Document:

Exhibit 10.3

 

WARRANT EXERCISE AGREEMENT

 

This Warrant Exercise Agreement (this “Agreement”),
dated as of June 21, 2017, is by and between TapImmune Inc., a Nevada corporation (the “Company”) and the undersigned
holder (the “Holder”) of that certain Series E Warrant to Purchase Common Stock issued by the Company to the
Holder, which warrant is exercisable at an exercise price (the “Series E Warrant Exercise Price”) of $15.00
per share (the “Series E Warrant”).

 

WHERAS, the Holder’s Series E Warrant
is exercisable for a number of shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”)
as set forth on such Holder’s signature page hereto (the “Series E Warrant Shares”);

 

WHEREAS, the Holder wishes to partially
exercise such Series E Warrant with respect to the number of Series E Warrant Shares which shall have an aggregate exercise price
of approximately $333,333 as set forth on such Holder’s signature page hereto and, immediately prior to such exercise and
in consideration of the Holder’s agreement to so exercise such Series E Warrant, the Company has agreed to reduce the Series
E Warrant Exercise Price for such exercised portion of the Series E Warrant to $3.97 per share (the “Revised Series E
Warrant Exercise Price”); and

 

WHEREAS, in further consideration of the
foregoing, the Company and the Holder shall agree that (a) the exercise price of the Series E Warrant that remains outstanding
following the partial exercise described above shall be reduced to $4.50 per share with respect to 75% of the Series E Warrant
Shares as set forth on such Holder’s signature page hereof (each subject to adjustment for forward and reverse stock splits,
recapitalizations, stock dividends and similar events); (b) the exercise price of the Series D Warrant to Purchase Common Stock
issued by the Company to the Holder, which warrant is exercisable at an exercise price of $9.00 per share (the “Series
D Warrant”) shall be reduced to $4.00 per share with respect to 75% of the shares of Common Stock underlying the Series
D Warrant (the “Series D Warrant Shares”) as set forth on such Holder’s signature page hereof (each subject
to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and similar events); (c) the exercise price
of the Series F Warrant to Purchase Common Stock issued by the Company to the Holder, which warrant is exercisable at an exercise
price of $7.20 per share (the “Series F Warrant”) shall be reduced to $4.00 per share with respect to 75% of
the shares of Common Stock underlying the Series F Warrant (the “Series F Warrant Shares”) as set forth on such
Holder’s signature page hereof (each subject to adjustment for forward and reverse stock splits, recapitalizations, stock
dividends and similar events); and (d) the exercise price of the Series C Warrant to Purchase Common Stock issued by the Company
to the Holder, which warrant is exercisable at an exercise price of $6.00 per share (the “Series C Warrant”)
shall be reduced to $4.00 per with respect to 75% of the shares of Common Stock underlying the Series C Warrant (the “Series
C Warrant Shares”) as set forth on such Holder’s signature page hereof (each subject to adjustment for forward
and reverse stock splits, recapitalizations, stock dividends and similar events);

 

NOW, THEREFORE, IN CONSIDERATION of the
mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the Holder and the Company agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1 Definitions.
Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the Series E Warrant.

 

    1

     

    

 

ARTICLE II

EXERCISE OF WARRANTS; 

REDUCTION OF EXERCISE PRICES OF WARRANTS

 

Section 2.1 Exercise of Series
E Warrant. The Company and the Holder hereby agree that the Series E Warrant Exercise Price shall be reduced to the Revised
Series E Warrant Exercise Price with respect to the number of Series E Warrant Shares which shall have an aggregate exercise price
of approximately $333,333 as set forth on such Holder’s signature page hereto and the Holder shall partially exercise the
Series E Warrant for the number of Series E Warrant Shares underlying such Holder’s Series E Warrant at the Revised Exercise
Price per share, for aggregate cash proceeds to the Company in the amount set forth on the Holder’s signature page hereto,
pursuant to the terms of the Series E Warrant. Holder shall execute and deliver the aggregate cash exercise price for such Series
E Warrant to the bank account set forth on the Company’s signature page hereto and the Company shall deliver the Series E
Warrant Shares to the Holder via the Depository Trust Company Deposit or Withdrawal at Custodian system pursuant to the instructions
set forth on the Holder’s signature page hereto.

 

Section 2.2 Reduction of Exercise
Prices for 75% of Remaining Series E Warrant, Series D Warrant, Series F Warrant and Series C Warrant. The Company and the
Holder hereby agree that:

 

(a) the exercise price of the Series E
Warrant that remains outstanding following the partial exercise described above shall be reduced to $4.50 per share with respect
to the number of Series E Warrant Shares as set forth on such Holder’s signature page hereof (each subject to adjustment
for forward and reverse stock splits, recapitalizations, stock dividends and similar events);

 

(b) the exercise price of the Series D
Warrant, which warrant is exercisable at an exercise price of $9.00 per share, shall be reduced to $4.00 per share with respect
to the number of Series D Warrant Shares as set forth on such Holder’s signature page hereof (each subject to adjustment
for forward and reverse stock splits, recapitalizations, stock dividends and similar events);

 

(c) the exercise price of the Series F
Warrant, which warrant is exercisable at an exercise price of $7.20 per share, shall be reduced to $4.00 per share with respect
to the number of Series F Warrant Shares as set forth on such Holder’s signature page hereof (each subject to adjustment
for forward and reverse stock splits, recapitalizations, stock dividends and similar events); and

 

(d) the exercise price of the Series C
Warrant, which warrant is exercisable at an exercise price of $6.00 per share, shall be reduced to $4.00 per with respect to the
number of Series C Warrant Shares as set forth on such Holder’s signature page hereof (each subject to adjustment for forward
and reverse stock splits, recapitalizations, stock dividends and similar events).

 

Section 2.3 Filing of Form
8-K and Prospectus Supplement. On or before 9:00 a.m., New York time, on the first (1st) Business Day following the execution
of this Agreement by the Company and the Holder, the Company shall file a Current Report on Form 8-K, including the form of this
Agreement (the “8-K Filing”), with the Securities and Exchange Commission (“Commission”)
in the form required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”). From and after
the 8-K Filing, the Company represents to the Holder that it shall have publicly disclosed all material, non-public information
delivered to the Holder by the Company, or any of their respective officers, directors, employees or agents. In addition, effective
upon the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company or any of their respective officers, directors, agents, employees or affiliates on
the one hand, and the Holder or any of its affiliates on the other hand, shall terminate.

 

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ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1 Representations
and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to the Holder that
as of the date of its execution of this Agreement:

 

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

 

(b) Authorization; Enforcement. The
Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part
of such Company and no further action is required by such Company, its board of directors or its stockholders in connection therewith.
This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the
valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

 

(c) No Conflicts.
The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate or
articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien upon any
of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing Company
debt or otherwise) or other understanding to which the Company is a party or by which any property or asset of the Company is bound
or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected.

 

(d) Issuance of Series
E Warrant Shares; Registration Statement. The Series E Warrant Shares are duly authorized and, when issued and paid for in
accordance with the terms of the Series E Warrants (as amended hereby), will be duly and validly issued, fully paid and nonassessable,
free and clear of all liens imposed by the Company. The Company has prepared and filed a registration statement on Form S-3, File
No. 333-215258 (the “Registration Statement”) in conformity with the requirements of the Securities Act
of 1933, as amended (the “Securities Act”), which became effective on January 18, 2017 (the “Effective
Date”), including the prospectus therein (“Prospectus”), and such amendments and supplements thereto
as may have been required to the date of this Agreement. The 8-K Filing shall be incorporated by reference into the Registration
Statement, thereby updating the Prospectus included therein. The Series E Warrant Shares are registered for issuance and resale
by the Holder on the Registration Statement and the Company knows of no reasons why such Registration Statement shall not remain
available for the issuance and resale of such Series E Warrant Shares for the foreseeable future. The Company shall use its reasonable
best efforts to keep the Registration Statement effective and available for use by the Holder until all Series E Warrant Shares
are sold by the Holder. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending
the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission
and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Securities
and Exchange Commission (“Commission”). At the time the Registration Statement and any amendments thereto became
effective and at the date of this Agreement, the Registration Statement and any amendments thereto conformed and will conform in
all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;
and the Prospectus and any amendments or supplements thereto, at time the Prospectus or any amendment or supplement thereto was
issued and, as of the date hereof, conform in all material respects to the requirements of the Securities Act and did not and will
not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading.

 

    3

     

    

 

(e) Disclosure. Except
with respect to the material terms and conditions of the transactions contemplated by this Agreement and the other information
set forth in the 8-K Filing, the Company confirms that neither it nor any other person acting on its behalf has provided any of
Holder or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information.
The Company understands and confirms that the Holder will rely on the foregoing representation in effecting transactions in securities
of the Company. All of the disclosure furnished by or on behalf of the Company to the Holder regarding the Company and its subsidiaries,
their respective businesses and the transactions contemplated hereby, including but not limited to the disclosure set forth in
the SEC Reports, is true and correct and does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
As used herein, “SEC Reports” means all reports, schedules, forms, statements and other documents required to
be filed by the Company with the Commission pursuant to the reporting requirements of the 1934 Act, including all exhibits included
therein and financial statements, notes and schedules thereto and documents incorporated by reference therein.

 

Section 3.2 Representations
and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth below to the Company
that as of the date of its execution of this Agreement:

 

(a) Due
Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of
the Holder, enforceable against it in accordance with its terms.

 

(b) No
Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder of the
transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s organizational
or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority which would interfere with the ability of the Holder
to perform its obligations under this Agreement.

 

(c) Access
to Information. Such Holder acknowledges that it has had the opportunity to review the reports filed by the Company with the
Commission and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions of the exercise of the Series E Warrants and
the merits and risks of investing in the Series E Warrant Shares; (ii) access to information about the Company and its financial
condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment;
and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

(d) Holder Status.
The Holder is an “accredited investor” as defined in Rule 501 under the Securities Act.

 

    4

     

    

 

(e) Understandings or
Arrangements. Such Holder is acquiring the Series E Warrant Shares as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Series E Warrant Shares
(this representation and warranty not limiting such Holder’s right to sell the Series E Warrant Shares pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Holder is acquiring the Series E
Warrant Shares hereunder in the ordinary course of its business.

  

ARTICLE IV

MISCELLANEOUS

 

Section 4.1 Short
Sales. After the date hereof, the Holder covenants that neither it nor any affiliates acting on its behalf or pursuant to
any understanding with it will execute any Short Sales (as defined below) during the period from the date hereof until the one
year anniversary of the date of this Agreement. “Short Sales” means all “short sales” as defined in Rule
200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable
shares of Common Stock).

 

Section 4.2 Other Holders. The Company
acknowledges and agrees that the obligations of the Holder under this Agreement are several and not joint with the obligations
of any other holder of any other holders of the Series E Warrants, Series D Warrants, Series F Warrants, Series C Warrants, Series
E-1 Warrants, Series D-1 Warrants, Series F-1 Warrants and Series C-1 Warrants of the Company (each, an “Other Holder”)
under any other agreement related to the exercise of such warrants (“Other Warrant Exercise Agreement”), and
the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such Other
Warrant Exercise Agreement. Nothing contained in this Agreement, and no action taken by the Holder pursuant hereto, shall be deemed
to constitute the Holder and the Other Holders as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Agreement and the Company acknowledges that the Holder and the Other Holders
are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or
any Other Warrant Exercise Agreement. The Company and the Holder confirm that the Holder has independently participated in the
negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled
to independently protect and enforce their rights, including, without limitation, the rights arising out of this Agreement, and
it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose. The Company
hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms
offered to any Other Holder with respect to any Other Warrant Exercise Agreement (or any amendment, modification or waiver thereof),
is or will be more favorable to such Other Holder than those of the Holder pursuant to this Agreement.

