Document:

acug_ex101.htm

EXHIBIT 10.1
  
 STOCK PURCHASE AGREEMENT
  
 by and between 
  
 A & C UNITED AGRICULTURE DEVELOPING INC.
  
 a Nevada corporation, and
  
 WEIJIA LI and
  
 A & C AGRICULTURE DEVELOPING (EUROPE) AB
  
 A Swedish corporation 
  
 Dated: As of August 5, 2017
   	 
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 STOCK PURCHASE AGREEMENT
  
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of August 5, 2017, and to take effect on August 5, 2017, is entered into by and between A & C United Agriculture Developing Inc., a Nevada corporation (“Company”), and Weijia Li, an individual (“Buyer”) and A & C Agriculture Developing (Europe) AB, a Swedish corporation (“A & C Europe”), and is made with reference to the following matters:
  
 RECITALS
  
 A. Company is the sole owner of all of the issued and outstanding equity securities of A & C Europe. 
  
 B. Company has decided to change its business and therefore desires to sell A & C Europe, its wholly-owned subsidiary. 
  
 C. The Buyer desires to purchase A & C Europe and will acquire all of its assets and assume any and all liabilities of A & C Europe in existence, arising or relating to the period prior to the Closing, except for the loan amount of $77,772 that A & C Europe used for normal business operations and owed to the Company prior to Closing. 
  
 D. Buyer is the wife of Jun (Charlie) Huang, former officer and director of the Company, and also the current President of A & C Europe, who is also familiar with its customers, opportunities, operations, assets, liabilities, and risks. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and for such other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties hereby agree as follows:
  
 ARTICLE I
  
 SALE AND PURCHASE OF EQUITY INTERESTS 
  
 1.1 Transfer of Equity Interests. On the terms and subject to the conditions set forth in this Agreement and in reliance upon the representations and warranties of the parties hereto, at the Closing, Company shall sell, transfer, convey, assign and deliver to Buyer, and Buyer shall purchase, acquire and accept from Company, all of the issued and outstanding equity interests (the “Equity Interests”) of A & C Europe .
  
 1.2 Purchase Price. The purchase price (the “Purchase Price”) for the Equity Interests being acquired by the Buyer from Company shall be (i) $1.00; (ii) assumption of all Liabilities by Buyer, except for loan amount of $77,772 that A & C Europe used for normal business operations and owned to the Company prior to Closing; and (iii) the indemnification by Buyers set forth in Article 8 below all of which shall occur at the Closing Date.
  
 1.3 Transfer Taxes. All Transfer Taxes imposed by any Tax Authority with respect to any transaction contemplated by this Agreement (if any) shall be duly and timely paid by Buyer, who shall also duly and timely file all Tax Returns in connection with such Transfer Taxes. Buyer shall give a copy of each such Tax Return to Company for its review with sufficient time for comments prior to filing, and shall give Company a copy of such Tax Return as filed, together with proof of payment of the Transfer Tax shown thereon, promptly after filing.
  
 ARTICLE II
  
 CLOSING
  
 2.1 Time and Place. The Closing shall take place on September 30,2017 at the offices of the Company, or such other place as agreed to by the parties hereto, and subject to all of the conditions precedent to each party’s obligations hereunder having been satisfied or waived (the “Closing Date”). 
  
 2.2 Transactions at the Closing. At the Closing, the following shall occur:
  
 (a) On the terms and subject to the conditions of this Agreement, Buyer shall acquire all the Assets of A & C Europe;
  
 (b) On the terms and subject to the conditions of this Agreement, Buyer shall assume all the Liabilities of A & C Europe, except for the loan amount of $77,772 that A & C Europe used for normal business operations and owed to the Company prior to the Closing. Company shall deliver the certificates representing the Equity Interests to Weijia Li, if any, endorsed in blank; 
   	 
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 (c) Company shall deliver, or cause to be delivered, to Buyer any and all other assignments, documents, instruments and conveyances requested by Buyer to effect the consummation of the transactions contemplated by this Agreement to evidence Buyer’s interest in and title to the Equity Interests and Assets.
  
 The foregoing transactions shall be deemed to occur simultaneously at the Closing Date.
  
 ARTICLE III
  
 REPRESENTATIONS AND WARRANTIES OF COMPANY REGARDING THE EQUITY INTERESTS
  
 Company represents and warrants to Buyers that:
  
 3.1 Title to Equity Interests. Company has good and marketable title to the Equity Interests to be transferred to Buyer, and upon consummation of the purchase contemplated herein, Buyer will acquire from Company good and marketable title to such Equity Interests and full ownership of A & C Europe.
  
 3.2 Authority to Execute and Perform Agreements. Company has the right, power and authority to enter into, execute and deliver this Agreement and all other Company Documents and to transfer, convey and sell to Buyer at the Closing the Equity Interests under the terms of this Agreement.
  
 3.3 Due Authorization; Enforceability. Company has taken all actions necessary to authorize the execution and delivery of this Agreement and the performance of the obligations under this Agreement and all other Company Documents. This Agreement and all other Company Documents have been duly and validly executed by Company and (assuming the due authorization, execution and delivery of Buyer) constitute the legal, valid and binding obligation of Company, enforceable against the Company in accordance with their terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally or by general equitable principles affecting the enforcement of contracts.
  
