Document:

Exhibit 10.1

 

ACURX PHARMACEUTICALS, INC.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(this “Agreement”) is effective as of ______, 20__ by and between Acurx Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and _________ (“Indemnitee”).

 

A.           The
Company recognizes the difficulty in obtaining liability insurance for its directors, officers, employees, controlling persons, fiduciaries
and other agents and affiliates, the significant cost of such insurance and the general limitations in the coverage of such insurance.

 

B.            The
Company further recognizes the substantial increase in corporate litigation in general, subjecting directors, officers, employees, controlling
persons, fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability and coverage of
liability insurance has been severely limited.

 

C.            The
current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the
Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries and
other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the Indemnitee, may not
be willing to serve or continue to serve or be associated with the Company in such capacities without additional protection.

 

D.            The
Company (a) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve and be associated
with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to
the maximum extent permitted by law.

 

E.             In
view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the Company
as set forth herein.

 

AGREEMENT:

 

In consideration of the mutual
promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Certain
Definitions.

 

(a)            “Change
in Control” shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as
such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a
corporation or limited liability company owned directly or indirectly by the members of the Company in substantially the same proportions
as their ownership of securities of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented
by the Company’s then outstanding Voting Securities, (ii) during any period of two (2) consecutive years, individuals
who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board
of Directors or nomination for election by the Company’s members was approved by a vote of at least two- thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved, cease for any reason to constitute a majority thereof, (iii) the members of the Company approve a merger or consolidation
of the Company with any other corporation or limited liability company other than a merger or consolidation which would result in the
Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into Voting Securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by
the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (iv) the
members of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company
of (in one transaction or a series of related transactions) all or substantially all of the Company’s assets.

 

    

     

    

 

(b)            “Claim”
shall mean with respect to a Covered Event: any threatened, asserted, pending or completed action, suit, proceeding or alternative dispute
resolution mechanism, or any hearing, inquiry or investigation (formal or informal) that Indemnitee (or in the case of a Fund Indemnitor
(as defined in Section 18 below) seeking to be indemnified, a Fund Indemnitor) in good faith believes might lead to the institution
of any such action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative
or other, including any appeal therefrom.

 

(c)            References
to the “Company” shall include, in addition to Acurx Pharmaceuticals, Inc., any constituent corporation or limited
liability company (including any constituent of a constituent) absorbed in a consolidation or merger to which Acurx Pharmaceuticals, Inc.
(or any of its wholly owned subsidiaries) is a party, which, if its separate existence had continued, would have had power and authority
to indemnify its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee,
agent or fiduciary of such constituent corporation or limited liability company, or is or was serving at the request of such constituent
corporation or limited liability company as a director, officer, employee, agent or fiduciary of another corporation, limited liability
company, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position
under the provisions of this Agreement with respect to the resulting or surviving corporation or limited liability company as Indemnitee
would have with respect to such constituent corporation or limited liability company if its separate existence had continued.

 

(d)            “Covered
Event” shall mean any event or occurrence by reason of the fact that Indemnitee is or was a director, officer, employee, agent
or fiduciary of the Company, or any subsidiary of the Company, direct or indirect, or is or was serving at the request of the Company
as a director, officer, employee, agent or fiduciary of another corporation, limited liability company, partnership, joint venture, trust
or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity.

 

(e)            “Expense
Advance” shall mean a payment to Indemnitee for Expenses pursuant to Section 3 hereof, in advance of the settlement of
or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which
constitutes a Claim.

 

(f)            “Expenses”
shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses and liabilities, joint or several (including
reasonable attorneys’ fees and all other costs, expenses and obligations reasonably incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate in, any action,
suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts
paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually
and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual
or deemed receipt of any payments under this Agreement.