 

Section 4.3 Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made in accordance
with Section 8 of the Series E Warrant.

 

Section 4.4 Survival.
All representations and warranties (as of the date such representations and warranties were made) made herein or in any certificate
or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been relied upon by the parties
hereto and shall survive the issuance of the Series E Warrant Shares. This Agreement shall inure to the benefit of and be binding
upon the successors and permitted assigns of each of the parties; provided however that no party may assign this Agreement or the
obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

 

    5

     

    

 

Section 4.5 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together 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, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile signature page were an original thereof.

 

Section 4.6 Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

Section 4.7 Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant
to Section 11 of the Series E Warrant.

 

Section 4.8 Entire Agreement.
The Agreement, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to
the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters,
which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section 4.9 Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. 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.

 

Section 4.10 Effectiveness. This
Agreement shall be effective only upon the Company returning a fully-executed copy of this Agreement to the Holder.

 

Section 4.11 Expenses. The Company
shall pay the reasonable legal fees of Holder in connection with the transactions contemplated hereby not to exceed $20,000 in
the aggregate for Iroquois Master Fund Ltd, American Capital Management LLC, the Merav Abbe Irrevocable Trust, the Samantha Abbe
Irrevocable Trust, the Talia Abbe Irrevocable Trust, and the Bennett Abbe Irrevocable Trust.

 

[Signature Pages
to Follow]

 

    6

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	TAPIMMUNE INC.
	 	 
	 	
        
	
	 	By:  	 /s/ Glynn Wilson
	 	 	
        Name: Glynn Wilson, Ph.D.

        Title: Chief Executive Officer

 

Wire Instructions:

 

    [Signature Page to Warrant Exercise Agreement]

     

    

  

[HOLDER SIGNATURE PAGES TO

WARRANT EXERCISE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

Name of Holder: ________________________________

 

Signature of Authorized Signatory of Holder: ________________________________

 

Name of Authorized Signatory: ________________________________

 

Title of Authorized Signatory: ________________________________

 

Date: ________________________________

 

Total Number of Series E Warrant Shares Underlying Series E
Warrant: _________

 

Revised Series E Warrant Exercise Price: $3.97

 

Aggregate Exercise Price to be Paid: $_________

  

 Number of Series E Warrant Shares to be Issued Upon Exercise: _________

 

 DWAC Instructions for Series E Warrant Shares:

 

____________________________

  

____________________________

 

____________________________

 

 

 

Reduction of Exercise Prices for 75% of Each Warrant:

 

Number of Remaining Series E Warrant Shares at Reduced Exercise
Price of $4.50 per Share: _________

 

Number of Series D Warrant Shares at Reduced Exercise Price
of $4.00 per Share: _________

 

Number of Series F Warrant Shares at Reduced Exercise Price
of $4.00 per Share: _________

 

Number of Series C Warrant Shares at Reduced Exercise Price
of $4.00 per Share: _________

 

    [Signature Page to Warrant Exercise Agreement]Exhibit 10.4

 

KATALYST SECURITIES LLC

630 THIRD AVENUE, 5TH FLOOR

NEW YORK, NY 10017

TEL: 212-400-6993

Member: FINRA & SIPC

 

PLACEMENT AGENCY AGREEMENT

 

May 12, 2017

 

FINAL FOR EXECUTION

Mr. Glynn Wilson, Ph.D

Chief Executive Officer

TapImmune Inc.

50 North Laura Street

Suite 2500

Jacksonville, FL 32202

 

		Re:	Private placement offering of TapImmune Inc. Units

 

Dear Mr. Wilson:

 

This Placement Agency
Agreement (“Agreement”) sets forth the terms upon which Katalyst Securities LLC (“Katalyst”),
registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”) (hereinafter referred
to as the “Agent”), shall be engaged by TapImmune Inc., a publicly traded Nevada corporation (hereinafter referred
to as the “Company”), to act as the exclusive Placement Agent in connection with the private placement (the
“Offering”) of the securities of the Company referred to below (the “Securities”). The closing
of the Offering will be conditioned upon and acceptance of subscriptions for the Minimum Amount (as defined below) and the certain
other conditions described herein.

 

1.           Appointment
of Agent.

 

(a)          On
the basis of the written and documented representations and warranties of the Company provided herein, and subject to the terms
and conditions set forth herein, the Company hereby appoints the Agent as an agent of the Company during the Offering Period (as
defined in Section 1(b) below) to assist the Company in finding qualified subscribers for the Offering as described in Section
4(c) of the Subscription Agreement (as defined herein). Katalyst may offer the Securities through other broker-dealers who are
FINRA members (collectively, the “Sub Agents”) and may reallow all or a portion of Katalyst’s Broker Compensation
(as defined in Section 3(a) and 3(b) below) it receives to such other Sub Agents or pay a finders or consultant fee as allowed
by applicable law. On the basis of such representations and warranties and subject to such terms and conditions, the Agent hereby
accepts such appointment and agrees to perform the services hereunder diligently and in good faith and in a professional and businesslike
manner and in compliance with applicable law and to use its reasonable best efforts to assist the Company in finding subscribers
of the Securities who qualify as “accredited investors,” as such term is defined in Rule 501 of Regulation D. The Agent
has no obligation to purchase any of the Securities or sell any Securities. Unless sooner terminated in accordance with this Agreement,
the engagement of the Agent pursuant to subclause above shall continue until the later of the Termination Date or the Closing (as
defined below). The Offering is currently anticipated to be the private placement of Units (“Units”), with each
Unit consisting of (i) one share of the Company’s common stock (the “Common Stock”), par value $0.001
(each, a “Share”) at the Market Value (as defined below) and (ii) one warrant to purchase one share of Common
Stock with an exercise price Market Value(as defined below) per Share (each, a “Warrant” and collectively with
the Shares, the Warrant Shares (as defined herein) and the Units, the “Securities”). The Offering is for a minimum
of gross proceeds of Five Million Dollars ($5,000,000) (the “Minimum Offering”) and a maximum of gross proceeds
of Six Million Dollars ($6,000,000) (the “Maximum Offering”) through the sale of the Units, with an over-subscription
option up to an additional Four Million Dollars ($4,000,000) at the discretion of the Company (the “Over Allotment”).
The offering price per Unit will be at the Market Value (“Market Value”) as defined by NASDAQ1
plus $0.125 (the “Purchase Price”). The Purchase Price represents the Market Value allocated for the share of
the Common Stock in the Unit and the $0.125 is allocated to the Warrant in the Unit.

 

 

1
“Market Value” as set forth in Listing Rule 5005(a)(22) is the consolidated closing bid
price per share of the Common Stock immediately preceding the Company’s acceptance of subscription agreements for at least
the Minimum Offering amount. If the transaction is entered into during market hours, before the close of the regular session at
4PM Eastern Time, the previous trading day’s consolidated closing bid price will be used. If the transaction is entered into
after the close of the regular session, then that day’s consolidated closing bid price will be used.

 

    	Placement Agency Agreement
	1	 

     

    

 

Simultaneously with
the Closing of the Offering, the 653,187 warrants issued in the Company’s August 2016 Private Placement Offering with closing
dates of August 10, 2016 and August 26, 2016 (“2016 Offering”) (each warrant providing for the purchase of one
share of Common Stock) will be repriced, such that the exercise price will be reduced from $6.00 per share to a price equal to
Market Value (that is, the same exercise price as the Warrants being issued in this offering). If any investors who hold warrants
issued in the 2016 Offering invest in this Offering, there is an additional $0.125 (“2016 Warrant Price”) to
the Purchase Price per number of unexercised warrants held by that investor from the 2016 Offering. The 2016 Warrant Price will
need to accompany the subscription price for the Units.

 

The minimum subscription
is Twenty Five Thousand Dollars ($25,000), provided, however, that subscriptions in lesser amounts may be accepted by the
Company in its sole discretion. There will be one Closing, as defined below.

 

(b)          Placement
of the Securities by the Agent will be made on a reasonable best efforts basis. The Company agrees and acknowledges that the Agent
is not acting as an underwriter with respect to the Offering, and the Company shall determine the purchasers in the Offering in
its sole discretion. The Securities will be offered by the Company to potential subscribers, which may include related parties
of the Agent or the Company, with the Closing (as defined below) on or before June 15, 2017 (the “Offering Period”).
The date on which the Offering is terminated shall be referred to as the “Termination Date”. The closing of
the Offering may be held up to ten days after the Termination Date.

 

(c)          The
Company shall only offer securities to and accept subscriptions from or sell Securities to, persons or entities that qualify as
(or are reasonably believed to be) “accredited investors,” as such term is defined in Rule 501(a) of Regulation D (“Regulation
D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under Section
4(a)(2) of the Securities Act of 1933, as amended (the “Act”).

 

(d)          The
offering of Securities will be made by the Agent on behalf of the Company solely pursuant to the Subscription Agreement and the
Exhibits to the Subscription Agreement, including, but not limited to, and to the extent applicable, a Registration Rights Agreement,
the Warrant and any documents, agreements, supplements and additions thereto (collectively, the “Subscription Documents”),
which at all times will be in form and substance reasonably acceptable to the Company and the Agent and their counsel and contain
such legends and other information as the Company, the Agent and their counsel, may, from time to time, deem necessary and desirable
to be set forth therein. No securities may be offered for sale in Canada or to an investor, person or entity, residing in Canada.

 

    	Placement Agency Agreement
	2	 

     

    

 

(e)          With
respect to the Offering, the Company shall provide the Agent, on terms set forth herein, the right to offer all of the available
Securities being offered during the Offering Period (subject to prior offer and sale of some of the Securities). It is understood
that no sale shall be regarded as effective unless and until accepted by the Company. The Company may, in its sole discretion,
accept or reject, in whole or in part, any prospective investment in the Securities or allot to any prospective subscriber less
than the number of Securities that such subscriber desires to purchase. Purchases of Securities may be made by the Agent and any
selected sub-dealers and their respective officers, directors, employees and affiliates and by the officers, directors, employees
and affiliates of the Company (collectively, the “Affiliates”) for the Offering and such purchases will be made by
the Affiliates based solely upon the same information that is provided to the investors in the Offering.

 

2.           Representations,
Warranties and Covenants.

 

A.           Representations,
Warranties and Covenants of the Company. The Company hereby represents and warrants to the Agent that, except as otherwise
set forth in the Company’s SEC Filings (as defined in Section 2A(b) below) immediately prior to the closing of the transactions
contemplated hereby, each of the representations and warranties contained in this Section 2A is true in all respects as of the
date hereof and will be true in all respects as of the Closing Date, as defined under Section 4(e). In addition to the representations
and warranties set forth herein, the Agent shall be entitled to rely upon the representations and warranties made or given by the
Company to any acquirer of Securities in the Offering in any agreement, certificate, legal opinion or otherwise in connection with
an Offering. For purposes of this Section 2A, the term Company includes all of the Company’s subsidiaries (if any).

