Document:

Exhibit 10.1

 

Execution
Version

 

SHARE
PURCHASE AGREEMENT

 

This Share Purchase
Agreement (this “Agreement”) is dated as of December 13, 2020, between SELLAS Life Sciences Group, Inc.,
a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each,
including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).”

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each
Purchaser, severally and not jointly, desires to purchase from the Company, shares of the Company as more fully described in this
Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York generally are open for use by customers on such day.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and
(ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later
than the second (2nd) Trading Day following the date hereof.

 

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“Closing
Statement” means the Closing Statement in the form on Annex A attached hereto.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., with offices located at 666 Third Avenue, New York,
New York 10017.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York
City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day
immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if
this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later
than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement
Agent.

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the
Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board
of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company, or pursuant to inducement grants, (b) securities exercisable or exchangeable for or convertible into shares
of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since
the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities,
(c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors
of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and
carry no registration rights that require or permit the filing of any registration statement in connection therewith during the
prohibition period in Section 4.12(a) herein, and provided that any such issuance shall only be to a Person (or to the
equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business
synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities, (d) up to an aggregate of $250,000 of restricted securities
(and such securities shall not carry any registration rights) issued to third party vendors in any three (3)-month period as payment
for goods or services, and (e) Shares issued or issuable to the Purchasers and their assigns pursuant to this Agreement.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“FDA”
shall have the meaning ascribed to such term in Section 3.1(k).

 

“FDCA”
shall have the meaning ascribed to such term in Section 3.1(gg).

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(c).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property” shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Lien”
shall have the meaning assigned to such term in Section 3.1(h).

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(g).

 

“Per
Share Purchase Price” equals $7.00, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(hh).

 

“Placement
Agent” means Maxim Group LLC.

 

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“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is
filed with the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement with Commission File No. 333-233869 which registers the sale
of the Shares to the Purchasers.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to 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 locating and/or borrowing shares of Common Stock).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule A hereto, and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of
250 Royall Street, Canton, MA 02021, and any successor transfer agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

ARTICLE II.

PURCHASE AND SALE

 

2.1          Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $16,240,000 of Shares. Each Purchaser’s Subscription Amount as set forth on the
signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment” settlement
with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares as determined pursuant to Section 2.2(a),
and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or
such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares
shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall
issue the Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) at
the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically
deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm)
by wire transfer to the Company).

 

2.2          Deliveries.

 

(a)           On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)            this
Agreement duly executed by the Company;

 

(ii)           a
legal opinion of Company Counsel, in form and substance reasonably acceptable to the Placement Agent and Purchasers;

 

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(iii)          a
negative assurance letter from Company Counsel, in form and substance reasonably acceptable to Placement Agent and Purchasers;

 

(iv)          a
legal opinion of Saliwanchik, Lloyd & Eisenschenk, intellectual property legal counsel to the Company, in form and substance
reasonably acceptable to the Placement Agent and Purchasers;

 

(v)           a
legal opinion of Conyers Dill and Pearman Limited, special counsel for the Company on issues of Bermuda law, in form and substance
reasonably acceptable to the Placement Agent and Purchasers

 

(vi)          a
secretary’s certificate, in form and substance reasonably acceptable to Placement Agent and Purchasers;

 

(vii)         an
officer’s certificate, in form and substance reasonably acceptable to Placement Agent and Purchasers;

 

(viii)        a
VP financial certificate, in form and substance reasonably acceptable to Placement Agent and Purchasers;

 

(ix)          a
regulatory certificate from Barbara Wood, Executive Vice President, General Counsel and Corporate Secretary of the Company, in
form and substance reasonably acceptable to Placement Agent and Purchasers;

 

(x)            a
customary comfort letter from the Auditor (as defined herein) addressed to Placement Agent and the Purchasers, in form and substance
satisfactory to Placement Agent and Purchasers, confirming that they are independent public accountants within the meaning of the
Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01
of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial information
and other matters;

 

(xi)           good
standing certificates from the Company and each Subsidiary from each respective state of incorporation or organization, and any
state in which the Company or any Subsidiary is authorized to do business;

 

(xii)         subject
to the last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions,
on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(xiii)        subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer
Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such
Purchaser; and

 

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(xiv)        the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)           On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

 

(i)            this
Agreement duly executed by such Purchaser; and

 

(ii)           such
Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with
the Company or its designee.

 

2.3          Closing
Conditions.

 

(a)           The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein, in which case they shall be accurate as of such date);

 

(ii)           all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)          the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)           The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein, in which case they shall be accurate as of such date);

 

(ii)           all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)          the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)         there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

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(v)           from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)           The
Registration Statement was initially declared effective by the Commission on October 11, 2019, and is currently effective
under the Securities Act, and the rules and regulations promulgated; since the date of effectiveness of the Registration
Statement (as defined below), no additional or supplemental information was requested by the Commission. No stop order of the
Commission preventing or suspending the use of the Base Prospectus (as defined below), the Prospectus Supplement or the Prospectus,
or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted
or, to the Company's knowledge, are contemplated by the Commission. Except where the context otherwise requires, "Base
Prospectus," as used herein, means the base prospectus filed as part of the Registration Statement, together with any
amendments or supplements thereto as of the date of this Agreement. Any reference herein to the Registration Statement, the Base
Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated
by reference, or deemed to be incorporated by reference, therein pursuant to Item 12 of Form S-3 (the "Incorporated
Documents"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated
Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b) Registration
Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include
the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("EDGAR").
All references in this Agreement to financial statements and schedules and other information which is "described," "contained,"
 "included" or "stated" in the Registration Statement, the Base Prospectus or the Prospectus (or other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is
incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration
Statement, the Base Prospectus or the Prospectus as the case may be. Any reference herein to the terms "amend,"
 "amendment" or "supplement" with respect to the Registration Statement, any Base Prospectus,
the Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange
Act on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus, the Prospectus
or the Prospectus Supplement, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant
to Item 12 of Form S-3.

 

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(b)           Prior
to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any "prospectus"
(within the meaning of the Securities Act) or used any "prospectus" (within the meaning of the Securities Act) in connection
with the Offering, in each case other than the Base Prospectus; the conditions set forth in one or more of subclauses (i) through
(iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the Registration Statement relating to
the Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431
under the Securities Act, satisfies the requirements of Section 10 of the Securities Act; neither the Company nor the Placement
Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection
with the Offering, "free writing prospectuses" (as defined in Rule 405 under the Securities Act) pursuant to Rules 164
and 433 under the Securities Act; the parties hereto agree and understand that the content of any and all "road shows"
(as defined in Rule 433 under the Securities Act) related to the Offering is solely the property of the Company.

 

(c)           The
financial statements, including the notes thereto, and the supporting schedules incorporated by reference in the Registration
Statement and the Prospectus comply in all material respects with the requirements of the Securities Act, the Exchange Act and
the Rules and Regulations, and present fairly the financial condition of the Company and its subsidiaries (as identified
in the Registration Statement and Prospectus, the “Subsidiaries”) and financial position as of the dates indicated
and the cash flows and results of operations for the periods specified of the Company (subject, in the case of unaudited statements,
to normal year-end audit adjustments). Except as otherwise stated in the Registration Statement and the Prospectus, said financial
statements have been prepared in conformity with United States generally accepted accounting principles ("GAAP")
applied on a consistent basis throughout the periods involved. Any selected financial data and summary financial information included
in the documents in the Registration Statement and in the Prospectus constitute or will constitute a fair summary of the information
purported to be summarized and have been compiled on a basis consistent with that of the audited financial statements included
in the Registration Statement (subject (i) to such adjustments to accounting standards and practices as are noted therein,
and (ii) in the case of unaudited interim statements, to (A) normal recurring adjustments, (B) the exclusion of
financial statement footnotes, and (C) the information being presented in a condensed or summary manner). No other financial
statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement or the
Prospectus. All disclosures, if any, contained in the Registration Statement or the Prospectus or incorporated by reference therein
regarding “non-GAAP financial measures” (as such term is defined by the applicable rules and regulations of the
Commission) comply, in all material respects, with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities
Act to the extent applicable. The other financial information included in the Registration Statement and the Prospectus present
fairly and accurately the information included therein and have been prepared on a basis consistent with that of the financial
statements that are included in the Registration Statement and the Prospectus and the books and records of the Company.

 

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(d)           The
Company and each of its Subsidiaries has been duly incorporated and validly exists as a corporation in good standing under the
laws of its jurisdiction of incorporation. The Company and each of its Subsidiaries has all requisite corporate power and authority
to own, lease and operate its respective properties and carry on its business as it is currently being conducted and as described
in the Registration Statement and the Prospectus. The Company and each of its Subsidiaries is duly qualified to do business and
is in good standing as a foreign corporation in each jurisdiction in which the character or location of its properties (owned,
leased or licensed) or the nature or conduct of its business makes such qualification necessary, except, in each case, for those
failures to be so qualified or in good standing which (individually or in the aggregate) would not reasonably be expected to have
a Material Adverse Effect (as defined below).

 

(e)           All
of the issued shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable,
have been issued in compliance in all material respects with all applicable federal and state securities laws and none of those
shares was issued in violation of any preemptive rights, rights of first refusal or other similar rights to the extent any such
rights were not waived; the Shares have been duly authorized and, when issued and delivered against payment therefor as provided
in this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Shares is not subject to any
preemptive rights, rights of first refusal or other similar rights that have not heretofore been waived (with copies of such waivers
provided or made available to the Placement Agent). The Shares conform in all material respects to the descriptions thereof contained
in the Registration Statement and the Prospectus under the heading “Description of Capital Stock.” Except as disclosed
in the Registration Statement and the Prospectus, there are no outstanding options, warrants, scrip rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or
exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of
any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and
sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person
(other than the Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary with any provision
that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by
the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary.

 

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(f)            Moss
Adams LLP (the "Auditor"), whose reports relating to the Company are incorporated by reference into the Registration
Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act, the Exchange
Act and the Rules and Regulations and the Public Company Accounting Oversight Board (the "PCAOB"). To the
Company's knowledge, the Auditor is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002
("Sarbanes-Oxley") as such requirements pertain to the Auditor's relationship with the Company. Except as disclosed
in the Registration Statement and the Prospectus, and except for any such non-audit services that were pre-approved by the Audit
Committee of the Company's Board of Directors in accordance with Sections 10A(h) and (i) of the Exchange Act, the Auditor
has not, during the periods covered by the financial statements included in the Registration Statement and the Prospectus, provided
to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.

 

(g)           Subsequent
to the respective dates as of which information is presented in the Registration Statement and the Prospectus, and except as disclosed
in the Registration Statement and the Prospectus: (i) the Company (including its Subsidiaries) has not declared, paid or made
any dividends or other distributions of any kind on or in respect of its capital stock, and (ii) there has been no material
adverse change or, to the Company's knowledge, any development which could reasonably be expected to result in a material adverse
change in the future, whether or not arising from transactions in the ordinary course of business, in or affecting: (A) the
business, condition (financial or otherwise), results of operations, stockholders' equity, properties or prospects of the Company
or its Subsidiaries; (B) the long-term debt or capital stock of the Company or its Subsidiaries; or (C) this offering
or consummation of any of the other transactions contemplated by the Transaction Documents, the Registration Statement and the
Prospectus (a "Material Adverse Effect"). Since the date of the latest balance sheet included in the Registration
Statement and the Prospectus, the Company (including its Subsidiaries) has not incurred or undertaken any liabilities or obligations,
whether direct or indirect, liquidated or contingent, matured or unmatured, or entered into any transactions, including any acquisition
or disposition of any business or asset, which are material to the Company or its Subsidiaries, except (I) for liabilities,
obligations and transactions which are disclosed in the Registration Statement and the Prospectus and (II) as would not be
reasonably expected (individually or in the aggregate) to result in a Material Adverse Effect. There are no statutes, regulations,
contracts (“Material Contracts”) or documents that are required to be described in the Registration Statement
and the Prospectus or to be filed as exhibits to the Registration Statement by the Securities Act that have not been so described
or filed.

