Document:

Exhibit 10.1

 

SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is made by and between DanDrit Biotech USA, Inc. a Delaware
corporation (the “Company”), and the undersigned (“Subscriber”) as of the date this Subscription
Agreement is accepted by the Company, as set forth on the Company’s signature page hereto.

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement, and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), Rule 506 promulgated thereunder and/or Regulation S under the Securities
Act, the Company desires to issue and sell to the Subscriber, and the Subscriber desires to purchase from the Company, that number
of shares of the Company’s common stock, $0.0001 par value per share (“Common Stock”) and that number
of warrants to purchase shares of Common Stock (“Warrants”) set forth on the signature page hereto, to persons
who are not U.S. persons under Regulation S and persons who are “accredited investors” (as defined in Rule 501 of
Regulation D under the Securities Act), in a private placement (the “Offering”); and

 

WHEREAS,
the Subscriber understands that the Offering is being made without registration of the Common Stock under the Securities Act of
1933, as amended (the “Securities Act”), or any securities law of any state of the United States or of any
other jurisdiction, and is being made only to “accredited investors” or non-U.S. persons.

 

NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby
agree as follows:

 

1.
Subscription for Securities.

 

(a)
Subscription for Securities. Subject to the terms and conditions hereinafter set forth, Subscriber hereby irrevocably subscribes
for and agrees to purchase from the Company such amounts of Common Stock and Warrants as is set forth on the signature page hereof
(the “Securities”) at a price per Security (with each Security including a single share of Common Stock and
two (2) Warrants for each share of Common Stock) equal to $1.30, for an aggregate purchase price as set forth on the signature
page hereof (the “Purchase Price”), and the Company agrees to sell such Securities to Subscriber for the Purchase
Price, subject to the Company’s right, in its sole discretion, to reject this subscription, in whole or in part, at any
time prior to the Closing (as defined below). Subscriber acknowledges that Subscriber is not entitled to cancel, terminate or
revoke this Subscription Agreement. Subscriber further acknowledges that the Securities will be subject to restrictions on transfer
as set forth in this Subscription Agreement.

 

2.
Terms of Subscription.

 

(a)
Payment. Subscriber shall make payment for the Securities to an account designated by the Company in an amount equal to
the Purchase Price by wire transfer of immediately available funds at or prior to the Closing.

 

(b)
Acceptance of Subscription and Issuance of Securities. It is understood and agreed that the Company shall have the sole
right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same
shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered
to the undersigned at the Closing (as defined below). Notwithstanding anything in this Subscription Agreement to the contrary,
the Company shall have no obligation to issue any of the Securities to any person who is a resident of a jurisdiction in which
the issuance of Securities to such person would constitute a violation of the securities, “blue sky” or other similar
laws.

 

     

     

    

 

(b)
Closing. The Offering may be consummated at such place (or by electronic transmission) as may be mutually agreed upon by
the parties at a closing (the “Closing”) to occur on a date as may be determined by the Company, at a time
as may be determined by the Company. Subsequent closings may occur at the discretion of the Company.

 

(c)
Closing Deliverables. At the Closing: (i) Subscriber shall deliver the Purchase Price; and (ii) the Company shall deliver
a share certificate representing the Securities to Subscriber that bears an appropriate legend referring to the fact that the
Securities are subject to transfer restrictions as set forth in the Securities Act.

 

3.
Representations and Warranties of Subscriber.

 

Subscriber
represents and warrants to the Company that:

 

(a)
Reliance on Exemptions. Subscriber understands that the Securities are being offered and sold in reliance upon specific
exemptions from registration provided in the Securities Act, and upon exemptions from registration under State securities laws,
and acknowledges that the Offering has not been reviewed by the Securities and Exchange Commission or any state agency because
it is intended to be a nonpublic offering exempt from the registration requirements of the Securities Act and State securities
laws. Subscriber understands that the Company is relying upon, and intends that the Company rely upon, the truth and accuracy
of, and Subscriber’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of
Subscriber set forth herein in order to determine the availability of such exemptions and the eligibility of Subscriber to acquire
the Securities. The Company may only make offers to sell the Securities to persons outside the United States in this Offering
and, if applicable, at the time any buy order is originated, the buyer is outside the United States. The undersigned has not received
an offer to purchase Securities inside the United States and will not originate a buy order inside the United States.

 

(b)
Investment Purpose. The undersigned is either (i) an “accredited investor” if a U.S. investor, or (ii) not
a U.S. person as defined under Rule 902 of Regulation S, and the Securities are being purchased for Subscriber’s own account,
for investment purposes only and not for distribution or resale to others in contravention of the registration requirements of
the Securities Act. Subscriber agrees that it will not sell or otherwise transfer the Securities unless they are registered under
the Securities Act or unless an exemption from such registration is available under the Securities Act and permitted by the certificate
of incorporation of the Company. Subscriber has no contract, undertaking, agreement, or arrangement with any person to sell, distribute,
transfer, or pledge to such person or anyone else the Securities which Subscriber hereby subscribes to purchase, or any interest
therein, and Subscriber has no present plans to enter into any such contract, undertaking, agreement, or arrangement. Subscriber
agrees that the Company and its affiliates shall not be required to give effect to any purported transfer of such Securities except
upon compliance with the foregoing restrictions.

 

(c)
Accredited Investor. Subscriber, if a U.S. investor, is an “accredited investor” as such term is defined in
Rule 501 of Regulation D promulgated under the Securities Act, as amended to date, a summary of which is attached hereto as Exhibit
B, and Subscriber is able to bear the economic risk of any investment in the Securities and in the Company. Subscriber
shall complete and deliver to the Company prior to Closing an executed copy of the Accredited Investor Questionnaire attached
hereto as Exhibit A.

 

    - 2 - 

     

    

 

(d)
Risk of Investment. Subscriber recognizes that the purchase of the Securities involves a high degree of risk in that: (i)
an investment in the Company is highly speculative and only investors who can afford the loss of their entire investment should
consider investing in the Company and the Securities; (ii) transferability of the Securities is limited; and (iii) the Company
may require substantial additional funds to operate its business and there can be no assurance that the Offering will be completed.

