy
the VWAP Purchase ADS Percentage of the aggregate ADSs traded on the Principal Market during normal trading hours on the VWAP Purchase
Date up to the VWAP Purchase ADS Volume Maximum, subject to the VWAP Minimum Price Threshold.

 

(u)         “VWAP
Purchase Date” means, with respect to any VWAP Purchase made hereunder, the Business Day immediately following the receipt
by the Buyer of a valid VWAP Purchase Notice that the Buyer is to buy Purchase ADSs pursuant to Section 1(c) hereof.

 

(v)         “VWAP
Purchase Notice” shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase
ADSs on the VWAP Purchase Date pursuant to Section 1(c) hereof as specified by the Company therein at the applicable VWAP Purchase
Price with the applicable VWAP Purchase ADS Percentage specified therein.

 

(w)         “VWAP
Purchase ADS Percentage” means, with respect to any particular VWAP Purchase Notice pursuant to Section 1(c) hereof,
the percentage set forth in the VWAP Purchase Notice which the Buyer will be required to buy as a specified percentage of the aggregate
ADSs traded on the Principal Market during normal trading hours up to the VWAP Purchase ADS Volume Maximum on the VWAP Purchase
Date subject to Section 1(c) hereof but in no event shall this percentage exceed thirty percent (30%) of such VWAP Purchase Date’s
ADS trading volume of the ADSs on the Principal Market during normal trading hours.

 

(x)         
 “VWAP Purchase Price” means the lesser of (i) the Closing Sale Price on the VWAP Purchase Date; or (ii) ninety-seven
percent (97%) of volume weighted average price for the ADSs traded on the Principal Market during normal trading hours on (A) the
VWAP Purchase Date if the aggregate ADSs traded on the Principal Market on the VWAP Purchase Date have not exceeded the VWAP Purchase
ADS Volume Maximum and the Sale Price of ADSs has not fallen below the VWAP Minimum Price Threshold (to be appropriately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction), or
(B) the portion of the VWAP Purchase Date until such time as the sooner to occur of (1) the time at which the aggregate ADSs traded
on the Principal Market has exceeded the VWAP Purchase ADS Volume Maximum, or (2) the time at which the Sale Price of ADSs falls
below the VWAP Minimum Price Threshold (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction).

 

    	 		 

     

    

 

(y)         “VWAP Purchase ADS Estimate” means the number of ADSs that the Company elects to set forth in a VWAP Purchase
Notice in connection with a VWAP Purchase pursuant to Section 1(c) hereof which is the maximum number of ADSs that the Buyer may
be obligated to buy in such VWAP Purchase but which shall not exceed 250,000 ADSs for any one VWAP Purchase (to be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(z)          “VWAP
Purchase ADS Volume Maximum” means a number of ADSs traded on the Principal Market during normal trading hours on the
VWAP Purchase Date equal to: (i) the VWAP Purchase ADS Estimate, divided by (ii) the VWAP Purchase ADS Percentage (to be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

		11.	MISCELLANEOUS.

 

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

 

(b)          Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile
or pdf (or other electronic reproduction) signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, not a facsimile or PDF (or other electronic reproduction)
signature.

 

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

 

    	 		 

     

    

 

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

 

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

 

(f)          Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation of both electronic
messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

 

If to the Company:

Akari Therapeutics, Plc

75/76 Wimpole Street

London W1G 9RT

United Kingdom

Telephone: 44 20 8004 0270

Facsimile: None

Attention: Clive Richardson

Email: clive.richardson@akaritx.com

 

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

McDermott Will & Emery LLP

340 Madison Avenue

New York, NY 10173

Telephone: 1 212 547 5352

Facsimile: 1 646 390 0820

Attention: Todd Finger or Gary
Emmanuel

Email: tfinger@mwe.com
or gemmanuel@mwe.com

 

    	 		 

     

    

 

If to the Buyer:

Aspire Capital Fund, LLC

155 North Wacker Drive, Suite
1600

Chicago, IL 60606

Telephone: 1 312-658-0400

Facsimile: 1 312-658-4005

Attention: Steven G. Martin

Email: smartin@aspirecapital.com

 

With a copy to (which
shall not constitute delivery to the Buyer):

Morrison & Foerster LLP

2000 Pennsylvania Avenue, NW, Suite
6000

Washington, DC 20006

Telephone: 1 202-778-1611

Facsimile: 1 202-887-0763

Attention: Martin P. Dunn, Esq.

Email: mdunn@mofo.com

 

If to the Registrar:

SLC Registrars

Elder House, St Georges Business
Park

Brooklands Road

Weybridge, Surrey KT13 0TS

United Kingdom

Telephone: 44 (0)1903 706150 

Facsimile: 44 (0)333 207 6354

Attention: Ms Charlotte Sugden

Email: office@slcregistrars.com
or charlotte.sugden@slcregistrars.com

 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party at least one (1) Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine containing the time, date, and recipient facsimile number, (C) electronically generated by the sender’s electronic
mail containing the time, date and recipient email address or (D) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively.

 

(g)          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Buyer, including by merger or consolidation; provided, however, that any transaction, whether by merger, reorganization, restructuring,
consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction shall
not be deemed a succession or assignment. The Buyer may not assign its rights or obligations under this Agreement.

 

    	 		 

     

    

 

(h)          No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(i)          Publicity.
The Buyer shall have the right to approve before issuance any press release, SEC filing or any other public disclosure made by
or on behalf of the Company whatsoever with respect to, in any manner, the Buyer, its purchases hereunder or any aspect of this
Agreement or the transactions contemplated hereby; provided, however, that the Company shall be entitled, without the prior approval
of the Buyer, to make any press release or other public disclosure (including any filings with the SEC) with respect to such transactions
as is required by applicable law and regulations so long as the Company and its counsel consult with the Buyer in connection with
any such press release or other public disclosure at least one (1) Business Day prior to its release; provided, however, that the
Company’s obligations pursuant to this Section 11(i) shall not apply if the material provisions of such press release, SEC
filing, or other public disclosure previously has been publicly disclosed by the Company in accordance with this Section 11(i).
The Buyer must be provided with a copy thereof at least one (1) Business Day prior to any release or use by the Company thereof.

 

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

 

(k)          Termination.
This Agreement may be terminated only as follows:

 

(i)          If
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes
a general assignment for the benefit of its creditors, (any of which would be an Event of Default as described in Sections 9(f),
9(g) and 9(h) hereof) this Agreement shall automatically terminate without any liability or payment to the Company without further
action or notice by any Person. No such termination of this Agreement under this Section 11(k)(i) shall affect the Company’s
or the Buyer’s obligations under this Agreement with respect to pending purchases and the Company and the Buyer shall complete
their respective obligations with respect to any pending purchases under this Agreement.

 

(ii)         In
the event that the Commencement shall not have occurred the Company shall have the option to terminate this Agreement for any reason
or for no reason without any liability whatsoever of either party to the other party under this Agreement except as set forth in
Section 11(k)(viii) hereof.

 

(iii)        In
the event that the Commencement shall not have occurred on or before the one year anniversary of the date of this Agreement, due
to the failure to satisfy any of the conditions set forth in Sections 6 and 7 above with respect to the Commencement, this Agreement
shall automatically terminate without any liability or payment to the Company without further action or notice by any Person.

 

    	 		 

     

    

 

(iv)        At
any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason
by delivering notice (a “Company Termination Notice”) to the Buyer electing to terminate this Agreement without
any liability whatsoever of either party to the other party under this Agreement except as set forth in Section 11(k)(viii) hereof.
The Company Termination Notice shall not be effective until one (1) Business Day after it has been received by the Buyer.