 

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(h)           Neither
the Company nor any of its Subsidiaries is: (i) in violation of its certificate of incorporation or bylaws or other organizational
documents, (ii) in default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to
which it is a party or by which it is bound or to which any of its property or assets is subject; and no event has occurred which,
with notice or lapse of time or both, would constitute a default under or result in the creation or imposition of any lien, security
interest, charge or other encumbrance (a "Lien") upon any of its property or assets pursuant to, any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which
any of its property or assets is subject, or (iii) in violation in any respect of any applicable law, rule, regulation, ordinance,
directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, foreign or domestic,
except, in the case of subsections (ii) and (iii) above, for such violations, defaults or Liens which (individually or
in the aggregate) would not reasonably be expected to have a Material Adverse Effect.

 

(i)            The
Company has all requisite corporate power and authority to execute and deliver this Agreement and all other agreements, documents,
certificates and instruments required to be delivered pursuant to this Agreement. The Company's execution, delivery and performance
under this Agreement and each of the Transaction Documents have been duly authorized by all necessary corporate action. This Agreement
has been duly and validly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the
Company and is enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of
any indemnification or contribution provision may be limited under federal and state securities laws; and (iii) that the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought.

 

(j)            The
execution, delivery and performance of this Agreement and all other agreements, documents, certificates and instruments required
to be delivered pursuant to this Agreement and the Transaction Documents do not and will not: (i) conflict with, require consent
under or result in a breach of any of the terms and provisions of, or constitute a default (or an event which with notice or lapse
of time, or both, would constitute a default) under, or result in the creation or imposition of any Lien upon any property or assets
of the Company or its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement, instrument,
franchise, license or permit to which the Company is a party or by which the Company or any of its properties, operations or assets
may be bound, (ii) violate or conflict with any provision of the certificate of incorporation, bylaws or other organizational
documents of the Company, (iii) violate or conflict with any applicable law, rule, regulation, ordinance, directive, judgment,
decree or order of any judicial, regulatory or other legal or governmental agency or body, domestic or foreign, or (iv) trigger
a reset or repricing of any outstanding securities of the Company, except in the case of subsections (i) and (iii) for
any default, conflict, violation or Lien that would not reasonably be expected to result in a Material Adverse Effect and except
in the case of subsection (iv) for any trigger for which the Company has received a waiver.

 

    12

     

    

 

(k)            Except
as disclosed in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries has all consents, approvals,
authorizations, orders, registrations, qualifications, licenses, filings, grants, certificates and permits of, with and from all
judicial, regulatory and other legal or governmental agencies, self-regulatory agencies, authorities and bodies and all third parties,
foreign and domestic, including, without limitation, the U.S. Food and Drug Administration ("FDA") or equivalent
in non-U.S. jurisdictions (collectively, the "Consents"), to own, lease and operate its properties and conduct
its business as it is now being conducted and as disclosed in the Registration Statement and the Prospectus other than those Consents
the failure to possess or own would not reasonably be expected to result in a Material Adverse Effect, and each such Consent is
valid and in full force and effect, except which (individually or in the aggregate), in each such case, would not reasonably be
expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received notice of any investigation
or proceedings which results in or, if decided adversely to the Company or such Subsidiary, could reasonably be expected to result
in, the revocation of, or imposition of a restriction on, any Consent, except such restriction or revocation of such Consent which
(individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. No Consent contains any
material restriction not adequately disclosed in the Registration Statement and the Prospectus.

 

(l)            The
Company and each of its Subsidiaries is in compliance with all applicable laws, rules, regulations, ordinances, directives, judgments,
decrees and orders, foreign and domestic, except for any non-compliance the consequences of which would not have a Material Adverse
Effect.

 

(m)          Prior
to the Closing Date, the Shares shall have been approved for listing on the NASDAQ Capital Market, subject to official notice of
issuance (the "Exchange"), and the Company has taken no action designed to, or likely to have the effect of, delisting
the Shares or, except as disclosed in the Registration Statement and the Prospectus, has the Company received any notification
that the Exchange is contemplating terminating such listing.

 

(n)           No
consent of, with or from any judicial, regulatory or other legal or governmental agency or body or any third party, foreign or
domestic is required for the execution, delivery and performance of this Agreement or consummation of each of the Transaction Documents,
including the issuance, sale and delivery of the Shares to be issued, sold and delivered hereunder, except (i) such as may
have previously been obtained (with copies of such consents provided to the Placement Agent), each of which is in full force and
effect as of the date hereof, (ii) the registration under the Securities Act of the Shares, which has become effective and
which remains in full force and effect as of the date hereof, (iii) such consents as may be required under state securities
or blue sky laws or the bylaws and rules of the Exchange, and (iv) by the Financial Industry Regulatory Authority, Inc.
("FINRA") in connection with the purchase and distribution of the Shares by the Placement Agent.

 

    13

     

    

 

(o)           Except
as disclosed in the Registration Statement and the Prospectus, there is no judicial, regulatory, arbitral or other legal or governmental
proceeding or other litigation or arbitration, domestic or foreign, pending to which the Company or any of its Subsidiaries is
a party or of which any property, operations or assets of the Company or its Subsidiaries is the subject which (i) individually
or in the aggregate, if determined adversely to the Company or applicable Subsidiary would reasonably be expected to have a Material
Adverse Effect, or (ii) is reasonably likely to materially and adversely affect the consummation of the transactions contemplated
in this Agreement or the performance by the Company of its obligations hereunder. To the Company's knowledge, no such proceeding,
litigation or arbitration is threatened or contemplated against the Company or its Subsidiaries.

 

(p)          The
statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or
derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and the Company has obtained
the written consent to the use of such data from such sources, to the extent required, except for such failures to obtain written
consent which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect.

 

(q)           The
Company has established and maintains disclosure controls and procedures over financial reporting (as defined in Rules 13a-15
and 15d-15 under the Exchange Act) and such controls and procedures are designed to ensure that information relating to the Company
required to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated to the
Company's management, including its principal executive and principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure. The Company has utilized such controls and procedures in
preparing and evaluating the disclosures in the Registration Statement and in the Prospectus.

 

(r)            Except
as disclosed in the Registration Statement and the Prospectus, neither the board of directors nor the audit committee has been
informed, nor is the Company aware, of: (i) any significant deficiencies or material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process,
summarize and report financial information; or (ii) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Company's internal control over financial reporting.

 

(s)           The
Company has not taken, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could
reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate
the sale or resale of the Shares.

 

(t)            Neither
the Company nor any of its Affiliates (within the meaning of the Securities Act) has, prior to the date hereof, made any offer
or sale of any securities which are required to be "integrated" pursuant to the Securities Act or the Regulations with
the offer and sale of the Shares pursuant to the Registration Statement. Except as disclosed in the Registration Statement and
the Prospectus or Forms 4 filed by Affiliates, neither the Company nor any of its Affiliates has sold or issued any securities
during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A,
Regulation D or Regulation S under the Securities Act, other than shares of Common Stock issued pursuant to equity incentive plans,
employee stock purchase plans, employee benefit plans, qualified stock option plans or employee compensation plans or pursuant
to outstanding options, convertible notes, convertible preferred stock, rights or warrants to purchase shares of Common Stock.

 

    14

     

    

 

(u)           To
the knowledge of the Company, the biographies of the Company's officers and directors incorporated into the Registration Statement
are true and correct in all material respects and the Company has not become aware of any information which would cause the information
disclosed in the questionnaires previously completed by the directors and officers of the Company to become inaccurate and incorrect
in any material respect.

 

(v)           To
the knowledge of the Company, no director or officer of the Company is subject to any non-competition agreement or non-solicitation
agreement with any employer or prior employer which could materially affect his or her ability to be and act in his or her respective
capacity of the Company.

 

(w)          The
Company is not, and is not an Affiliate of, and, at all times up to and including the consummation of the transactions contemplated
by the Transaction Documents, and immediately after receipt of payment for the Shares, will not be, subject to registration as
an "investment company" under the Investment Company Act of 1940, as amended, and is not and will not be an entity "controlled"
by an "investment company" within the meaning of such act.

 

(x)            No
relationship, direct or indirect, exists between or among any of the Company or, to the Company's knowledge, any Affiliate of the
Company, on the one hand, and any director, officer, stockholder, customer or supplier of the Company or, to the Company's knowledge,
any Affiliate of the Company, on the other hand, which is required by the Securities Act or the Exchange Act to be described in
the Registration Statement or the Prospectus which is not so described as required. There are no outstanding loans, advances (except
normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company to or for
the benefit of any of the officers or directors of the Company or any of their respective family members, except as described in
the Registration Statement and the Prospectus. The Company has not, in violation of Sarbanes-Oxley, directly or indirectly extended
or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to
or for any director or executive officer of the Company.

 

(y)           Except
as disclosed in the Registration Statement and the Prospectus, the Company is in compliance with the rules and regulations
promulgated by the Exchange or any other governmental or self-regulatory entity or agency having jurisdiction over the Company,
except for such failures to be in compliance which (individually or in the aggregate) would not reasonably be expected to have
a Material Adverse Effect. Without limiting the generality of the foregoing: (i) all members of the Company's board of directors
who are required to be "independent" (as that term is defined under the rules of the Exchange), including, without
limitation, all members of the audit committee of the Company's board of directors, meet the qualifications of independence as
set forth under applicable laws, rules and regulations and (ii) the audit committee of the Company's board of directors
has at least one member who is an "audit committee financial expert" (as that term is defined under applicable laws,
rules and regulations).

 

    15

     

    

 

(z)            The
Company and each of its Subsidiaries owns or leases all such properties (other than intellectual property, which is covered below)
as are necessary to the conduct of its business as presently operated and as described in the Registration Statement and the Prospectus.
The Company and each of its Subsidiaries has good and marketable title in fee simple to all real property and good and marketable
title to all personal property owned by it, in each case free and clear of all Liens except such as are described in the Registration
Statement and the Prospectus or such as would not (individually or in the aggregate) have a Material Adverse Effect. Any real
property and buildings held under lease or sublease by the Company or its Subsidiaries are held by it under valid, subsisting
and, to the Company's knowledge, enforceable leases with such exceptions as are not material to, and do not materially interfere
with, the use made and proposed to be made of such property and buildings by the Company or its Subsidiaries. Neither the Company
nor its Subsidiaries has received any written notice of any claim adverse to its ownership of any real or material personal property
or of any claim against the continued possession of any real property, whether owned or held under lease or sublease by the Company
or its Subsidiaries, except for such claims that, if successfully asserted against the Company or its Subsidiaries, would not
(individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.