 

(e)
Use of Proceeds. Subscriber understands that the net proceeds of the Offering will be used for operations of the Company
and general corporate purposes.

 

(f)
Prior Investment Experience. Subscriber understands the business in which the Company is engaged and has such knowledge
and experience in business and financial matters that Subscriber is capable of evaluating the merits and risks of the investment
in the Securities. Subscriber has prior investment experience, and Subscriber recognizes the highly speculative nature of this
investment.

 

(g)
Information and Non-Reliance.

 

(i)
Subscriber acknowledges that Subscriber has carefully reviewed this Subscription Agreement, which Subscriber acknowledges has
been provided to Subscriber. Subscriber has been given the opportunity to ask questions of, and receive answers from, the Company
concerning the terms and conditions of this Offering and the Subscription Agreement and to obtain such additional information,
to the extent the Company possesses such information or can acquire it without unreasonable effort or expense, necessary to verify
the accuracy of same as Subscriber reasonably desires in order to evaluate the investment. Subscriber understands the Subscription
Agreement, and Subscriber has had the opportunity to discuss any questions regarding the Subscription Agreement with Subscriber’s
counsel or other advisor. Notwithstanding the foregoing, the only information upon which Subscriber has relied is that set forth
in the Subscription Agreement and the results of independent investigation by Subscriber. Subscriber has received no representations
or warranties from the Company, its employees, agents or attorneys in making this investment decision other than as set forth
in the Subscription Agreement. Subscriber does not desire to receive any further information.

 

(ii)
The Subscriber represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of
the Company, as investment advice or as a recommendation to purchase the Securities, it being understood that information and
explanations related to the terms and conditions of the Securities and the Subscription Agreement shall not be considered investment
advice or a recommendation to purchase the Securities.

 

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

 

    - 3 - 

     

    

 

(h)
Tax Consequences. Subscriber acknowledges that the Offering may involve tax consequences and that the contents of the Subscription
Agreement do not contain tax advice or information. Subscriber acknowledges that Subscriber must retain Subscriber’s own
professional advisors to evaluate the tax and other consequences of an investment in the Securities. Subscriber intends to acquire
the Securities without regard to tax consequences.

 

(i)
Transfer or Resale. The Subscriber is acquiring the Securities solely for the Subscriber’s own beneficial account,
for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Securities. Subscriber
understands that the Securities have not been registered under the Securities Act or the securities laws of any state and, as
a result thereof, are subject to substantial restrictions on transfer. Subscriber acknowledges that Subscriber may be precluded
from selling or otherwise disposing of the Securities for an indefinite period of time. Subscriber understands and hereby acknowledges
that the Company is under no obligation to register the Securities under the Securities Act. Subscriber consents that the Company
may, if it desires, permit the transfer of the Securities out of Subscriber’s name only when Subscriber’s request
for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither the sale nor the proposed
transfer results in a violation of the Securities Act or any applicable state “blue sky” laws.

 

(j)
No General Solicitation. Subscriber was not induced to invest in the Company or in the Securities by any form of general
solicitation or general advertising including, but not limited to, the following: (i) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast over the news or radio; (ii) any seminar or meeting
whose attendees were invited by any general solicitation or advertising; and (iii) any solicitation within the United States.

 

(k)
Due Authorization; Enforcement. Subscriber has all requisite power and authority (and in the case of an individual, capacity)
to purchase and hold the Securities, to execute, deliver and perform Subscriber’s obligations under this Subscription Agreement
and when executed and delivered by Subscriber, this Subscription Agreement will constitute legal, valid and binding agreements
of Subscriber enforceable against Subscriber in accordance with their terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights
generally, and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(l)
Address. The residence address of Subscriber furnished by Subscriber on the signature page hereto is Subscriber’s
principal residence if Subscriber is an individual or its principal business address if it is a corporation, partnership, trust
or other entity.

 

(m)
Compliance with Laws. The Subscriber will comply with all applicable laws and regulations in effect in any jurisdiction
in which the Subscriber purchases or sells Securities and obtain any consent, approval or permission required for such purchases
or sales under the laws and regulations of any jurisdiction to which the Subscriber is subject or in which the Subscriber makes
such purchases or sales, and the Company shall have no responsibility therefore.

 

    - 4 - 

     

    

 

(n)
Accuracy of Representations and Warranties. The information set forth herein concerning Subscriber is true and correct.
The Subscriber understands that, unless the Subscriber notifies the Company in writing to the contrary at or before the Closing,
each of the Subscriber’s representations and warranties contained in this Subscription Agreement will be deemed to have
been reaffirmed and confirmed as of the Closing, taking into account all information received by the Subscriber.

 

(o)
Entity Representation. If Subscriber is a corporation, partnership, trust or other entity, such entity further represents
and warrants that it was not formed for the purpose of investing in the Company.

 

4.
Representations and Warranties of the Company.

 

The
Company represents and warrants to Subscriber that:

 

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

 

(b)
Due Authorization, Enforcement and Valid Issuance. The Company has all requisite power and authority to execute, deliver
and perform its obligations under this Subscription Agreement, and when executed and delivered by the Company, this Subscription
Agreement will constitute legal, valid and binding agreements of the Company enforceable against the Company in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The
Securities have been duly authorized and, when issued and paid for in accordance with the terms of this Subscription Agreement,
will be duly and validly issued, fully paid and nonassessable.

 

(c)
Noncontravention. The execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated
hereby will not conflict with or constitute a violation of, or default under (i) any material agreement to which the Company is
a party or by which it or any of its properties are bound or (ii) the organizational documents of the Company.

 

5.
Conditions to Obligations of the Subscriber and the Company.

 

The
obligations of the Subscriber to purchase and pay for the Securities specified on the signature page hereof and of the Company
to sell the Securities are subject to the satisfaction at or prior to the Closing of the following conditions precedent:

 

(a)
Representations and Warranties. The representations and warranties of the Subscriber contained in Section 3 hereof
and of the Company contained in Section 4 hereof shall be true and correct as of the Closing in all respects with the same
effect as though such representations and warranties had been made as of the Closing.