 

(a)          The
Subscription Documents have been and/or will be prepared by the Company, in conformity with all applicable laws, and in compliance
with Regulation D and/or Section 4(a)(2) of the Act and the requirements of all other rules and regulations (the “Regulations”)
of the SEC relating to offerings of the type contemplated by the Offering, and the applicable securities laws and the rules and
regulations of those jurisdictions wherein the Agent notifies the Company that the Securities are to be offered and sold (including
U.S. states). The Securities will be offered and sold pursuant to the registration exemption provided by Regulation D and/or Section
4(a)(2) of the Act as a transaction not involving a public offering and the requirements of any other applicable state securities
laws and the respective rules and regulations thereunder in those United States jurisdictions in which the Agent notifies the Company
that the Securities are being offered for sale. None of the Company, its predecessors or its affiliates, or any person acting on
its or their behalf (other than the Agent, its affiliates or any person acting on its behalf, in respect of which no representation
is made) has taken nor will it take any action that conflicts with the conditions and requirements of, or that would make unavailable
with respect to the Offering, the exemption(s) from registration available pursuant to Rule 506(b) of Regulation D and/or Section
4(a)(2) of the Act and applicable state securities laws, or knows of any reason why any such exemption would be otherwise unavailable
to it). Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly
made any offers or sales of any security or solicited any offers to buy any security under circumstances that would require registration
under the Act of the issuance of the Securities or the Brokers Warrants (as hereinafter defined). None of the Company, its predecessors
or affiliates has been subject to any order, judgment or decree of any court of competent jurisdiction temporarily, preliminarily
or permanently enjoining such person for failing to comply with Section 503 of Regulation D or the equivalent state securities
law requirements. The Company has not, for a period of six months prior to the commencement of the Offering sold, offered for sale
or solicited any offer to buy any of its securities in a manner that would be integrated with the offer and sale of the Securities
pursuant to this Agreement, would cause the exemption from registration set forth in Rule 506 of Regulation D and state securities
laws to become unavailable with respect to the offer and sale of the Securities to this Agreement in the United States. The Shares,
and the shares issued upon the exercise of the Warrants will be quoted on the OTCQB or the Nasdaq Stock Market, the NYSE, or such
other markets where the Common Stock will be traded (collectively referred to as the “Principal Market”). The Company
has taken no action designed to, or likely to have the effect of, terminating the quotation of the Common Stock on the Principal
Market. The Company, on the Closing Date, will be in compliance with all of the then-applicable requirements for continued quotation
of the Common Stock on the Principal Market.

 

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(b)          The
Subscription Documents, as prepared and contemplated by the Company, will not and do not include any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading. To the knowledge of the Company, none of the statements, documents,
certificates or other items made, prepared or supplied by the Company with respect to the transactions contemplated hereby contains
an untrue statement of a material fact or omits to state a material fact necessary to make the statements contained therein not
misleading in light of the circumstances in which they were made. There is no fact which the Company has not disclosed in the Subscription
Documents or which is not disclosed in the filings (the “SEC Filings”) that the Company makes with the SEC and of which
the Company is aware that materially adversely affects or that could reasonably be expected to have a material adverse effect on
the (i) assets, liabilities, results of operations, condition (financial or otherwise), business or business prospects of the Company
or (ii) ability of the Company to perform its obligations under this Agreement and the other Subscription Documents (the “Company
Material Adverse Effect”). Notwithstanding anything to the contrary herein, the Company makes no representation or warranty
with respect to any estimates, projections and other forecasts and plans (including the reasonableness of the assumptions underlying
such estimates, projections and other forecasts and plans) that may have been delivered to the Agent or its respective representatives,
except that such estimates, projections and other forecasts and plans have been prepared in good faith on the basis of assumptions
stated therein, which assumptions were believed to be reasonable at the time of such preparation. Other than the Company’s
SEC Filings, the Company has not distributed and will not distribute prior to the Closing any offering material in connection with
the offering and sale of the Securities, unless such offering materials are provided to the Agent prior to or simultaneously with
such delivery to the offerees of the Securities.

 

    	Placement Agency Agreement
	4	 

     

    

 

(c)          The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and is qualified
and in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted by the Company
or the property owned or leased by the Company requires such qualification, except to the extent that the failure to be so qualified
or be in good standing would not have a Company Material Adverse Effect. The Company has all requisite corporate power and authority
to conduct its business as presently conducted and as proposed to be conducted (as described in the Subscription Documents and/or
the SEC Filings), has all the necessary and requisite documents and approvals from all state authorities, has all requisite corporate
power and authority to enter into and perform its obligations under this Agreement, the Subscription Agreement substantially in
the form made part of the Subscription Documents (the “Subscription Agreement”), the Registration Rights Agreement
substantially in the form made part of the Subscription Documents (the “Registration Rights Agreement”), the Warrant
Agreement substantially in the form made part of the Subscription Documents (the “Warrant Agreement”), and any other
agreements, if any, contemplated by the Offering (all such agreements, together with this Agreement, the “Company Transaction
Documents”) and subject to necessary Board and stockholder approvals, to issue, sell and deliver the Shares, the Warrants
and the Broker Warrants (as hereinafter defined) (the shares of Common Stock issuable upon exercise of the Warrants and the Broker
Warrants are hereinafter referred to collectively as the “Warrant Shares”) and to make the representations in this
Agreement accurate and not misleading. Prior to the Closing, as defined under Section 4(e), each of the Company Transaction Documents
and the Offering will have been duly authorized. This Agreement has been duly authorized, executed and delivered and constitutes,
and each of the other Company Transaction Documents, upon due execution and delivery, will constitute, valid and binding obligations
of the Company, enforceable against the Company in accordance with their respective terms (i) except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect related to laws
affecting creditors’ rights generally, including the effect of statutory and other laws regarding fraudulent conveyances
and preferential transfers, and except that no representation is made herein regarding the enforceability of the Company’s
obligations to provide indemnification and contribution remedies under the securities laws and (ii) subject to the limitations
imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(d)          None
of the execution and delivery of or performance by the Company under this Agreement or any of the other Company Transaction Documents
or the consummation of the transactions in this Agreement or in the Subscription Documents (including the issuance and sale of
the Shares, the issuance of the Warrants or the issuance of the Warrants Shares conflicts with or violates, or causes a default
under (with our without the passage of time or the giving of notice), or will result in the creation or imposition of, any lien,
charge or other encumbrance upon any of the assets of the Company under any agreement, evidence of indebtedness, joint venture,
commitment or other instrument to which the Company is a party or by which the Company or its assets may be bound, any statute,
rule, law or governmental regulation applicable to the Company, or any term of the Article of Incorporation as in effect on the
date hereof or any closing date for the Offering (the “Articles of Incorporation”) or By-Laws as in effect on the date
hereof or any closing date for the Offering (the “By-Laws”) of the Company, or any license, permit, judgment, decree,
order, statute, rule or regulation applicable to the Company or any of its assets, except in the case of a conflict, violation,
lien, charge or other encumbrance (except with respect to the Company’s Articles of Incorporation or By-Laws) which would
not, or could not reasonably be expected to, have a Company Material Adverse Effect. No consent, approval, authorization or other
order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental body
is required for the execution and delivery of this Agreement by the Company and the valid issuance or sale of the Shares, the Warrants,
the Broker Warrants and the Warrant Shares by the Company pursuant to this Agreement, other than such as have been made or obtained
and that remain in full force and effect, and except for the filing of a Form D or any filings required to be made under state
securities laws, which shall be timely filed by the Company.

 

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	5	 

     

    

 

(e)          The
Company’s financial statements, together with the related notes, if any, included in the Subscription Documents or the Company’s
SEC Filings, present fairly, in all material respects, the financial position of the Company as of the dates specified and the
results of operations for the periods covered thereby. Such financial statements and related notes were prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis throughout the periods indicated, except
that the unaudited financial statements omit full notes, and except for normal year end adjustments. If the financials for the
Company are unaudited financial statements, it will state such clearly on the financials. During the period of engagement of the
Company’s independent certified public accountants, there have been no disagreements between the accounting firm and the
Company on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures. The
Company has made and kept books and records and accounts which are in reasonable detail and which fairly and accurately reflect
the activities of the Company in all material respects, subject only to year-end adjustments. Except as set forth in such financial
statements or otherwise disclosed in the Subscription Documents, the Company’s senior management has no knowledge of any
material liabilities of any kind, whether accrued, absolute or contingent, or otherwise, and subsequent to the date of the Subscription
Documents and prior to the date of the Closing, it shall not enter into any material transactions or commitments without promptly
thereafter notifying the Agent, the purchasers in the Offering in writing of any such material transaction or commitment. The other
financial and statistical information with respect to the Company and any pro forma information and related notes included in the
SEC Filings present fairly the information shown therein on a basis consistent with the financial statements of the Company included
in the SEC Filings. Except as disclosed in the Subscription Documents, the Company does not know of any facts, circumstances or
conditions which could materially adversely affect its operations, earnings or prospects that have not been fully disclosed in
the financial statements appearing in the SEC Filings or other financial statements appearing in the SEC Filings or other documents
or information provided by the Company.

 

(f)          Immediately
prior to the Closing, the Shares, the Warrants, the Warrant Shares, the Broker Warrants and the Shares underlying the Broker Warrants
(“Broker Warrant Shares”) will have been duly authorized and, when issued and delivered against payment therefor as
provided in the Company Transaction Documents, will be validly issued, fully paid and nonassessable. No holder of any of the Shares,
Warrants Shares or Broker Warrant Shares will be subject to personal liability solely by reason of being such a holder, and except
as described in the Subscription Documents, none of the Shares, Warrants, Warrant Shares, Broker Warrants or Broker Warrant Shares
will be subject to preemptive or similar rights of any stockholder or security holder of the Company or an adjustment under the
antidilution or exercise rights of any holders of any outstanding shares of capital stock, options, warrants or other rights to
acquire any securities of the Company. Immediately prior to the Closing, a sufficient number of authorized but unissued shares
of Common Stock will have been reserved for issuance upon the exercise of the Warrants and the Brokers Warrants.

 

(g)          Except
as described in the Subscription Documents and/or the Company’s SEC Filings and for the Warrants and Broker Warrants, and
as of the date of the Closing: (i) there will be no outstanding options, stock subscription agreements, warrants or other rights
permitting or requiring the Company or others to purchase or acquire any shares of capital stock or other equity securities of
the Company or to pay any dividend or make any other distribution in respect thereof; (ii) there will be no securities issued or
outstanding which are convertible into or exchangeable for any of the foregoing and there are no contracts, commitments or understandings,
whether or not in writing, to issue or grant any such option, warrant, right or convertible or exchangeable security; (iii) no
Securities of the Company or other securities of the Company are reserved for issuance for any purpose; (iv) there will be no voting
trusts or other contracts, commitments, understandings, arrangements or restrictions of any kind with respect to the ownership,
voting or transfer of shares of stock or other securities of the Company, including, without limitation, any preemptive rights,
rights of first refusal, proxies or similar rights, and (v) no person prior to the execution of this Agreement by the Company holds
a right to require the Company to register any securities of the Company under the Act or to participate in any such registration.
Immediately prior to the Closing, the issued and outstanding shares of capital stock of the Company will conform in all material
respects to all statements in relation thereto contained in the Company’s SEC Filings and the Company’s SEC Filings
describe all material terms and conditions thereof. All issuances by the Company of its securities have been issued pursuant to
either a current effective registration statement under the 1933 Act or an exemption from registration requirements under the Act,
and were issued in accordance with any applicable Federal and state securities laws.