 

(v)         This
Agreement shall automatically terminate on the date that the Company sells and the Buyer purchases the full Available Amount as
provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any
other party under this Agreement except as set forth in Section 11(k)(viii) hereof.

 

(vi)        If
by the Maturity Date for any reason or for no reason the full Available Amount under this Agreement has not been purchased as provided
for in Section 1 of this Agreement, this Agreement shall automatically terminate on the Maturity Date, without any action or notice
on the part of any party and without any liability whatsoever of any party to any other party under this Agreement except as set
forth in Section 11(k)(viii) hereof.

 

(vii)       Except
as set forth in Sections 11(k)(i) (in respect of an Event of Default under Sections 9(f), 9(g) and 9(h)), 11(k)(v) and 11(k)(vi),
any termination of this Agreement pursuant to this Section 11(k) shall be effected by written notice from the Company to the Buyer
setting forth the basis for the termination hereof.

 

(viii)      The
representations and warranties of the Company and the Buyer contained in Sections 2, 3 and 5 hereof, the indemnification provisions
set forth in Section 8 hereof and the agreements and covenants set forth in Sections 4(e), 4(g) and 11, shall survive the Commencement
and any termination of this Agreement. No termination of this Agreement shall affect the Company’s or the Buyer’s rights
or obligations (i) under the Registration Rights Agreement, which shall survive any such termination in accordance with its terms,
or (ii) under this Agreement with respect to pending purchases and the Company and the Buyer shall complete their respective obligations
with respect to any pending purchases under this Agreement.

 

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

 

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

 

    	 		 

     

    

 

(n)          Failure
or Indulgence Not Waiver. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privilege.

 

* * * * *

 

    	 		 

     

    

 

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

 

	 	THE COMPANY:
	 	 	 
	 	AKARI THERAPEUTICS, PLC
	 	 	 
	 	By:	/s/ Clive Richardson
	 	Name:	Clive Richardson
	 	Title:	COO, Director & Interim CEO
	 	 	 
	 	BUYER:
	 	 	 
	 	ASPIRE CAPITAL FUND, LLC
	 	BY: ASPIRE CAPITAL PARTNERS, LLC
	 	BY: SGM HOLDINGS CORP.
	 	 	 
	 	By:	/s/ Steven G. Martin
	 	Name:	Steven G. Martin
	 	Title:	PresidentEX-4.1

 Exhibit 4.1 

CERTIFICATE OF INCORPORATION 
 OF

 ARVINAS, INC. 

FIRST: The name of this corporation is Arvinas, Inc. (the “Corporation”). 

SECOND: The address of the registered office of the Corporation in the State of Delaware is 251 Little Falls Drive, in the City
of Wilmington, County of New Castle, Delaware 19808. The name of its registered agent at such address is Corporation Service Company. 

THIRD: The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law of the State of Delaware (the “General Corporation Law”). 

FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i)
200,000,000 shares of Common Stock, $0.001 par value per share (“Common Stock”), and (ii) 64,018,336 shares of Preferred Stock, $0.001 par value per share (“Preferred
Stock”). 
 The following is a statement of the designations and the powers, privileges and rights, and the qualifications,
limitations or restrictions thereof in respect of each class of capital stock of the Corporation. 
 A.    COMMON STOCK

 1.    General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to
and qualified by the rights, powers and preferences of the holders of the Preferred Stock set forth herein. 

2.    Voting. The holders of the Common Stock are entitled to one vote for each share of Common Stock held at all
meetings of stockholders (and written actions in lieu of meetings); provided, however, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate of
Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon
pursuant to this Certificate of Incorporation or pursuant to the General Corporation Law. There shall be no cumulative voting. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof
then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of this Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of the
Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law. 

B.    PREFERRED STOCK 

22,573,781 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock”,
24,977,489 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series B Preferred Stock” and 16,467,066 shares of the 

  
 1 

 
authorized Preferred Stock of the Corporation are hereby designated “Series C Preferred Stock”. The Preferred Stock shall have the following rights, preferences, powers,
privileges and restrictions, qualifications and limitations, as applicable. Unless otherwise indicated, references to “Sections” or “Subsections” in this Part B of this Article Fourth refer to sections and subsections of Part B
of this Article Fourth. 
 1.    Dividends. 

The holders of Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and in preference to
any declaration or payment of any dividend (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation)
at the rate of eight percent (8%) of the applicable Original Issue Price (as defined below) per share of Preferred Stock per annum (the “Preferred Dividend”), payable only when, as and if declared by the Board of Directors of the
Corporation (the “Board”). The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable
in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Incorporation) the holders of the Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend
on each outstanding share of Preferred Stock in an amount at least equal to the greater of (i) the Preferred Dividend from the date of issuance of such share of Preferred Stock (to the extent not paid) and (ii) (A) in the case of a
dividend on Common Stock or any class or series that is convertible into Common Stock, that dividend per share of Preferred Stock as would equal the product of (I) the dividend payable on each share of such class or series determined, if
applicable, as if all shares of such class or series had been converted into Common Stock and (II) the number of shares of Common Stock issuable upon conversion of a share of Preferred Stock, in each case calculated on the record date for
determination of holders entitled to receive such dividend or (B) in the case of a dividend on any class or series that is not convertible into Common Stock, at a rate per share of Preferred Stock determined by (I) dividing the amount of
the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or
other similar recapitalization with respect to such class or series) and (II) multiplying such fraction by an amount equal to the Original Issue Price (as defined below); provided that, if the Corporation declares, pays or sets aside, on the
same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the holders of Preferred Stock pursuant to this Section 1 shall be calculated based upon the
dividend on the class or series of capital stock that would result in the highest dividend. The “Series A Original Issue Price” shall mean $0.6811 per share, subject to appropriate adjustment in the event of any stock dividend,
stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock. The “Series B Original Issue Price” shall mean $1.6659 per share, subject to appropriate adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock. The “Series C Original Issue Price” shall mean $3.34 per share, subject to appropriate adjustment in the event of any
stock dividend, stock split, combination or other similar recapitalization with respect to the Series C Preferred Stock. The “Original Issue Price” shall mean 

  
 2 

 
the Series A Original Issue Price with respect to the Series A Preferred Stock, the Series B Original Issue Price with respect to the Series B Preferred Stock and the Series C Original Issue
Price with respect to the Series C Preferred Stock. 
 2.    Liquidation, Dissolution or Winding Up; Certain Mergers,
Consolidations and Asset Sales. 
 2.1    Preferential Payments to Holders of Preferred Stock. In the event
of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of shares of Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its
stockholders, and in the event of a Deemed Liquidation Event (as defined below), the holders of shares of Preferred Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event
or out of the Available Proceeds (as defined below), as applicable, before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of the applicable Original Issue
Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock been converted into Common Stock pursuant to Section 4 immediately prior
to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the “Liquidation Amount”). If upon any such liquidation, dissolution or
winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they shall be
entitled under this Subsection 2.1, the holders of shares of Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be
payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

2.2    Payments to Holders of Common Stock. In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation, after the payment in full of all Liquidation Amounts required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders or, in the
case of a Deemed Liquidation Event, the consideration not payable to the holders of shares of Preferred Stock pursuant to Section 2.1 or the remaining Available Proceeds, as the case may be, shall be distributed among the holders of shares of
Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted to Common Stock pursuant to the terms of this Certificate of Incorporation
immediately prior to such liquidation, dissolution or winding up of the Corporation. 