 3.4 No Broker. No financial advisor, broker, finder, agent or similar intermediary has acted for or on behalf of Company in connection with this Agreement or the transactions contemplated herein, and no financial advisor, broker, finder, agent or similar intermediary is entitled to any broker’s or finder’s or similar fee or other commission in respect of such transactions based on any agreement, arrangement or understanding with Company or any action taken by Company.
  
 ARTICLE IV
  
 REPRESENTATIONS AND WARRANTIES OF BUYER REGARDING COMPANY 
  
 Buyer represents and warrants to Company, for the benefit of Company:
  
 4.1 Authority; Due Authorization.
  
 (a) Authority to Execute and Perform Agreements. Buyer has all requisite power, authority and approvals required to enter into, execute and deliver this Agreement and all of the other Buyer Documents and to perform fully Buyer’s obligations hereunder and thereunder.
  
 (b) Due Authorization; Enforceability. Buyer has taken all actions necessary to authorize herself to enter into and perform fully her obligations under this Agreement and all of the other Buyer Documents to be executed by herself and to consummate the transactions contemplated herein and therein. This Agreement has been duly and validly executed by Buyer and (assuming due authorization, execution and delivery by Buyer) constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally or by general equitable principles affecting the enforcement of contracts.
  
 4.2 Due Ownership of Assets/Liabilities. Buyer represents and acknowledges that upon the consummation of this Agreement, Buyer will be the sole owner of the Assets and the sole obligor of the Liabilities of A & C Europe. 
   	 
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 4.3 Weijia Li Representations as to A & C Europe. Weijia Li hereby represents and warrants, that she is ready, willing and able to assume and continue full operational control of A & C Europe and its assets and liabilities. 
  
 ARTICLE V
  
 CONDITIONS PRECEDENT TO THE OBLIGATION OF EACH PARTY TO CLOSE
  
 The obligations of Company and Buyer to consummate the transactions contemplated herein shall be subject to the fulfillment, at or prior to the Closing, of each of the conditions set forth below (any of which may be waived by the parties in whole or in part):
  
 5.1 No Action or Proceeding. The consummation of the transactions contemplated herein shall not violate any Applicable Law. Further, no temporary restraining Order, preliminary or permanent injunction, cease and desist Order or other legal restraint preventing the consummation of the transactions contemplated herein, or imposing material damages in respect thereof, shall be in effect, nor shall there be any action or proceeding pending or threatened by any Person which seeks any of the foregoing or seeks to impose conditions which would be materially burdensome upon the business of Company and which presents a substantial risk that the relief sought will be granted.
  
 ARTICLE VI
  
 CONDITIONS PRECEDENT TO THE OBLIGATION OF BUYER TO CLOSE
  
 The obligation of Company to consummate the transactions contemplated herein shall be subject to the fulfillment, at or before the Closing Date, of each of the conditions set forth below (any of which may be waived by Buyer in whole or in part):
  
 6.1 Representations and Warranties. The representations and warranties of Company contained in this Agreement and in each other Company Document shall have been true and correct when made and shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, other than such representations and warranties as are made as of another specified date, which shall be true and correct as of such date, provided, however, that if any portion of any representation or warranty is already qualified by materiality, for purposes of determining whether this Section 6.1 has been satisfied, that portion of such representation or warranty as so qualified must be true and correct in all respects. 
  
 6.2 Performance of Covenants. Each obligation of Company to be performed by Company on or before the Closing Date pursuant to the terms of this Agreement and each other Company Document shall have been duly performed on or before the Closing Date. 
  
 ARTICLE VII 
  
 CONDITIONS PRECEDENT TO THE OBLIGATION OF COMPANY TO CLOSE
  
 The obligation of Buyer to consummate the transactions contemplated herein shall be subject to the fulfillment, at or before the Closing Date, of each of the conditions set forth below (any of which may be waived by Company in whole or in part):
  
 7.1 Representations and Warranties. The representations and warranties of Buyer contained in this Agreement and in each other Buyer Document shall have been true and correct when made and shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, other than such representations and warranties as are made as of another specified date, which shall be true and correct as of such date, provided, however, that if any portion of any representation or warranty is already qualified by materiality, for purposes of determining whether this Section 7.1 has been satisfied, that portion of such representation or warranty as so qualified must be true and correct in all respects. 
  
 7.2 Performance of Covenants. Each obligation of Buyer to be performed by Buyer on or before the Closing Date pursuant to the terms of this Agreement and each other Buyer Document shall have been duly performed on or before the Closing Date. 
   	 
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 ARTICLE VIII
  
 INDEMNIFICATION
  
 8.1 Indemnification by Company. Company shall indemnify, defend and hold harmless (i) Buyer, (ii) each of Buyer’s Affiliates, and (iii) each of her respective stockholders, members, partners, directors, officers, managers, employees, agents, attorneys and representatives (collectively, the “Buyer Indemnified Parties”), from and against any and all Losses which may be incurred or suffered by any Buyer Indemnified Party and which may arise out of or result from any breach of any representation, warranty, covenant or agreement of Company contained in this Agreement, and any other Company Document.
  
 8.2 Survival of Representations and Covenants of Company. Notwithstanding anything to the contrary contained herein and regardless of any investigation by any Buyer Indemnified Party, Buyer Indemnified Parties shall have the right to rely fully upon the representations, warranties, covenants and agreements of the Company contained in this Agreement and in any agreement, instrument or other document delivered by Company or any of its representatives in connection with the transactions contemplated by this Agreement. Each representation, warranty, covenant and agreement of Company contained herein shall survive the execution and delivery of this Agreement and the Closing Date, and shall thereafter terminate and expire when a claim thereon is barred by the applicable statute of limitations (including extensions and waivers thereof).
  