 

    	Placement Agency Agreement
	6	 

     

    

 

(h)          Except
as described in the Subscription Documents and/or the Company’s SEC Filings, the Company has no subsidiaries and does not
own any equity interest and has not made any loans or advances to or guarantees of indebtedness to any person, corporation, partnership
or other entity and is not a party to any joint venture. The Company’s subsidiaries are duly incorporated or organized, validly
existing and in good standing under the laws of their jurisdiction of incorporation or organization and have all requisite power
and authority to carry on their business as now conducted. Such subsidiaries are duly qualified to transact business and is in
good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on their respective
business or properties. All of the outstanding capital stock or other voting securities of such subsidiaries are owned by the Company,
directly or indirectly, free and clear of any liens, claims, or encumbrances. The conduct of business by the Company as presently
and proposed to be conducted is not subject to continuing oversight, supervision, regulation or examination by any governmental
official or body of the United States, or any other jurisdiction wherein the Company conducts or proposes to conduct such business,
except as described in the Subscription Documents and/or the Company’s SEC Filings and except as such regulation is applicable
to US public companies and commercial enterprises generally. The Company has obtained all material licenses, permits and other
governmental authorizations necessary to conduct its business as presently conducted. The Company has not received any notice of
any violation of, or noncompliance with, any federal, state, local or foreign laws, ordinances, regulations and orders (including,
without limitation, those relating to environmental protection, occupational safety and health, securities laws, equal employment
opportunity, consumer protection, credit reporting, “truth-in-lending”, and warranties and trade practices) applicable
to its business, the violation of, or noncompliance with, would have a Company Material Adverse Effect, and the Company knows of
no facts or set of circumstances which could give rise to such a notice.

 

(i)          Except
as described in the Subscription Documents and/or the Company’s SEC Filings, no default by the Company or, to the knowledge
of the Company, any other party, exists in the due performance under any material agreement to which the Company is a party or
to which any of its assets is subject (collectively, the “Company Agreements”). The Company Agreements, if any, disclosed
in the Subscription Documents and/or the Company’s SEC Filings are accurately described in the Subscription Documents and/or
the Company’s SEC Filings and are in full force and effect in accordance with their respective terms, subject to any applicable
bankruptcy, insolvency or other laws affecting the rights of creditors generally and to general equitable principles and the availability
of specific performance.

 

(j)          Subsequent
to the respective dates as of which information is given in the Subscription Documents, the Company has operated its business in
the ordinary course and, except as may otherwise be set forth in the Subscription Documents or the Company’s SEC Filings,
there has been no: (i) Company Material Adverse Effect; (ii) material transaction otherwise than in the ordinary course of business
consistent with past practice; (iii) issuance of any securities (debt or equity) or any rights to acquire any such securities other
than pursuant to equity incentive plans approved by its Board of Directors; (iv) damage, loss or destruction, whether or not covered
by insurance, with respect to any material asset or property of the Company; or (v) agreement to permit any of the foregoing.

 

(k)          Except
as set forth in the Subscription Documents and/or the Company’s SEC Filings, there are no actions, suits, claims, hearings
or proceedings pending before any court or governmental authority or, to the knowledge of the Company, threatened, against the
Company, or involving its assets or any of its officers or directors (in their capacity as such) which, (i) if determined adversely
to the Company or such officer or director, could reasonably be expected to have a Company Material Adverse Effect or adversely
affect the transactions contemplated by this Agreement or the Company Transaction Documents (as defined in this Agreement) or the
enforceability hereof or (ii) would be required to be disclosed in the Company’s Annual Report on Form 10-K under the requirements
of Item 103 of Regulation S-K. The Company is not subject to any injunction, judgment, decree or order of any court, regulatory
body, arbitral panel, administrative agency or other government body that would have a Company Material Adverse Effect.

 

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	7	 

     

    

 

(l)          The
Articles of Incorporation and By-laws of the Company are true, correct and complete copies of the certificate of incorporation
and bylaws of the Company, as in effect on the date hereof. Any subsequent amendments to the certificate of incorporation or bylaws
will be provided promptly to the Agent and the investors in the Offering. The Company is not: (i) in violation of its Articles
of Incorporation or By-Laws; (ii) in default of any contract, indenture, mortgage, deed of trust, note, loan agreement, security
agreement, lease, alliance agreement, joint venture agreement or other agreement, license, permit, consent, approval or instrument
to which the Company is a party or by which it is or may be bound or to which any of its assets may be subject, the default of
which could reasonably be expected to have a Company Material Adverse Effect; (iii) in violation of any statute, rule or regulation
applicable to the Company, the violation of which would have a Company Material Adverse Effect; or (iv) in violation of any judgment,
decree or order of any court or governmental body having jurisdiction over the Company and specifically naming the Company, which
violation or violations individually, or in the aggregate, could reasonably be expected to have a Company Material Adverse Effect.

 

(m)          Except
as disclosed in the Subscription Documents and/or the Company’s SEC Filings, as of the date of this Agreement, no current
or former stockholder, director, officer or employee of the Company, nor, to the knowledge of the Company, any affiliate of any
such person is presently, directly or indirectly through his/her affiliation with any other person or entity, a party to any loan
from the Company or any other transaction (other than as an employee) with the Company.

 

(n)          The
Company is not obligated to pay, and has not obligated the Agent to pay, a finder’s or origination fee in connection with
the Offering other than to the Agent under this Agreement, and hereby agrees to indemnify the Agent from any such claim made by
any other person as more fully set forth in Section 8 hereof. Except as set forth in the Subscription Documents, no other person
has any right to participate in any offer, sale or distribution of the Company’s securities to which the Agent’s rights,
described herein, shall apply.

 

(o)          Until
the earlier of (i) the Termination Date or (ii) the Closing (as hereinafter defined), the Company will not issue any press release,
grant any interview, or otherwise communicate with the media in any manner whatsoever with respect to the Offering without the
Agent’s prior written consent, which consent will not unreasonably be withheld or delayed, and subject to any applicable
laws and regulations.

 

(p)          No
representation or warranty contained in Section 2A of this Agreement contains any untrue statement of a material fact or omits
to state a material fact necessary to make the statements herein not misleading in the context of such representations and warranties.
The Agent shall be entitled to rely on such representations and warranties.

 

(q)          No
consent, authorization or filing of or with any court or governmental authority is required in connection with the transactions
contemplated herein or in the other Company Transaction Documents, except for required filings with the SEC and the applicable
state securities commissions relating specifically to the Offering (all of which filings will be duly made by, or on behalf of,
the Company), and those which are required to be made after the Closing (all of which will be duly made on a timely basis).

 

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(r)          Neither
the sale of the Securities by the Company nor its use of the proceeds thereof will violate the Trading with the Enemy Act, as amended,
nor any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
or any enabling legislation or executive order relating thereto. Without limiting the foregoing, the Company is not (a) a person
whose property or interests in property are blocked pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001))
or (b) a person who engages in any dealings or transactions, or be otherwise associated, with any such person. The Company and
its subsidiaries, if any, are in compliance, in all material respects, with the USA Patriot Act of 2001 (signed into law October
26, 2001). Each of the Company, its affiliates and any of their respective officers, directors, supervisors, managers, agents,
or employees, has not violated, and its participation in the offering will not violate, and the Company has instituted and maintains
policies and procedures designed to ensure continued compliance with, each of the following laws: (a) anti-bribery laws, including
but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation
promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions,
signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any other law, rule or regulation
of similar purposes and scope, (b) anti-money laundering laws, including but not limited to, applicable federal, state, international,
foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title
18 US. Code section 1956 and 1957, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an
intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States
is a member and with which designation the United States representative to the group or organization continues to concur, all as
amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or
licenses issued thereunder or (c) laws and regulations imposing U.S. economic sanctions measures, including, but not limited to,
the International Emergency Economic Powers Act, the United Nations Participation Act and the Syria Accountability and Lebanese
Sovereignty Act, all as amended, and any executive Order, directive, or regulation pursuant to the authority of any of the foregoing,
including the regulations of the United States Treasury Department set forth under 31 CFR, Subtitle B, Chapter V, as amended, or
any orders or licenses issued thereunder. Neither the Company nor any director, officer, agent, employee or other person acting
on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; or (iii) made any unlawful bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(s)          None
of Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating
in the Offering, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on
the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company
in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”)
is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)– (viii) under the Securities
Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) or has been
involved in any matter which would be a Disqualification Event except for the fact that it occurred before September 23, 2013.
The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the
Agent a copy of any disclosures provided thereunder.

 

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(t)          The
Company is not aware of any person (other than any Issuer Covered Person or Agent Covered Person (as defined below) that has been
or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any the Securities.
For purposes of this subsection Agent Covered Persons shall mean Katalyst Securities LLC, or any of its directors, executive officers,
general partners, managing members or other officers participating in the Offering.

 

(u)          The
Company will promptly notify the Agent in writing of (A) any Disqualification Event relating to any Issuer Covered Person and (B)
any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person. The Company
will notify the Agent in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person
and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

 

(v)         The
authorized capital stock of the Company as of the Closing will be set forth in the Subscription Agreement. As of the Closing, the
Company’s issued and outstanding capital stock will be set forth in the Subscription Agreement. All issued and outstanding
shares of capital stock have been duly authorized and validly issued, are fully paid and nonassessable, were not issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities, and, except as disclosed in the Company’s
SEC Filings, have been issued and sold in compliance with the registration requirements of federal and state securities laws or
the applicable statutes of limitation have expired. Except as set forth in the Subscription Agreement and the Company’s SEC
Filings, there are no (i) outstanding rights (including, without limitation, preemptive rights), warrants or options to acquire,
or instruments convertible into or exchangeable for, any unissued shares of capital stock or other equity interest in the Company,
or any contract, commitment, agreement, understanding or arrangement of any kind to which the Company or its subsidiaries is a
party and relating to the issuance or sale of any capital stock or convertible or exchangeable security of the Company; or (ii)
obligations of the Company to purchase redeem or otherwise acquire any of its outstanding capital stock or any interest therein
or to pay any dividend or make any other distribution in respect thereof.