 

(aa)          To
the knowledge of the Company, the Company (including all of its Subsidiaries): (i) owns, possesses or has the right to use
all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations,
copyrights, licenses, formulae, customer lists and know-how and other intellectual property (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures, "Intellectual Property")
necessary for the conduct of its businesses as being conducted and as described in the Registration Statement and the Prospectus,
except as disclosed in the Registration Statement or the Prospectus, and (ii) has no knowledge that the conduct of its business
conflicts or will conflict with the rights of others, and it has not received any written notice of any claim of conflict with,
any right of others. To the Company's knowledge, there is no infringement by third parties of any such Intellectual Property.
There is no pending or, to the Company's knowledge, threatened, action, suit, proceeding or claim by others challenging the Company's
rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for
any such claim; and there is no pending or, to the Company's knowledge, threatened, action, suit, proceeding or claim by others
that the Company infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of
others, and the Company is unaware of any other fact which would form a reasonable basis for any such claim, except as would not
(individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. Except as set forth in the Registration
Statement and the Prospectus, the Company has not received any claim for royalties or other compensation from any person, including
any employee of the Company who made inventive contributions to Company's technology or products that are pending or unsettled,
and except as set forth in the Registration Statement and the Prospectus the Company does not and will not have any obligation
to pay royalties or other compensation to any person on account of inventive contributions, except as would not (individually
or in the aggregate) reasonably be expected to have a Material Adverse Effect.

 

    16

     

    

 

(bb)         The
agreements and documents described in the Registration Statement and the Prospectus conform in all material respects to the descriptions
thereof contained therein and there are no agreements or other documents required by the applicable provisions of the Securities
Act to be described in the Registration Statement or the Prospectus or to be filed with the Commission as exhibits to the Registration
Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to
which the Company (or its Subsidiaries) is a party or by which its property or business is or may be bound or affected and (i) that
is referred to in the Registration Statement or the Prospectus or attached as an exhibit thereto, or (ii) is material to the
Company's business, has been duly and validly executed by the Company, is in full force and effect in all material respects and
is enforceable against the Company in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification
or contribution provision may be limited under the foreign, federal and state securities laws, and (z) that the remedy of
specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion
of the court before which any proceeding therefor may be brought, and none of such agreements or instruments has been assigned
by the Company (including any Subsidiaries), and except as described in the Registration Statement and the Prospectus, neither
the Company nor, to the Company's knowledge, any other party is in material breach or default thereunder and, to the Company's
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default
thereunder, in any such case, which would result in a Material Adverse Effect.

 

(cc)          The
disclosures in the Registration Statement and the Prospectus concerning the effects of foreign, federal, state and local regulation
on the Company's business as currently contemplated are correct in all material respects.

 

(dd)         The
Company has accurately prepared and filed all federal, state, foreign and other tax returns that are required to be filed by it
through the date hereof, or has received timely extensions thereof, except where the failure to so file would not (individually
or in the aggregate) reasonably be expected to have a Material Adverse Effect, and has paid or made provision for the payment
of all material taxes, assessments, governmental or other similar charges, including without limitation, all sales and use taxes
and all taxes which the Company is obligated to withhold from amounts owing to employees, creditors and third parties, with respect
to the periods covered by such tax returns, whether or not such amounts are shown as due on any tax return (except as currently
being contested in good faith and for which reserves required by GAAP have been created in the financial statements of the Company)
and except for such taxes, assessments, governmental or other similar charges the nonpayment of which would not (individually
or in the aggregate) reasonably be expected to have a Material Adverse Effect. No deficiency assessment with respect to a proposed
adjustment of the Company's federal, state, local or foreign taxes is pending or, to the Company's knowledge, threatened. The
accruals and reserves on the books and records of the Company in respect of tax liabilities for any taxable period not finally
determined are adequate to meet any assessments and related liabilities for any such period and, since the date of the Company's
most recent audited financial statements, the Company has not incurred any material liability for taxes other than in the ordinary
course of its business. There is no tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding
against the assets, properties or business of the Company.

 

    17

     

    

 

(ee)          No
labor disturbance or dispute by or with the employees of the Company which, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect, currently exists or, to the Company's knowledge, is threatened. The Company is in
compliance in all material respects with the labor and employment laws and collective bargaining agreements and extension orders
applicable to its employees.

 

(ff)           Except
as would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect, the Company (and its
Subsidiaries) is in compliance with all material Environmental Laws (as hereinafter defined), and, to the Company's knowledge,
no future material expenditures are or will be required in order to comply therewith. The Company has not received any written
notice or communication that relates to or alleges any actual or potential violation or failure to comply with any Environmental
Laws that would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. As used herein, the
term "Environmental Laws" means all applicable laws and regulations, including any licensing, permits or reporting
requirements, and any action by a federal, state or local government entity, pertaining to the protection of the environment,
protection of public health, protection of worker health and safety, or the handling of hazardous materials, including without
limitation, the Clean Air Act, 42 U.S.C. § 7401, et seq., the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, 42 U.S.C. § 9601, et seq., the Federal Water Pollution Control Act, 33 U.S.C. § 1321, et seq., the Hazardous
Materials Transportation Act, 49 U.S.C. § 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. § 690-1,
et seq., and the Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.

 

    18

     

    

 

(gg)         As
to each product or product candidate subject to the jurisdiction of the FDA under the Federal Food, Drug and Cosmetic Act, as
amended, and the regulations thereunder ("FDCA") and/or the jurisdiction of the non-U.S. counterparts thereof
that is currently being tested by the Company (or any of its Subsidiaries) (each such product, a "Product"),
such Product is being tested by the Company (or any of its Subsidiaries) in compliance with all applicable requirements under
FDCA and/or and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure,
or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas,
advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse
Effect. Except as disclosed in the Registration Statement and the Prospectus, the Company (or any of its Subsidiaries) currently
has no products that have been approved by the FDA or any non-U.S. counterparts thereof to be manufactured, packaged, labeled,
distributed, sold and/or marketed. Except as disclosed in the Registration Statement or the Prospectus, there is no pending, completed
or, to the Company's knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory
proceeding, charge, complaint, or investigation) against the Company (or any of its Subsidiaries) and the Company (or any of its
Subsidiaries) has not received any written notice, warning letter or other communication from the FDA or any other governmental
entity or any non-U.S. counterparts thereof, in either case which (i) contests the premarket clearance, licensure, registration
or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling
and promotion of any Product, (ii) imposes a clinical hold on any clinical investigation by the Company (or any of its Subsidiaries),
(iii) enters or proposes to enter into a consent decree of permanent injunction with the Company (or any of its Subsidiaries),
or (iv) otherwise alleges any violation of any laws, rules or regulations by the Company (or any of its Subsidiaries),
and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations
of the Company (or any of its Subsidiaries) have been and are being conducted in all material respects in accordance with all
applicable laws, rules and regulations of the FDA and non-U.S. counterparts thereof. Neither the Company nor any of its Subsidiaries
has been informed by the FDA or any non-U.S. counterparts thereof that such agency will prohibit the marketing, sale, license
or use of any Product nor has the FDA or a non-U.S. counterpart thereof provided any written notice that could reasonably be expected
to preclude the approval or the clearing for marketing of any Product.

 

(hh)         The
clinical, pre-clinical and other studies and tests ("Studies") conducted by or on behalf of or sponsored by the
Company (including its Subsidiaries) that are described or referred to in the Registration Statement and the Prospectus were and,
if still pending, are, being conducted in accordance with all applicable statutes, laws, rules and regulations (including,
without limitation, those administered by the FDA or by any foreign, federal, state or local governmental or regulatory authority
performing functions similar to those performed by the FDA), as well as the protocols, procedures and controls designed and approved
for such Studies and with standard medical and scientific research procedures, except where the failure to be so conducted would
not have a Material Adverse Effect. The descriptions of the results of such Studies that are described or referred to in the Registration
Statement and the Prospectus are accurate and complete in all material respects and fairly present the data derived from such Studies.
Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries has received
any written notices or other correspondence from the FDA or any other foreign, federal, state or local governmental or regulatory
authority performing functions similar to those performed by the FDA requiring the termination or suspension of such Studies, other
than ordinary course communications with respect to modifications in connection with the design and implementation of such Studies.

 

    19

     

    

 

(ii)            Except
as would not result in a Material Adverse Effect, the Company (including its Subsidiaries) has not failed to file with the applicable
regulatory authorities (including the FDA or any foreign, federal, state or local governmental or regulatory authority performing
functions similar to those performed by the FDA and having jurisdiction over the Company or its Subsidiaries) any filing, declaration,
listing, registration, report or submission that is required to be so filed for the business operations of the Company or its
Subsidiaries as currently conducted. All such filings were in material compliance with applicable laws when filed and no material
deficiencies have been asserted in writing by any applicable regulatory authority (including, without limitation, the FDA or any
foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA)
with respect to any such filings, declarations, listings, registrations, reports or submissions.

  

(jj)            The
Registration Statement and the Prospectus identify each employment, severance or other similar agreement, arrangement or policy
and each material arrangement providing for insurance coverage, benefits, bonuses, stock options or other forms of incentive compensation,
or post-retirement insurance, compensation or benefits which: (i) is entered into, maintained or contributed to, as the case
may be, by the Company and (ii) covers any officer or director or former officer or former director of the Company, in each
case to the extent required by the Rules and Regulations. These contracts, plans and arrangements are referred to collectively
in this Agreement as the "Benefit Arrangements." Each Benefit Arrangement has been maintained in material compliance
with its terms and with requirements prescribed by any and all statutes, orders, rules and regulations that are applicable
to that Benefit Arrangement in each case except where the failure to comply is not reasonably likely to have a Material Adverse
Effect.

 

(kk)          Except
as set forth in the Registration Statement or the Prospectus, the Company is not a party to or subject to any employment contract
or arrangement providing for annual future compensation, or the opportunity to earn annual future compensation (whether through
fixed salary, bonus, commission, options or otherwise) of more than $120,000 to any executive officer or director.

 

(ll)            The
conditions for use of Form S-3 to register the Offering under the Securities Act, as set forth in the General Instructions
to such Form, have been satisfied.

 

(mm)        Except
as disclosed in the Registration Statement and the Prospectus, neither the execution of this Agreement nor the consummation of
the Offering, constitutes a triggering event under any Benefit Arrangement or any other employment contract, whether or not legally
enforceable, which (either alone or upon the occurrence of any additional or subsequent event) will or may result in any payment
(of severance pay or otherwise), acceleration, increase in vesting or increase in benefits to any current or former participant,
employee or director of the Company other than an event that is not material to the financial condition or business of the Company.

 

(nn)         Neither
the Company, its Subsidiaries, nor, to the Company's knowledge, any of the employees or agents of the Company or its Subsidiaries,
has at any time during the last three (3) years: (i) made any unlawful contribution to any candidate for foreign office,
or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state governmental
officer or official or other person charged with similar public or quasi-public duties in the United States, other than payments
that are not prohibited by the laws of the United States or any jurisdiction thereof.

 

    20 

     

    

 

(oo)            The
Company has not offered, or caused the Placement Agent to offer, any Shares to any person or entity with the intention of unlawfully
influencing: (i) a supplier of the Company to alter the supplier's level or type of business with the Company or (ii) a
journalist or publication to write or publish favorable information about the Company.