 

    - 5 - 

     

    

 

6.
Legends.

 

The
certificates representing the Securities sold pursuant to this Subscription Agreement will be imprinted with legends in substantially
the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.”

 

and
other legend language that may be determined by the Company and its counsel from time to time.

 

7.
United States Anti-Money Laundering Program. The Subscriber understands that the Company’s Board of Directors is
required to comply with applicable anti-money laundering provisions under the United States PATRIOT Act of 2001, as amended (the
“USA PATRIOT Act”). As a condition to acceptance of the Subscriber’s investment in the Company, the Subscriber
makes the representations and agreements set forth on Annex A attached hereto, and agrees to provide to the Company
true and correct copies of the applicable documentation pursuant to the requirements of Annex B, attached hereto.
The Company reserves the right to request such additional information as is necessary to verify the identity of the Subscriber
and the underlying beneficial owner of the Subscriber’s interest in the Company. In the event of delay or failure by the
Subscriber to produce any information required for verification purposes, the Company may refuse to accept a subscription or may
cause the withdrawal of the Subscriber from the Company.

 

8.
Miscellaneous

 

(a)
Notice. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Subscription Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one (1) business day after deposit with an overnight courier service, in each case
properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

		If
                                         to the Company:	DanDrit
                                         Biotech USA, Inc.

Fruebjergvej
3 Box 62

2100
Copenhagen, Denmark

Phone:
+45 39179840

E-mail:
epl@dandrit.com

Attention:
Aldo Petersen, Chief Executive Officer

 

		with
                                         a copy to:	K&L
                                         Gates LLP

200
South Biscayne Boulevard 

Suite
3900 

Miami,
FL 33131 

Facsimile:(305)
359-3306 

E-mail:
clayton.parker@klgates.com 

Attention:Clayton
E. Parker, Esq.

 

    - 6 - 

     

    

 

If
to Subscriber, to its residence address (or mailing address, if different) and facsimile number set forth at the end of this Subscription
Agreement, or to such other address and/or facsimile number and/or to the attention of such other person as specified by written
notice given to the Company five (5) calendar days prior to the effectiveness of such change.

 

(b)
Entire Agreement; Amendment. This Subscription Agreement, which includes the exhibits referred to herein, supersedes all
other prior oral or written agreements between Subscriber, the Company, their affiliates and persons acting on their behalf with
respect to the matters discussed herein, and constitutes the entire understanding of the parties with respect to the matters covered
herein. No provision of this Subscription Agreement may be amended or waived other than by an instrument in writing signed by
the Company and Subscriber.

 

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

 

(d)
Governing Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without giving effect to any choice of law or conflict of law provision or rule.

 

(e)
Successors and Assigns. This Subscription Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns. Subscriber shall not assign its rights hereunder without the prior written consent of the Company.

 

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

 

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

 

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

 

(i)
Legal Representation. Subscriber acknowledges that: (i) Subscriber has read this Subscription Agreement and the exhibits
referred to herein; (ii) Subscriber understands that the Company has been represented in the preparation, negotiation and execution
of the Subscription Agreement; and (iii) Subscriber understands the terms and conditions of the Subscription Agreement and is
fully aware of their legal and binding effect.

 

    - 7 - 

     

    

 

(j)
Expenses. Each party will bear its own costs and expenses (including legal and accounting fees and expenses) incurred in
connection with this Subscription Agreement and the transactions contemplated hereby.

 

(k)
Counterparts. This Subscription Agreement may be executed in counterparts, all of which shall be considered one and the
same agreement. The exchange of signature pages by facsimile transmission, by electronic mail in “portable document format”
(“.pdf”) form or by any other electronic means intended to preserve the original graphic and pictorial appearance
of a document shall constitute effective execution and delivery of this Agreement as to the parties.

 

[SIGNATURE
PAGES FOLLOW]

 

    - 8 - 

     

    

 

SUBSCRIBER
SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, Subscriber has caused this Subscription Agreement to be duly executed
and, by executing this signature page, hereby executes, adopts and agrees to all terms, conditions, and representations contained
in the foregoing Subscription Agreement and hereby subscribes for the Securities offered by the Company in the amount set forth
below.

 

SUBSCRIBER:

 

	 	 	 
	Signature	 	Social Security Number (if any)
	 	 	 
	 	 	 
	 	 	 
	Print Name	 	 
	 	 	 
	 	 	 
	 	 	 
	Signature of joint investor, if applicable	 	Social Security Number (if any)
	 	 	 
	 	 	 
	Print name of joint investor, if applicable	 	 
	 	 	 
	Check one (if applicable)	 	☐   Tenants in Common
	 	 	☐   JTWROS
	 	 	☐   Tenants by Entirety

 

	May
    ___, 2017	 
	Number
    of Securities subscribed for:  	 
	        ________________
shares of Common Stock at $1.30 per share	 
	        ________________
Warrants with strike price of $1.30 per share	 
	Total
    Purchase Price for the Securities: $_______________	 
	 	 
	Residence
    Address:	 	Mailing
    Address, if different from Residence Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    - 9 - 

     

    

 

COMPANY
SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

 

–
PLEASE DO NOT WRITE BELOW THIS LINE –

 

COMPANY
USE ONLY

 

	 	Accepted and Agreed:
	 	 
	 	DANDRIT BIOTECH USA, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	As of: May ___, 2017

 

    - 10 - 

     

    

 

Exhibit
A

 

Confidential
Accredited Investor Questionnaire

 

To:DanDrit
Biotech USA, Inc.

 

DanDrit
Biotech USA, Inc., a Delaware corporation (the “Company”), is offering in a private placement (“Offering”)
pursuant to an accompanying subscription agreement, including, without limitation, all exhibits and annexes made a part thereto
(collectively, the “Subscription Agreement”) shares of its Common Stock, par value $0.0001 per share (the “Shares”).
The undersigned Subscriber is purchasing Shares pursuant to the Offering and acknowledges that all capitalized terms not otherwise
defined herein have the meanings set forth in the Subscription Agreement.