 

    2

     

    

 

(g)            “Independent
Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 2(d) hereof,
who shall not have otherwise performed services for (i) the Company or Indemnitee in any matter material to either such party (other
than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity
agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder, within the last three (3) years.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

(h)           References
to “other enterprises” shall include employee benefit plans; references to “fines” shall include
any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of
the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties
on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants
or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed
to the best interests of the Company” as referred to in this Agreement.

 

(i)            “Reviewing
Party” shall mean, subject to the provisions of Section 2(d), any person or body appointed by the Board of Directors in
accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which may include a member
or members of the Company’s Board of Directors, Independent Legal Counsel or any other person or body not a party to the particular
Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights.

 

(j)            “Section”
refers to a section of this Agreement unless otherwise indicated.

 

(k)            “Voting
Securities” shall mean any securities of the Company that vote generally in the election of directors.

 

2.            Indemnification.

 

(a)            Indemnification
of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or hold harmless Indemnitee
for Expenses to the fullest extent permitted by law if Indemnitee was, is or becomes a party to or witness or other participant in, or
is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising in part out of a Covered
Event), including all interest, assessments and other charges incurred in connection with or in respect of such Expenses.

 

(b)            Review
of Indemnification Obligations.

 

(i)            Notwithstanding
the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any case in which Independent Legal Counsel
is the Reviewing Party) that Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under applicable law,
(A) the Company shall have no further obligation under Section 2(a) to make any payments to Indemnitee not made prior to
such determination by such Reviewing Party and (B) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees
to reimburse the Company) for all Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee (within thirty
(30) days after such determination); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings
in a court of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified, exonerated or held harmless
hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not entitled to be indemnified hereunder
under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expenses theretofore paid
in indemnifying, exonerating or holding harmless Indemnitee until a final judicial determination is made with respect thereto (as to which
all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s obligation to reimburse the Company for any Expenses
shall be unsecured and no interest shall be charged thereon.

 

    3

     

    

 

(ii)            Subject
to Section 2(b)(iii) below, if the Reviewing Party shall not have made a determination within forty-five (45) days after receipt
by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification or (B) a prohibition of such indemnification under applicable law; provided,
however, that such 45-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person,
persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time
for the obtaining or evaluating of documentation and/or information relating thereto.

 

(iii)           Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall
be required to be made prior to the final disposition of the Claim.

 

(c)            Indemnitee
Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that Indemnitee substantively is not entitled
to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, Indemnitee shall have the right
to commence litigation seeking an initial determination by the court or challenging any such determination by such Reviewing Party or
any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15 hereof, the Company
hereby consents to service of process and to appear in any such proceeding. Absent such litigation, any determination by any Reviewing
Party shall be conclusive and binding on the Company and Indemnitee.

 

(d)            Selection
of Reviewing Party; Change in Control. If there has not been a Change in Control, any Reviewing Party shall be selected by the Board
of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of
the Company’s Board of Directors who were directors immediately prior to such Change in Control), any Reviewing Party with respect
to all matters thereafter arising concerning Indemnitee’s indemnification, exoneration or hold harmless rights for Expenses under
this Agreement or any other agreement or under the Company’s Bylaws (the “Bylaws”) or Certificate of Incorporation
as now or hereafter in effect, or under any other applicable law, if desired by Indemnitee, shall be Independent Legal Counsel selected
by the Indemnitee and approved by Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall
render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified,
exonerated or held harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay
the reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such counsel
against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to pay Expenses
of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal
Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company otherwise determines or (ii) any
Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing
other Indemnitees.