 

(pp)            The
operations of the Company are and have been conducted at all times in compliance in all material respects with applicable financial
record keeping and reporting requirements and money laundering statutes of the United States and, to the Company's knowledge,
all other applicable jurisdictions to which the Company is subject, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively,
the "Money Laundering Laws"), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company's
knowledge, threatened.

 

(qq)            Neither
the Company nor, to the Company's knowledge, any director, officer, agent, employee or Affiliate of the Company is currently subject
to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC");
and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available
such proceeds to any joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.

 

(rr)              None
of the Company, its directors or officers or, to the Company's knowledge, any agent, employee, Affiliate or other person acting
on behalf of the Company has engaged in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010, the Iran Sanctions Act of 1996, the National Defense Authorization Act for Fiscal Year 2012, the Iran
Threat Reduction and Syria Human Rights Act of 2012 or any Executive Order relating to any of the foregoing (collectively, and
as each may be amended from time to time, the "Iran Sanctions"); and the Company will not directly or indirectly
use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity, for the purpose of engaging in any activities sanctionable under the Iran Sanctions.

 

    21 

     

    

 

(ss)     Except
as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings
relating to the payment of a finder's, consulting or origination fee by the Company or any officer, director or stockholder of
the Company (each, an "Insider") with respect to the sale of the Shares hereunder or any other arrangements,
agreements or understandings of the Company or, to the Company's knowledge, any of its stockholders that may affect the Placement
Agent's compensation, as determined by FINRA. Except as described in the Registration Statement and the Prospectus and in connection
with the Company’s underwritten public offering on Form S-1 (File No. 333-231723), the Company has not made any
direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise,
in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital
to the Company; (ii) to any FINRA member; or (iii) to any person or entity that has any direct or indirect affiliation
or association with any FINRA member, within the 180 days prior to the Effective Date. Except as described in the Prospectus,
none of the Net Proceeds will be paid by the Company to any participating FINRA member or its affiliates, except as specifically
authorized herein. No officer, director or, to the Company's knowledge, any beneficial owner of 5% or more of the Company's securities
(whether debt or equity, registered or unregistered, regardless of the time acquired or the source from which derived) (any such
individual or entity, a "Company Affiliate") has any direct or indirect affiliation or association with any FINRA
member (as determined in accordance with the rules and regulations of FINRA); and no Company Affiliate is an owner of stock
or other securities of any member of FINRA (other than securities purchased on the open market); no Company Affiliate has made
a subordinated loan to any member of FINRA. Except as disclosed in the Registration Statement and the Prospectus, the Company
has not issued any warrants or other securities or granted any options, directly or indirectly, to anyone who is a potential underwriter
in the Offering or a related person (as defined by FINRA rules) of such an underwriter within the 180-day period prior to the
initial filing date of the Registration Statement; no person to whom securities of the Company have been privately issued within
the 180-day period prior to the initial filing date of the Registration Statement has any relationship or affiliation or association
with any member of FINRA; and no FINRA member participating in the offering has a conflict of interest with the Company. For this
purpose, a "conflict of interest" has the meaning ascribed to such term in FINRA Rule 5121(f)(5).

 

(tt)     The
Company has not distributed and will not distribute any prospectus or other offering material in connection with the Offering
other than the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed
by the Company.

 

(uu)    No
Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities
of the Company or any Subsidiary.

 

(vv)    Other
than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will
be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares.

 

(ww)   The
Company will notify the Purchasers 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, reasonably be expected to become a Disqualification
Event relating to any Issuer Covered Person, in each case of which it is aware.

 

    22 

     

    

 

(xx)            Neither
the Company or its Subsidiaries, nor, to the Company's knowledge, any of the employees of the Company or its Subsidiaries, has
at any time during the last ninety (90) days: contracted with or made payment to any third party research, or stock promotion
services in relation to the Company’s stock.

 

(yy)

 

3.2            Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a)            Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it 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.

 

(b)            Understandings
or Arrangements. Such Purchaser is acquiring the 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 Shares (this representation and warranty
not limiting such Purchaser’s right to sell the Shares pursuant to the Registration Statement or otherwise in compliance
with applicable federal and state securities laws). Such Purchaser is acquiring the Shares hereunder in the ordinary course of
its business.

 

(c)            Purchaser
Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a
 “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

(d)            Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

    23 

     

    

 

(e)            Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the reports, schedules, forms, statements and other documents required to be filed by
the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof
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 offering of the Shares and the merits and risks of investing
in the 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.  Such Purchaser acknowledges and agrees that neither
the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect
to the Shares nor is such information or advice necessary or desired.  Neither the Placement Agent nor any Affiliate has
made or makes any representation as to the Company or the quality of the Shares and the Placement Agent and any Affiliate may
have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. 
In connection with the issuance of the Shares to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted
as a financial advisor or fiduciary to such Purchaser.

 

(f)            Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the
investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Shares covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in
order to effect Short Sales or similar transactions in the future.

 

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(g)            General
Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication
regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or
affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement
or any representations and warranties contained in any other Transaction Document or any other document or instrument executed
and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding
the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude
any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1            Furnishing
of Information. Until such time that the Purchasers may sell their Shares pursuant to Rule 144 of the Securities Act,
the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then
subject to the reporting requirements of the Exchange Act, except in the event of a merger or acquisition transaction approved
by the Board of Directors that results in the Company not being subject to such reporting requirements.

 

4.2            Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and
regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction
unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.3            Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction
Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of
such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information
delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors,
employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon
the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other
hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect
to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise
make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or
without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall
not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any
regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal
securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such
disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior
notice of such disclosure permitted under this clause (b).

 

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4.4            Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that
any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted
by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of
receiving Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.5            Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, which shall be disclosed pursuant to Section 4.3, the Company covenants and agrees that neither it, nor any other
Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the
Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented
to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent,
the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of
its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any
of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting
transactions in securities of the Company.

 

4.6            Use
of Proceeds. Except as set forth on Schedule 4.6 attached hereto, the Company shall use the net proceeds from the sale
of the Shares hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion
of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior
practices), (b) for the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding
litigation or (d) in violation of FCPA or OFAC regulations.

 

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4.7            Indemnification
of Purchasers. Subject to the provisions of this Section 4.7, the Company will indemnify and hold each Purchaser and
its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any material breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any
action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder
of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties
or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder
or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is
finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against
any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly
notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing
reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser
Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the
Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there
is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the
position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more
than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement
by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company
or others and any liabilities the Company may be subject to pursuant to law.

 

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4.8            Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on
the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote
all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The Company
further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such
application all of the Shares and will take such other action as is necessary to cause all of the Shares to be listed or quoted
on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the
listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility
of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation,
including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation
in connection with such electronic transfer.

 

4.9            Intentionally
Omitted.

 

4.10          Subsequent
Equity Sales.

 

(a)            From
the date hereof until thirty (30) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.
Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall
be in addition to any right to collect damages.

 

(b)            From
the date hereof until one (1) year after the Closing Date, the Company shall be prohibited from effecting or entering into
an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or
a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means a
transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares
of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise
or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security
or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the
market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited
to, an equity line of credit, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled
to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right
to collect damages. For the avoidance of doubt, an “at the market” offering pursuant to an “at the market”
equity distribution or sales agreement shall not constitute a Variable Rate Transaction.

 

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(c)            Notwithstanding
the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction
shall be an Exempt Issuance.

 

4.11            Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Shares or otherwise.

 

4.12            Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by the Transaction Documents are first publicly announced pursuant to the initial
press release as described in Section 4.3.  Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by the Transaction Documents are publicly disclosed by the Company pursuant
to the initial press release as described in Section 4.3, such Purchaser will maintain the confidentiality of the existence
and terms of this transaction and the information included in the Disclosure Schedules.  Notwithstanding the foregoing and
notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no
Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities
of the Company after the time that the transactions contemplated by the Transaction Documents are first publicly announced pursuant
to the initial press release as described in Section 4.3, (ii) no Purchaser shall be restricted or prohibited from effecting
any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the
transactions contemplated by the Transaction Documents are first publicly announced pursuant to the initial press release as described
in Section 4.3 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities
of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.3. 
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the
investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set
forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Shares covered by this Agreement.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1            Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2            Fees
and Expenses. At the Closing, the Company has agreed to reimburse the Placement Agent the non-accountable sum of $50,000 for
its legal fees and expenses. The Company shall deliver to each Purchaser, prior to the Closing, a completed and executed copy
of the Closing Statement, attached hereto as Annex A. Except as expressly set forth in the Transaction Documents to the
contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any
instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and
duties levied in connection with the delivery of any Shares to the Purchasers.

 

5.3            Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof 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.

 

5.4            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to
be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To
the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K.

 

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5.5            Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 67% in interest of the Shares based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group
of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser
relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely
affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder
of Shares and the Company.

 

5.6            Headings.
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.

 

5.7            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect
to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8            No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement
is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.7 and this
Section 5.8.

 

5.9            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action
or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence
an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.7, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such Action or Proceeding.

 

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5.10            Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

5.11            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 each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, the Uniform Electronic Transactions Act, or other applicable law (e.g., www.docusign.com), 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,“.pdf” or electronic signature page were an original thereof.

 

5.12            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13            Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

 

    32 

     

    

 

5.14            Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in
lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Shares.

 

5.15            Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16            Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17            Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the
Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and
Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.
It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is
between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among
the Purchasers.

 

    33 

     

    

 

5.18            Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.19            Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition,
each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment
for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that
occur after the date of this Agreement.

 

5.20            Sales
During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution
of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing
(the “Pre-Settlement Period”), such Purchaser sells to any Person all, or any portion, of any shares of Common
Stock to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”),
such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed
to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares
to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such
Purchaser prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further
that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser
as to whether or not during the Pre-Settlement Period such Purchaser shall sell any shares of Common Stock to any Person and that
any such decision to sell any shares of Common Stock by such Purchaser shall solely be made at the time such Purchaser elects
to effect any such sale, if any.

 

5.21            WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    34 

     

    

 

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

 

	SELLAS Life Sciences Group, Inc.	Address for Notice:
	 	 
	By:	         	 	 
	    Name: Angelos
    M. Stergiou	E-Mail: astergiou@sellaslife.com
	    Title: President
    and Chief Executive Officer 	 
	 	 
	With a copy to (which shall not constitute notice):	 
	 
	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
	666 Third Avenue
	New York, NY 10017
	dabagliebter@mintz.com
	Attention: Daniel Bagliebter, Esq.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    35 

     

    

 

[PURCHASER SIGNATURE PAGES TO

 SELLAS
Life Sciences Group, Inc., SHARE PURCHASE AGREEMENT]

 

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

 

Name of Purchaser: ________________________________________________________

 

Signature
of Authorized Signatory of Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:
_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Shares to Purchaser (if not same as
address for notice):

 

DWAC for Shares:

 

Subscription Amount: $_________________

 

Shares: _________________

 

EIN Number: _______________________

 

 ̈
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of
the above-signed to purchase the shares set forth in this Agreement to be purchased from the Company by the above-signed, and
the obligations of the Company to sell such shares to the above-signed, shall be unconditional and all conditions to Closing shall
be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement
and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above)
that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price
(as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed
(as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other
party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    36 

     

    

 

Annex A

 

CLOSING STATEMENT

 

Pursuant to the attached Share Purchase
Agreement, dated as of the date hereto, the purchasers shall purchase up to $[___________] shares of Common Stock from SELLAS
Life Sciences Group, Inc., a Delaware corporation (the “Company”). All funds will be wired into an account
maintained by the Company. All funds will be disbursed in accordance with this Closing Statement.