  
 3 

 2.3    Deemed Liquidation Events. 

2.3.1    Definition. Each of the following events shall be considered a “Deemed Liquidation Event”
and a “Sale Transaction” unless the holders of at least sixty-six and two-thirds percent (66-2/3%) of the shares
of Common Stock issuable upon conversion of the then-outstanding shares of Preferred Stock (the “Requisite Holders”) elect otherwise by written notice sent to the Corporation at least fifteen (15) days prior to the effective
date of any such event: 
 (a)    a merger or consolidation in which 

 

	 	(i)	 the Corporation is a constituent party or 

 

	 	(ii)	 a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock
pursuant to such merger or consolidation, 

 except any such merger or consolidation involving the Corporation or a subsidiary in which
the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or
consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately
following such merger or consolidation, the parent corporation of such surviving or resulting corporation (provided that, all shares of capital stock issuable upon exercise of options outstanding immediately prior to such merger or consolidation or
upon conversion of convertible securities outstanding prior to such merger or consolidation shall be deemed to be outstanding immediately prior to such merger or consolidation and, if applicable, converted or exchanged in such merger or
consolidation on the same terms as the actual outstanding shares of capital stock are converted or exchanged); or 

(b)    (1) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of
related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole or (2) the sale or disposition (whether by merger, consolidation or
otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such
subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation. 

2.3.2    Effecting a Deemed Liquidation Event. 

(a)    The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Subsection
2.3.1(a)(i) unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event
shall be paid to the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2. 

  
 4 

 (b)    In the event of a Deemed Liquidation Event referred to in
Subsection 2.3.1(a)(ii) or 2.3.1(b), if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation
shall send a written notice to each holder of Preferred Stock no later than the ninetieth (90th) day after the Deemed Liquidation Event advising such holders of their right (and the requirements
to be met to secure such right) pursuant to the terms of the following clause; (ii) to require the redemption of such shares of Preferred Stock, and (iii) if the Requisite Holders so request in a written instrument delivered to the
Corporation not later than one hundred twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated
with the assets sold or technology licensed, as determined in good faith by the Board), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing
distributions to stockholders (the “Available Proceeds”), on the one hundred fiftieth (150th) day after such Deemed Liquidation Event, to redeem all outstanding shares of
Preferred Stock at a price per share equal to the Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of
Preferred Stock, the Corporation shall redeem a pro rata portion of each holder’s shares of Preferred Stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the
shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under Delaware law governing distributions to stockholders. The provisions of
Section 6 shall apply, with such necessary changes in the details thereof as are necessitated by the context, to the redemption of the Preferred Stock pursuant to this Subsection 2.3.2(b). Prior to the distribution
or redemption provided for in this Subsection 2.3.2(b), the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed
Liquidation Event or in the ordinary course of business. 
 2.3.3    Amount Deemed Paid or Distributed. The
amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or
securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. In the event of a Sale Transaction, the consideration received by the Corporation is other than cash, its value will be valued as follows:
(A) securities not subject to investment letter or other similar restrictions on free marketability shall (1) if such securities are traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the
securities on such exchange over the fourteen-day period ending three days prior to the closing; and (2) if such securities are not traded on a securities exchange, the value shall be the fair market
value thereof, as determined by the Board or (B) the method of valuation of securities subject to investment letter or other restrictions on free marketability (other than restrictions arising solely by virtue of a stockholder’s status as
an affiliate or former affiliate) shall be to make an appropriate discount from the market value determined as above in (A)(1) or (A)(2) to reflect the approximate fair market value thereof, as determined by the Board. 

  
 5 

 2.3.4    Allocation of Escrow and Contingent Consideration. In
the event of a Sale Transaction, if any portion of the consideration payable to the stockholders of the Corporation is payable upon the occurrence of any event or the passage of time (including, without limitation, any deferred purchase price
payments, installment payments, payments made in respect of any promissory note issued in such transaction, payments from escrow, purchase price adjustment payments or payments in respect of “earnouts” or holdbacks) (the
“Contingent Consideration”), such Contingent Consideration shall not be deemed received by the Corporation or its stockholders unless and until such Contingent Consideration is indefeasibly received by the Corporation or its
stockholders in accordance with the terms of such Sale Transaction. The definitive agreement with respect to such Sale Transaction shall provide that (A) the portion of such consideration that is not Contingent Consideration (the
“Initial Consideration”) shall be allocated among the stockholders in accordance with Subsections 2.1 and 2.2 hereof as if the Initial Consideration were the only consideration payable in connection with such Sale
Transaction and (B) any Contingent Consideration which becomes payable to the stockholders upon the release from escrow or the satisfaction of the applicable contingencies shall be allocated among the stockholders in accordance with this
Section 2 after taking into account the previous payment of the Initial Consideration as part of the same transaction.  

3.    Voting. 

3.1    General. On any matter presented to the stockholders of the Corporation for their action or consideration at
any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of
Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of this Certificate of
Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis. 

3.2    Election of Directors. The holders of record of the shares of Series A Preferred Stock, exclusively and as
a separate class, shall be entitled to elect two (2) directors of the Corporation (the “Series A Preferred Directors”); the holders of record of the shares of Series B Preferred Stock, exclusively and as a separate
class, shall be entitled to elect two (2) directors of the Corporation (the “Series B Preferred Directors”); the holders of record of the shares of Series C Preferred Stock, exclusively and as a separate class, shall be
entitled to elect one (1) director of the Corporation (the “Series C Preferred Director” and together with the Series A Preferred Directors and the Series B Preferred Directors, the “Preferred Directors”); the
holders of record of the shares of Common Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation (the “Common Director”). The remaining directors of the Corporation shall be
elected by the holders of the Preferred Stock and Common Stock, voting together as a single class. Any director elected as provided in the preceding sentences may be removed without cause by, and only by, the affirmative vote of the holders of the
shares of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of stockholders. If the

  
 6 

 
holders of shares of Preferred Stock or Common Stock, as the case may be, fail to elect a sufficient number of directors to fill all directorships for which they are entitled to elect directors,
voting exclusively and as a separate class, pursuant to the first sentence of this Subsection 3.2, then any directorship not so filled shall remain vacant until such time as the holders of the Preferred Stock or Common
Stock, as the case may be, elect a person to fill such directorship by vote or written consent in lieu of a meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of the Corporation that are
entitled to elect a person to fill such directorship, voting exclusively and as a separate class. The holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Preferred Stock),
exclusively and voting together as a single class, shall be entitled to elect the balance of the total number of directors of the Corporation. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the
holders of a majority of the outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the purpose of electing such director. Except as otherwise provided in this
Subsection 3.2, a vacancy in any directorship filled by the holders of any class or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such class or series or by any
remaining director or directors elected by the holders of such class or series pursuant to this Subsection 3.2. 

3.3    Preferred Stock Protective Provisions. At any time when at least 12,781,644 shares of Preferred Stock
(subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by
amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of the Requisite Holders given in writing or
by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect. 

3.3.1    authorize or issue, or obligate itself to issue, or reclassify any securities into, any shares or any other
equity security (including any security convertible into or exercisable for any such equity security) having any right, preference or privilege senior or superior to, or being on parity with, the rights, preferences and privileges of the Series A
Preferred Stock, Series B Preferred Stock or Series C Preferred Stock; 
 3.3.2    set aside or make any distribution
in respect of, or redeem, purchase or otherwise acquire any of, (or pay into or set aside for a sinking fund for such purpose) any equity securities of the Company; provided, however, that this restriction shall not apply to (i) the redemption
of shares of Preferred Stock pursuant to Section 6, (ii) distributions payable on the shares of Common Stock solely in the form of Additional Shares of Common Stock (as defined below), (iii) the repurchase of shares of
Common Stock from managers, directors, officers, employees, advisors, consultants or other persons performing services for the Corporation or any subsidiary of the Corporation upon termination of such person’s employment or other relationship
with the Corporation at no greater than the original purchase price, or (iv) the redemption of shares of Preferred Stock pursuant to the terms of the Second Amended and Restated Put Agreement, dated as of March 29, 2018, by and among the
Corporation and certain stockholders (as amended from time to time, the “Put Agreement”). 