 8.3 Indemnification by Buyer. Buyer shall indemnify, defend and hold harmless (i) Company, (ii) each of their respective Affiliates, and (iii) each of their respective stockholders, members, partners, directors, officers, managers, employees, agents, attorneys and representatives (collectively, the “Company Indemnified Parties”), from and against any and all Losses which may be incurred or suffered by any Company Indemnified Party and which may arise out of or result from:
  
 (a) any breach of any representation, warranty, covenant or agreement of Buyer contained in this Agreement or in any other Buyer Document; 
  
 (b) all activities, actions and omissions to act of Company (including for purposes hereof, A & C Europe and its and Company’s respective Affiliates, stockholders, members, partners, directors, officers, managers, employees, agents, attorneys and representatives) arising prior to the Closing, regardless of whether or not any Loss related to any such activity, action or omission to act shall occur after the Closing;
  
 (c) any demand, claim or action relating to the Liabilities; and
  
 (d) any and all actions, suits, proceedings, claims, demands, assessments, judgments, costs and expenses, including, without limitation, reasonable legal fees and expenses, incurred in enforcing this indemnity and the indemnity obligations of Buyer set forth elsewhere in this Agreement.
  
 8.4 Survival of Representations and Covenants of Buyer. Notwithstanding anything to the contrary contained herein and regardless of any investigation by any Company Indemnified Party, Company and the other Company Indemnified Parties shall have the right to rely fully upon the representations, warranties, covenants and agreements of the Buyer contained in this Agreement and in any agreement, instrument or other document delivered by Buyer or any of their representatives in connection with the transactions contemplated by this Agreement. Each representation, warranty, covenant and agreement of Buyer contained herein shall survive the execution and delivery of this Agreement and the Closing Date, and shall thereafter terminate and expire when a claim thereon is barred by the applicable statute of limitations (including extensions and waivers thereof).
  
 ARTICLE IX
  
 TERMINATION; REMEDIES
  
 9.1 Termination. This Agreement may be terminated at any time prior to the Closing:
  
 (a) by the mutual written consent of the parties hereto; or
  
 (b) by Company, upon the breach in any material respect of any of the representations and warranties of Buyer contained herein or the failure by Buyer to perform and comply in any material respect with any of the agreements and obligations required by this Agreement to be performed or complied with by Buyer, provided that such breach or failure is not cured within 30 calendar days of Buyer’s receipt of a written notice from Company that such a breach or failure has occurred; or
   	 
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 (c) by Buyer, upon the breach in any material respect of any of the representations and warranties of Company contained herein or the failure by Company to perform and comply in any material respect with any of the agreements and obligations required by this Agreement to be performed or complied with by Company, provided that such breach or failure is not cured within 30 calendar days of Company’s receipt of a written notice from Buyer that such a breach or failure has occurred.
  
 9.2 Effect of Termination. In the event of the termination of this Agreement in accordance with Section 9.1, this Agreement shall become void and have no effect, with no liability on the part of any party or its Affiliates, directors, officers, employees, stockholders or agents in respect thereof; provided, however that nothing herein shall relieve any party hereto from liability for any breach of this Agreement as provided in Section 9.1 (b) and (c) above. 
  
 9.3 Attorneys’ Fees. If Company or Buyer shall bring an action against the other by reason of any alleged breach of any covenant, provision or condition hereof, or otherwise arising out of this Agreement, the unsuccessful party shall pay to the prevailing party all reasonable attorneys’ fees and costs actually incurred by the prevailing party, in addition to any other relief to which it may be entitled. 
  
 ARTICLE X
  
 EXPENSES; CONFIDENTIALITY
  
 10.1 Expenses of Sale. Except as otherwise agreed to, each of the parties hereto shall bear their own direct and indirect expenses incurred in connection with the negotiation and preparation of this Agreement and the consummation and performance of the transactions contemplated herein and therein. 
  
 10.2 Confidentiality. Except in connection with any dispute between the parties and subject to any obligation to comply with (i) any Applicable Law (ii) any rule or regulation of any Authority or securities exchange or (iii) any subpoena or other legal process to make information available to the Persons entitled thereto, whether or not the transactions contemplated herein shall be concluded, all information obtained by any party about any other, and all of the terms and conditions of this Agreement, shall be kept in confidence by each party, and each party shall cause its stockholders, directors, officers, managers, employees, agents and attorneys to hold such information confidential. 
  
 ARTICLE XI
  
 NOTICES
  
 11.1 Notices. All notices, requests and other communications hereunder shall be in writing and shall be delivered by courier or other means of personal service (including by means of a nationally recognized courier service or professional messenger service), or sent by email, facsimile or mailed first class, postage prepaid, by certified mail, return receipt requested, in all cases, addressed to:
  
 If to Buyer, to: 
  
 Weijia Li
 LGH 1201, Gamla Södertäljevägen 134 A
  
14170 Segeltorp, Stockholm, Sweden
 Telephone: 0046-700-946809
  
 If to Company, to:
  
 A & C United Agriculture Developing Inc.
 1313 Grand Ave., #16
 Walnut, CA 91789
 Telephone: (626) 262-7379
 Attention: Chin Kha Foo, CEO/President
  
 All notices, requests and other communications shall be deemed given on the date of actual receipt, delivery or refusal as evidenced by written receipt, acknowledgement or other evidence of actual receipt or delivery to the address specified above. Any party hereto may from time to time by notice in writing served as set forth above designate a different address or a different or additional Person to which all such notices or communications thereafter are to be given.
   	 