 

Disbursement
Date:December ___, 2020

 

 

	I.   PURCHASE PRICE  	 
	 	Gross
Proceeds to be Received 	$
	 	 
	II.   DISBURSEMENTS  	 
	 	 	$
	 	 	$
	 	 	$
	 	 	$
	 	 	$
	 	 
	Total
Amount Disbursed:	$
	 	 
	 	 
	 	 
	WIRE INSTRUCTIONS: 

Please see attached.  	 

 

Acknowledged and agreed to this ___ day
of December, 2020

 

SELLAS Life Sciences Group, Inc.,

 

	By:	         	 
	Name: Angelos M. Stergiou	 
	Title: President and Chief Executive Officer	 

 

    37 

     

    

 

SCHEDULE A

 

Subsidiaries

 

	Subsidiary	Jurisdiction
	Apthera, Inc.	Delaware
	SLSG
    Limited LLC	Delaware
	Sellas
    Life Sciences Group Ltd.	Bermuda
	Sellas
    Life Sciences Limited	Ireland

 

    38Exhibit 10.9

 

MOMENTUS
INC.

 

2020
EQUITY INCENTIVE PLAN

 

NOTICE
OF RESTRICTED STOCK UNIT GRANT 

 

Participant
Name:

 

You
have been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions of this Restricted
Stock Unit Grant Notice (the “Notice of Grant”), the Momentus Inc. 2020 Equity Incentive Plan (the “Plan”)
and the attached Restricted Stock Unit Agreement ([which includes the Country-Specific Addendum,] the “Award Agreement”),
as set forth below. Unless otherwise defined herein, the terms used in this Notice of Grant shall have the meanings defined in
the Plan.

 

	 	Grant
    Number:	 	 
	 	 	 	 
	 	Date
    of Grant:	 	 
	 	 	 	 
	 	Vesting
    Commencement Date:	 	 
	 	 	 	 
	 	Number
    of Restricted Stock Units:	 	 

 

Vesting
Schedule:   

 

Subject
to Section 3 of the Award Agreement, the Restricted Stock Units will vest in accordance with the following schedule:

 

 

 

 

 

 

  

[If
Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted Stock Units, the Restricted
Stock Units and Participant’s right to acquire any Shares hereunder will terminate in accordance with Section 3 of the Award
Agreement.]

 

     

     

    

 

By
accepting this Award (whether electronically or otherwise), Participant acknowledges and agrees to the following:

 

1. This
Award is governed by the terms and conditions of this Award Agreement and the Plan. In the event of a conflict between the terms
of the Plan and this Award Agreement, the terms of the Plan will prevail. Capitalized terms used and not defined in this Award
Agreement and the Notice of Grant will have the meaning set forth in the Plan.

 

2. Participant
has received a copy of the Plan, the Award Agreement, the Plan prospectus, and the Insider Trading Policy and represents that
Participant has read these documents and is familiar with their terms. Participant further agrees to accept as binding, conclusive,
and final all decisions and interpretations of the Administrator (or its delegees) regarding any questions relating to this Award
and the Plan.

 

3. Vesting
of the Award is subject to Participant’s continuous status as a Service Provider, which is for an unspecified duration and
may be terminated at any time, with or without Cause, and nothing in the Award Agreement or the Plan changes the nature of that
relationship.

 

4. The
Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding participation
in the Plan. Participant should consult with his or her own personal tax, legal, and financial advisors regarding participation
in the Plan before taking any action related to the Plan.

 

5. Participant
consents to electronic delivery and participation as set forth in the Plan and the Award Agreement.

 

	PARTICIPANT:	 	MOMENTUS
    INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print
    Name	 	Title

 

    -2-

     

    

 

MOMENTUS
INC.

 

2020
EQUITY INCENTIVE PLAN

 

RESTRICTED
STOCK UNIT AGREEMENT

 

1. Grant.
The Company hereby grants to the individual (the “Participant”) named in the Notice of Restricted Stock
Unit Grant (the “Notice of Grant”) an Award of Restricted Stock Units under the Momentus Inc. 2020 Equity
Incentive Plan (the “Plan”), subject to all of the terms and conditions in the Notice of Grant, this
Restricted Stock Unit Agreement (the “Award Agreement”) and the Plan, which is incorporated herein by
reference. [If there is a conflict between the terms and conditions of the Plan and the terms and conditions of this Award Agreement,
the terms and conditions of the Plan will prevail.]

 

2. Company’s
Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests. Unless and until
the Restricted Stock Units will have vested in the manner set forth in Section 3, Participant will have no right to receive
Shares pursuant to any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted
Stock Units will represent an unsecured obligation of the Company. Any Restricted Stock Units that vest in accordance with Section
3 will be settled by delivery of whole Shares as set forth herein to Participant (or in the event of Participant’s death,
to his or her estate), subject to Participant satisfying any Tax-Related Items as set forth in Section 7. Subject to the provisions
of Section 4, such vested Restricted Stock Units will be settled by delivery of whole Shares as soon as practicable after vesting,
but in each such case within the period ending no later than the date that is two and one-half (21⁄2) months from the end
of the Company’s tax year that includes the vesting date. In no event will Participant be permitted, directly or indirectly,
to specify the taxable year in which Shares will be issued upon payment of any Restricted Stock Units under this Award Agreement.

 

3. Vesting
Schedule. The Restricted Stock Units awarded by this Award Agreement will vest in accordance with the vesting provisions set
forth in the Notice of Grant. [Restricted Stock Units scheduled to vest on a certain date or upon the occurrence of a certain
condition will not vest in accordance with any of the provisions of this Award Agreement, unless Participant will have been continuously
a Service Provider from the Date of Grant until the date such vesting occurs.] Service Provider status for purposes of this Award
will end on the day that Participant is no longer actively providing services as an Employee, Director, or Independent Contractor
and will not be extended by any notice period or “garden leave” that may be required contractually or under Applicable
Laws. Notwithstanding the foregoing, the Administrator (or any delegate) shall have the sole and absolute discretion to determine
when Participant is no longer providing active service for purposes of Service Provider status and participation in the Plan.

 

    -1-

     

    

 

4. Administrator
Discretion. Notwithstanding anything in the Plan or this Award Agreement to the contrary, if the vesting of the balance, or
some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant’s termination
as a Service Provider (provided that such termination is a “separation from service” within the meaning of Code Section
409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within
the meaning of Code Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated
Restricted Stock Units will result in the imposition of additional tax under Code Section 409A if paid to Participant on or within
the six (6) month period following Participant’s termination as a Service Provider, then the payment of such accelerated
Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s
termination as a Service Provider, unless the Participant dies following his or her termination as a Service Provider, in which
case, the Restricted Stock Units will be settled in Shares to the Participant’s estate as soon as practicable following
his or her death. It is the intent of this Award Agreement that it and all payments and benefits hereunder be exempt from, or
comply with, the requirements of Code Section 409A so that none of the Restricted Stock Units provided under this Award Agreement
or Shares issuable thereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein
will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute a
separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). For purposes of this Award Agreement, “Code
Section 409A” means Section 409A of the Code, and any final U.S. Treasury Regulations and U.S. Internal Revenue Service
guidance thereunder, as each may be amended from time to time.

 

5. Forfeiture
upon Termination of Status as a Service Provider. Except as otherwise provided in the Notice of Grant, any Restricted Stock
Units that have not vested will be forfeited and will return to the Plan on the date that is thirty (30) days following the termination
of Participant’s status as a Service Provider.

 

6. Death
of Participant. Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is
then deceased, be made to Participant’s designated beneficiary, if so allowed by the Administrator in its sole discretion,
or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must
furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to
establish the validity of the transfer and compliance with any Applicable Laws or regulations pertaining to said transfer.

 

7. Withholding
of Taxes. Regardless of any action the Company or Participant’s employer (the “Employer”)
takes with respect to any or all applicable national, local, or other tax or social contribution, withholding, required deductions,
or other payments, if any, that arise upon the grant or vesting of the Restricted Stock Units or the holding or subsequent sale
of Shares, and the receipt of dividends, if any, or otherwise in connection with the Restricted Stock Units or the Shares (“Tax-Related
Items”), Participant acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by
Participant is and remains Participant’s responsibility and may exceed any amount actually withheld by the Company or the
Employer. Participant further acknowledges and agrees that Participant is solely responsible for filing all relevant documentation
that may be required in relation to the Restricted Stock Units or any Tax-Related Items (other than filings or documentation that
is the specific obligation of the Company, an Affiliate or Employer pursuant to Applicable Laws) such as but not limited to personal
income tax returns or reporting statements in relation to the grant, vesting or payment of the Restricted Stock Units, the holding
of Shares or any bank or brokerage account, the subsequent sale of Shares, and the receipt of any dividends. Participant further
acknowledges that the Company and the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of the Restricted Stock Units, including the grant or vesting of the Restricted Stock Units,
the subsequent sale of Shares acquired under the Plan, and the receipt of dividends, if any; and (b) do not commit to and are
under no obligation to structure the terms of the Restricted Stock Units or any aspect of the Restricted Stock Units to reduce
or eliminate Participant’s liability for Tax-Related Items, or achieve any particular tax result. Participant also understands
that Applicable Laws may require varying Share or Restricted Stock Unit valuation methods for purposes of calculating Tax-Related
Items, and the Company assumes no responsibility or liability in relation to any such valuation or for any calculation or reporting
of income or Tax-Related Items that may be required of Participant under Applicable Laws. Further, if Participant has become subject
to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, Participant acknowledges
that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related
Items in more than one jurisdiction. Notwithstanding any contrary provision of this Award Agreement, no certificate representing
the Shares will be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will
have been made by Participant with respect to the payment of any Tax-Related Items which the Company determines must be withheld
with respect to such Shares.

 

    -2-

     

    

 

As
a condition to the grant and vesting of the Restricted Stock Units and as set forth in Section 16 of the Plan, Participant hereby
agrees to make adequate provision for the satisfaction of (and will indemnify the Company and any Affiliate for) any Tax-Related
Items. In this regard, Participant authorizes the Company and/or the Employer or their respective agents, at their discretion,
to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) by receipt of a
cash payment from Participant; (ii) by withholding from Participant’s wages or other cash compensation paid to Participant
by the Company or the Employer; (iii) withholding Shares that otherwise would be issued to Participant upon payment of the vested
Restricted Stock Units (provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s minimum
tax withholding obligations); (iv) by withholding from proceeds of the sale of Shares acquired upon payment of the vested Restricted
Stock Units through a voluntary sale or a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this
authorization), or (v) by any other arrangement approved by the Committee. Notwithstanding the foregoing, if Participant is subject
to Section 16 of the Exchange Act, Participant’s obligations with respect to all Tax-Related Items shall be satisfied by
the Company withholding Shares that otherwise would be issued to Participant upon payment of the vested Restricted Stock Units;
provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s minimum tax withholding obligations.
Any Shares withheld pursuant to this Section 7 shall be valued based on the Fair Market Value as of the date the withholding obligations
are satisfied. Furthermore, Participant agrees to pay the Company, any Affiliate or Employer any Tax-Related Items that cannot
be satisfied by the foregoing methods.