 

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(w)          The
Company has ownership or license or legal right to use all patents, copyrights, trade secrets, know-how, trademarks, trade names,
customer lists, designs, manufacturing or other processes, computer software, systems, data compilation, research results or other
proprietary rights used in the business of the Company or its subsidiaries (collectively “Intellectual Property”).
All of such patents, registered trademarks and registered copyrights have been duly registered in, filed in or issued by the United
States Patent and Trademark Office, the United States Register of Copyrights or the corresponding offices of other jurisdictions
and have been maintained and renewed in accordance with all applicable provisions of law and administrative regulations in the
United States and all such jurisdictions. The Company believes it has taken all reasonable steps required in accordance with sound
business practice and business judgment to establish and preserve its and its subsidiaries’ ownership of all material Intellectual
Property with respect to their products and technology. To the knowledge of the Company, there is no infringement of the Intellectual
Property by any third party. To the knowledge of the Company, the present business, activities and products of the Company and
its subsidiaries do not infringe any intellectual property of any other person. There is no proceeding charging the Company or
its subsidiaries with infringement of any adversely held Intellectual Property has been filed and the Company is unaware of any
facts which are reasonably likely to form a basis for any such proceeding. There are no proceedings have been instituted or pending
or, to the knowledge of the Company, threatened, which challenge the rights of the Company or its subsidiaries to the use of the
Intellectual Property. The Intellectual Property owned by the Company and its subsidiaries, and to the knowledge of the Company,
the Intellectual Property licensed to the Company and its subsidiaries, has not been adjudged invalid or unenforceable, in whole
or in part. There is no pending or, to the knowledge of the Company, threatened proceeding by others challenging the validity or
scope of any such Intellectual Property, and the Company is unaware of any facts which are reasonably likely to form a basis for
any such claim. Each of the Company and its subsidiaries has the right to use, free and clear of material claims or rights of other
persons, all of its customer lists, designs, computer software, systems, data compilations, and other information that are required
for its products or its business as presently conducted. Neither the Company nor its subsidiaries is making unauthorized use of
any confidential information or trade secrets of any person. The activities of any of the employees on behalf of the Company or
of its subsidiaries do not violate any agreements or arrangements between such employees and third parties are related to confidential
information or trade secrets of third parties or that restrict any such employee’s engagement in business activity of any
nature. Each former and current employee or consultant of the Company or its subsidiaries is a party to a written contract with
the Company or its subsidiaries that assigns to the Company or its subsidiaries, or has received an employee handbook that requires
an employee to assign, all rights to all inventions, improvements, discoveries and information relating to the Company or its subsidiaries,
except for any failure to so do as would not reasonably be expected to result in a Material Adverse Effect. All licenses or other
agreements under which (i) the Company or its subsidiaries employs rights in Intellectual Property, or (ii) the Company or its
subsidiaries has granted rights to others in Intellectual Property owned or licensed by the Company or its subsidiaries are in
full force and effect, and there is no default (and there exists no condition which, with the passage of time or otherwise, would
constitute a default by the Company or such subsidiary) by the Company or its subsidiaries with respect thereto.

 

(x)          Marcum
LLP, which expressed its opinion with respect to the consolidated financial statements contained in the Company SEC Documents,
has advised the Company that it is or was, and to the knowledge of the Company it is or was, a registered independent public accounting
firm as and when required by the Securities Act and the rules and regulations promulgated thereunder.

 

(y)          The
Company has filed all necessary federal, state, local and foreign income and franchise tax returns and have paid or accrued all
taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which has been or might be asserted or threatened
against it by any taxing jurisdiction, other than any deficiency which the Company is contesting in good faith and with respect
to which adequate reserves for payment have been established.

 

(z)          The
Company maintains and will continue to maintain insurance of the types and in the amounts that the Company reasonably believes
are adequate for its business, including, but not limited to, insurance covering all real and personal property owned or leased
by the Company against theft, damage, destruction, acts of vandalism and all other risks customarily insured against by similarly
situated companies, all of which insurance is in full force and effect.

 

(aa)       On
the Closing Date, all stock transfer or other taxes (other than income taxes) that are required to be paid in connection with the
sale and transfer of the Securities and the Brokers Warrants will be, or will have been, fully paid or provided for by the Company
and the Company will have complied with all laws imposing such taxes.

 

(bb)      The
Company (including its subsidiaries) is not an “investment company” or an “affiliated person” of, or “promoter”
or “principal underwriter” for an investment company, within the meaning of the Investment Company Act of 1940 and
will not be deemed an “investment company” as a result of the transactions contemplated by the Offering.

 

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	11	 

     

    

 

(cc)       The
books, records and accounts of the Company accurately and fairly reflect, in reasonable detail, the transactions in, and dispositions
of, the assets of, and the operations of, the Company.

 

(dd)      The
Company’s report on its disclosure controls and procedures (as such term is defined in Rule 13a-15 under the Securities Exchange
Act of 1934 (the “Exchange Act”), is set forth in its SEC Filings, including its most recent Quarterly Report on Form
10-Q and its Annual Report on Form 10-K for the year ended December 31, 2016.

 

(ee)       Neither
the Company, nor any of its affiliates, nor any person acting on its or their behalf, has engaged or will engage in any form of
general solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection
with the offer or sale of the Securities.

 

(ff)        The
Company is in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that
are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the SEC thereunder that are
effective as of the date hereof.

 

(gg)      The
Company is not a party to any collective bargaining agreement or employs any member of a union. The Company believes that its relations
with its employees are good. No executive officer of the Company (as defined in Rule 501(f) of Regulation D under the Securities
Act) has notified the Company that such officer intends to leave the Company or otherwise terminate such officer’s employment
with the Company. No executive officer of the Company, to the knowledge of the Company, is, or is now expected to be, in violation
of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition
agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each such executive
officer does not subject the Company to any liability with respect to any of the foregoing matters. The Company and its subsidiaries
are in compliance with all federal, state, local and foreign laws and regulations respecting labor, employment and employment practices
and benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would not, either
individually or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect.

 

(hh)      None
of the Company, its subsidiaries or any executive officer of the Company (as defined in Rule 501(f) of Regulation D under the Securities
Act) has taken and will not take any action designed to or that might reasonably be expected to cause or result in an unlawful
manipulation of the price of the Common Stock to facilitate the sale or resale of the Securities or the Warrant Shares. The Company
confirms that, to its knowledge, with the exception of the proposed sale of Securities described in Schedule 4(c) to the Subscription
Agreement, neither it nor any other person acting on its behalf has provided any of the potential investors or their agent or counsel
with any information that constitutes or might constitute material, non-public information. The Company understands and confirms
that the potential investors shall be relying on the foregoing representations in effecting transactions in securities of the Company.

 

(ii)         The
Company and its board of directors have taken 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 Company’s certificate of incorporation or the laws of the jurisdiction of its formation which is or could become
applicable to any potential investor as a result of the transactions contemplated by the Offering, including, without limitation,
the Company’s issuance of the Securities and any potential investor’s ownership of the Securities. The Company has
not adopted a stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of its capital stock
or a change in control of the Company.

 

    	Placement Agency Agreement
	12	 

     

    

 

(jj)         The
Company acknowledges that the Agent, any sub agents, legal counsel to the Company and/or their respective affiliates, principals,
representatives or employees may now or hereafter own shares of the Company.

 

B.          Representations,
Warranties and Covenants of Agent.

 

Katalyst hereby represents
and warrants to the Company that the following representations and warranties are true and correct as of the date of this Agreement:

 

(a)          Katalyst
represents that neither it, nor to its knowledge any of its Sub-Agents or any of its or their respective directors, executive officers,
general partners, managing members or other officers participating in the Offering (each, a “Katalyst Covered Person”
and, together, “Katalyst Covered Persons”), is or will be subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act Disqualification Event or has or will have been involved in any
matter which would be a Disqualification Event except for the fact that it occurred before September 23, 2013.

 

(b)          Katalyst
will notify the Company promptly in writing of any Disqualification Event relating to any Katalyst Covered Person not previously
disclosed to the Company in accordance with the prior section.

 

3.           Agent
Compensation.

 

(a)          In
connection with the Offering, the Company will pay a cash fee (the “Katalyst Cash Fee”) to Katalyst at the Closing
equal to Ten Percent (10%) of the Closing’s gross proceeds from any sale of Securities in the Offering during the Offering
Period. The Katalyst Cash Fee shall be paid to Katalyst in cash by wire transfer from the escrow account established for the Offering,
and as a condition to closing, simultaneous with the distribution of funds to the Company.

 

(b)          Also,
at the Closing, the Company will deliver to Katalyst (or its designees), warrants to purchase shares of the Company’s Common
Stock, substantially in the form of Attachment I, equal, in the aggregate, to Ten Percent (10%) of the number of Securities sold
in the Offering on which Katalyst receives compensation pursuant to Section 3(a), which warrants shall have a term of five years
and an initial exercise price equal to the Market Value per share (the “Brokers Warrants”). To the extent permitted
by applicable laws, all warrants shall permit unencumbered transfer to Katalyst’s employees and affiliates and the warrants
may be issued directly to Katalyst’s employees and affiliates at Katalyst’s request. The Katalyst Cash Fee and the
Broker Warrants are sometimes referred to collectively as the “Katalyst Broker Compensation”. All cash compensation
and warrants under this Agreement shall be paid directly by the Company to and in the name provided to the Company by Katalyst.

 

    	Placement Agency Agreement
	13	 

     

    

 

(c)          Provided
that an Offering is consummated during the Offering Period, Katalyst shall be entitled to the Katalyst Cash Fee and Brokers Warrants
calculated in the manner provided in Sections 3(a) and 3(b) above with respect to any subsequent public or private offering or
other financing or capital-raising transaction of any kind (“Subsequent Financing”) to the extent that such financing
or capital is provided the Company, or to any Affiliate of the Company, by investors whom the Agent had “introduced”
(as defined below), directly or indirectly, to the Company during the Offering Period if such Subsequent Financing is consummated
at any time within the twelve (12) month period following the earlier of expiration or termination of this Agreement or the closing
of the Offering, if an Offering is consummated (the “Tail Period”). A party “introduced” by the respective
Agent shall mean an investor who either (i) participated in the Offering, (ii) met with the Company and/or had a conversation with
the Company either in person or via telephone regarding the Offering or (iii) was provided by the Agent with a copy of the Company’s
offering memorandum (or other materials prepared and/or approved by the Company in connection with the Offering) (in each case
of (i) – (iii), based upon such investor expressing an interest, directly or indirectly, to the Agent in investing in the
Offering). An “Affiliate” of an entity shall mean any individual or entity controlling, controlled by or under common
control with such entity and any officer, director, employee, stockholder, partner, member or agent of such entity.

 

4.           Subscription
and Closing Procedures.

 

(a)          The
Company shall make available to the Agent and its representatives such information, including, but not limited to, financial information,
and other information regarding the Company (the “Information”), as may be reasonably requested in making a reasonable
investigation of the Company and its affairs. The Company shall provide access to the officers, directors, employees, independent
accountants, legal counsel and other advisors and consultants of the Company as shall be reasonably requested by the Agent. The
Company recognizes and agrees that the Agent (i) will use and rely primarily on the Information and generally available information
from recognized public sources in performing the services contemplated by this Agreement without independently verifying the Information
or such other information, (ii) does not assume responsibility for the accuracy of the Information or such other information, and
(iii) will not make an appraisal of any assets or liabilities owned or controlled by the Company or its market competitors.

 

(b)          The
Company shall cause to be delivered to the Agent copies of the Subscription Documents and has consented, and hereby consents, to
the use of such copies for the purposes permitted by the Act and applicable securities laws and in accordance with the terms and
conditions of this Agreement, and hereby authorizes the Agent and its agents and employees to use the Subscription Documents in
connection with the sale of the Securities until the earlier of (i) the Termination Date or (ii) the Closing, and no person or
entity is or will be authorized to give any information or make any representations other than those contained in the Subscription
Documents or to use any offering materials other than those contained in the Subscription Documents in connection with the sale
of the Securities, unless the Company first provides the Agent with notification of such information, representations or offering
materials.

 

(c)          Each
prospective purchaser in the Offering will be required to complete and execute the Subscription Documents, Anti-Money Laundering
Form, Accredited Investor Certification and other documents which will be forwarded or delivered to the respective Agent at that
respective Placement Agent’s offices at the address set forth in Section 12 hereof or to an address identified in the Subscription
Documents.