 

I.
The Subscriber represents and warrants that he or it comes within one category marked below, and that for any category
marked, he or it has truthfully set forth, where applicable, the factual basis or reason the Subscriber comes within that category.
ALL INFORMATION IN RESPONSE TO THIS SECTION WILL BE KEPT STRICTLY CONFIDENTIAL EXCEPT AS NECESSARY FOR THE COMPANY TO COMPLY WITH
LAW AND/OR ANY RULES PROMULGATED BY ANY REGULATORY AGENCY. The undersigned shall furnish any additional information which the
Company deems necessary in order to verify the answers set forth below.

 

	Category
    A_____	The
    undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his
    or her spouse, presently exceeds $1,000,000.
	 	 
	 	Explanation.  In
    calculating net worth you may include equity in personal property and real estate (other than the value, after deducting mortgage
    obligations, of Subscriber’s principal residence which may not be included in such net worth calculation), cash, short-term
    investments, stock and securities.  Equity in personal property and real estate should be based on the fair market
    value of such property less debt secured by such property.
	 	 
	Category
    B_____	The
    undersigned is an individual (not a partnership, corporation, etc.) who had an individual income in excess of $200,000 in
    each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in
    each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income
    of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income
    level in the current year.
	 	 
	Category
    C_____	The
    undersigned is a director or executive officer of the Company which is issuing and selling the Shares.
	 	 
	Category
    D_____	The
    undersigned is a bank; a savings and loan association; insurance company; registered investment company; registered business
    development company; licensed small business investment company (“SBIC”); or employee benefit plan within
    the meaning of Title 1 of ERISA and (a) the investment decision is made by a plan fiduciary which is either a bank, savings
    and loan association, insurance company or registered investment advisor, or (b) the plan has total assets in excess of $5,000,000  or
    is a self directed plan with investment decisions made solely by persons that are accredited investors.

 

	 	 
	 	 
	 	(describe
    entity)

 

    Exhibit A-1 

     

    

 

	Category
    E_____	The
    undersigned is a private business development company as defined in section 202(a)(22) of the Investment Advisors Act of 1940.

 

	 	 
	 	 
	 	(describe
    entity)

 

	Category
    F_____	The
undersigned is either a corporation, partnership, Massachusetts business trust, or non-profit organization within the meaning
of Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the Shares and
with total assets in excess of $5,000,000.

 

	 	 
	 	 
	 	(describe
    entity)

 

	Category
    G_____	The
    undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares,
    where the purchase is directed by a “sophisticated person” as defined in Regulation 506(b)(2)(ii) under the Securities
    Act of 1933.
	 	 
	Category
    H_____	The
    undersigned is an entity (other than a trust) all the equity owners of which are “accredited investors” within
    one or more of the above categories.  If relying upon this Category alone, each equity owner must complete a separate
    copy of this Agreement.

 

	 	 
	 	 
	 	(describe
    entity)

 

	Category
    I_____	The
    undersigned is not within any of the categories above and is therefore not an accredited investor.

 

For
purposes hereof, “individual income” means adjusted gross income less any income attributable to a spouse or to property
owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned
by a spouse): (i) the amount of any interest income received which is tax-exempt under Section 103 of the Internal Revenue Code
of 1986, as amended (the “Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership
(as reported on Schedule E of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code, and
(iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to
the provisions of Section 12.02 of the Code.

 

The
undersigned agrees that the undersigned will notify the Company at any time on or prior to the execution of the Subscription Agreement
or this Questionnaire in the event that the representations and warranties in the Subscription Agreement or in this Questionnaire
shall cease to be true, accurate and complete.

 

    Exhibit A-2 

     

    

 

	II.	Disqualification Events.

 

	1.	Certain Criminal Convictions.

 

Have
you been convicted, within the past ten (10) years (or five (5) years, in the case of the Company, its predecessors and affiliated
issuers), of any felony or misdemeanor involving:

 

	 	☐	in connection with the purchase or sale of any
    security;

	 	☐	involving the making of any false filing with
    the SEC; or

	 	☐	arising out of the conduct of the business of
    an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities?

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

	2.	Certain Court Injunctions and Restraining Orders.

 

Are
you subject to any order, judgment or decree of any court of competent jurisdiction that was entered within the past five (5)
years and currently restrains or enjoins you from engaging in any conduct or practice:

 

	 	☐	in connection with the purchase or sale of any
    security;

	 	☐	involving the making of any false filing with
    the SEC; or

	 	☐	arising out of the conduct of the business of
    an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

	3.	Final Orders of Certain State and Federal Regulators.

 

Are
you subject to a Final Order (as defined below) of state regulators of securities, insurance, banking, savings associations or
credit unions; federal banking agencies; the Commodity Futures Trading Commission; or the National Credit Union Administration
that:

 

	☐	bars
you from:

 

		☐	associating
with an entity regulated by any of the aforementioned regulators;

		☐	engaging
in the business of securities, insurance or banking; or

		☐	engaging
in savings association or credit union activities; or

 

	☐	constitutes a Final Order based on a violation
    of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within the past ten (10) years?

 

☐   Yes. If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

    Exhibit A-3 

     

    

 

The term
“Final Order” means a written directive or declaratory statement issued by a federal or state agency described in
Rule 506(d)(1)(iii) under the Securities Act of 1933 under applicable statutory authority that provides for notice and an opportunity
for a hearing, which constitutes a final disposition or action by that federal or state agency.

 

	4.	SEC Disciplinary Orders.

 

Are
you subject to any order of the Securities and Exchange Commission (“SEC”) that currently: 

 

	 	☐	suspends or revokes your registration as a broker,
    dealer, municipal securities dealer or investment adviser;

	 	☐	places limitations on the activities, functions
    or operations of, or imposes civil money penalties on, such person; or

	 	☐	bars you from being associated with any entity
    or from participating in the offering of any penny stock?1

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

 

1
A disqualification based on a suspension or limitation of activities expires when the suspension or limitation expires.