  
 7 

 3.3.3    create, sell, assign, exclusively license, convey, or
otherwise dispose of all or substantially all of its assets, property or business, (ii) merge or consolidate with or into any other entity, (iii) effect any transaction or series of related transactions in which more than fifty percent
(50%) of the outstanding shares of capital stock of the Corporation are transferred, (iv) effect a reorganization, recapitalization or division or (v) liquidate, dissolve or wind-up; 

3.3.4    (i) permit any subsidiary of the Corporation to (i) sell, assign, exclusively license, convey, or otherwise
dispose of all or substantially all of its assets, property or business except for licenses entered into in the ordinary course of business, (ii) merge or consolidate with or into any other entity, (iii) effect a reorganization,
recapitalization or division or (iv) liquidate, dissolve or wind-up; 

3.3.5    amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation; 

3.3.6    amend any equity incentive plan of the Corporation; 

3.3.7    create, issue, authorize or grant, or permit any subsidiary of the Corporation to create, issue, authorize or
grant, any payment or other consideration to any person or entity in connection with a Sale Transaction other than in respect of any outstanding equity interest in the Corporation; 

3.3.8    acquire or permit any subsidiary of the Corporation to acquire (by merger, purchase of stock or assets, any
other business combination transaction or otherwise) any assets or securities for aggregate consideration in excess of $500,000 other than in the ordinary course of business unless such acquisition is approved by the Board including the affirmative
vote, consent or approval of a majority of the Preferred Directors; 
 3.3.9    enter into, or permit any subsidiary of
the Corporation to enter into, any agreement, understanding or transaction with any person controlling, controlled by or under common control with the Corporation other than in the ordinary course of business unless such agreement, understanding or
transaction is approved by the Board including the affirmative vote, consent or approval of a majority of the Preferred Directors; 

3.3.10    (i) permit any subsidiary of the Corporation to authorize or issue any security to any person other than to the
Corporation unless it is approved by the Board including the affirmative vote, consent or approval of a majority of the Preferred Directors or (ii) sell, assign, convey or otherwise dispose of any security of any subsidiary of the Corporation
unless it is approved by the Board including the affirmative vote, consent or approval of a majority of the Preferred Directors; 

  
 8 

 3.3.11    engage, or permit any subsidiary of the Corporation to
engage, in any business other than the business in which the Corporation is engaged unless such business is approved by the Board including the affirmative vote, consent or approval of a majority of the Preferred Directors; 

3.3.12    incur any debt (other than trade payables incurred in the ordinary course of business) in excess of $500,000 or
guaranty the debt of any other person in excess of $500,000 or permit any subsidiary of the Corporation to incur any debt (other than trade payables incurred in the ordinary course of business) in excess of $500,000 or guaranty any debt in excess of
$500,000 unless it is approved by the Board including the affirmative vote, consent or approval of a majority of the Preferred Directors; 

3.4    Series A Preferred Stock Protective Provision. At any time when at least 4,492,733 shares of Series A
Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock) are outstanding, the Corporation shall not, either
directly or indirectly by amendment, merger, consolidation or otherwise, amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation in a manner that would alter or change the rights, preferences or
privileges of the shares of Series A Preferred Stock so as to adversely affect such shares of Series A Preferred Stock, but not so affect the shares of Series B Preferred Stock and Series C Preferred Stock in a proportional manner without (in
addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of at least sixty-two and one-half percent
(62.5%) of the then-outstanding shares of Series A Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or
vote shall be null and void ab initio, and of no force or effect, (it being understood, solely for the avoidance of doubt and without in any way expanding the foregoing right of the holders of shares of Series A Preferred Stock, that neither
(A) the effectuation of the liquidation, dissolution, or winding up of the Corporation or the effectuation of any Sale Transaction Event nor (B) the creation, authorization or issuance of any new series of Preferred Stock constitutes such
an adverse change to the rights, preferences or privileges of the shares of Series A Preferred Stock). 

3.5    Series B Preferred Stock Protective Provision. At any time when at least 4,995,497 shares of Series B
Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock) are outstanding, the Corporation shall not, either
directly or indirectly by amendment, merger, consolidation or otherwise, amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation in a manner that would alter or change the rights, preferences or
privileges of the shares of Series B Preferred Stock so as to adversely affect such shares of Series B Preferred Stock, but not so affect the shares of Series A Preferred Stock and Series C Preferred Stock in a proportional manner without (in
addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of a majority of the then-outstanding shares of Series B Preferred Stock, given in writing or by vote at a meeting, consenting
or voting (as the case may be) separately as a class, and any such act or 

  
 9 

 
transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect, (it being understood, solely for the avoidance of doubt and without in
any way expanding the foregoing right of the holders of shares of Series B Preferred Stock, that neither (A) the effectuation of the liquidation, dissolution, or winding up of the Corporation or the effectuation of any Sale Transaction Event
nor (B) the creation, authorization or issuance of any new series of Preferred Stock constitutes such an adverse change to the rights, preferences or privileges of the shares of Series B Preferred Stock). 

3.6    Series C Preferred Stock Protective Provision. At any time when at least 3,293,413 shares of Series C
Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series C Preferred Stock) are outstanding, the Corporation shall not, either
directly or indirectly by amendment, merger, consolidation or otherwise, amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation in a manner that would alter or change the rights, preferences or
privileges of the shares of Series C Preferred Stock so as to adversely affect such shares of Series C Preferred Stock, but not so affect the shares of Series A Preferred Stock and Series B Preferred Stock in a proportional manner without (in
addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of a majority of the then-outstanding shares of Series C Preferred Stock, given in writing or by vote at a meeting, consenting
or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect, (it being understood, solely for the avoidance
of doubt and without in any way expanding the foregoing right of the holders of shares of Series C Preferred Stock, that neither (A) the effectuation of the liquidation, dissolution, or winding up of the Corporation or the effectuation of any
Sale Transaction Event nor (B) the creation, authorization or issuance of any new series of Preferred Stock constitutes such an adverse change to the rights, preferences or privileges of the shares of Series C Preferred Stock). 

4.    Optional Conversion. 

The holders of the Preferred Stock shall have conversion rights as follows (the “Conversion Rights”): 

4.1    Right to Convert. 

4.1.1    Conversion Ratio. Each share of Preferred Stock shall be convertible, at the option of the holder
thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the applicable Original Issue
Price by the applicable Conversion Price (as defined below) in effect at the time of conversion. The “Series A Conversion Price” shall initially be equal to $2.2136. The “Series B Conversion Price” shall initially
be equal to $5.4142. The “Series C Conversion Price” shall initially be equal to $10.855. Such initial Series A Conversion Price, Series B Conversion and Series C Conversion Price, and the rate at which shares of Series A Preferred
Stock, Series B Preferred Stock and Series 

  
 10 

 
B Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below. The “Conversion Price” means the Series A Conversion Price with
respect to the Series A Preferred Stock, the Series B Conversion Price with respect to the Series B Preferred Stock and the Series C Conversion Price with respect to the Series C Preferred Stock. 

4.1.2    Termination of Conversion Rights. In the event of a notice of redemption of any shares of Preferred Stock
pursuant to Section 6, the Conversion Rights of the shares designated for redemption shall terminate at the close of business on the last full day preceding the date fixed for redemption, unless the redemption price is not
fully paid on such redemption date, in which case the Conversion Rights for such shares shall continue until such price is paid in full. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the
Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock. 