 

(d)          Simultaneously
with the delivery to the Agent of the Subscription Documents, the subscriber’s check or other good funds will be forwarded
directly by the subscriber to the escrow agent and deposited into a non interest bearing escrow account (the “Escrow Account”)
established for such purpose with Delaware Trust Company (the “Escrow Agent”). All such funds for subscriptions will
be held in the Escrow Account pursuant to the terms of an escrow agreement among the Company, Katalyst, and the Escrow Agent. The
Company will pay all fees related to the establishment and maintenance of the Escrow Account. Subject to the receipt of subscriptions
for the amount for Closing, the Company will either accept or reject, for any or no reason, the Subscription Documents in a timely
fashion and at the Closing will countersign the Subscription Documents and provide duplicate copies of such documents to the Agent
for distribution to the subscribers. The Company will give notice to the Agent of its acceptance of each subscription. The Company,
or the Agent on the Company’s behalf, will promptly return to subscribers incomplete, improperly completed, improperly executed
and rejected subscriptions and give written notice thereof to the Agent upon such return.

 

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	14	 

     

    

 

(e)          If
subscriptions for at least the Minimum Offering Amount for Closing have been accepted prior to the Termination Date, the funds
therefor have been collected by the Escrow Agent and all of the conditions set forth elsewhere in this Agreement are fulfilled,
a closing shall be held promptly with respect to the Securities sold (the “Closing”). Delivery of payment for the accepted
subscriptions for the Securities from the funds held in the Escrow Account will be made at the Closing at Katalyst’s offices
against delivery of the Securities by the Company at the address set forth in Section 12 hereof (or at such other place as may
be mutually agreed upon between the Company and the Agent), net of amounts agreed upon by the parties herein. Executed certificates
for the Shares and the Warrants will be in such authorized denominations and registered in such names as the Agent may request
on or before the date of the Closing (“Closing Date”). The certificates will be forwarded to the subscriber directly
by the stock transfer agent as soon as practicable following the Closing. At the Closing, the Company will (i) deliver irrevocable
issuance instruction to its stock transfer agent for the issuance of certificates representing the Shares being sold and (ii) issue
and deliver the applicable Warrants.

 

(f)          If
Subscription Documents for the Minimum Offering Amount for Closing have not been received and accepted by the Company on or before
the Termination Date for any reason, the Offering will be terminated, no Securities will be sold, and the Escrow Agent will, at
the request of the Agent, cause all monies received from subscribers for the Securities to be promptly returned to such subscribers
without interest, penalty, expense or deduction.

 

5.           Further
Covenants. The Company hereby covenants and agrees that:

 

(a)          Except
upon prior written notice to the Agent, the Company shall not, at any time prior to the Closing, knowingly take any action which
would cause any of the representations and warranties made by it in this Agreement not to be complete and correct in all material
respects on and as of the date of the Closing with the same force and effect as if such representations and warranties had been
made on and as of such date (except to the extent any representation or warranty relates to an earlier date).

 

(b)          If,
at any time prior to the Closing, any event shall occur that causes a Company Material Adverse Effect which as a result it becomes
necessary to amend or supplement the Subscription Documents so that the representations and warranties herein remain true and correct
in all material respects, or in case it shall be necessary to amend or supplement the Subscription Documents to comply with Regulation
D or any other applicable securities laws or regulations, the Company will promptly notify the Agent and shall, at its sole cost,
prepare and furnish to the Agent copies of appropriate amendments and/or supplements in such quantities as the Agent may reasonably
request. The Company will not at any time before the Closing prepare or use any amendment or supplement to the Subscription Documents
of which the Agent will not previously have been advised and furnished with a copy, or which is not in compliance in all material
respects with the Act and other applicable securities laws. As soon as the Company is advised thereof, the Company will advise
the Agent and its counsel, and confirm the advice in writing, of any order preventing or suspending the use of the Subscription
Documents, or the suspension of any exemption for such qualification or registration thereof for offering in any jurisdiction,
or of the institution or threatened institution of any proceedings for any of such purposes, and the Company will use its best
efforts to prevent the issuance of any such order and, if issued, to obtain as soon as reasonably possible the lifting thereof.

 

    	Placement Agency Agreement
	15	 

     

    

 

(c)          The
Company shall comply with the Act, the Exchange Act, the rules and regulations thereunder, all applicable state securities laws
and the rules and regulations thereunder in the states in which the Company’s counsel has advised the Agent and/or the Company
that the Securities are exempt from qualification or registration, so as to permit the continuance of the sales of the Securities,
and will file or cause to be filed with the SEC, and shall promptly thereafter forward or cause to be forwarded to the Agent, any
and all reports on Form D as are required. The Company will pay the attorney’s fee and out of pocket expenses related to
the filings for exemption from such qualifications or registration with any state securities commissions and any other regulatory
agencies. Such fees will be paid at the time of invoicing, or at the time of Closing, if known, and if not yet invoiced, funds
will remain in escrow to cover the estimated invoice. The Company will pay the invoice or authorize release of the funds from escrow
within five (5) days of receipt of invoice.

 

(d)          The
Company shall place a legend on the certificates representing the shares of the Common Stock and the Warrants that the securities
evidenced thereby have not been registered under the Act or applicable state securities laws, setting forth or referring to the
applicable restrictions on transferability and sale of such securities under the Act and applicable state laws.

 

(e)          The
Company shall apply the net proceeds from the sale of the Securities for the purposes set forth in the Subscription Documents.
Except as set forth in the Subscription Documents, the Company shall not use any of the net proceeds of the Offering to repay indebtedness
to officers (other than accrued salaries incurred in the ordinary course of business), directors or stockholders of the Company
without the prior written consent of the Agent.

 

(f)          During
the Offering Period, the Company shall afford each prospective purchaser of Securities the opportunity to ask questions of and
receive answers from an officer of the Company concerning the terms and conditions of the Offering and the opportunity to obtain
such other additional information necessary to verify the accuracy of the Subscription Documents to the extent the Company possesses
such information or can acquire it without unreasonable expense.

 

(g)          Except
with the prior written consent of the Agent, the Company shall not, at any time prior to the earlier of the Closing or the Termination
Date, except as contemplated by the Subscription Documents (i) engage in or commit to engage in any transaction outside the ordinary
course of business as described in the Subscription Documents, (ii) issue, agree to issue or set aside for issuance any securities
(debt or equity) or any rights to acquire any such securities, (iii) incur, outside the ordinary course of business, any material
indebtedness, (iv) dispose of any material assets, (v) make any material acquisition or (vi) change its business or operations
in any material respect.

 

    	Placement Agency Agreement
	16	 

     

    

 

(h)          Whether
or not the transactions contemplated hereby are consummated, or this Agreement is terminated, the Company shall pay all reasonable
expenses incurred in connection with the preparation and printing of all necessary offering documents and instruments related to
the Offering and the issuance of the Securities and the Brokers Warrants and will also pay for the Company’s expenses for
accounting fees, legal fees, printing costs, and other costs involved with the Offering. The Company will provide at its own expense
such quantities of the Subscription Documents and other documents and instruments relating to the Offering as the Agent may reasonably
request. The Company will pay at its own expense in connection with the creation, authorization, issuance, transfer and delivery
of the Securities, including, without limitation, fees and expenses of any transfer agent or registrar; the fees and expenses of
the Escrow Agent; all fees and expenses of legal, accounting and other advisers to the Company; the Form D filings for offer and
sale of the Securities under the federal securities and Blue Sky laws, payable within five (5) days of being invoiced. The Company
will pay all such amounts, unless previously paid, at the Closing, or, if there is no Closing, within ten (10) days after written
request therefor following the Termination Date. In addition to any fees payable to Katalyst hereunder and regardless of whether
the Offering is consummated, the Company hereby agrees to promptly reimburse Katalyst a non accountable expense allowance in the
amount of Fifty Thousand Dollars ($50,000) (the “Katalyst Expenses”), paid directly from the escrow account at the
time of the Closing from gross proceeds raised by the Agent and if no Closing, then within five (5) days of written request to
the Company by wire transfer. The Katalyst Expenses are separate and apart from the Katalyst Broker Compensation and other expenses
described herein. This reimbursement obligation is in addition to the reimbursement of fees and expenses relating to attendance
by any Agent at proceedings or to indemnification and contribution as contemplated elsewhere in this agreement. In the event the
Agent’s personnel must attend or participate in judicial or other proceedings to which we are not a party relating to the
subject matter of this agreement, the Company shall pay the Agent an additional per diem payment, per person, at its customary
rates, together with reimbursement of all out-of-pocket expenses and disbursements, including reasonable attorneys’ fees
and disbursements incurred by it in respect of its preparation for and participation in such proceedings.

 

(i)          On
the Closing Date, the Company permits the Agent to rely on any representations and warranties made by the Company to the investors
and will cause their counsel to permit the Agent to rely upon any opinion furnished to the investors in the Private Placement.

 

(j)          The
Company will comply with all of its obligations and covenants set forth in its agreements with the investors in the Offering. If
not filed on EDGAR, the Company will promptly deliver to the Agent and its counsel copies of any and all filings with the SEC and
each amendment or supplement thereto, as well as all prospectuses and free writing prospectuses, prior to the closing of the Offering
and six months thereafter. The Agent is authorized on behalf of the Company to use and distribute copies of any Subscription Documents,
including Company’s SEC Filings in connection with the sale of the Securities as, and to the extent, permitted by federal
and applicable state securities laws. The Company acknowledges and agrees that the Agent will be relying, without assuming responsibility
for independent verification, on the accuracy and completeness of all financial and other information that is and will be furnished
to them by the Company and the Company will be liable for any material misstatements or omissions contained therein.

 

6.           Conditions
of Agent’s Obligations. The obligations of the Agent hereunder to affect a Closing are subject to the fulfillment, at
or before the Closing, of the following additional conditions:

 

(a)          Each
of the representations and warranties made by the Company shall be true and correct on the Closing Date.

 

(b)          The
Company shall have performed and complied in all material respects with all agreements, covenants and conditions required to be
performed, and complied with by it at or before the Closing.

 

(c)          The
Subscription Documents do not, and as of the date of any amendment or supplement thereto will not, include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

(d)          No
order suspending the use of the Subscription Documents or enjoining the Offering or the sale of the Securities shall have been
issued, and no proceedings for that purpose or a similar purpose shall have been initiated or pending, or, to the best of the Company’s
knowledge, be contemplated or threatened.

 

    	Placement Agency Agreement
	17	 

     

    

 

(e)          No
holder of any of the Securities from the Offering will be subject to personal liability solely by reason of being such a holder,
and except as described in the Subscription Documents, none of the Shares or Warrant Shares will be subject to preemptive or similar
rights of any stockholder or security holder of the Company, or an adjustment under the antidilution or exercise rights of any
holders of any outstanding shares of capital stock, membership units, options, warrants or other rights to acquire any securities
of the Company.

 

(f)          There
shall have been no material adverse change nor development involving a prospective change in the financial condition, operations
or projects of the Company, except where such change would not have a Company Material Adverse Effect on the business activities,
financial or otherwise, results of operations or prospects of the Company, taken individually or in the aggregate.

 

(g)          The
Agent shall have received a certificate of the Chief Executive Officer of the Company, dated as of the Closing Date, certifying,
as to the fulfillment of the conditions set forth in subparagraphs (a), (b), (c), (d), (e) and (f) above.

 

(h)          The
Company shall have delivered to the Agent: (i) a good standing certificate dated as of a date within 10 days prior to the date
of the Closing from the secretary of state of its jurisdiction of incorporation and (ii) resolutions of the Company’s Board
of Directors approving this Agreement and the transactions and agreements contemplated by this Agreement, and the Subscription
Documents, all as certified by the Chief Executive Officer of the Company.