 

	5.	SEC Cease-and-Desist Orders.

 

Are
you subject to any order of the SEC that was entered within the past five (5) years and currently orders you to cease and desist
from committing or causing a future violation of:

 

	 	☐	any
    scienter-based (intent-based) anti-fraud provision of the federal securities laws (including, for example, but not limited
    to):

 

	 	☐	Section
    17(a)(1) of the Securities Act of 1933,

	 	☐	Section
    10(b) of the Exchange Act and Rule 10b-5, and

	 	☐	Section
    15 (c) (1) of the Securities Exchange Act); or

 

	 	☐	Section
    5 of the Securities Act, of 1933, which generally requires that securities be registered and prohibits the sale of unregistered
    securities.

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

    Exhibit A-4 

     

    

 

	6.	SRO Suspension/Expulsion.

 

Have
you been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory
organization (“SRO”, such as a registered national securities exchange or a registered national or affiliated
securities association, including FINRA) for any act or omission to act constituting conduct inconsistent with just and equitable
principles of trade?

 

☐    Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

	7.	SEC Stop Orders.

 

Have
you filed (as a registrant or issuer), or were you named as an underwriter in any registration statement or Regulation A offering
statement filed with the SEC that, within the past five (5) years, was the subject of a refusal order, stop order, or order suspending
the Regulation A exemption, or is currently the subject of an investigation or proceeding to determine whether a stop order or
suspension order should be issued?

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐   No.

 

	8.   	USPS False
    Representations Order.

 

Are
you subject to a United States Postal Service (“USPS”) false representation order entered within the past five
(5) years, or are you currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged
by the USPS to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

 

☐   Yes.
If yes, please explain:

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

____________________________________________________________________________________

 

☐    No.

 

    Exhibit A-5 

     

    

 

III.
The undersigned is informed of the significance to the Company of the foregoing representations and answers contained in this
Questionnaire contained herein and such answers have been provided under the assumption that the Company will rely on them.

 

IV.
In furnishing the above information, the undersigned acknowledges that the Company will be relying thereon in determining, among
other things, whether there are reasonable grounds to believe that the undersigned qualifies as a Purchaser under Section 4(a)(2)
and/or Regulation D of the Securities Act of 1933 and applicable state securities laws for the purposes of the proposed investment.

 

V.
The undersigned understands and agrees that the Company may request further information of the undersigned in verification or
amplification of the undersigned’s knowledge of business affairs, the undersigned’s assets and the undersigned’s
ability to bear the economic risk involved in an investment in the securities of the Company.

 

VI.
The undersigned represents to you that (a) the information contained herein is complete and accurate on the date hereof and may
be relied upon by you, (b) the undersigned will notify you immediately of any change in any such information occurring prior to
the acceptance of the subscription and will promptly send you written confirmation of such change. The undersigned hereby certifies
that he, she or it has read and understands the Subscription Agreement related hereto and (c) the undersigned acknowledges that
you may be required to publicly disclose the information provided in this Questionnaire and that he or it consents to such public
disclosure.

 

VII. INFORMATION
VERIFICATION CONSENT.

 

BY
SIGNING THIS QUESTIONNAIRE, SUBSCRIBER HEREBY GRANTS THE COMPANY PERMISSION TO REVIEW ALL PUBLICLY AVAILABLE INFORMATION REGARDING
SUBSCRIBER, INCLUDING, BUT NOT LIMITED TO INFORMATION PROVIDED BY THE OFFICE OF FOREIGN ASSETS CONTROL (“OFAC”)
FOR THE PURPOSE OF VERIFYING INFORMATION PROVIDED BY SUBSCRIBER HEREIN.

 

[SIGNATURE
PAGE FOLLOWS]

 

    Exhibit A-6 

     

    

 

INVESTOR
QUESTIONNAIRE EXECUTION PAGE

 

	 	 	 
	Signature	 	Signature (if
    purchasing jointly)
	 	 	 
	 	 	 
	Name Typed or Printed	 	Name Typed or Printed
	 	 	 
	 	 	 
	Entity Name	 	Entity Name
	 	 	 
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	City, State and Zip Code	 	City, State and Zip Code

 

    Exhibit A-7 

     

    

 

EXHIBIT
B

 

Definition
of Accredited Investor

 

“Accredited
investor” means any person who comes within any of the following categories, or who the Company reasonably believes
comes within any of the following categories, at the time of the sale of the Shares to that person:

 

	 	1.	Any
    bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined
    in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered
    pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company as defined in Section 2(13) of the Securities
    Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined
    in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration
    under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state,
    its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of
    its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the
    Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section
    3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser,
    or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions
    made solely by persons that are accredited investors;

 

	 	2.	Any
    private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

	 	3.	Any
    organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
    or partnership, not formed for the specific purpose of acquiring the Shares offered, with total assets in excess of $5,000,000;

 

	 	4.	Any
    director, executive officer, or general partner of the issuer of the Company, or any director or executive officer of the
    Company;

 

	 	5.	Any
    natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase
    exceeds $1,000,000, provided that for purposes of this item 5, “net worth” means the excess of total assets
    at fair market value (including personal and real property, but excluding the value of a person’s primary home)
    over total liabilities (excluding any mortgage on the primary home in an amount of up to the home’s fair market value,
    but including any mortgage amount in excess of the home’s fair market value);

 

	 	6.	Any
    natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with
    that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same
    income level in the current year, provided that for purposes of this item 6, “income” means annual adjusted
    gross income, as reported for federal income tax purposes, plus (a) the amount of any tax-exempt interest income received;
    (b) the amount of losses claimed as a limited partner in a limited partnership; (c) any deduction claimed for depletion; (d)
    amounts contributed to an IRA or Keogh retirement plan; (e) alimony paid; and (f) any amount by which income from long-term
    capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal
    Revenue Code of 1986, as amended;

 

	 	7.	Any
    trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares offered, whose
    purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii); and

 

	 	8.	Any
    entity in which all of the equity owners are accredited investors.

 

    Exhibit B-1 

     

    

 

Annex
A

 

UNITED
STATES ANTI-MONEY LAUNDERING

 

REPRESENTATIONS
AND WARRANTIES

 

In
connection with the acquisition of the Company’s Shares, the Subscriber hereby represents, warrants and covenants to the
Company as follows:

 

1.
The Subscriber has reviewed the website of the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
and conducted such other investigation as Subscriber deems necessary or prudent, prior to making these representations and warranties.
The Subscriber acknowledges that U.S. federal regulations and executive orders administered by OFAC prohibit, among other things,
engaging in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals.