4.2    Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of the Preferred
Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Common Stock as determined in good faith by the Board.
Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock the holder is at the time converting into Common Stock and the aggregate number of shares of
Common Stock issuable upon such conversion. 
 4.3    Mechanics of Conversion. 

4.3.1    Notice of Conversion. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred
Stock into shares of Common Stock, such holder shall (a) provide written notice to the Corporation’s transfer agent at the office of the transfer agent for the Preferred Stock (or at principal office of the Corporation if the Corporation
serves as its own transfer agent) that such holder elects to convert all or any number of such holder’s shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder’s shares are
certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably
acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred
Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder’s name or the names of the nominees in which such holder wishes the shares of Common Stock to be
issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder
or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates
(or lost certificate affidavit and 

  
 11 

 
agreement) shall be the time of conversion (the “Conversion Time”), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be
outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number
of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof, a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into
Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends on the shares of Preferred
Stock converted. 
 4.3.2    Reservation of Shares. The Corporation shall at all times when the Preferred Stock
shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to
time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the
Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation,
engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then
par value of the shares of Common Stock issuable upon conversion of the such Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally
issue fully paid and nonassessable shares of Common Stock at such applicable adjusted Conversion Price. 

4.3.3    Effect of Conversion. All shares of Preferred Stock which shall have been surrendered for conversion as
herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in
exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in Subsection 4.2 and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so
converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number
of shares of Preferred Stock accordingly. 
 4.3.4    No Further Adjustment. Upon any such conversion, no
adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion. 

  
 12 

 4.3.5    Taxes. The Corporation shall pay any and all issue and
other similar taxes (other than taxes based on or measured by income) that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this Section 4; provided,
however, that the Corporation shall not be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such conversion. 

4.4    Adjustments to Conversion Price for Diluting Issues. 

4.4.1    Special Definitions. For purposes of this Article Fourth, the following definitions shall apply: 

(a)    “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire
Common Stock or Convertible Securities. 
 (b)    “Convertible Securities” shall mean any evidences of
indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

(c)    “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to
Subsection 4.4.3 below, deemed to be issued) by the Corporation, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible
Securities (clauses (1) and (2), collectively, “Exempted Securities”): 
  

	 	(i)	 shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on Preferred
Stock; 

  

	 	(ii)	 shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by Subsection 4.5, 4.6, 4.7 or 4.8; 

 

	 	(iii)	 shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the
Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board; 

  

	 	(iv)	 shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of
Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each 

  
 13 

	 	
case provided that (1) such issuance is pursuant to the terms of such Option or Convertible Security and (2) either (x) the Option or Convertible Security, under which the shares of
Common Stock are issued, was (I) issued and outstanding as of the date of filing of this Certificate of Incorporation with the Secretary of State of the State of Delaware or (II) at the time of issuance thereof, an Exempted Security
pursuant to the other clauses of this definition or (y) the issuance of such Option or Convertible Security, under which the Common Shares are issued, was approved by the Board; 

 

	 	(v)	 shares of Common Stock issued in an underwritten public offering registered under the Securities Act of 1933,
as amended (the “Securities Act”); 

  

	 	(vi)	 shares of Common Stock, Options or Convertible Securities issued in connection with a bona fide business
acquisition by the Corporation approved by (1) the Board (which approval must include the affirmative vote, consent or approval of a majority of the Preferred Directors) and (2) the Requisite Holders 

 

	 	(vii)	 shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial
institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board; 

  

	 	(viii)	 shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, marketing or other similar agreements or strategic partnerships approved by the Board. 

  
 14 

 4.4.2    No Adjustment of Conversion Price. No adjustment in the
Conversion Price of the shares of Series A Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders of at least sixty-two and one-half percent (62.5%) of the shares of Series A Preferred Stock then outstanding agreeing that no such adjustment shall be made as the result of the issuance
or deemed issuance of such Additional Shares of Common Stock. No adjustment in the Conversion Price of the shares of Series B Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the
Corporation receives written notice from the holders of a majority of the shares of Series B Preferred Stock then outstanding agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares
of Common Stock. No adjustment in the Conversion Price of the shares of Series C Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the
holders of at least sixty percent (60%) of the shares of Series C Preferred Stock then outstanding agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. 

4.4.3    Deemed Issue of Additional Shares of Common Stock. 

(a)    If the Corporation at any time or from time to time after the date of filing of this Certificate of Incorporation
with the Secretary of State of the State of Delaware shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders
of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to
exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options
therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on
such record date. 
 (b)    If the terms of any Option or Convertible Security, the issuance of which resulted in an
adjustment to the applicable Conversion Price pursuant to the terms of Subsection 4.4.4, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but
excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the
exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase
or decrease becoming effective, the applicable Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such applicable Conversion
Price as would have obtained had such revised terms 

  
 15 

 
been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of
increasing the applicable Conversion Price to an amount which exceeds the lower of (i) the applicable Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible
Security, or (ii) the applicable Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or
Convertible Security) between the original adjustment date and such readjustment date. 
 (c)    If the terms of any
Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the applicable Conversion Price pursuant to the terms of Subsection 4.4.4
(either because the consideration per share (determined pursuant to Subsection 4.4.5) of the Additional Shares of Common Stock subject thereto was equal to or greater than the applicable Conversion Price then in effect, or because such Option or
Convertible Security was issued before the date of filing of this Certificate of Incorporation with the Secretary of State of the State of Delaware), are revised as a result of an amendment to such terms or any other adjustment pursuant to the
provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of
shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such
Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in Subsection 4.4.3(a)) shall be deemed to have been issued effective upon such increase or
decrease becoming effective. 
 (d)    Upon the expiration or termination of any unexercised Option or unconverted or
unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the applicable Conversion Price pursuant to the terms of Subsection 4.4.4 below, the
applicable Conversion Price shall be readjusted to such applicable Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

(e)    If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or
Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon
subsequent events, any adjustment to the applicable Conversion Price provided for in this Subsection 4.4.3 shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any
provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 4.4.3). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange
of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated 

  
 16 

 
at all at the time such Option or Convertible Security is issued or amended, any adjustment to the applicable Conversion Price that would result under the terms of this Subsection 4.4.3 at the
time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to
the applicable Conversion Price that such issuance or amendment took place at the time such calculation can first be made. 

4.4.4    Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the
Corporation shall at any time issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share
less than the applicable Conversion Price in effect immediately prior to such issuance or deemed issuance, then the applicable Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 
 CP2 = CP1* (A + B) ÷ (A + C). 
 For
purposes of the foregoing formula, the following definitions shall apply: 
 (a)    “CP2” shall mean the applicable Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock 

(b)    “CP1” shall mean the applicable Conversion Price
in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock; 

(c)    “A” shall mean the number of shares of Common Stock outstanding immediately prior to such issuance or
deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or
exchange of Convertible Securities (including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(d)    “B” shall mean the number of shares of Common Stock that would have been issued if such Additional
Shares of Common Stock had been issued or deemed issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received by the Corporation in respect of such
issue by CP1); and 
 (e)    “C” shall mean the
number of such Additional Shares of Common Stock issued in such transaction. 

  
 17 

 4.4.5    Determination of Consideration. For purposes of this
Subsection 4.4, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows: 

(a)    Cash and Property: Such consideration shall: 

 

	 	(i)	 insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation,
excluding amounts paid or payable for accrued interest, without deducting any discounts, commissions or other expenses paid or incurred by the Corporation in connection with the issuance or sale thereof; 

 

	 	(ii)	 insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of
such issue, as determined in good faith by the Board irrespective of any accounting treatment; 

  

	 	(iii)	 in the event Additional Shares of Common Stock are issued together with other shares or securities or other
assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board; and 

 

	 	(iv)	 in the case of an issuance or sale of Options or Convertible Securities together with other securities of the
Corporation in an integrated transaction in which no specific consideration is allocated to such Options or Convertible Securities, the Board shall determine in good faith the portion of the consideration so received to be allocable to such
securities, Options or Convertible Securities. 