 

    4

     

    

 

(e)           Mandatory
Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the fullest extent
permitted by applicable law and to the extent that Indemnitee was a party to (or participant in) and has been successful on the merits
or otherwise, including, without limitation, the dismissal of an action without prejudice, in defense of any Claim, Indemnitee shall
be indemnified, exonerated and held harmless against all Expenses actually and reasonably incurred by Indemnitee in connection therewith.
If Indemnitee is not wholly successful in such Claim but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Claim, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted
by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Claim by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(f)            Contribution.
If the indemnification, exoneration or hold harmless rights provided for in this Agreement is for any reason held by a court of competent
jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee thereunder,
the Company shall contribute to the amount paid or required to be paid by Indemnitee as a result of such Expenses (i) in such proportion
as is deemed fair and reasonable in light of all of the circumstances in order to reflect the relative benefits received by the Company
and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Claim or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with the action or inaction which resulted in such Expenses, as well as any other relevant equitable considerations.
In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall
be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the
Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate
public offering price of the securities so offered. The relative fault of the Company and Indemnitee shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

 

The Company and Indemnitee
agree that it would not be just and equitable if contribution pursuant to this Section 2(f) were determined by pro rata or by
any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.
In connection with the registration of the Company’s securities, in no event shall Indemnitee be required to contribute any amount
under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of securities under such registration
statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(a) of the Securities Act
of 1933, as amended) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

3.            Expense
Advances.

 

(a)            Obligation
to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a written undertaking by or on behalf
of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated
or held harmless therefor by the Company.

 

    5

     

    

 

(b)            Form of
Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be unsecured and no interest
shall be charged thereon.

 

4.            Procedures
for Indemnification and Expense Advances.

 

(a)           Timing
of Payments. All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to
this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor
is presented to the Company, but in no event later than forty-five (45) days after such written demand by Indemnitee is presented to the
Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such written demand by Indemnitee
is presented to the Company. If the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion
shall be paid and only the disputed portion withheld pending resolution of any such dispute.

 

(b)           Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified, exonerated or held harmless
or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable
of any Claim made against Indemnitee for which indemnification, exoneration or hold harmless rights will or could be sought under this
Agreement. Notice to the Company shall be directed to the President and the Secretary of the Company at the address shown on the signature
page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee) and shall include a description
of the nature of the Claim and the facts underlying the Claim, in each case to the extent known to Indemnitee. To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification following the final disposition of such Claim. In addition, Indemnitee shall give the Company such
information and cooperation as the Company may reasonably require and as shall be within Indemnitee’s power. The failure by Indemnitee
to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise
than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this
Agreement, except to the extent (solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the
Company.

 

(c)            No
Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification,
exoneration or hold harmless right is not permitted by this Agreement or applicable law. In addition, neither the failure of any Reviewing
Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor
an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior
to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified, exonerated
or held harmless under this Agreement or applicable law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee
has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing
Party or otherwise as to whether the Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder, the burden of proof
shall be on the Company to establish that Indemnitee is not so entitled.

 

    6

     

    

 

(d)           Notice
to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b) hereof, the Company
has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to
the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all reasonably
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim
in accordance with the terms of such policies.

 

(e)            Selection
of Counsel. In the event the Company shall be obligated hereunder to provide indemnification, exoneration or hold harmless rights
for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the
defense of such Claim with counsel approved by Indemnitee (which approval shall not be unreasonably withheld) upon the delivery to Indemnitee
of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and
the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses
of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided, however, that
(i) Indemnitee shall have the right to employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense
and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such
defense or (C) the Company shall not continue to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s
separate counsel shall be Expenses for which Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances
hereunder. The Company shall have the right to conduct such defense as it sees fit in its sole discretion, including the right to settle
any claim, action or proceeding against Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include
either: (i) a full release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim or (ii),
in the event such full release is not obtained, the terms of such settlement do not limit any indemnification, exoneration or hold harmless
rights Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s Bylaws, Certificate of Incorporation,
any agreement, any vote of members or disinterested directors, the General Corporation Law of the State of Delaware (the “DGCL”)
or otherwise.

 

5.            Additional
Indemnification Rights; Nonexclusivity.

 

(a)            Scope.
The Company hereby agrees to indemnify, exonerate and hold harmless the Indemnitee to the fullest extent permitted by law, notwithstanding
that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement,
the Company’s Bylaws, the Company’s Certificate of Incorporation or by statute, a vote of members or a resolution of directors,
or otherwise. The rights of indemnification and to receive Expense Advances as provided by this Agreement shall be interpreted independently
of, and without reference to, any other such rights to which Indemnitee may at any time be entitled. In the event of any change after
the date of this Agreement in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify,
exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable
law, statute or rule which narrows the right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board
of directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to
be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as
set forth in Section 10(a) hereof.