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 ARTICLE XII
  
 MISCELLANEOUS
  
 12.1 Further Assurances. Each of the parties shall use its reasonable and diligent best efforts to proceed promptly with the transactions contemplated herein, to fulfill the conditions precedent for such party’s benefit or to cause the same to be fulfilled and to execute such further documents and other papers and perform such further acts as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated herein.
  
 12.2 Modifications and Amendments; Waivers and Consents. At any time prior to the Closing Date or termination of this Agreement, Buyer, on the one hand, and Company, on the other hand, may, by written agreement:
  
 (a) modify or amend the provisions of this Agreement;
  
 (b) extend the time for the performance of any of the obligations or other acts of the other parties hereto;
  
 (c) waive any inaccuracies in the representations and warranties made by the other parties contained in this Agreement or any other agreement or document delivered pursuant to this Agreement; and/or
  
 (d) waive compliance with any of the covenants or agreements of the other parties contained in this Agreement. However, no such waiver shall operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement requires or permits a waiver or consent by or on behalf of any party hereto, such waiver or consent shall be given in writing.
  
 12.3 Entire Agreement. This Agreement (including any exhibits hereto) and the agreements, documents and instruments to be executed and delivered pursuant hereto or referred to herein are intended to embody the final, complete and exclusive agreement among the parties with respect to the purchase of the Equity Interests and related transactions; are intended to supersede all prior agreements, understandings and representations written or oral, with respect thereto; and may not be contradicted by evidence of any such prior or contemporaneous agreement, understanding or representation, whether written or oral.
  
 12.4 Governing Law and Venue. 
  
 (a) This Agreement is to be governed by and construed in accordance with the laws of the State of California applicable to contracts made and to be performed wholly within the State of California, and without regard to the conflicts of laws principles thereof.
  
 (b) Any suit brought herein against Buyer or Company, whether in contract, tort, equity or otherwise, shall be brought in the state or federal courts sitting in Los Angeles, California, with the parties hereto hereby waiving any claim or defense that each such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it, consents to service of process in any manner authorized by California law, and agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner specified by law.
  
 12.5 Assignment. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties hereto and their permitted successors and assigns.
  
 12.6 Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original of the party or parties who executed such counterpart but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement or any Transaction Document by facsimile or email scan shall be as effective as delivery of a manually executed counterpart of any such agreement.
  
 12.7 Section Headings. The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.
  
 12.8 Severability. In the event that any provision or any part of any provision of this Agreement shall be void or unenforceable for any reason whatsoever, then such provision shall be stricken and of no force and effect. However, unless such stricken provision goes to the essence of the consideration bargained for by a party, the remaining provisions of this Agreement shall continue in full force and effect, and to the extent required, shall be modified to preserve their validity.
   	 
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 12.9 No Third-Party Rights. Except as otherwise set forth in this Agreement, no rights or remedies under or by reason of this Agreement shall be conferred on any Persons other than the parties hereto and their respective successors and assigns, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third Persons to any party to this Agreement, nor shall any provision give any third Persons any right of subrogation over or action against any party to this Agreement.
  
 12.10 Construction. The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part thereof.
  
 12.11 Advice of Counsel. Each party acknowledges that such party has consulted with or has had the opportunity to consult with and be represented by independent counsel of such party’s own choice concerning this Agreement, and each party acknowledges that such party has carefully read and fully understands this Agreement, is fully aware of the contents thereof and its meaning and legal effect, and has entered into it free from coercion, duress or undue influence. 
  
 N WITNESS WHEREOF, the parties hereto have duly executed this Stock Purchase Agreement as of the day and year first above written.
  
  
  	 	 BUYER:
  
 WEIJIA LI
	
	 	 	 	 
	 	By:	/s/ Weijia Li	
	  
	  
		 
	  
	 A & C AGRICULTURE DEVELOPING (EUROPE) AB
 a Swedish corporation
	  

	  
	  
	  
	  

	 	By:	/s/ Weijia Li	 
	 	Name:	Weijia Li	 
	  
	 Title:
	 President
	  

	  
	  
	  
	  

	  
	 COMPANY:
  
 A & C UNITED AGRICULTURE DEVELOPING INC.
 a Nevada corporation
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ Chin Kha Foo
	  

	  
	 Name:
	 Chin Kha Foo
	  

	  
	 Title:
	 CEO/President
	  

  
  
  	 8EXHIBIT 4.3

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS AGREEMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN EXEMPTION FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS UNDER SUCH ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE
COMPANY REQUESTS, DELIVERY TO THE COMPANY OF AN OPINION REASONABLY SATISFACTORY TO THE COMPANY AS TO THE APPLICABILITY OF
SUCH EXEMPTION, RENDERED BY COUNSEL TO THE HOLDER REASONABLY ACCEPTABLE TO THE COMPANY UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

IMAGEN BIOPHARMA, INC.