 

8. Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until such Shares will have been issued
(as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). After
such issuance, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt
of dividends and distributions on such Shares, but prior to such issuance, Participant will not have any rights to dividends and/or
distributions on such Shares.

 

9. No
Guarantee of Continued Service or Grants. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS
PURSUANT TO THE VESTING SCHEDULE HEREOF SHALL OCCUR ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE EMPLOYER OR CONTRACTING
ENTITY (AS APPLICABLE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RESTRICTED STOCK UNITS OR ACQUIRING
SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER
AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR
THE RIGHT OF THE EMPLOYER OR THE COMPANY (OR ANY AFFILIATE) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER
AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO APPLICABLE LAWS.

 

    -3-

     

    

 

Participant
also acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it
may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of Restricted Stock Units is voluntary
and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits
in lieu of Restricted Stock Units even if Restricted Stock Units have been granted repeatedly in the past; (c) all decisions with
respect to future awards of Restricted Stock Units, if any, will be at the sole discretion of the Company; (d) Participant’s
participation in the Plan is voluntary; (e) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are
extraordinary items that do not constitute regular compensation for services rendered to the Company or the Employer, and that
are outside the scope of Participant’s employment contract, if any; (f) the Restricted Stock Units and the Shares subject
to the Restricted Stock Units are not intended to replace any pension rights or compensation; (g) the Restricted Stock Units and
the Shares subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any purposes, including,
but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, or end of service payments, bonuses,
long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation
for, or relating in any way to, past services for the Company or the Employer, subject to Applicable Laws.

 

10. Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company,
in care of its Secretary at Momentus Inc., 3050 Kenneth Street, Santa Clara, California 95054, or at such other address as the
Company may hereafter designate in writing.

 

11. Grant
is Not Transferable. Except to the limited extent provided in Section 6, this grant and the rights and privileges conferred
hereby may not be transferred, assigned, pledged or hypothecated in any way (whether by operation of Applicable Laws or otherwise)
and may not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate
or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution,
attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

 

12. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

13. Additional
Conditions to Issuance of Stock and Imposition of Other Requirements. If at any time the Company will determine, in its discretion,
that the listing, registration, qualification or compliance of the Shares upon or with any securities exchange or under any Applicable
Laws, the tax code and related regulations or the consent or approval of any governmental regulatory authority is necessary or
desirable as a condition to the issuance of Shares to Participant (or his or her estate) hereunder, such issuance will not occur
unless and until such listing, registration, qualification, compliance, consent or approval will have been completed, effected
or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of any Shares
will violate any state, federal or foreign securities or exchange laws or other Applicable Laws, the Company will defer delivery
until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation.
The Company will make all reasonable efforts to meet the requirements of any Applicable Laws or securities exchange and to obtain
any such consent or approval of any such governmental authority or securities exchange. The Company shall not be obligated to
issue any Shares pursuant to the Restricted Stock Units at any time if the issuance of Shares violates or is not in compliance
with any Applicable Laws.

 

    -4-

     

    

 

Furthermore,
the Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the Restricted
Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order
to comply with any Applicable Laws or facilitate the administration of the Plan, and to require Participant to sign any additional
agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, Participant understands that the Applicable
Laws of the country in which he or she is resident at the time of grant or vesting of the Restricted Stock Units or the holding
or disposition of Shares (including any rules or regulations governing securities, foreign exchange, tax, labor or other matters)
may restrict or prevent the issuance of Shares or may subject Participant to additional procedural or regulatory requirements
he or she is solely responsible for and will have to independently fulfill in relation to the Restricted Stock Units or the Shares.
[Notwithstanding any provision herein, the Restricted Stock Units and any Shares shall be subject to any special terms and conditions
or disclosures as set forth in any addendum for Participant’s country (the “Country-Specific Addendum,”
which forms part this Award Agreement)]. Participant also understands and agrees that if he or she works, resides, moves to, or
otherwise is or becomes subject to Applicable Laws or company policies of another jurisdiction at any time, certain country-specific
notices, disclaimers and/or terms and conditions may apply to him or her as from the date of grant, unless otherwise determined
by the Company in its sole discretion.

 

14. Lock-Up
Agreement. If so requested by the Company in connection with a transaction pursuant to which the securities of the Company
will be exchanged for securities of a company (or any successor or parent thereof) registered under the Securities Act of 1933,
as amended (the “Securities Act”), including, without limitation, through a transaction with a publicly-listed
blank check company then registered under the Securities Act (a “SPAC Transaction”), Participant hereby
agrees (i) not to offer, pledge, sell, contract to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any securities of the Company however and whenever acquired without the prior written consent of the Company
for a period of 180 days from the date of the consummation of the transaction in which the securities of the Company became a
Listed Security (as defined below), and (ii) to execute an agreement reflecting the foregoing. For purposes of this Section, “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange
(including, without limitation, pursuant to a SPAC Transaction) or designated or approved for designation as a national market
system security on an interdealer quotation system by the Financial Industry Regulatory Authority (or any successor thereto).

 

15. Plan
Governs. This Award Agreement is subject to all terms and provisions of the Plan. If there is a conflict between one or more
provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized
terms used and not defined in this Award Agreement and the Notice of Grant will have the meaning set forth in the Plan.

 

    -5-

     

    

 

16. Administrator
Authority. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such
rules (including, but not limited to, the determination regarding whether any Restricted Stock Units have vested). All actions
taken, and all interpretations and determinations made, by the Administrator in good faith will be final and binding upon Participant,
the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

17. Electronic
Delivery and Acceptance. By accepting this Award, Participant agrees to participate in the Plan through an on-line or electronic
system established and maintained by the Company or a third party designated by the Company, and consents to the electronic delivery
of the Award Agreement, the Plan, account statements, Plan prospectuses, and all other documents, communications, or information
related to the Award and current or future participation in the Plan. Electronic delivery may include the delivery of a link to
the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via
e-mail, or such other delivery determined at the Company’s discretion. Participant may receive from the Company a paper
copy of any documents delivered electronically at no cost if Participant contacts the Company by telephone, through a postal service,
or electronic mail to Stock Administration.

 

18. Translation.
If Participant has received this Award Agreement, including appendices, or any other document related to the Plan translated into
a language other than English, and the meaning of the translated version is different than the English version, the English version
will control. 

 

19. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

20. Agreement
Severable. If any provision in this Award Agreement will be held invalid or unenforceable, such provision will be severable
from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award
Agreement.

 

21. Modifications
to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations,
or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or
this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its
sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any
additional tax or income recognition under Code Section 409A in connection to this Award of Restricted Stock Units.

 

22. Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other
form, of Participant’s Personal Data (as described below) by and among, as applicable, the Company, any Affiliate or third
parties as may be selected by the Company for the exclusive purpose of implementing, administering and managing Participant’s
participation in the Plan. Participant understands that refusal or withdrawal of consent will affect Participant’s ability
to participate in the Plan; without providing consent, Participant will not be able to participate in the Plan or realize benefits
(if any) from the Restricted Stock Units.

 

    -6-

     

    

 

Participant
understands that the Company and any Affiliate or designated third parties may hold personal information about Participant, including,
but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company or any Affiliate,
details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding
in Participant’s favor (“Personal Data”). Participant understands that Personal Data may be transferred
to any Affiliate or third parties assisting in the implementation, administration and management of the Plan, that these recipients
may be located in the United States, Participant’s country (if different than the United States), or elsewhere, and that
the recipient’s country may have different data privacy laws and protections than Participant’s country. In particular,
the Company may transfer Personal Data to the broker or stock plan administrator assisting with the Plan, to its legal counsel
and tax/accounting advisor, and to the Affiliate or entity that is Participant’s employer and its payroll provider. 

 

Participant
should also refer to any data privacy policy implemented by the Company (which will be available to Participant separately and
may be updated from time to time) for more information regarding the collection, use, storage, and transfer of Participant’s
Personal Data. 

 

23. Foreign
Exchange Fluctuations and Restrictions. Participant understands and agrees that the future value of the underlying Shares
is unknown and cannot be predicted with certainty and may decrease. Participant also understands that neither the Company, nor
any Affiliate is responsible for any foreign exchange fluctuation between local currency and the United States Dollar or the selection
by the Company or any Affiliate in its sole discretion of an applicable foreign currency exchange rate that may affect the value
of the Restricted Stock Units or Shares received (or the calculation of income or Tax-Related Items thereunder). Participant understands
and agrees that any cross-border remittance made to transfer proceeds received upon the sale of Shares must be made through a
locally authorized financial institution or registered foreign exchange agency and may require the Participant to provide such
entity with certain information regarding the transaction.

 

24. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Award of Restricted Stock Units under the Plan, and has received, read and understood a description of the Plan. Participant
understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

25. Governing
Law and Venue. This Award Agreement will be governed by the laws of the State of Delaware, without giving effect to the
conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units
or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Delaware, and agree that
such litigation will be conducted in the courts of New Castle County, Delaware, or the federal courts for the United States
for the Northern District of Delaware, and no other courts.

 

***

 

    -7-

     

    

 

[Country-Specific
Addendum

 

This
Addendum includes additional country-specific notices, disclaimers, and/or terms and conditions that apply to individuals who
are working or residing in the countries listed below, if any, and that may be material to Participant’s participation in
the Plan. Such notices, disclaimers, and/or terms and conditions may also apply, as from the date of grant, if Participant moves
to or otherwise is or becomes subject to the Applicable Laws or company policies of any country listed below. However, because
foreign exchange regulations and other local laws are subject to frequent change, Participant is advised to seek advice from his
or her own personal legal and tax advisor prior to accepting the Restricted Stock Units or holding or selling Shares acquired
under the Plan. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding Participant’s acceptance of the Restricted Stock Units or participation in the Plan. Unless otherwise noted below,
capitalized terms shall have the same meaning assigned to them under the Plan, the Notice of Restricted Stock Unit Grant and the
Award Agreement. This Addendum forms part of the Award Agreement and should be read in conjunction with the Award Agreement and
the Plan.

 

Securities
Law Notice: Unless otherwise noted, neither the Company nor the Shares are registered with any local stock exchange or under
the control of any local securities regulator outside the United States. The Award Agreement (of which this Addendum is a part),
the Notice of Restricted Stock Unit Grant, the Plan, and any other communications or materials that you may receive regarding
participation in the Plan do not constitute advertising or an offering of securities outside the United States, and the issuance
of securities described in any Plan-related documents is not intended for public offering or circulation in your jurisdiction.]

 

	 	 

 

    -8-

     

    

 

MOMENTUS
INC.

 

2020
EQUITY INCENTIVE PLAN

 

NOTICE
OF STOCK OPTION GRANT

 

Participant
Name:

 

You
have been granted an Option to purchase Common Stock, subject to the terms and conditions of this Notice of Stock Option Grant
(the “Notice of Grant”), the Momentus Inc. 2020 Equity Incentive Plan (the “Plan”)
and the attached Stock Option Agreement ([which includes the Country-Specific Addendum,] the “Award Agreement”),
as set forth below. Unless otherwise defined herein, the terms used in this Notice of Grant shall have the meanings defined in
the Plan.