  
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 (b)    Options and Convertible Securities. In the event that the
Corporation at any time or from time to time shall issue any securities (excluding Exempted Securities) that by their terms are convertible into or exchangeable for Convertible Securities or Options (excluding Options or Convertible Securities which
are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities then entitled to receive any such Options or Convertible Securities, the following provisions shall apply for all purposes of
this Subsection 4.4: 
  

	 	(i)	 The aggregate maximum number of shares of Common Stock deliverable upon exercise of such Options, assuming the
satisfaction of any conditions to exercisability (including, without limitation, the passage of time), shall be deemed to be Additional Shares of Common Stock issued at the time such Options were issued and for a consideration equal to the
consideration (determined in the manner provided in Subsections 4.4.5(a)(i)-(iii)), if any, received by the Corporation upon the issuance of such Options plus the minimum exercise price provided in such Options. 

 

	 	(ii)	 The aggregate maximum number of shares of Common Stock deliverable upon conversion of or in exchange for such
Convertible Securities or upon the exercise of Options for such Convertible Securities and subsequent conversion or exchange thereof, assuming the satisfaction of any conditions to convertibility or exchangeability and exercisability (including,
without limitation, the passage of time), shall be deemed to be Additional Shares of Common Stock issued at the time such Convertible Securities were issued or such Options for Convertible Securities were issued and for a consideration equal to the
consideration, if any, received by the Corporation for any such Convertible Securities and related Options, plus the minimum additional consideration, if any, to be received by the Corporation upon the conversion or exchange of such Convertible
Securities or the exercise of any related Options (the consideration in each case to be determined in the manner provided in Subsections 4.4.5(a)(i)-(iii). 

  

	 	(iii)	 In the event of any change in the number of shares of Common Stock deliverable or in the consideration payable
to the Corporation upon exercise of such Options or upon conversion of or in exchange for such 

  
 19 

	 	
Convertible Securities (including, without limitation, a change resulting from the antidilution provisions thereof), the Conversion Prices, to the extent in any way affected by or initially
determined using such Options or Convertible Securities, shall be recomputed to reflect such change. 

  

	 	(iv)	 Upon the expiration of any such Options, the Conversion Prices, to the extent in any way affected by the
issuance of such Options, shall be recomputed to reflect the issuance of only the number of shares of Common Stock actually issued or issuable upon the exercise of such Options. 

 

	 	(v)	 No readjustment or readjustments pursuant to either Subsections 4.4.5(b)(iii) or (iv) shall have the
effect of increasing the Conversion Price of any shares of Preferred Stock to an amount that exceeds the lower of (x) the Conversion Price of such shares of Preferred Stock on the date of filing of this Certificate of Incorporation with the
Secretary of State of the State of Delaware or (y) the Conversion Price that would have resulted from all issuances of Additional Shares of Common Stock between the date of filing of this Certificate of Incorporation with the Secretary of State
of the State of Delaware and such readjustment date. In the event of any adjustment to the Conversion Price of any shares of Preferred Stock as a result of the issuance of Options or Convertible Securities pursuant to this Subsection 4.4, no further
adjustment to such Conversion Price shall be made for the actual issuance of shares of Common Stock upon the exercise of any such Options or the conversion or exchange of such Convertible Securities. 

4.4.6    Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares
of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the applicable Conversion Price pursuant to the terms of Subsection 4.4.4, and such issuance dates occur within

  
 20 

 
a period of no more than ninety (90) days from the first such issuance to the final such issuance, then, upon the final such issuance, the applicable Conversion Price shall be readjusted to
give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

4.5    Adjustment for Stock Splits and Combinations. In the event that the Corporation should at any time, or from
time to time, fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of holders of shares of Common Stock entitled to receive a distribution payable in additional shares of
Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares of Common Stock (“Common Share Equivalents”) without payment of any consideration by
such holder for the additional shares of Common Stock or Common Share Equivalents (including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend
distribution, split or subdivision if no record date is fixed), the Conversion Price of each share of Preferred Stock shall be appropriately decreased so that the number of shares of Common Stock issuable on conversion thereof shall be increased in
proportion to such increase of the aggregate of shares of Common Stock outstanding and those issuable with respect to such Common Share Equivalents (determined in the manner provided for deemed issuances set forth in Subsection 4.4.5(b).
Notwithstanding the foregoing, if such record date shall have been fixed and any such distribution is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price of each share of Preferred Stock shall be
recomputed accordingly as of the close of business on such record date and thereafter such Conversion Price shall be adjusted pursuant to this subsection 4.5 as of the time of actual payment of such distributions. If the number of shares of Common
Stock outstanding at any time is decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion Price of each series of Preferred Stock shall be appropriately increased so
that the number of shares of Common Stock issuable on conversion thereof shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 

4.6    Adjustment for Certain Dividends and Distributions. In the event the Corporation at any time or from time
to time shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event
the applicable Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the
applicable Conversion Price then in effect by a fraction: 
 (1)    the numerator of which shall be the total number of
shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and 

  
 21 

 (2)    the denominator of which shall be the total number of shares of
Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Notwithstanding the foregoing (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made
on the date fixed therefor, the applicable Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the applicable Conversion Price shall be adjusted pursuant to this subsection as of the time
of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the
number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

4.7    Adjustments for Other Dividends and Distributions. In the event the Corporation at any time or from time to
time shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in
respect of outstanding shares of Common Stock) or in other property and the provisions of Section 1 do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive,
simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all
outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

4.8    Adjustment for Merger or Reorganization, etc. Subject to the provisions of Subsection 2.3, if there
shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Preferred Stock) is converted into or exchanged for securities, cash or other property
(other than a transaction covered by Subsections 4.4, 4.6 or 4.7), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be
convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon
conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the Corporation) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders
of the Preferred Stock, to the end that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the applicable Conversion Price shall thereafter be applicable, as
nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of such Preferred Stock. 

  
 22 

 4.9    Certificate as to Adjustments. Upon the occurrence of
each adjustment or readjustment of the applicable Conversion Price pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days
thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of affected Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities,
cash or other property into which such Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any
time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the applicable Conversion Price then in effect, and
(ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of such Preferred Stock. 

4.10    Notice of Record Date. In the event: 

(a)    the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the
time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any
other securities, or to receive any other security; or 
 (b)    of any capital reorganization of the Corporation, any
reclassification of the Common Stock of the Corporation, or any Deemed Liquidation Event; or 
 (c)    of the voluntary
or involuntary dissolution, liquidation or winding-up of the Corporation, 
 then, and in each such case, the
Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution
or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any
is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other
capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per
share and character of such exchange applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice. 

  
 23 

 5.    Mandatory Conversion. 

5.1    Trigger Events. Upon either (a) the closing of an underwritten public offering pursuant to an effective
registration statement under the Securities Act, resulting in at least $70,000,000 in gross proceeds, before deducting underwriting discount and commissions, to the Corporation and in connection with such offering the Common Stock is listed for
trading on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date
and time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), then (i) all outstanding shares of Preferred Stock shall automatically be
converted into shares of Common Stock, at the then effective conversion rate as calculated pursuant to Subsection 4.1.1. and (ii) such shares may not be reissued by the Corporation. 