 

(b)            Nonexclusivity.
The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided by this Agreement shall be in addition
to any rights to which Indemnitee may be entitled under the Company’s Bylaws, its Certificate of Incorporation, any other agreement,
any vote of members or disinterested directors, the DGCL, or otherwise. The indemnification, exoneration or hold harmless rights and the
payment of Expense Advances provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving
in an indemnified, exonerated or held harmless capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity.

 

    7

     

    

 

6.            No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, provision of the
Company’s Bylaws, Certificate of Incorporation or otherwise) of the amounts otherwise payable hereunder, except as provided in Section 18
below.

 

7.            Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification, exoneration or hold harmless
rights by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount
thereof, the Company shall nevertheless indemnify, exonerate or hold harmless Indemnitee for the portion of such Expenses to which Indemnitee
is entitled.

 

8.            Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, federal law or applicable public policy
may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries
under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company may be required in the future to undertake
with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court
in certain circumstances for a determination of the Company’s right under public policy to indemnify, exonerate or hold harmless
Indemnitee.

 

9.            Liability
Insurance. To the extent the Company maintains liability insurance applicable to directors, officers, employees, agents or fiduciaries, Indemnitee
shall be covered by such policies in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably
insured of the Company’s directors who are not employees of the Company, if Indemnitee is a director who is not employed by the
Company; or of the Company’s officers, if Indemnitee is a director of the Company and is also employed by the Company, or is not
a director of the Company but is an officer; or in the Company’s sole discretion, if Indemnitee is not an officer or director but
is an employee, agent or fiduciary.

 

10.          Exceptions.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a)            Excluded
Action or Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting from acts, omissions or transactions
for which Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or applicable
law; provided, however, that notwithstanding any limitation set forth in this Section 10(a) regarding the Company’s
obligation to provide indemnification, exoneration or hold harmless rights to Indemnitee, Indemnitee shall be entitled under Section 3
to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over the Claim shall
have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has
engaged in acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable
law.

 

(b)            Claims
Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to Indemnitee with respect to Claims initiated
or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim, except (i) with respect to actions or
proceedings brought to establish or enforce an indemnification, exoneration or hold harmless right under this Agreement or any other agreement
or insurance policy or under the Company’s Bylaws or Certificate of Incorporation now or hereafter in effect relating to Claims
for Covered Events, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such Claim or (iii) as
otherwise required under DGCL, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, exoneration,
hold harmless right, Expense Advances or insurance recovery, as the case may be.

 

    8

     

    

 

(c)            Lack
of Good Faith. To indemnify, exonerate or hold harmless Indemnitee for any Expenses incurred by Indemnitee with respect to any action
instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as
provided in Section 13 hereof that each of the material assertions made by Indemnitee as a basis for such action was not made in
good faith or was frivolous or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court having jurisdiction
over such action determines as provided in Section 13 hereof that each of the material defenses asserted by Indemnitee in such action
was made in bad faith or was frivolous.

 

11.            Counterparts.
This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which shall constitute an original
and all of which, together, shall constitute one instrument.

 

12.            Binding
Effect; Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business and/or assets of the Company), spouses, heirs, and personal and legal representatives. The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve
as a director, officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s
request. The Company and Indemnitee agree that the Fund Indemnitors (as defined in Section 18 below) are express third party beneficiaries
of this Agreement.