 

	 	Grant Number:	 	 
	 	 	 	 
	 	Date of Grant:	 	 
	 	 	 	 
	 	Vesting Commencement Date:	 	 

 

	 	Exercise Price per Share:	USD $		 

 

	 	Total Number of Shares:	 	 

 

	 	Total Exercise Price:	USD $	 	 

 

	 	Type of Option:	                U.S.
    Incentive Stock Option	

 

	 	 	               
    Nonstatutory Stock Option	

 

	 	Term/Expiration Date:	 	 
	 	 	 	 
	 	Vesting Schedule: 	 	 

 

Subject
to Section 2 of the Award Agreement, this Option may be exercised, in whole or in part, in accordance with the following schedule:

 

	

         

	 
	 

 

    -1-

     

    

 

	 	Termination Period:	[This Option will be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death, Disability or Cause.  If Participant’s relationship as a Service Provider is terminated as a result of the Service Provider’s death or Disability, this Option will be exercisable for twelve (12) months after Participant ceases to be a Service Provider.  If Participant’s relationship as a Service Provider is terminated for Cause, this Option (including any vested portion thereof) shall immediately terminate in its entirety upon Participant being first notified of such termination for Cause and Participant will be prohibited from exercising this Option from and after the date of such termination.  Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in Section 15 of the Plan.]

By
accepting this Option (whether electronically or otherwise), Participant acknowledges and agrees to the following:

 

1. This
Option is governed by the terms and conditions of this Award Agreement and the Plan. In the event of a conflict between the terms
of the Plan and this Award Agreement, the terms of the Plan will prevail. Capitalized terms used and not defined in this Award
Agreement and the Notice of Grant will have the meaning set forth in the Plan.

 

2. Participant
has received a copy of the Plan, the Award Agreement, the Plan prospectus, and the Insider Trading Policy and represents that
Participant has read these documents and is familiar with their terms. Participant further agrees to accept as binding, conclusive,
and final all decisions and interpretations of the Administrator (or its delegees) regarding any questions relating to this Option
and the Plan.

 

3. Vesting
of the Option is subject to Participant’s continuous status as a Service Provider, which is for an unspecified duration
and may be terminated at any time, with or without Cause, and nothing in the Award Agreement or the Plan changes the nature of
that relationship.

 

4. The
Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding participation
in the Plan. Participant should consult with his or her own personal tax, legal, and financial advisors regarding participation
in the Plan before taking any action related to the Plan.

 

5. Participant
consents to electronic delivery and participation as set forth in the Plan and the Award Agreement.

 

	

        PARTICIPANT:
	 	MOMENTUS
    INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print
    Name	 	Title

 

    -2-

     

    

 

MOMENTUS
INC.

 

2020
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

 

1. Grant
of Option. The Company hereby grants to the individual (the “Participant”) named in the Notice of
Stock Option Grant (the “Notice of Grant”) an option (the “Option”) under
the Momentus Inc. 2020 Equity Incentive Plan (the “Plan”) to purchase the number of Shares set forth
in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”),
subject to all of the terms and conditions set forth in the Notice of Grant, this Stock Option Agreement (the “Award
Agreement”) and the Plan, which is incorporated herein by reference. [If there is a conflict between the terms and
conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan will prevail.]

 

If
designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an ISO to the maximum extent permitted under Section 422 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
However, if this Option is intended to be an ISO, to the extent that it exceeds the USD $100,000 rule of Code Section 422(d) it
will be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion
thereof) will not qualify as an ISO, then, to the extent of such non-qualification, such Option (or portion thereof) shall be
regarded as a NSO granted under the Plan. In no event will the Administrator, the Company or any Parent or Subsidiary or any of
their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option
to qualify for any reason as an ISO.

 

2. Vesting
Schedule. Except as provided in Section 3, the Option awarded by this Award Agreement will vest in accordance with the vesting
provisions set forth in the Notice of Grant. Options scheduled to vest on a certain date or upon the occurrence of a certain condition
will not vest in accordance with any of the provisions of this Award Agreement, unless Participant will have been continuously
a Service Provider from the Date of Grant until the date such vesting occurs. Service Provider status for purposes of this Award
will end on the day that Participant is no longer actively providing services as an Employee, Director, or Independent Contractor
and will not be extended by any notice period or “garden leave” that may be required contractually or under any Applicable
Laws. Notwithstanding the foregoing, the Administrator (or any delegate) shall have the sole and absolute discretion to determine
when Participant is no longer providing active service for purposes of Service Provider status and participation in the Plan.

 

3. Exercise
of Option.

 

(a) Right
to Exercise. This Option may be exercised only within the term set forth in the Notice of Grant and may be exercised during
such term only in accordance with the Plan and the terms of this Award Agreement.

 

(b) Method
of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit A (the “Exercise
Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the
election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised
Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions
of the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares together with any Tax-Related Items (as defined below) required
to be withheld, paid or provided pursuant to any Applicable Laws. This Option will be deemed to be exercised upon receipt by the
Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and any other requirements or restrictions
that may be imposed by the Company to comply with Applicable Laws or facilitate administration of the Plan. Notwithstanding the
above, Participant understands that the Applicable Laws of the country in which Participant is residing or working at the time
of grant, vesting, and/or exercise of this Option (including any rules or regulations governing securities, foreign exchange,
tax, labor or other matters) may restrict or prevent exercise of this Option, and neither the Company nor any Parent or Subsidiary
assumes any liability in relation to this Option in such case.

 

    -1-

     

    

  

4. Method
of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election
of Participant unless otherwise specified by the Company in its sole discretion:

 

(a) cash
(U.S. dollars); or

 

(b) check
(denominated in U.S. dollars)[; or

 

(c) consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan][; or

 

(d) if
Participant is subject to Section 16 of the Exchange Act, Participant may direct the Company to withhold Shares to be issued upon
exercise of the Option to pay the aggregate Exercise Price.]

 

Participant
understands and agrees that, unless otherwise permitted by the Company, any cross-border remittance made to exercise this Option
or transfer proceeds received upon the sale of Shares must be made through a locally authorized financial institution or registered
foreign exchange agency and may require the Participant to provide such entity with certain information regarding the transaction.

 

5. Tax
Obligations.

 

(a) Withholding
of Taxes. Regardless of any action the Company or Participant’s employer (the “Employer”)
takes with respect to any or all applicable national, local, or other tax or social contribution, withholding, required deductions,
or other payments, if any, that arise upon the grant, vesting, or exercise of this Option, the holding or subsequent sale of Shares,
and the receipt of dividends, if any, or otherwise in connection with this Option or the Shares (“Tax-Related Items”),
Participant acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by Participant is and remains
Participant’s responsibility and may exceed any amount actually withheld by the Company or the Employer. Participant further
acknowledges and agrees that Participant is solely responsible for filing all relevant documentation that may be required in relation
to this Option or any Tax-Related Items (other than filings or documentation that is the specific obligation of the Company, an
Affiliate or Employer pursuant to Applicable Laws) such as but not limited to personal income tax returns or reporting statements
in relation to the grant, vesting or exercise of this Option, the holding of Shares or any bank or brokerage account, the subsequent
sale of Shares, and the receipt of any dividends. Participant further acknowledges that the Company and the Employer (a) make
no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option,
including the grant, vesting, or exercise of the Option, the subsequent sale of Shares acquired under the Plan and the receipt
of dividends, if any; and (b) does not commit to and is under no obligation to structure the terms of the Option or any aspect
of the Option to reduce or eliminate Participant’s liability for Tax-Related Items, or achieve any particular tax result.
Participant also understands that Applicable Laws may require varying Share or Option valuation methods for purposes of calculating
Tax-Related Items, and the Company assumes no responsibility or liability in relation to any such valuation or for any calculation
or reporting of income or Tax-Related Items that may be required of Participant under Applicable Laws. Further, if Participant
has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event,
Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold
or account for Tax-Related Items in more than one jurisdiction.

 

    -2-

     

    

 

(b) Satisfaction
of Tax-Related Items. As a condition to the grant, vesting and exercise of this Option and as set forth in Section 16 of the
Plan, Participant hereby agrees to make adequate provision for the satisfaction of (and will indemnify the Company and any Affiliate
for) any Tax-Related Items. No payment will be made to Participant (or his or her estate or beneficiary) related to an Option,
and no Shares will be issued pursuant to an Option, unless and until satisfactory arrangements (as determined by the Company)
have been made by Participant with respect to the payment of any Tax-Related Items obligations of the Company and/or any Parent,
Subsidiary, or Employer with respect to the grant, vesting or exercise of the Option. [In this regard, Participant authorizes
the Company and/or any Affiliate or Employer, or their respective agents, at their discretion, to satisfy the obligations with
regard to all Tax-Related Items by one or a combination of the following:

 

(i) withholding
from Participant’s wages or other cash compensation paid to Participant by the Company or the Employer[; or

 

(ii) withholding
from proceeds of the sale of Shares acquired upon exercise of the Option, either through a voluntary sale or through a mandatory
sale arranged by the Company (on Participant’s behalf pursuant to this authorization)][; or

 

(iii) withholding
in Shares to be issued upon exercise of the Option].]

 

[Notwithstanding
the foregoing, if Participant is subject to Section 16 of the Exchange Act, Participant may direct the Company to withhold Shares
to be issued upon exercise of the Option to satisfy Participant’s obligations with regard to all Tax-Related Items.]

 

If
the obligation for Tax-Related Items is satisfied by withholding Shares, the Participant is deemed to have been issued the full
number of Shares purchased for tax purposes, notwithstanding that a number of Shares is held back solely for the purpose of paying
the Tax-Related Items due as a result of the Participant’s participation in the Plan. Participant shall pay to the Company
or a Parent, Subsidiary, or Employer any amount of Tax-Related Items that the Company may be required to withhold, pay or otherwise
provide for as a result of Participant’s participation in the Plan that cannot be satisfied by one or more of the means
previously described in this Section 5. Participant acknowledges and agrees that the Company may refuse to honor the exercise
and refuse to issue or deliver the Shares or the proceeds of the sale of Shares if Participant fails to comply with his or her
obligations in connection with the Tax-Related Items.

 

    -3-

     

    

 

(c) Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant will immediately notify the Company in
writing of such disposition.

 

(d) Code
Section 409A (Applicable Only to Participants Subject to U.S. Taxes). Under Code Section 409A, an option that is granted with
a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less
than the Fair Market Value of a Share on the date of grant (a “Discount Option”) may be considered “deferred
compensation.” A Discount Option may result in (i) income recognition by Participant prior to the exercise of the option,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option
may also result in additional state income, penalty and interest charges to the Participant. Participant acknowledges that the
Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds
the Fair Market Value of a Share on the Date of Grant in a later examination. Participant agrees that if the IRS determines that
the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant,
Participant will be solely responsible for Participant’s costs related to such a determination.

 

6. Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares unless and until such Shares will have been issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). After such issuance, Participant
will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions
on such Shares, but prior to such issuance, Participant will not have any rights to dividends and/or distributions on such Shares.

 

7. No
Guarantee of Continued Service or Grants. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF SHALL OCCUR ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE EMPLOYER OR CONTRACTING ENTITY (AS APPLICABLE)
AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES
AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD,
OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE EMPLOYER OR THE COMPANY (OR ANY
AFFILIATE) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE (SUBJECT TO
APPLICABLE LAWS).