 

Warrant
To Purchase Common Stock

 

Warrant No.: 1

Date of Issuance: June 15, 2015 (“Issuance
Date”)

 

Imagen Biopharma, Inc.,
a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, MDB Capital Group, LLC, the registered holder hereof or its permitted assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon exercise of this Warrant (including any Warrants to purchase Common Stock issued
in exchange, transfer or replacement hereof, the “Warrant”), at any time or from time to time on or after the
date hereof (the “Vesting Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined
below in Section 17), such number of fully paid and non-assessable shares of Common Stock (the “Warrant Shares”)
as set forth herein in Section 1(c), subject to adjustment as herein provided. Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 17. This Warrant has been issued in connection with that certain
Engagement Letter for Investment Banking Services dated as of April 13, 2015, by and between MDB Capital Group LLC (“MDB”)
and the Company (the “Engagement Letter”) and the completion of a private placement of a minimum of eight million
dollars ($8,000,000) through the sale of shares of Common Stock by the Company through the services of MDB as placement agent.

 

1.         EXERCISE
OF WARRANT.

 

(a)        Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section
1(g)), this Warrant may be exercised by the

 

     

     

    

 

Holder on any day on or after
the Vesting Date, in whole or in part, by delivery to the Company of a notice, in the form attached hereto as Exhibit A (the
“Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following
an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise Price
(as defined below) multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the “Aggregate
Exercise Price”) in cash or via wire transfer of immediately available funds if the Holder did not notify the Company
in such Exercise Notice that the exercise was made pursuant to a Cashless Exercise (as defined in Section 1(e)). The Holder shall
not be required to deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution
and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the
original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. Notwithstanding the foregoing,
if all or any portion of this Warrant is cancelled, the Holder will promptly deliver this Warrant to the Company upon request (and
in exchange for a replacement Warrant in the event of partial cancellation as provided herein). Promptly, and in any event with
in three (3) Trading Days, after receipt of fully-completed and executed Exercise Notice, together with the Aggregate Exercise
Price if applicable, the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice,
in the form attached hereto as Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer Agent”),
unless the Company is acting as its own transfer agent, and, further, shall (X) if the Transfer Agent is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such
aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its
designee’s balance account with DTC through its Deposit/ Withdrawal at Custodian system, or (Y) if the Transfer Agent is
not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at the Holder’s
instruction pursuant to the Exercise Notice, to any designee of the Holder to whom the Holder is permitted to transfer this Warrant,
or any agent thereof, in each case to the address as specified in the applicable Exercise Notice, a certificate, registered in
the Company’s share register in the name of the Holder or such designee (as indicated in the applicable Exercise Notice),
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the executed
Exercise Notice and payment of the Aggregate Exercise Price if applicable, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of
the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing
such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise pursuant to this Section
and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares
being acquired upon an exercise, then the Holder may surrender this Warrant to the Company, whereupon the Company shall promptly,
but in no event later than five (5) Business Days, after such exercise and at its own expense, issue and deliver to the Holder
(or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares
purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this
Warrant is exercised. No

 

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fractional shares of Common
Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be
rounded up to the nearest whole number.

 

(b)        Exercise
Price. For purposes of this Warrant, the “Exercise Price” will be $2.70 per share (the “Exercise
Price”).

 

(c)        Number
of Shares. The Warrant Shares subject to this Warrant shall be 370,370 shares of Common Stock.

 

(d)        Company’s
Failure to Timely Deliver Securities. If within three (3) Trading Days after the Company’s receipt of the applicable
Exercise Notice and receipt of the applicable Aggregate Exercise Price if the Holder did not notify the Company in such Exercise
Notice that such exercise was made pursuant to a Cashless Exercise, the Company shall fail to issue and deliver a certificate to
the Holder and register such shares of Common Stock on the Company’s share register or credit the Holder’s balance
account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder
(as the case may be), and if on or after such third (3rd) Trading Day the Holder (or any other Person in respect, or on behalf,
of the Holder) purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by the Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock, issuable upon such exercise that the Holder so anticipated receiving
from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within four (4) Business
Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares
of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the
“Buy-In Price”), at which point the Company’s obligation to so issue and deliver such certificate or credit
the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its
obligation to so issue and deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit
the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price
over the product of (A) such number of shares of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock
on any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance
and payment under this clause (ii).

 

(e)        Cashless
Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f)), whether or not at the time of
such exercise a registration statement is effective (or the prospectus contained therein is available for use) for the resale by
the Holder of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to

 

    	 	3	 

     

    

 

receive upon such exercise
the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x B) - (A x C) 

 

B

 

For purposes of the foregoing formula:

 

A= the total number of shares with
respect to which this Warrant is then being exercised.

 

B= as applicable: (i) the Closing Sale
Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise
Notice is (1) both executed and delivered pursuant to Section 1(a) on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 1(a) on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day; (ii) the Bid Price of the
Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section
1(a); or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise
Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) after the close of “regular
trading hours” on such Trading Day.

 

C= the Exercise Price then in effect
for the applicable Warrant Shares at the time of such exercise.

 

(f)         Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section 14.

 

(g)        Insufficient
Authorized Shares. The Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common
Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock hereunder (without regard
to any limitation otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise
of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, the Company at any time does not have a sufficient
number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this
Warrant, then the Company shall promptly take all action necessary to increase the Company’s authorized shares of Common
Stock to an amount sufficient to allow the Company to reserve the number of shares necessary to satisfy the Company’s obligations
hereunder. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of
the failure to have sufficient authorized shares to permit the exercise of this Warrant (“Authorized Share Failure”),
but in no event later than seventy (70)

 

    	 	4	 

     

    

 

days after the occurrence
of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number
of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy
statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common
Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal.