 

(i)          At
the Closing, the Company shall have (i) paid to the Agent the Compensation as set forth in Section 3 above in respect of all Securities
sold at the Closing, (ii) executed and delivered to Katalyst the Brokers Warrants in respect of all Securities sold at such Closing,
and (iii) paid all fees, costs and expenses as set forth in Section 5 hereof.

 

(j)          There
shall have been delivered to the Agent a signed opinion of counsel to the Company dated as of the Closing Date, substantially in
the form set forth in Attachment II.

 

(k)          All
proceedings taken at or prior to the Closing in connection with the authorization, issuance and sale of the Securities will be
reasonably satisfactory in form and substance to the Agent and its counsel, and such counsel shall have been furnished with all
such documents, certificates and opinions as it may reasonably request upon reasonable prior notice in connection with the transactions
contemplated hereby.

 

(l)          If
in connection with the Offering, the Agent determines that it or the Company would be required to make a filing with the FINRA
to enable the Agent to act as agent in the Offering, the Company will do the following: The Company will cooperate with the Agent
with respect to all FINRA filings that the Company or the Agent may be required to make and provide all information and documentation
necessary to make the filings in a timely manner. The Company will pay all expenses related to all FINRA filings that the Company
or Agent may be required to make, including, but not limited to, all printing costs related to all documents required or that the
Agent may reasonably deem necessary, to comply with FINRA rules; any FINRA filing fees; postage and express charges; and all other
expenses incurred in making the FINRA filings.

 

(m)          The
Company agrees and understands that this Agreement in no way constitutes a guarantee that the Offering will be successful. The
Company acknowledges that the Company is ultimately responsible for the successful completion of a transaction.

 

    	Placement Agency Agreement
	18	 

     

    

 

7.           Conditions
of the Company’s Obligations. The obligations of the Company hereunder are subject to the satisfaction of each of the
following conditions:

 

(a)          The
satisfaction or waiver of all conditions to Closing as set forth herein.

 

(b)          As
of the Closing, each of the representations and warranties made by Agent herein being true and correct as of the Closing Date.

 

(c)          At
the Closing, the Company shall have received the proceeds from the sale of the Securities that are part of the Closing less applicable
Broker Fees and other deductions contemplated by this Agreement.

 

(d)          Prior
to the Closing, the Company shall have received a copy of Subscription Documents signed by investors delivered by the Agent.

 

7A.        Mutual
Condition. The obligations of the Agent and the Company hereunder are subject to the execution by each investor of a Subscription
Agreement in form and substance acceptable to the Agent and the Company and deposit by such investor with the escrow agent of all
funds required to be so deposited by such investor.

 

8.           Indemnification.

 

(a)          The
Company will: (i) indemnify and hold harmless the Agent, its agents and its officers, directors, employees, agents, selected dealers
and each person, if any, who controls the Agent within the meaning of the Act and such agents (each an “Indemnitee”
or an “Agent Party”) against, and pay or reimburse each Indemnitee for, any and all losses, claims, damages, liabilities
or expenses whatsoever (or actions or proceedings or investigations in respect thereof (collectively, “Proceedings”),
joint or several (which will, for all purposes of this Agreement, include, but not be limited to, all reasonable costs of defense
and investigation and all reasonable attorneys’ fees, including appeals), to which any Indemnitee may become subject (a)
under the Act or otherwise, in connection with the offer and sale of the Securities and (b) as a result of the breach of any representation,
warranty or covenant made by the Company herein or the failure of the Company to perform its obligations under the Agreement, regardless
of whether such losses, claims, damages, liabilities or expenses shall result from any claim by any Indemnitee or by any third
party; and (ii) reimburse each Indemnitee for any legal or other expenses reasonably incurred in connection with investigating
or defending against any such loss, claim, action, proceeding or investigation; provided, however, the Company will not be liable
in any such case to the extent that any such claim, damage or liability of the Agent is to have resulted from that Agent’s
gross negligence or willful misconduct. In addition to the foregoing agreement to indemnify and reimburse, the Company will indemnify
and hold harmless each Indemnitee against any and all losses, claims, damages, liabilities or expenses whatsoever (or actions or
proceedings or investigations in respect thereof), joint or several (which shall, for all purposes of this Agreement, include,
but not be limited to, all reasonable costs of defense and investigation and all reasonable attorneys’ fees, including appeals)
to which any Indemnitee may become subject insofar as such costs, expenses, losses, claims, damages or liabilities arise out of
or are based upon the claim of any person or entity that he or it is entitled to broker’s or finder’s fees from any
Indemnitee in connection with the Offering as a result of the Company obligating itself or any Indemnitee to pay such a fee, other
than fees due to the Agent, its dealers, sub-agents or finders. The foregoing indemnity agreements will be in addition to any liability
the Company may otherwise have. The Indemnitees are intended third party beneficiaries of this provision.

 

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(b)          Promptly
after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, claim, proceeding or investigation
(the “Action”), such indemnified party, if a claim in respect thereof is to be made against the indemnifying party
under this Section 8, will notify the indemnifying party of the commencement thereof, but the omission to so notify the indemnifying
party will not relieve it from any liability that it may have to any indemnified party under this Section 8 unless the indemnifying
party has been substantially prejudiced by such omission. The indemnifying party will be entitled to participate in and, to the
extent that it may wish, jointly with any other indemnifying party, to assume the defense thereof subject to the provisions herein
stated, with counsel reasonably satisfactory to such indemnified party. The indemnified party will have the right to employ separate
counsel in any such Action and to participate in the defense thereof, but the fees and expenses of such counsel will not be at
the expense of the indemnifying party if the indemnifying party has assumed the defense of the Action with counsel reasonably satisfactory
to the indemnified party, provided, however, that if the indemnified party shall be requested by the indemnifying party to participate
in the defense thereof or shall have concluded in good faith and specifically notified the indemnifying party either that there
may be specific defenses available to it that are different from or additional to those available to the indemnifying party or
that such Action involves or could have a material adverse effect upon it with respect to matters beyond the scope of the indemnity
agreements contained in this Agreement, then the counsel representing it, to the extent made necessary by such defenses, shall
have the right to direct such defenses of such Action on its behalf and in such case the reasonable fees and expenses of such counsel
in connection with any such participation or defenses shall be paid by the indemnifying party. No settlement of any Action against
an indemnified party will be made without the consent of the indemnifying party and the indemnified party, which consent shall
not be unreasonably withheld or delayed in light of all factors of importance to such party, and no indemnifying party shall be
liable to indemnify any person for any settlement of any such claim effected without such indemnifying party’s consent. Notwithstanding
the immediately preceding sentence, if at any time an indemnified party requests the indemnifying party to reimburse the indemnified
party for legal or other expenses in connection with investigating, responding to or defending any Proceedings as contemplated
by this indemnity agreement, the indemnifying party will be liable for any settlement of any Proceedings effected without its written
consent if (i) the proposed settlement is entered into more than 30 days after receipt by the indemnifying party of the request
for reimbursement, (ii) the indemnifying party has not reimbursed the indemnified party within 30 days of such request for reimbursement,
(iii) the indemnified party delivered written notice to the indemnifying party of its intention to settle and the failure to pay
within such 30 day period, and (iv) the indemnifying party does not, within 15 days of receipt of the notice of the intention to
settle and failure to pay, reimburse the indemnified party for such legal or other expenses and object to the indemnified party’s
seeking to settle such Proceedings.

 

    	Placement Agency Agreement
	20	 

     

    

 

9.           Contribution.
To provide for just and equitable contribution, if: (i) an indemnified party makes a claim for indemnification pursuant to Section
8 hereof and it is finally determined, by a judgment, order or decree not subject to further appeal that such claims for indemnification
may not be enforced, even though this Agreement expressly provides for indemnification in such case; or (ii) any indemnified or
indemnifying party seeks contribution under the Act, the Exchange Act, or otherwise, then each indemnifying party shall contribute
to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company on the one hand and the Agent on the other in connection with the statements
or omissions which resulted in such losses, claims, damages, liabilities or expenses (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Agent on the
other shall be deemed to be in the same proportion as the total net proceeds from the Offering (before deducting expenses) received
by the Company bear to the total Agent’s Compensation received by the Agent. The relative fault, in the case of an untrue
statement, alleged untrue statement, omission or alleged omission will be determined by, among other things, whether such statement,
alleged statement, omission or alleged omission relates to information supplied by the Company or by the Agent, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement, alleged statement, omission
or alleged omission. The Company and the Agent agree that it would be unjust and inequitable if the respective obligations of the
Company and the Agent for contribution were determined by pro rata allocation of the aggregate losses, liabilities, claims, damages
and expenses or by any other method or allocation that does not reflect the equitable considerations referred to in this Section
9. No person guilty of a fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution
from any person who is not guilty of such fraudulent misrepresentation. For purposes of this Section 9, each person, if any, who
controls the Agent within the meaning of the Act will have the same rights to contribution as the respective Agent, and each person,
if any, who controls the Company within the meaning of the Act will have the same rights to contribution as the Company, subject
in each case to the provisions of this Section 9. Anything in this Section 9 to the contrary notwithstanding, no party will be
liable for contribution with respect to the settlement of any claim or action effected without its written consent. This Section
9 is intended to supersede, to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise
available.

 

10.         Termination.

 

(a)          The
Offering may be terminated by the Agent at any time prior to the expiration of the Offering Period in the event that: (i) any of
the representations, warranties or covenants of the Company contained herein or in the Subscription Documents shall prove to have
been false or misleading in any material respect when actually made; (ii) the Company shall have failed to perform any of its material
obligations hereunder or under any other Company Transaction Document or any other transaction document; (iii) there shall occur
any event, within the control of the Company that is reasonably likely to materially and adversely affect the transactions contemplated
hereunder or the ability of the Company to perform hereunder; or (iv) the Agent determines that it is reasonably likely that any
of the conditions to Closing to be fulfilled by the Company set forth herein will not, or cannot, be satisfied.

 

(b)          This
Offering may be terminated by the Company at any time prior to the Termination Date in the event that (i) the Agent shall have
failed to perform any of its material obligations hereunder or (ii) on account of Agent’s fraud, illegal or willful misconduct
or gross negligence. In the event of any termination by the Company, the Agent shall be entitled to receive, on the Termination
Date, all unpaid respective compensation as set forth in Section 3(a) and 3(b) herein earned or accrued through the Termination
Date as provided for in this Agreement, but shall be entitled to no other amounts whatsoever except as may be due under any indemnity
or contribution obligation for provided herein, at law or otherwise. On such Termination Date, the Company shall pay Katalyst Expenses
in connection with the Offering, as provided for herein.

 

(c)          This
Offering may be terminated upon mutual agreement of the Company and the Agent at any time prior to the expiration of the Offering
Period.

 

(d)          This
Offering and this Agreement may be terminated by the Company at any time after June 15, 2017, in the event that the Company has
not formally accepted subscriptions for at least the Minimum Amount by such date. In the event of any termination by the Company
under this clause (d), Katalyst shall be entitled to receive, on the Termination Date, payment of the Katalyst Expenses as provided
for in paragraph 5(h) of this Agreement, but the Agent shall be entitled to no other amounts whatsoever except as may be due under
any indemnity or contribution obligation for provided herein, at law or otherwise.

 

    	Placement Agency Agreement
	21	 

     

    

 

(e)          Except
as otherwise provided above, before any termination by the Agent under Section 10(a) or by the Company under Section 10(b) shall
become effective, the terminating party shall give ten (10) day prior written notice to the other party of its intention to terminate
the Offering (the “Termination Notice”). The Termination Notice shall specify the grounds for the proposed termination.
If the specified grounds for termination, or their resulting adverse effect on the transactions contemplated hereby, are curable,
then the other party shall have five (5) days from the Termination Notice within which to remove such grounds or to eliminate all
of their material adverse effects on the transactions contemplated hereby; otherwise, the Offering shall terminate.