5.2    Procedural Requirements. All holders of record of shares of Preferred Stock shall be sent written notice of
the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this Section 5. Such notice need not be sent in advance of the occurrence of the Mandatory
Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been
lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or
destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of
transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to Section 5, including the
rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such
time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this Subsection
5.2). The Corporation shall, as soon as practicable and in no event later than ten (10) days after (x) if shares of Preferred Stock are certificated, the delivery date of said certificates to the Corporation, or (y) if shares of
Preferred Stock are not certificated, the effective conversion date of said shares of Preferred Stock: (i) if Common Shares are certificated, issue and deliver at such office to such holder of shares of Preferred Stock, or to the nominee or
nominees of such holder, a certificate or certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid; (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any fraction of a share
of Common Stock otherwise issuable upon such conversion; and (iii) pay any unpaid distributions on the shares of Preferred Stock converted. The person or persons entitled to receive the shares of Common Stock issuable upon such conversion
pursuant to this Subsection 5.2 shall be treated for all purposes as the record holder or holders of such shares of Common Stock as of the effective date of such conversion. If the conversion is in connection with an underwritten offering of
securities registered pursuant to the Securities Act, the conversion may, at the option of any holder tendering shares of Preferred Stock for conversion, be conditioned upon the closing with the underwriters of the sale of securities pursuant to
such offering in which event the person(s) entitled to receive the shares of Common Stock upon conversion of the Shares of Preferred Stock shall not be deemed to have converted such shares of Preferred Stock until immediately prior to the closing of
such sale of securities. 

  
 24 

 6.    Redemption. 

6.1    General. If, at any time after April 1, 2022, the Requisite Holders request, by written notice
delivered to the Corporation and each other holder of shares of Preferred Stock, that the Corporation redeem the outstanding Preferred Stock, the Corporation shall redeem all of the outstanding shares of Preferred Stock in three equal annual
installments and the first such installment shall be a business day that is not more than 120 days after the Corporation’s receipt of such request. The date of each such installment shall be referred to herein as a “Redemption
Date”. The Corporation shall effect such redemption on each Redemption Date by paying the holders of the shares of Preferred Stock to be redeemed on such Redemption Date, in cash therefor, the amount per share of Preferred Stock equal to
the greater of (A) the applicable Original Issue Price of such share of Preferred Stock and (B) the fair market value of such share of Preferred Stock as determined in good faith by the Board (the “Redemption Price”). In
the event that the Requisite Holders disagree with the fair market value established by the Board, the Corporation and the Requisite Holders shall mutually agree upon and select an independent investment bank, accounting firm or other financial
institution to determine the fair market value (the “Independent Evaluator”); provided that in the event that the Corporation and the Requisite Holders are unable to mutually agree on an Independent Evaluator, the Corporation and
the Requisite Holders shall each select an Independent Evaluator and the two Independent Evaluators shall mutually agree upon a final Independent Evaluator to determine such fair market value. The final Independent Evaluator’s determination of
the fair market value of each share of Preferred Stock shall be set forth in a written detailed report mutually addressed to the Board and the holders of the shares of Preferred Stock and such determination shall be final, conclusive and binding
upon the Corporation and such holders. All costs related to the appointment of and valuation by the Independent Evaluators shall be shared equally between the Corporation and the holders of the shares of Preferred Stock. On each Redemption Date, the
Corporation shall redeem, on a pro rata basis in accordance with the number of shares of Preferred Stock held by each holder thereof, that number of outstanding shares of Preferred Stock determined by dividing (i) the total number of shares of
Preferred Stock outstanding immediately prior to such Redemption Date by (ii) the number of remaining Redemption Dates (including the Redemption Date to which such calculation applies). If the redemption by the Corporation of all shares of
Preferred Stock to be redeemed on such Redemption Date would be prohibited by Delaware law governing distributions to stockholders, the Corporation shall redeem a pro rata portion of such shares of Preferred Stock held by each holder thereof to the
extent such redemption would not be prohibited by such provisions of Delaware law governing distributions to stockholders based on the respective amounts which would otherwise be payable in respect of the shares of Preferred Stock to be redeemed if
the redemption of all such shares of Preferred Stock would not be prohibited by such provisions of Delaware law governing distributions to stockholders and shall redeem the remaining shares of Preferred Stock to have been redeemed as soon as
practicable after the Corporation would not be prohibited from making such redemption under such provisions of Delaware law governing distributions to stockholders, provided that the redemption of all shares of Preferred Stock shall be prior and in
preference to the redemption of any other shares of capital stock or other equity securities of the Corporation. 

  
 25 

 6.2    Redemption Notice. The Corporation shall send (via an
internationally recognized overnight courier) written notice of the mandatory redemption (the “Redemption Notice”) to each holder of record of shares of Preferred Stock not less than thirty (30) days prior to each Redemption
Date. Each Redemption Notice shall state (i) the Redemption Price for the Preferred Shares to be redeemed on such Redemption Date; and (ii) the Redemption Date and the place at which such holders may obtain payment of such Redemption Price
upon surrender of their share certificates (if any). 
 6.3    Surrender of Certificates; Payment. Each holder
of shares of Preferred Stock to be redeemed shall surrender such holder’s certificates representing such shares of Preferred Stock (if any) to the Corporation in the manner and at the place designated in the Redemption Notice. The Redemption
Price of the shares of Preferred Stock to be redeemed hereunder shall be payable to the order of the person in whose name such shares of Preferred Stock are owned as shown on the books and records of the Corporation and each such redeemed share of
Preferred Stock shall be canceled. In the event less than all the shares of Preferred Stock represented by such certificates (if any) are redeemed, a new certificate shall be issued representing the unredeemed shares of Preferred Stock. If the
Redemption Notice shall have been duly delivered, and if on the applicable Redemption Date the Redemption Price payable upon redemption of the shares of Preferred Stock to be redeemed on such Redemption Date is paid or tendered for payment, then,
notwithstanding that any certificates evidencing such shares of Preferred Stock so called for redemption shall not have been surrendered, all rights with respect to such shares of Preferred Stock shall forthwith terminate as of the Redemption Date
except only the right of the holders to receive the aggregate Redemption Price without interest upon surrender of their certificate or certificates (if any) therefor (or such holder notifies the Corporation that such certificates have been lost,
stolen or destroyed and such holder executes an agreement to indemnify the Corporation from any loss incurred by it in connection with such certificates). 

7.    Preemptive Rights. 

7.1    Offered Securities. Each holder of Preferred Stock that is an “accredited investor” within the
meaning of Regulation D as promulgated under the Securities Act (each, a “Qualified Holder”) shall have the right to purchase up to its pro rata share (as set forth in Section 7.2) of all Preferred Stock, Common Stock, Options
or Convertible Securities (together with a right of over-subscription as set forth in Section 7. 2) that the Corporation may, from time to time, propose to sell or issue, other than the Exempted Securities (the “Offered
Securities”). 
 7.2    . Qualified Holders’ Pro Rata Share. Each Qualified Holders’ pro rata
share is equal to the ratio of (a) the number of shares of Common Stock owned by such Qualified Holder, calculated on a Fully-Diluted Basis, immediately prior to the issuance of the Offered Securities to (b) the total number of shares of
Common Stock outstanding, calculated on a Fully-Diluted Basis, immediately prior to the issuance of the Offered Securities. “Fully-Diluted Basis” means, at the relevant time of determination, the

  
 26 

 
number of shares of Common Stock outstanding assuming the conversion and exchange of all outstanding convertible and exchangeable securities (including the conversion of the shares of Preferred
Stock into shares of Common Stock) and the exercise of all then outstanding warrants, options or other rights to subscribe for or purchase any shares of Preferred Stock or Common Stock. 