 

(h)        Registration
Rights Agreement. Concurrently with the execution of this Warrant, the Holder and the Company are entering into a Registration
Rights Agreement which contains a Market Stand Off provision restricting the Holder from selling any securities of the Company
for a period commencing on the effective date of the Company’s registration statement in connection with the Company’s
Initial Public Offering and ending one hundred eighty (180) days thereafter, unless such securities are included in such registration
statement.

 

2.         ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. In addition to the adjustments set forth in Section 1, the Exercise Price and
number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this
Section 2.

 

(a)        Stock
Dividends and Splits. Without limiting any provision of Section 2 or Section 4, if the Company, at any time on or after the
date hereof while this Warrant remains outstanding, (i) pays a stock dividend on one or more classes of its then outstanding shares
of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares
of Common Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more
classes of its then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii)
or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If any
event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then
the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.

 

(b)        Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section 2, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise
contained herein).

 

(c)        Other
Events. In the event that the Company (or any subsidiary or affiliate of the Company) shall take any action to which the provisions
hereof are not strictly applicable, or, if

 

    	 	5	 

     

    

 

applicable, would not operate
to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions of this Section 2 (i.e.,
proportional adjustments to reflect changes in the Company’s capital structure, but not anti-dilution protections based on
the issuance price of new securities) but not expressly provided for by such provisions (including, without limitation, the granting
of stock appreciation rights, phantom stock rights or other rights with equity features, an “Other Adjustment Event”),
then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Exercise
Price and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment
pursuant to this Section 2(d) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined
pursuant to this Section 2, provided further that if the Holder does not reasonably accept such adjustments as appropriately protecting
its interests hereunder against such dilution, then the Company’s board of directors and the Holder shall agree, in good
faith, upon an independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination
shall be final and binding and whose fees and expenses shall be borne by the Company unless such adjustment, as finally determined
by such investment bank, is within three percent (3%) of the Company’s originally proposed adjustment, in which case such
fees and expenses shall be borne by the Holder. For the avoidance of doubt, an “Other Adjustment Event” shall
not include a bona fide financing transaction in which the Company sells its securities for the principal purpose of raising working
capital or other operating capital or any issuance or grant to an employee, director or consultant of the Company (or any subsidiary
or affiliate of the Company) under an incentive stock plan approved by the board of directors of the Company.

 

(d)        Calculations.
All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

3.         RIGHTS
UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant while this Warrant remains outstanding, then,
in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant
immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined for the participation in such Distribution.

 

4.         PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)        Purchase
Rights. In addition to any adjustments pursuant to Section 2 above, if at any time while this Warrant remains outstanding the
Company grants, issues or sells any

 

    	 	6	 

     

    

 

Options, Convertible Securities
or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)        Fundamental
Transactions. At the request of the Holder in its sole discretion delivered at any time commencing on the earliest to occur
of (x) the public disclosure of any Fundamental Transaction, (y) the consummation of any Fundamental Transaction and (z) the Holder
first becoming aware of any Fundamental Transaction, but only prior to the consummation of an Initial Public Offering, the Company
or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the closing of the Fundament Transaction
by paying to the Holder cash in an amount equal to the fair market value of this Warrant as of the closing of the Fundamental Transaction,
as mutually agreed to by the Company’s Board of Directors and the Holder in good faith; provided, however, that if the Company’s
Board of Directors and the Holder cannot mutually agree on such fair market value prior to the closing of the Fundamental Transaction,
then the Company’s Board of Directors and the Holder shall continue in good faith to negotiate to reach such an agreement
for ten (10) Business Days, and then only if after such negotiation they remain unable to so agree, the Company or the Successor
Entity (as the case may be) shall pay to the Holder cash in an amount equal to the Black Scholes Value as of the closing of the
Fundamental Transaction, taking into account the terms of the Fundamental Transaction as completed.

 

(c)        Application.
The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions while this Warrant is
outstanding and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard
to any limitations on the exercise of this Warrant (other than the Expiration Date).

 

5.         NONCIRCUMVENTION.
The Company shall not, by amendment of its articles of incorporation, bylaws or through any reorganization, transfer of assets,
consolidation, merger, scheme, arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the
provisions of this Warrant and take all action as may be required to protect the rights of the Holder against impairment.

 

6.         WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as
the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to
any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which it is then

 

    	 	7	 

     

    

 

entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, so long as this Warrant is outstanding, the Company shall provide
the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

7.         REISSUANCE
OF WARRANTS.

 

(a)        Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered in the
name of the transferee, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if
less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with
Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The rights and
obligations of the Registration Rights Agreement may be assigned and transferred with any transfer of this Warrant. For the abundance
of clarity, there is no restriction on the assignment and transfer of this Warrant and the Registration Rights Agreement, other
than as provided by law, rule and regulation and any specific agreements between the Holder and the Company.

 

(b)        Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to
the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the
Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the Warrant Shares then underlying this Warrant.

 

(c)        Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional
shares of Common Stock shall be given.

 

(d)        Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of

 

    	 	8	 

     

    

 

such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.         COMPLIANCE
WITH THE SECURITIES ACT.