 

13.            Expenses
Incurred in Action Relating to Enforcement or Interpretation.  In the event that any action is instituted by Indemnitee under
this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including
without limitation attorneys’ fees), regardless of whether Indemnitee is ultimately successful in such action, unless as a part
of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom
have been exhausted or lapsed) that each of the material assertions made by Indemnitee as a basis for such action was not made in good
faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be
entitled under Section 3 to receive payment of Expense Advances hereunder with respect to such action. In the event of an action
instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee
shall be entitled to be indemnified, exonerated or held harmless for all Expenses incurred by Indemnitee in defense of such action (including
without limitation costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action),
unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights
of appeal therefrom have been exhausted or lapsed) that each of the material defenses asserted by Indemnitee in such action was made in
bad faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall
be entitled under Section 3 to receive payment of Expense Advances hereunder with respect to such action.

 

    9

     

    

 

14.            Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and signed for by the party addressed, on the date of such delivery or (ii) if mailed by domestic certified or
registered mail with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party are as
shown on the signature page of this Agreement or as subsequently modified by written notice.

 

15.            Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of
Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that
any action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of the State of
Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a claim.

 

16.            Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible,
the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable.

 

17.            Choice
of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties to this Agreement, shall be governed
by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws.

 

18.            Primacy
of Indemnification; Subrogation.

 

(a)   The Company hereby
acknowledges that Indemnitee has or may in the future have certain indemnification, exoneration, hold harmless or Expense advancement
rights and/or insurance provided by Fund and certain of its affiliates (collectively, the “Fund Indemnitors”). The
Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any
obligation of the Fund Indemnitors to advance Expenses or to provide indemnification, exoneration or hold harmless rights for the same
Expenses incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by
Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally permitted and as required by the Company’s
Bylaws or Certificate of Incorporation (or any agreement between the Company and Indemnitee), without regard to any rights Indemnitee
may have against the Fund Indemnitors, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any
and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof and (iv) if
any Fund Indemnitor is a party to or a participant in a legal proceeding, which participation or involvement arises solely as a result
of Indemnitee’s service to the Company as a director of the Company, then such Fund Indemnitor shall be entitled to all of the indemnification
rights and remedies under this Agreement to the same extent as Indemnitee. The Company further agrees that no advancement or payment by
the Fund Indemnitors on behalf of Indemnitee with respect to any Claim for which Indemnitee has sought indemnification, exoneration or
hold harmless rights from the Company shall affect the foregoing and the Fund Indemnitors shall have a right to receive from the Company,
contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against
the Company.

 

(b)   Except as provided
in Section 18(a) above, in the event of payment under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee from any insurance policy purchased by the Company, who shall execute all documents
required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce
such rights. In no event, however, shall the Company or any other person have any right of recovery, through subrogation or otherwise,
against (i) Indemnitee, (ii) any Fund Indemnitor or (iii) any insurance policy purchased or maintained by Indemnitee or
any Fund Indemnitor.

 

    10

     

    

 

19.            Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in
writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute
a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver.

 

20.            Integration
and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and merges
all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the
parties hereto, including any existing director or officer indemnification agreement; provided, however, that this Agreement
is a supplement to and in furtherance of the Company’s Bylaws, Certificate of Incorporation, any directors and officers insurance
maintained by the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder.

 

21.            No
Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to
employment by the Company or any of its subsidiaries or affiliated entities.

 

22.            Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required,
the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.

 

(The remainder of this page is intentionally
left blank.)

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Indemnification Agreement as of the date first above written.

 

	 	ACURX PHARMACEUTICALS, INC.
	 	 	 
	 	By:	                                
	 	Name:	 
	 	Title:	 

 

	 	Address:
	 	259 Liberty Avenue
	 	Staten Island, NY 10305

 

	 	AGREED TO AND ACCEPTED BY:
	 	 	 
	 	INDEMNITEE:
	 	 
	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

	 	Address:	 
	 	 	 
	 	 	 
	 	 	 

 

Date: ___________, 20__

 

[Signature Page to Indemnification Agreement]Exhibit 10.2

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of _____, 20__, is made by and among Acurx Pharmaceuticals, Inc., a
corporation organized under the laws of Delaware (the “Company”), and the investors listed on the Schedule of Buyers
attached hereto (individually, a “Buyer” and collectively, the “Buyers”).