 

2.
All evidence of identity provided in connection with the Subscriber’s acquisition of Shares is genuine and all related
information furnished is accurate.

 

3.
The Subscriber understands and agrees that the investment of funds is prohibited by or restricted with respect to any persons
or entities: (i) acting, directly or indirectly, on behalf of terrorists or terrorist organizations, including those persons,
entities and organizations that are included on any of the OFAC lists; (ii) residing or having a place of business in a country
or territory named on such lists or which is designated as a Non-Cooperative Jurisdiction by the Financial Action Task Force on
Money Laundering (“FATF”), or whose subscription funds are transferred from or through such a jurisdiction; (iii)
(A) that are a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act or (B) that are a foreign bank other
than a “Regulated Affiliate” that is barred, pursuant to its banking license, from conducting banking activities with
the citizens of, or with the local currency of, the country that issued the license or (C) whose subscription funds are transferred
from or through the entities listed in foregoing clauses (A) and (B); or (iv) residing in, or organized under the laws of, a jurisdiction
designated by the Secretary of the Treasury under Sections 311 or 312 of the USA PATRIOT Act as warranting special measures due
to money laundering concerns. Such persons or entities in (i) through (iv) are collectively referred to as “Restricted Persons.”
Neither the Subscriber, nor any person or entity controlling, controlled by, or under common control with, the Subscriber, any
investors in the Subscriber (if the Subscriber is a pooled investment vehicle) or any person or entity for whom the Subscriber
is acting as agent, representative, intermediary, nominee or similar capacity (each such investor in the Subscriber and each such
person for whom the Subscriber acts as agent, representative, intermediary, nominee or in a similar capacity, an “Underlying
Beneficial Owner”) in connection with the acquisition of Shares is a Restricted Person.

 

4.
No funds tendered for the acquisition of Shares are directly or indirectly derived from activities that may contravene U.S. federal,
state or non-U.S. laws and regulations, including anti-money laundering laws, rules and regulations, and no capital contribution
in relation to Shares acquired by the Subscriber or, if applicable, any Underlying Beneficial Owner will be derived from any illegal
or illegitimate activities.

 

5.
To the extent the Subscriber has any Underlying Beneficial Owners, the Subscriber: (i) has carried out thorough due diligence
as to, and established the identities of, the Underlying Beneficial Owners and any related persons to the extent required by applicable
law and regulations (“Related Persons”); (ii) holds the evidence of such identities and will maintain all such evidence
for at least five years from the date of the completion of the liquidation of the Company; and (iii) will make such information
available to the Company upon the Company’s request.

 

    Annex A - 1 

     

    

 

6.
The Subscriber acknowledges and understands that the Company, in its sole discretion, may decline to accept any subscription for
Shares by a person who is a “Covered Person” within the meaning of the Guidance on Enhanced Scrutiny for Transactions
that May Involve the Proceeds of Foreign Official Corruption, issued by the U.S. Department of the Treasury, et al., January,
2001. Accordingly, the Subscriber agrees to inform the Company, prior to its acquisition of Shares, if the Subscriber or any person
controlling, controlled by, or under common control with, the Subscriber, or for whom the Subscriber is acting as agent or nominee
in connection with the acquisition of Shares, is a Covered Person.

 

7.
The Subscriber agrees to provide any information (including confidential information about the Subscriber and, if applicable,
any Underlying Beneficial Owner or Related Person) to any person deemed necessary by the Company, in its sole and absolute discretion,
to comply with its anti-money laundering responsibilities and policies and any laws, rules and regulations applicable to an investment
held or proposed to be held by the Company.

 

8.
The Subscriber authorizes and permits the Company, using its own reasonable business judgment, to report information about the
Subscriber, or any person controlling, controlled by, or under common control with the Subscriber, to appropriate authorities,
and the Subscriber agrees not to hold them liable for any loss or injury that may occur as the result of providing such information.

 

9.
The Subscriber agrees that, in the event of a material change with respect to the information provided in connection with the
purchase of the Shares, the Subscriber will provide the Company promptly with updated information affected by the material change.

 

10.
The Subscriber agrees that, notwithstanding any statement to the contrary in any agreement into which it has entered that relates
to the Company, or any statement to the contrary in any private placement memorandum of the Company, if the Company determines
that the Subscriber has appeared on a list of known or suspected terrorists or terrorist organizations compiled by any U.S. or
non-U.S. governmental agency, or that any information provided by the Subscriber in connection with the acquisition of Shares
is no longer true or accurate, the Company, without limiting any other rights available under any agreement between the Company
and the Subscriber, shall be authorized to take any action it deems necessary or appropriate as a result thereof. The Company
may be obligated to “freeze the account” of the Subscriber, either by prohibiting additional capital contributions,
restricting any distributions and/or declining any requests to transfer the Subscriber’s Shares. In addition, in any such
event, the Subscriber may forfeit its Shares, may be forced to withdraw from the Company or may otherwise be subject to the remedies
required by law, and the Subscriber shall have no claim against the Company nor its officers, directors, employees, agents, control
persons, affiliates and professional advisors and such parties shall be held harmless and indemnified by the Subscriber in accordance
with the indemnification section of this Agreement for any form of damages as a result of any of the actions described in this
paragraph. The Company may also be required to report such action and to disclose the Subscriber’s identity or provide other
information with respect to the Subscriber to OFAC or other governmental entities.