7.3    Exercise of Rights. If the Corporation proposes to issue any Offered Securities, it shall first give each
Qualified Holder written notice of its intention, describing the Offered Securities, the price, the terms and the conditions upon which the Corporation proposes to issue the same and, if applicable, the identity of the persons to which the Offered
Securities are intended to be offered (the “Offer Notice”). Each Qualified Holder shall have fifteen (15) business days from the delivery of the Offer Notice (the “Election Period”) to decide whether to
purchase its pro rata share of the Offered Securities for the price specified in the Offer Notice by giving written notice to the Corporation and stating therein the quantity of Offered Securities, if any, that it elects to purchase. If the
consideration to be paid by others for the Offered Securities is not cash, the fair market value of the consideration shall be determined in good faith by the Board and a reasonably detailed explanation of the Board’s determination of such
value shall be included in the Offer Notice. All Qualified Holders electing to participate in the issuance of such Offered Securities (the “Electing Holders”) shall pay the cash equivalent thereof as so determined. If less than all
of the Qualified Holders elect to purchase their full pro rata share of the Offered Securities, then the Corporation shall promptly notify in writing the Electing Holders and shall offer such Electing Holders the right to acquire the remaining
Offered Securities (the “Unsubscribed Securities”). Each of the Electing Holders shall have five (5) business days (the “Oversubscription Election Period”) after receipt of such notice to notify
the Corporation of its election to purchase all or a portion of the Unsubscribed Securities (each such Electing Holder, an “Oversubscribing Holders”). If, as a result thereof, the Oversubscribing Holders’ oversubscription
exceeds the total number of Unsubscribed Securities available to be purchased, the Unsubscribed Securities shall be allocated among the Oversubscribing Holders on a pro rata basis in accordance with their relative holdings of shares of Common Stock
issuable upon conversion of the Preferred Stock then held by them, or as they otherwise agree among themselves. 

7.4    Third Party Sales of Offered Securities. If, following the Corporation’s compliance with this
Section 7, the Qualified Holders do not purchase all of the Offered Securities, the Corporation shall have ninety (90) days after the expiration of the Oversubscription Election Period to sell the Offered Securities that the Qualified
Holders did not purchase at a price and upon terms and conditions no more favorable to the purchasers thereof than specified in the Offer Notice. If the Corporation has not sold such Offered Securities within such
90-day period, the Corporation shall not thereafter issue or sell any Offered Securities without first offering such securities to the Qualified Holders in the manner provided in this Section 7. 

  
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 7.5    Waiver. Notwithstanding any other provision set forth
herein, any and all rights arising under this Section 7 with respect to the issuance of any Offered Securities to any person may be waived, either prospectively or retrospectively, by the Requisite Holders and any such waiver shall be effective
as to all Qualified Holders with such rights under this Section 7; provided that to the extent that such waiver would result in the quotient of (a) the number of such Offered Securities being offered by the Company to any Qualified Holder
and its affiliates (under this Section 7 or otherwise) and (b) the total number of such Offered Securities being offered by the Corporation to all Qualified Holders and their affiliates (under this Section 7 or otherwise) being less
than the quotient of (i) the number of shares of Common Stock owned by such Qualified Holder and its affiliates, calculated on a Fully-Diluted Basis, immediately prior to the issuance of the Offered Securities and (ii) the total number of
shares of Common Stock owned by all Qualified Holders and their affiliates, calculated on a Fully-Diluted Basis, immediately prior to the issuance of the Offered Securities, then such waiver shall require the written consent of such Qualified
Holder. 
 7.6    Termination. The rights and obligations set forth in this Section 7 shall
immediately terminate upon the earliest of (a) the closing of a QPO or (b) the consummation of a Sale Transaction. 

8.    Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock that are redeemed or otherwise acquired
by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights
granted to the holders of Preferred Stock following redemption. 
 9.    Waiver. Any of the rights, powers,
preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the Requisite Holders. Any of the rights of the holders of Series A Preferred
Stock set forth herein may be waived by the affirmative consent or vote of the holders of at least sixty-two and one-half percent (62.5%) of the shares of Series A
Preferred Stock then outstanding. Any of the rights of the holders of Series B Preferred Stock set forth herein may be waived by the affirmative consent or vote of the holders of a majority of the shares of Series B Preferred Stock then outstanding.
Any of the rights of the holders of Series C Preferred Stock set forth herein may be waived by the affirmative consent or vote of the holders of at least sixty percent (60%) of the shares of Series C Preferred Stock then outstanding. 

10.    Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder
of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General Corporation Law, and shall
be deemed sent upon such mailing or electronic transmission. 

  
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 FIFTH: The name and mailing address of the sole
incorporator are as follows: 
  

			
	 NAME
  

John Houston, Ph.D.
	  	 MAILING ADDRESS
  

c/o Arvinas, Inc.
 5 Science Park

395 Winchester Avenue
 New Haven, CT 06511

 SIXTH: Subject to any additional vote required by this Certificate of Incorporation or
Bylaws, in furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation. 

SEVENTH: Subject to any additional vote required by this Certificate of Incorporation, the number of directors
of the Corporation shall be determined in the manner set forth in the Bylaws of the Corporation. Each director shall be entitled to one vote on each matter presented to the Board. 

EIGHTH: Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so
provide. 
 NINTH: Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws
of the Corporation may provide. The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws of the Corporation. 

TENTH: To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to
the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article Tenth to
authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so
amended. 
 Any repeal or modification of the foregoing provisions of this Article Tenth by the stockholders of the Corporation shall not
adversely affect any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director occurring prior to, such repeal or
modification. 
 ELEVENTH: To the fullest extent
permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the
Corporation to provide indemnification) through Bylaw 

  
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provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by
Section 145 of the General Corporation Law. 
 Any amendment, repeal or modification of the foregoing provisions
of this Article Eleventh shall not (a) adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal or modification or (b) increase the liability of any
director of the Corporation with respect to any acts or omissions of such director, officer or agent occurring prior to, such amendment, repeal or modification. 

TWELFTH: The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the
Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which
otherwise comes into the possession of, (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Preferred Stock or any partner, member, director, stockholder,
employee, affiliate or agent of any such holder, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, the persons referred to in clauses (i) and (ii) are “Covered Persons”), unless
such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person’s capacity as a director of the Corporation
while such Covered Person is performing services in such capacity. Any repeal or modification of this Article Twelfth will only be prospective and will not affect the rights under this Article Twelfth in effect at the time of the occurrence of any
actions or omissions to act giving rise to liability. Notwithstanding anything to the contrary contained elsewhere in this Certificate of Incorporation, the affirmative vote of the Requisite Holders, will be required to amend or repeal, or to adopt
any provisions inconsistent with this Article Twelfth. 
 THIRTEENTH: Unless the Corporation consents in
writing to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought
on behalf of the Corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action
asserting a claim against the Corporation, its directors, officers or employees arising pursuant to any provision of the Delaware General Corporation Law or the Corporation’s certificate of incorporation or bylaws or (iv) any action
asserting a claim against the Corporation, its directors, officers or employees governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an
indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the
exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction. If any provision or provisions of this Article Thirteenth shall be held to be invalid,

  
 30 

 
illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of
such provisions in any other circumstance and of the remaining provisions of this Article Thirteenth (including, without limitation, each portion of any sentence of this Article Thirteenth containing any such provision held to be invalid, illegal or
unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby. 

  
 31 

 IN WITNESS WHEREOF, this Certificate of Incorporation has been executed by the sole
incorporator of this corporation on this 26th day of September, 2018. 
  

			
	By:	 	 /s/ John Houston

		 	John Houston, Ph.D.
		 	Sole Incorporator

  
 32

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