 

(a)        Agreement
to Comply with the Securities Act; Legends. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 8 and the restrictive legend requirements set forth on the face of this Warrant and further agrees
that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the "Securities
Act"). This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities
Act) shall be stamped or imprinted with a legend in substantially the following form (in addition to any legends required by the
Stockholders Agreement, the Proxy or applicable law):

 

"THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER
THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL OR (III) SUCH SECURITIES ARE SOLD OR ELIGIBLE TO BE
SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER THE ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

 

(b)        Representations
of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof,
to the Company by acceptance of this Warrant as follows:

 

(i)          The
original Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities
Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares,
except pursuant to sales registered or exempted under the Securities Act.

 

(ii)         The
Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are "restricted
securities" under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that, under such laws and applicable regulations, such securities

 

    	 	9	 

     

    

 

may be resold without registration
under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule
144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities
Act.

 

9.         NOTICES.
The Company will give notice to the Holder (i) promptly upon each adjustment of the Exercise Price and the number of Warrant Shares,
setting forth in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior
to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares
of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect
to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to
the public prior to or in conjunction with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior
to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any of its subsidiaries, while the Company is an issuer reporting under
the Federal securities laws, the Company shall simultaneously file such notice with the Securities Exchange Commission pursuant
to a Current Report on Form 8-K.

 

Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); (iii) when sent, if sent by
e-mail by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient, provided that such sent e-mail is kept on file
(whether electronically or otherwise), and either (A) a copy of the relevant notice is sent on the same day as such sent email
in accordance with clause (i), (ii) or (iv) of this paragraph or (B) an authorized representative of the Company affirmatively
acknowledges receipt of such email by reply email or other written communication) and (iv) if sent by overnight courier service,
one (1) Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Imagen Biopharma, Inc.

401 Wilshire Boulevard, Suite 1020

Santa Monica, CA 90401

Attention: Chief Executive Officer

 

If to a Holder, to its
address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

    	 	10	 

     

    

 

Or, in each of the above instances, to such
other address, facsimile number or e-mail address and/or to the attention of such other Person as the recipient party has specified
by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt
(A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated
by the sender’s facsimile machine containing the time, date and recipient facsimile number or (C) provided by an overnight
courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service
in accordance with clause (i), (ii) or (iv) above, respectively.

 

10.       AMENDMENT
AND WAIVER. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement
in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective
unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed
as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar
or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any
rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege.

 

11.       SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good
faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which
comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

12.       GOVERNING
LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State 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,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Nothing contained herein

 

    	 	11	 

     

    

 

shall be deemed to limit in any way any right to serve process in
any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude either party from bringing suit or
taking other legal action against the other party in any other jurisdiction to enforce a judgment or other court ruling in favor
of the such party. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

13.       CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

14.       DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price, the Closing Sale Price, the Bid Price,
Black Scholes Value or fair market value (other than fair market value of this Warrant in connection with Holder’s exercise
of its rights under Section 4(b) in which case the fair market value shall be the Black Scholes Value) or the arithmetic calculation
of the Warrant Shares, as the case may be, the Company or the Holder (as the case may be) shall submit the disputed determinations
or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable
notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable
to agree upon such determination or calculation (as the case may be) of the Exercise Price, the Closing Sale Price, the Bid Price,
Black Scholes Value or fair market value (other than fair market value of this Warrant in connection with Holder’s exercise
of its rights under Section 4(b) in which case the fair market value shall be the Black Scholes Value) or the number of Warrant
Shares (as the case may be) within three (3) Business Days of such disputed determination or arithmetic calculation being submitted
to the Company or the Holder (as the case may be), then the Company shall, within two (2) Business Days submit via facsimile (a)
the disputed determination of the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Value or fair market value
(as the case may be) to an independent, reputable investment bank selected by the Company and reasonably acceptable to the Holder
or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company
shall cause the investment bank or the accountant (as the case may be) to perform the determinations or calculations (as the case
may be) and notify the Company and the Holder of the results as soon as reasonably practicable. Such investment bank’s or
accountant’s determination or calculation (as the case may be) shall be binding upon all parties absent demonstrable error.
The fees and expenses of the investment bank or the accountant shall be borne by the Company unless the number is question, as
finally determined by such investment bank or accountant, is within three percent (3%) of the Company’s originally proposed
number, in which case such fees and expenses shall be borne by the Holder.

 

15.       REMEDIES,
CHARACTERIZATION, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available at law or in equity. Each party acknowledges that a breach by it of its obligations

 

    	 	12	 

     

    

 

hereunder will cause irreparable
harm to the other party and that the remedy at law for any such breach may be inadequate. The Company covenants to the Holder that
there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided
for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received by
the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). Each party therefore agrees that, in the event of any such breach or threatened breach, the other party shall be entitled,
in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic
loss and without any bond or other security being required. The Company shall provide all information and documentation to the
Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions
of this Warrant.

 

16.       TRANSFER.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, subject to compliance with
Section 8, other applicable law and the Stockholders Agreement. The issuance of shares and certificates for shares as contemplated
hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other
costs in respect thereof, provided that the Company shall not be required to pay any tax (a) based upon the net income of the Holder
or (b) that may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other
than the Holder or its agent on its behalf.

 

17.       CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)        “Bid
Price” means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply,
the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination,
the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets
Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as
of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section
14. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.