 

8. Nature
of Grant. In accepting the Option, Participant acknowledges, understands and agrees that:

 

(a) the
Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time;

 

(b) the
grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Options, or benefits in lieu of Options even if Options have been granted repeatedly in the past;

 

    -4-

     

    

 

(c) all
decisions with respect to future awards of Options, if any, will be at the sole discretion of the Company;

 

(d) Participant’s
participation in the Plan is voluntary;

 

(e) the
Option and the Shares subject to the Option are extraordinary items that do not constitute regular compensation for services rendered
to the Company or the Employer, and that are outside the scope of Participant’s employment contract, if any;

 

(f) the
Option and the Shares subject to the Option are not intended to replace any pension rights or compensation;

 

(g) the
Option and the Shares subject to the Option are not part of normal or expected compensation or salary for any purposes, including,
but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, or end of service payments, bonuses,
long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation
for, or relating in any way to, past services for the Company or the Employer, subject to Applicable Laws;

 

(h) the
future value of the underlying Shares is unknown and cannot be predicted with certainty; further, if Participant exercises the
Option and obtains Shares, the value of the Shares acquired upon exercise may increase or decrease in value, even below the Exercise
Price;

 

(i) Participant
also understands that neither the Company nor any Affiliate is responsible for any foreign exchange fluctuation between local
currency and the United States Dollar or the selection by the Company or any Affiliate in its sole discretion of an applicable
foreign currency exchange rate that may affect the value of the Option (or the calculation of income or Tax-Related Items thereunder);

 

(j) in
consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from forfeiture of the
Option resulting from termination of employment by the Employer (for any reason whatsoever and whether or not in breach of Applicable
Laws, including, without limitation, applicable local labor laws), and Participant irrevocably releases the Employer from any
such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to
have arisen, Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim; and

 

(k) the
Option and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over
or transfer of liability.

 

9. No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares.
Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding Participant’s
participation in the Plan before taking any action related to the Plan.

 

    -5-

     

    

 

10. Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other
form, of Participant’s Personal Data (as described below) by and among, as applicable, the Company, any Affiliate or third
parties as may be selected by the Company for the exclusive purpose of implementing, administering and managing Participant’s
participation in the Plan. Participant understands that refusal or withdrawal of consent will affect Participant’s ability
to participate in the Plan; without providing consent, Participant will not be able to participate in the Plan or realize benefits
(if any) from the Option.

 

Participant
understands that the Company and any Affiliate, or designated third parties may hold personal information about Participant, including,
but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company or any Affiliate
details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s
favor (“Personal Data”). Participant understands that Personal Data may be transferred to any Affiliate or
third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located
in the United States, Participant’s country (if different than the United States), or elsewhere, and that the recipient’s
country may have different data privacy laws and protections than Participant’s country. In particular, the Company may
transfer Personal Data to the broker or stock plan administrator assisting with the Plan, to its legal counsel and tax/accounting
advisor, and to the Affiliate or entity that is Participant’s employer and its payroll provider.

 

Participant
should also refer to any data privacy policy implemented by the Company (which will be available to Participant separately and
may be updated from time to time) for more information regarding the collection, use, storage, and transfer of Participant’s
Personal Data.

 

11. Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company,
in care of its Secretary at Momentus Inc., 3050 Kenneth Street, Santa Clara, California 95054, or at such other address as the
Company may hereafter designate in writing.

 

12. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant.

 

13. Binding
Agreement. Subject to the limitation on the transferability of this Option contained herein, this Award Agreement will be
binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

14. Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification or compliance of the Shares upon or with any securities exchange or under any Applicable Laws, the tax code and
related regulations or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition
to the grant or vesting of the Option or purchase by, or issuance of Shares to, Participant (or his or her estate) hereunder,
such purchase or issuance will not occur unless and until such listing, registration, qualification, compliance, consent or approval
will have been completed, effected or obtained free of any conditions not acceptable to the Company. The Company will make all
reasonable efforts to meet the requirements of any Applicable Laws. Assuming such compliance, for purposes of the Tax-Related
Items, the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to
such Exercised Shares. The Company shall not be obligated to issue any Shares pursuant to this Option at any time if the issuance
of Shares, or the exercise of an Option by Participant, violates or is not in compliance with any Applicable Laws.

 

    -6-

     

    

 

15. Lock-Up
Agreement. If so requested by the Company in connection with a transaction pursuant to which the securities of the Company
will be exchanged for securities of a company (or any successor or parent thereof) registered under the Securities Act of 1933,
as amended (the “Securities Act”), including, without limitation, through a transaction with a publicly-listed
blank check company then registered under the Securities Act (a “SPAC Transaction”), Participant hereby
agrees (i) not to offer, pledge, sell, contract to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any securities of the Company however and whenever acquired without the prior written consent of the Company
for a period of 180 days from the date of the consummation of the transaction in which the securities of the Company became a
Listed Security (as defined below), and (ii) to execute an agreement reflecting the foregoing. For purposes of this Section, “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange
(including, without limitation, pursuant to a SPAC Transaction) or designated or approved for designation as a national market
system security on an interdealer quotation system by the Financial Industry Regulatory Authority (or any successor thereto).

 

16. Plan
Governs. This Award Agreement is subject to all terms and provisions of the Plan. If there is a conflict between one or more
provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized
terms used and not defined in this Award Agreement and in the Notice of Grant will have the meaning set forth in the Plan.

 

17. Administrator
Authority. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such
rules (including, but not limited to, the determination regarding whether any Shares subject to the Option have vested). All actions
taken, and all interpretations and determinations made, by the Administrator in good faith will be final and binding upon Participant,
the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

18. Electronic
Delivery and Acceptance. By accepting this Option, Participant agrees to participate in the Plan through an on-line or electronic
system established and maintained by the Company or a third party designated by the Company, and consents to the electronic delivery
of the Award Agreement, the Plan, account statements, Plan prospectuses, and all other documents, communications, or information
related to the Option and current or future participation in the Plan. Electronic delivery may include the delivery of a link
to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document
via e-mail, or such other delivery determined at the Company’s discretion. Participant may receive from the Company a paper
copy of any documents delivered electronically at no cost if Participant contacts the Company by telephone, through a postal service,
or electronic mail to Stock Administration.

 

19. Translation.
If Participant has received this Award Agreement, including appendices, or any other document related to the Plan translated into
a language other than English, and the meaning of the translated version is different than the English version, the English version
will control.

 

    -7-

     

    

 

20. Imposition
of Other Requirements. The Company reserves the right to impose other requirements on Participant’s participation in
the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable
in order to comply with any Applicable Laws or facilitate the administration of the Plan, and to require Participant to sign any
additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, Participant understands
that the Applicable Laws of the country in which he or she is resident at the time of grant, vesting, and/or exercise of this
Option or the holding or disposition of Shares (including any rules or regulations governing securities, foreign exchange, tax,
labor or other matters) may restrict or prevent exercise of this Option or may subject Participant to additional procedural or
regulatory requirements he or she is solely responsible for and will have to independently fulfill in relation to this Option
or the Shares. [Notwithstanding any provision herein, this Option and any Exercised Shares shall be subject to any special terms
and conditions or disclosures as set forth in any addendum for Participant’s country (the “Country-Specific
Addendum,” which forms part this Award Agreement).] Participant also understands and agrees that if he or she works,
resides, moves to, or otherwise is or becomes subject to Applicable Laws or company policies of another jurisdiction at any time,
certain country-specific notices, disclaimers and/or terms and conditions may apply to him or her as from the date of grant, unless
otherwise determined by the Company in its sole discretion.

 

21. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

22. Agreement
Severable. If any provision in this Award Agreement will be held invalid or unenforceable, such provision will be severable
from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award
Agreement.

 

23. Modifications
to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations,
or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or
this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its
sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any
additional tax or income recognition under Code Section 409A in connection to this Option.

 

24. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan
is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

25. Governing
Law and Venue. This Award Agreement will be governed by the laws of the State of Delaware, without giving effect to the conflict
of law principles thereof. For purposes of litigating any dispute that arises under this Award or this Award Agreement, the parties
hereby submit to and consent to the jurisdiction of the State of Delaware and agree that such litigation will be conducted in
the courts of New Castle County, Delaware, or the federal courts for the United States for the District of Delaware, and no other
courts.

  

***

 

    -8-

     

    

 

[Country-Specific
Addendum

 

This
Addendum includes additional country-specific notices, disclaimers, and/or terms and conditions that apply to individuals who
are working or residing in the countries listed below, if any, and that may be material to Participant’s participation in
the Plan. Such notices, disclaimers, and/or terms and conditions may also apply, as from the date of grant, if Participant moves
to or otherwise is or becomes subject to the Applicable Laws or company policies of any country listed below. However, because
foreign exchange regulations and other local laws are subject to frequent change, Participant is advised to seek advice from his
or her own personal legal and tax advisor prior to accepting or exercising an Option or holding or selling Shares acquired under
the Plan. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Participant’s acceptance of the Option or participation in the Plan. Unless otherwise noted below, capitalized terms shall
have the same meaning assigned to them under the Plan, the Notice of Stock Option Grant and the Award Agreement. This Addendum
forms part of the Award Agreement and should be read in conjunction with the Award Agreement and the Plan.

 

Securities
Law Notice: Unless otherwise noted, neither the Company nor the Shares are registered with any local stock exchange or under
the control of any local securities regulator outside the United States. The Award Agreement (of which this Addendum is a part),
the Notice of Stock Option Grant, the Plan, and any other communications or materials that you may receive regarding participation
in the Plan do not constitute advertising or an offering of securities outside the United States, and the issuance of securities
described in any Plan-related documents is not intended for public offering or circulation in your jurisdiction.]

 

 

 

    -9-

     

    

 

EXHIBIT
A

 

MOMENTUS
INC.

 

2020
EQUITY INCENTIVE PLAN

 

EXERCISE
NOTICE

 

	Momentus Inc.	 
	 	 
	 	 
	 	 
	Attention:	 	 	 	 

 

1. Exercise
of Option. Effective as of today,___________,_______, the undersigned (“Purchaser”) hereby elects to purchase,_____________,
shares (the “Shares”) of the Common Stock of Momentus Inc. (the “Company”)
under and pursuant to the 2020 Equity Incentive Plan (the “Plan”), the Notice of Stock Option Grant
and the Stock Option Agreement dated_____________, (the “Award Agreement”). The purchase price for the Shares will
be USD $_____________, as required by the Award Agreement.

 

2. Delivery
of Payment. Purchaser herewith delivers to the Company, or otherwise makes adequate arrangements satisfactory to the Company,
the full purchase price of the Shares and any Tax-Related Items (as defined in the Award Agreement) to be paid in connection with
the exercise of the Option.

 

3. Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Award Agreement and
agrees to abide by and be bound by their terms and conditions.

 

4. Rights
as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired will
be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other
right for which the record date is prior to the date of issuance, except as provided in Section 15 of the Plan.

 

5. Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase
or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable
in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

6. Entire
Agreement; Governing Law. The Plan and Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser.
This agreement is governed by the internal substantive laws, but not the choice of law rules, of the State of Delaware.

 

    -1-

     

    

 

	Submitted
    by:	 	Accepted
    by:
	 	 	 
	PURCHASER:	 	MOMENTUS
    INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print
    Name	 	Title
	 	 	 
	 	 	 
	 	 	Date
    Received

 

 

-2-

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