 

(f)          Upon
any termination pursuant to this Section 10, the Agent and the Company will instruct the Escrow Agent to cause all monies received
with respect to the subscriptions for Securities not accepted by the Company to be promptly returned to such subscribers without
interest, penalty or deduction.

 

11.         Survival.

 

(a)          The
obligations of the parties to pay any costs and expenses hereunder and to provide indemnification and contribution as provided
herein shall survive any termination hereunder. In addition, the provisions of Sections 3, and 8 through 20 shall survive the sale
of the Securities or any termination of the Offering hereunder.

 

(b)          The
respective indemnities, covenants, representations, warranties and other statements of the Company and the Agent set forth in or
made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of,
and regardless of any access to information by the Company or the Agent, or any of their officers or directors or any controlling
person thereof, and will survive the sale of the Securities or any termination of the Offering hereunder.

 

12.         Notices.
All notice and other communications hereunder will be in writing and shall be deemed effectively given to a party by (a) personal
delivery; (b) upon deposit with the United States Post Office, by certified mail, return receipt requested, first-class mail, postage
prepaid; (c) delivered by hand or by messenger or overnight courier, addressee signature required, to the addresses below or at
such other address and/or to such other persons as shall have been furnished by the parties:

 

	 	If to the Company:	TapImmune Inc.
	 	 	50 North Laura Street
	 	 	Suite 2500
	 	 	Jacksonville, FL 32202
	 	 	Attn: Mr. Glynn Wilson, Ph.D
	 	 	E-mail: gwilson@tapimmune.com 
	 	 	 
	 	With a copy to:	Shumaker, Loop & Kendrick, LLP
	 	(which shall not	101 East Kennedy Boulevard, Ste 2800
	 	constitute notice)	Tampa, FL 33602
	 	 	Attention: Mark A. Catchur, Esq.
	 	 	 
	 	If to Katalyst Securities LLC.	Katalyst Securities, LLC
	 	 	630 Third Avenue, 5th Floor 
	 	 	New York, NY 10017
	 	 	Attention: Michael Silverman Managing Director

 

    	Placement Agency Agreement
	22	 

     

    

 

	 	With a copy to:	Barbara J. Glenns, Esq.
	 	(which shall not constitute notice)	Law Office of Barbara J. Glenns, Esq.
	 	 	30 Waterside Plaza, Suite 25G
	 	 	New York, NY 10010

 

13.         Governing
Law, Jurisdiction. This Agreement shall be deemed to have been made and delivered in New York City and shall be governed as
to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York without
regard to principles of conflicts of law thereof.

 

THE PARTIES HERETO
AGREE TO SUBMIT ALL CONTROVERSIES TO THE EXCLUSIVE JURISDICTION OF FINRA ARBITRATION IN ACCORDANCE WITH THE PROVISIONS SET FORTH
BELOW AND UNDERSTAND THAT (A) ARBITRATION IS FINAL AND BINDING ON THE PARTIES, (B) THE PARTIES ARE WAIVING THEIR RIGHTS TO SEEK
REMEDIES IN COURT, INCLUDING THE RIGHT TO A JURY TRIAL, (C) PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED AND DIFFERENT FROM
COURT PROCEEDINGS, (D) THE ARBITRATOR’S AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY PARTY’S
RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULES BY ARBITRATORS IS STRICTLY LIMITED, (E) THE PANEL OF FINRA ARBITRATORS WILL TYPICALLY
INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY, AND (F) ALL CONTROVERSIES WHICH MAY
ARISE BETWEEN THE PARTIES CONCERNING THIS AGREEMENT SHALL BE DETERMINED BY ARBITRATION PURSUANT TO THE RULES THEN PERTAINING TO
FINRA. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. JUDGMENT ON ANY AWARD OF ANY SUCH ARBITRATION
MAY BE ENTERED IN THE SUPREME COURT OF THE STATE OF NEW YORK OR IN ANY OTHER COURT HAVING JURISDICTION OVER THE PERSON OR PERSONS
AGAINST WHOM SUCH AWARD IS RENDERED. THE PARTIES AGREE THAT THE DETERMINATION OF THE ARBITRATORS SHALL BE BINDING AND CONCLUSIVE
UPON THEM. THE PREVAILING PARTY, AS DETERMINED BY SUCH ARBITRATORS, IN A LEGAL PROCEEDING SHALL BE ENTITLED TO COLLECT ANY COSTS,
DISBURSEMENTS AND REASONABLE ATTORNEY’S FEES FROM THE OTHER PARTY. PRIOR TO FILING AN ARBITRATION, THE PARTIES HEREBY AGREE
THAT THEY WILL ATTEMPT TO RESOLVE THEIR DIFFERENCES FIRST BY SUBMITTING THE MATTER FOR RESOLUTION TO A MEDIATOR, ACCEPTABLE TO
ALL PARTIES, AND WHOSE EXPENSES WILL BE BORNE EQUALLY BY ALL PARTIES. THE MEDIATION WILL BE HELD IN THE COUNTY OF NEW YORK, STATE
OF NEW YORK, ON AN EXPEDITED BASIS. IF THE PARTIES CANNOT SUCCESSFULLY RESOLVE THEIR DIFFERENCES THROUGH MEDIATION, THE MATTER
WILL BE RESOLVED BY ARBITRATION. THE ARBITRATION SHALL TAKE PLACE IN THE COUNTY OF NEW YORK, THE STATE OF NEW YORK, ON AN EXPEDITED
BASIS.

 

14.         Miscellaneous.

 

(a)          No
provision of this Agreement may be changed or terminated except by a writing signed by the party or parties to be charged therewith.
Unless expressly so provided, no party to this Agreement will be liable for the performance of any other party’s obligations
hereunder. Either party hereto may waive compliance by the other with any of the terms, provisions and conditions set forth herein;
provided, however, that any such waiver shall be in writing specifically setting forth those provisions waived thereby. No such
waiver shall be deemed to constitute or imply waiver of any other term, provision or condition of this Agreement. Neither party
may assign its rights or obligations under this Agreement to any other person or entity without the prior written consent of the
other party.

 

    	Placement Agency Agreement
	23	 

     

    

 

(b)          Each
party shall, without payment of any additional consideration by any other party, at any time on or after the date of the Closing,
take such further action and execute such other and further documents and instruments as the other party may reasonably request
in order to provide the other party with the benefits of this Agreement.

 

(c)          The
Parties to this Agreement each hereby confirm that they will cooperate with each other to the extent that it may become necessary
to enter into any revisions or amendments to this Agreement, in the future to conform to any federal or state regulations as long
as such revisions or amendments do not materially alter the obligations or benefits of either party under this Agreement.

 

15.         Entire
Agreement; Severability. This Agreement together with any other agreement referred to herein supersedes all prior understandings
and written or oral agreements between the parties with respect to the Offering and the subject matter hereof. If any portion of
this Agreement shall be held invalid or unenforceable, then so far as is reasonable and possible (i) the remainder of this Agreement
shall be considered valid and enforceable and (ii) effect shall be given to the intent manifested by the portion held invalid or
unenforceable.

 

16.         Counterparts.
This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall
be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and
all of which together shall constitute one and the same instrument. The exchange of copies of this Agreement and of signature pages
by facsimile transmission or in pdf format shall constitute effective execution and delivery of this Agreement as to the parties
and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or in pdf
format shall be deemed to be their original signatures for all purposes.

 

17.         Announcement
of Offering. The Agent and its counsel and advisors may, subsequent to the closing of any Offering, make public their involvement
with the Company, including use of the Company’s trademarks and logos. The Agent’s counsel and advisors are intended
third party beneficiaries of this Section.

 

18.         Advice
to the Board. The Company acknowledges that any advice given by the Agent to the Company is solely for benefit and use
of the Company’s board of directors and officers, who will make all decisions regarding whether and how to pursue any opportunity
or transaction, including any potential Offering. The Company’s board of directors and management may consider such advice,
but will also base their decisions on the advice of legal, tax and other business advisors and other factors which they consider
appropriate. Accordingly, as an independent contractor, the Agent will not assume the responsibilities of a fiduciary to the Company
or its stockholders in connection with the performance of the services. Any advice provided may not be used, reproduced, disseminated,
quoted or referred to without prior written consent of the providing party. The Agent does not provide accounting, tax or legal
advice. The Company is a sophisticated business enterprise that has retained the Agent for the limited purposes set forth in this
Agreement. The parties acknowledge and agree that their respective rights and obligations are contractual in nature. Each party
disclaims an intention to impose fiduciary obligations on the other by virtue of the engagement contemplated by this Agreement.

 

    	Placement Agency Agreement
	24	 

     

    

 

19.         Other
Investment Banking Services. The Company acknowledges that the Agent and its affiliates are securities firms engaged in
securities trading and brokerage activities and providing investment banking and financial advisory services. In the ordinary course
of business, the Agent and its affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions,
for their own account or the accounts of customers, in the Company’s debt or equity securities, its affiliates or other entities
that may be involved in the transactions contemplated by this Agreement. In addition, the Agent and its affiliates may from time
to time perform various investment banking and financial advisory services for other clients and customers who may have conflicting
interests with respect to the Company or the Offering. The Company also acknowledges that the Agent and its affiliates have no
obligation to use in connection with this engagement or to furnish the Company, confidential information obtained from other companies.
Furthermore, the Company acknowledges the Agent may have fiduciary or other relationships whereby it or its affiliates may exercise
voting power over securities of various persons, which securities may from time to time include securities of the Company or others
with interests in respect of any Offering. The Company acknowledges that the Agent or such affiliates may exercise such powers
and otherwise perform our functions in connection with such fiduciary or other relationships without regard to the Agent’s
relationship to the Company hereunder.

 

20.         Successors.
This Agreement shall inure to the benefit of and be binding upon the successors of the Agent and of the Company (including any
party that acquires the Company or all or substantially all of its assets or merges with the Company). Nothing expressed or mentioned
in this Agreement is intended or shall be construed to give any person or corporation, other than the parties hereto and parties
expressly referred to herein, any legal or equitable right, remedy or claim under or in respect to this Agreement or any provision
hereof. The term “successors” shall not include any purchaser of the Securities merely by reason of such purchase.
No subrogee of a benefited party shall be entitled to any benefits hereunder. Each party hereto disclaims any an intention to impose
any fiduciary obligation on any other party by virtue of the arrangements contemplated by this Agreement.

 

[Signatures on following page.]

 

    	Placement Agency Agreement
	25	 

     

    

 

If the foregoing is
in accordance with your understanding of the agreement between the Company and the Agent, kindly sign and return this Agreement,
whereupon it will become a binding agreement as provided herein, among the Company and the Agent in accordance with its terms.

 

This Agreement contains
a pre-dispute arbitration provision in paragraph 13.

 

	 	TAPIMMUNE, INC.
	 	 
	 	By:	/s/ Glynn Wilson
	 	 	Glynn Wilson, Ph.D.
	 	 	Chief Executive Officer
	 	 
	 	KATALYST SECURITIES LLC
	 	 
	 	By:	/s/ Michael A. Silverman
	 	 	Michael A. Silverman
	 	 	Managing Director

 

    	Placement Agency Agreement
	26

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