 

11.
The Subscriber acknowledges and agrees that any distributions paid to it by the Company will be paid to, and any contributions
made by it to the Company will be made from, an account in the Subscriber’s name unless the Company, in its sole discretion,
agrees otherwise.

 

12.
The Subscriber understands, acknowledges and agrees that the acceptance of this Agreement, together with the appropriate remittance,
will not breach any applicable money laundering or related rules or regulations (including, without limitation, any statutes,
rules or regulations in effect under the laws of the U.S.A. pertaining to prohibitions on money laundering or to transacting business
or dealing in property that may be blocked or may belong to Specially Designated Nationals, as such term is used by OFAC).

  

    Annex A - 2 

     

    

 

Annex
B

 

ANTI-MONEY
LAUNDERING DOCUMENTATION

 

The Subscriber
has delivered, or is concurrently delivering herewith, the true, correct and applicable documentation noted below that is applicable
to the Subscriber:

 

	 	(i)	Individuals
    (each of the following):

 

	 	(A)	Certified
    (notarized) copy of passport or other valid government identification document displaying the true name, signature, date of
    birth and photograph of the Subscriber (with certified English translation, if necessary); and

 

	 	(B)	Copy
    of a recent bank statement or utility bill showing the Subscriber’s current home address.

 

	 	(ii)	Corporate
    (each of the following):

 

	 	(A)	Certificate
    of Incorporation (or equivalent) with evidence of any name changes;

 

	 	(B)	Certificate
    of Good Standing;

 

	 	(C)	Director
    resolution authorizing the investment, if applicable;

 

	 	(D)	Current
    list or register of Directors;

 

	 	(E)	Specimen
    signatures of persons authorized to bind the Subscriber with regard to its investments with name and office held printed underneath
    or Powers of Attorney or Letters of Authority (if applicable);

 

	 	(F)	Information
    on at least two Directors (see (i) above for individuals and (ii) for all other entities);

 

	 	(G)	Evidence
    of identity for authorized signatories and all beneficial owners of the Subscriber >25% OR comfort letter (see (i) above
    for individuals and (ii) for all other entities); and

 

	 	(H)	Signed
    copy of the Subscriber’s latest available financial statements.

 

	 	(iii)	Limited
    Partnership (or Limited Liability Company) (each of the following):

 

	 	(A)	Certificate
    of Limited Partnership (or equivalent) (evidencing registered address) with evidence of any name changes;

 

	 	(B)	Certified
    copy of the limited partnership agreement (or equivalent);

 

	 	(C)	Limited
    partnership mandate (or equivalent) for making the investment (if any);

 

	 	(D)	Specimen
    signatures of persons authorized to bind the Subscriber with regard to its investments with name and office held printed underneath
    or Powers of Attorney or Letters of Authority (if applicable);

 

	 	(E)	Information
    on the individual(s) that control the general partner (or managing member, if applicable) (see (i) above for individuals and
    (ii) for all other entities);

 

	 	(F)	Evidence
    of identity for authorized signatories and all beneficial owners of the Subscriber >25% OR comfort letter (see (i) above
    for individuals and (ii) for all other entities); and

 

	 	(G)	Signed
    copy of the Subscriber’s latest available financial statements.

 

    Annex B - 1 

     

    

 

	 	(iv)	Trust
    (each of the following):

 

	 	(A)	Certified
    copy of Trust Deed/Agreement (including trust name, nature of trust, trustees, authorizations, date of trust and principal
    address);

 

	 	(B)	Information
    about the trustee(s) and settlor(s) (or beneficial owner(s), if different than the settlor(s)) (see (i) above for individuals
    and (ii) for all other entities); and

 

	 	(C)	Signed
    copy of the Subscriber’s latest available financial statements.

 

	 	(v)	Private
    Pension Plans or Not For Profit (including Foundations and Charities) (each of the following):

 

	 	(A)	Certified
    copy of the entity’s formation documents;

 

	 	(B)	An
    explanation of the nature of the entity’s purpose and operations;

 

	 	(C)	Evidence
    of identity for authorized signatories, anyone who gives instructions on behalf of the entity and all beneficial owners of
    the Subscriber >25% OR comfort letter (see (i) above for individuals and (ii) for all other entities); and

 

	 	(D)	Confirmation
    of not for profit designation from the applicable government authority.

 

	 	(vi)	Financial
    Institutions (additional requirements):

 

In
addition to the applicable requirements above, banks, brokers and other financial institutions must deliver a representation letter
in the form determined by the Company indicating that they have established and implemented anti-money laundering procedures reasonably
designed to achieve compliance with the USA PATRIOT Act.

 

The
Subscriber acknowledges that the Company and its affiliates may require further identification of the Subscriber or source of
funds before the subscription can be processed, and the Company and its officers, directors, employees, agents, control persons,
affiliates and professional advisors shall be held harmless and indemnified in accordance with the indemnification provisions
of the Agreement as a result of a failure to process the subscription if such information as has been required by the Company
has not been provided by the Subscriber. The Subscriber agrees to provide any information deemed necessary by the Company in its
sole and absolute discretion to comply with its anti-money laundering policies and obligations.

 

 

 Annex
B - 2Exhibit 10.2

 

THIS
WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. EXCEPT AS OTHERWISE SET FORTH HEREIN NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE
AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS
SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 

 

WARRANT

 

To
Subscribe for and Purchase

Shares of Common Stock of

 

DanDrit
Biotech USA, Inc.

 

Date:
May ___, 2017

  

THIS
Common Stock Purchase Warrant CERTIFIES THAT, for value received, [_______________],
 or its registered assigns, (“Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”)
and on or prior to 5:00 PM Eastern Standard Time on [_______________] (the “Expiration Date”) but not thereafter,
to subscribe for and purchase from DanDrit Biotech USA, Inc., a Delaware corporation with offices at Fruebjergvej 3 Box 62, 2100
Copenhagen, Denmark (the “Company”) an aggregate of up to [________] shares of common stock, par value $0.0001
per share, of the Company (the “Shares”), at a price per Share specified herein, as adjusted in accordance
with Section 2 below (the “Purchase Price”). 