 

(b)        “Black
Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s
request pursuant to Section 4(b), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per share equal to the greatest of (1) the sum of the

 

    	 	13	 

     

    

 

price per share being offered
in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered in the applicable
Fundamental Transaction (if any) and (2) without limiting clause (1) above, if the applicable Fundamental Transaction results from
a sale of all or substantially all of the assets of the Company or any of its Subsidiaries, a price per share equal to the quotient
of (A) the sum of (X) the total consideration (including, without limitation, cash and non-cash consideration, the assumption of
indebtedness and other amounts, earn-outs and contingent consideration) offered in the applicable Fundament Transaction plus (Y)
the aggregate amount of cash then held by the Company and its Subsidiaries divided by (B) the total number of shares of Common
Stock outstanding on the earlier to occur of the date of the Holder’s request pursuant to Section 4(b) and the date of consummation
of the applicable Fundamental Transaction, (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s
request pursuant to Section 4(b), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant to Section 4(b) and
(2) the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction or as of the date
of the Holder’s request pursuant to Section 4(b) if such request is prior to the date of the consummation of the applicable
Fundamental Transaction and (iv) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the
HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Business Day immediately following the
earliest to occur of (x) the public disclosure of the applicable Fundamental Transaction, (y) the consummation of the applicable
Fundamental Transaction and (z) the date on which the Holder first became aware of the applicable Fundamental Transaction.

 

(c)        “Bloomberg”
means Bloomberg, L.P.

 

(d)        “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.

 

(e)        “Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Principal Market,
as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if
the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg,
or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average
of the ask prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved in accordance with the procedures in Section 14. All such determinations shall be

 

    	 	14	 

     

    

 

appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during such period.

 

(f)         “Common
Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii) any capital stock into
which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(g)        “Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

 

(h)        “Expiration
Date” means the date that is the seventh (7th) anniversary of the Issuance Date or, if such date falls on a day other
than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next
date that is not a Holiday.

 

(i)         “Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) (I) reorganize,
recapitalize or reclassify the Common Stock, (II) effect or consummate a stock combination, reverse stock split or other similar
transaction involving the Common Stock or (III) make any public announcement or disclosure with respect to any stock combination,
reverse stock split or other similar transaction involving the Common Stock (including, without limitation, any public announcement
or disclosure of (x) any potential, possible or actual stock combination, reverse stock split or other similar transaction involving
the Common Stock or (y) board or stockholder approval thereof, or the intention of the Company to seek board or stockholder approval
of any stock combination, reverse stock split (other than the Authorized Reverse Split) or other similar transaction involving
the Common Stock), or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d)
and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented
by issued and outstanding Voting Stock of the Company.

 

    	 	15	 

     

    

 

(j)         “Initial
Public Offering” means an offering in any amount or number by the Company of its Common Stock, excluding any overallotment
option, which is an underwritten firm commitment offering through a registered broker-dealer, in the United States.

 

(k)        “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

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

 

(m)       “Principal
Market” means the a national securities exchange in the United States or a recognized United States trading medium which
provides daily reports of the prices at which securities are offered and traded.

 

(n)        “Registration
Rights Agreement” means the registration rights agreement entered into on even date herewith for the benefit of the Holder
or Holders which contains a Market Stand Off provision restricting the Holder from selling any securities of the Company for a
period commencing on the effective date of the Company’s registration statement in connection with the Company’s Initial
Public Offering and ending one hundred eighty (180) days thereafter, unless such securities are included in such registration statement.

 

(o)        [Reserved]

 

(p)        “Successor
Entity” means the Person (or, if so elected by the Holder) formed by, resulting from or surviving any Fundamental Transaction
or the Person (or, if so elected by the Holder) with which such Fundamental Transaction shall have been entered into.

 

(q)        “Trading
Day” means, as applicable, (x) with respect to all price determinations relating to the Common Stock, any day on which
the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common
Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5
hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or
if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the
hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or
(y) with respect to all determinations other than price determinations relating to the Common Stock, any day on which The New York
Stock Exchange (or any successor thereto) is open for trading of securities.

 

(r)         “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers or
trustees of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have or might
have voting power by reason of the happening of any contingency).

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

	 	IMAGEN BIOPHARMA, INC.
	 	 	 
	 	By:	/s/ Cameron Gray
	 	Name:	Cameron Gray
	 	Title:	President

 

    	 	17	 

     

    

 

EXHIBIT A

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER TO
EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

IMAGEN BIOPHARMA, INC.

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
Imagen Biopharma, Inc., a Delaware corporation (the “Company”), evidenced by the Warrant to purchase Common
Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1.         Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

	_____________	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or
	_____________	a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

In the event that the Holder
has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder hereby
represents and warrants that (i) this Exercise Notice was executed by the Holder at ____________ [a.m.][p.m.] on the date set forth
below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $__________.

 

2.         Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $_________________ to the Company
in accordance with the terms of the Warrant.

 

3.         Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, _______ Warrant Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date:___________ ___, ______

 

		 
	  Name of Registered Holder	 

 

	By: 	 	 
	Name: 	 
	Title:	 

 

     

     

    

 

EXHIBIT B

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Exercise Notice and hereby directs ___________________ to issue the above indicated number of shares of Common Stock in accordance
with the Transfer Agent Instructions dated ___________ ___, 20___, from the Company and acknowledged and agreed to by _________________.

 

	 	IMAGEN BIOPHARMA, INC.
	 	 
	 	By: 	 
	 	Name:
	 	Title:

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