 

1. Exercise.

 

(a) Time
and Manner of Exercise. This Warrant may be exercised, in whole or in part (but not as to fractional shares), at any time
or times on or after the Initial Exercise Date and on or before the Expiration Date by delivery to the Company at its principal
executive offices as set forth above of a duly executed original, electronic of facsimile of the Notice of Exercise, a form of
which is annexed hereto, together with aggregate Purchase Price for the Shares specified in the Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank.

 

(b) Notwithstanding
anything contained herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Shares and the Warrant has been exercised in full, in which case the Holder shall surrender
this Warrant to the Company for cancellation within five (5) days of the date the final Notice of Exercise is delivered to the
Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Shares available hereunder
shall have the effect of lowering the outstanding number of Shares purchasable hereunder in an amount equal to the applicable
number of Shares purchased. The Holder and the Company shall maintain records showing the number of Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within three (3) Business days of receipt
of such Notice. The Holder, and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Shares hereunder, the number of Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

    

     

    

 

(c) Mechanics
of Exercise.

 

(i) Delivery
of Certificates Upon Exercise. Certificates for Shares purchased hereunder shall be transmitted by the transfer agent for
the Common Stock (the “Transfer Agent”) to the Holder by physical delivery of a certificate to the address
specified by the Holder in the Notice of Exercise by the date that is five (5) days after the latest of (A) the delivery
to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate
Purchase Price as set forth above (such date, the “Warrant Share Delivery Date”). The Shares shall be deemed
to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder
of record of such Shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Purchase
Price and all taxes required to be paid by the Holder, if any, pursuant to Section 1(b)(v) below, prior to the issuance of such
Shares, having been paid.

 

(ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the
Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

(iii) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Purchase Price or round up to the next whole share.

 

(iv) Legends.
Until the date on which a registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities
Act”) covering the issuance and sale or the resale of the Shares is declared effective by the U.S. Securities and Exchange
Commission (the “SEC”) and subject to the requirements of Rule 144 promulgated under the Securities Act, any
certificates evidencing the Shares shall bear a legend substantially in the following form:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (“THE ACT”) AND ARE
“RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE SHARES MAY NOT BE OFFERED FOR
SALE, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION
OF THE COMPANY.

 

    2

     

    

 

(v) Charges,
Taxes and Expenses. Issuance of certificates for Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid
by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event certificates for Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto.

 

2. Certain
Adjustments.

 

(a) Stock
Dividends and Stock Splits. If the Company, at any time after the date hereof: (A) shall pay a stock dividend or otherwise
make a distribution or distributions on shares of its Common Stock in shares of Common Stock, (B) subdivide outstanding shares
of Common Stock into a larger number of shares, or (C) combine (including by way of reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, then the Purchase Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding before such event and of which the denominator shall be the number of
shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or reclassification, and the number of
shares issuable upon exercise of this Warrant, shall be proportionately adjusted such that the aggregate Purchase Price of this
Warrant shall remain unchanged.

 

(b) Notice
to Holder.

 

(i) Adjustment
to Purchase Price. Whenever the Purchase Price is adjusted pursuant to any of this Section 2, the Company shall promptly mail
to the Holder a notice setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

(ii) Notice
to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution) on its Common
Stock; (B) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for
or purchase any shares of capital stock of any class or of any rights; (C) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company
is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property; or the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed
to the Holder at the last address as it shall appear upon the books and records of the Company, at least ten (10) days prior to
the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided, that the failure to mail such notice or any defect therein
or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder
is entitled to convert this Warrant during the 10-day period commencing the date of such notice to the effective date of the event
triggering such notice.

 

    3

     

    

 

(iii) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of
the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one
or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash
or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case,
a “Fundamental Transaction”), then upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each share of Common Stock that would have been issuable upon such conversion absent such Fundamental Transaction,
the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such
Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one share of Common Stock
(the “Alternate Consideration”). For purposes of any such conversion, the determination of the Purchase Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Purchase Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration, If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the
foregoing provisions and evidencing the Holder’s right to exercise such warrant for the Alternate Consideration. The terms
of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving
entity to comply with the provisions of this paragraph (b) and insuring that this Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

    4

     

    

 

3. Transfer
of Warrant.

 

(a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder
for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Shares issuable pursuant thereto.

 

(c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

4. Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof.

 

(b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate.

 

(c) 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

     

    

 

(d) Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for
the Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may
be necessary to assure that such Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any trading market upon which the Common Stock may be listed. The Company covenants that all Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant and payment for such Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than
taxes in respect of any transfer occurring contemporaneously with such issue).

 

(e) Jurisdiction;
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the laws of the State of Delaware.

 

(f) Restrictions.
The Holder acknowledges that the Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies.

 

(h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the Holder at the following address:

 

[_______________] 

[_______________] 

[_______________] 

Attn:
[_______________]

  

(i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
the Purchase Price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

 

(j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

(k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Shares.

 

    6

     

    

 

(l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

(n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

(Signature
Page Follows)

    7

     

    

 

IN
WITNESS WHEREOF, Dandrit Biotech USA, Inc. has caused this Warrant to be signed by its duly authorized officer and this Warrant
to be dated as of the date set forth above. 

 

	 	DANDRIT
    BIOTECH USA, INC.
	 	 	 
	 	By	 
	 	Name:
    	Aldo
    Petersen
	 	Its:	Chief
    Executive Officer

 

Acknowledged
and agreed: 

 

[_______________]

  

	By	 	 
	Name	 	 
	Its	 	 

 

    8

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

TO:
DANDRIT BIOTECH USA, INC.

 

(1) The
undersigned hereby elects to purchase _____ Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment
shall take the form of (check applicable box):

 

☐ wire
transfer in lawful money of the United States; or 

☐ cashier’s
check drawn on a U.S. bank

 

(3) Please
issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified
below:

 

_________________________ 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _______________________________________________________________________ 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________ 

Title
of Authorized Signatory: ____________________________________________________________________ 

Date:
_______________________________________________________________________________________

 

 

9

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