 

WHEREAS:

 

A.           The Company and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rules 504
and/or 506, as applicable, of Regulation D (“Regulation D”) as promulgated by the United States Securities and
Exchange Commission (the “SEC”) under the 1933 Act.

 

B.            Each
Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i) that aggregate
number of shares of common stock of the Company (the “Shares”) set forth opposite such Buyer’s name in column
(3) on the Schedule of Buyers (which aggregate amount of Shares for all Buyers together shall collectively be referred to herein
as the “Common Stock”) and (ii) warrants, in substantially the form attached hereto as Exhibit A (the
 “Warrants”), to acquire up to that number of additional Shares set forth opposite such Buyer’s name in column
(4) of the Schedule of Buyers (as converted, collectively, the “Warrant Interests”). The total amount of
Shares and Warrants being issued by the Company hereunder is up to a maximum aggregate offering amount of $______ (with an option exercisable
by the Company, in its sole discretion, for up to an additional $______).

 

C.            The
Company and each Buyer are executing an Investor Rights Agreement, dated the date hereof, in the form attached hereto as Exhibit B
(the “Investor Rights Agreement”), pursuant to which the Company agrees to provide certain registration rights with
respect to the Common Stock, and the Warrant Interests under the 1933 Act and the rules and regulations promulgated thereunder, and
applicable state securities laws.

 

D.            The
Company and each Buyer desire that each such Buyer join and become a party to the Investor Rights Agreement.

 

E.            The
Shares, the Warrants and the Warrant Interests collectively are referred to herein as the “Securities”.

 

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

 

1.             PURCHASE
AND SALE OF COMMON STOCK AND WARRANTS.

 

(a)            Purchase
of Common Stock and Warrants. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, at each
closing of the transaction contemplated hereby (each, a “Closing”), the Company shall issue and sell to each Buyer,
and each Buyer severally, but not jointly, agrees to purchase from the Company on the Closing Date (as defined below), (A) the number
of Shares as is set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers, along with (B) Warrants
to acquire up to that number of Warrant Interests as is set forth opposite such Buyer’s name in column (4) on the Schedule
of Buyers. Each Closing shall occur on the Closing Date at the offices of Mintz Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third
Avenue, New York, New York 10017 or remotely via the electronic exchange of documents and facsimile signatures. The Schedule of Buyers
shall be amended accordingly following each Closing.

 

    

     

    

 

(b)            Purchase
Price. The purchase price for the Shares and related Warrants to be purchased by each Buyer at the Closing shall be the amount set
forth opposite such Buyer’s name in column (5) of the Schedule of Buyers (the “Purchase Price”) which shall
be equal to the amount of $_____ per Share and the related Warrants.

 

(c)            Closing
Date. The date and time of the initial Closing hereunder shall be ____ [a.m./p.m.], New York City Time, on the date first written
above. Each Buyer acknowledges and agrees that the Company may, in its sole discretion, conduct subsequent and multiple Closings for such
amounts and Shares and Warrants as the Company may, in its sole discretion, determine, up a maximum amount of $______ worth of Securities.
The date of each Closing hereunder shall be a “Closing Date.”

 

(d)            Form of
Payment. On each Closing Date, (i) each Buyer shall pay its respective Purchase Price to the Company for the Shares and Warrants
to be issued and sold to such Buyer at the Closing by wire transfer of immediately available funds in accordance with the Company’s
written wire instructions and (ii) the Company shall deliver to each Buyer (A) one or more certificates, evidencing the number
of Shares such Buyer is purchasing as is set forth opposite such Buyer’s name in column (3) of the Schedule of Buyers, and
(B) a Warrant pursuant to which such Buyer shall have the right to acquire such number of Warrant Interests as is set forth opposite
such Buyer’s name in column (4) of the Schedule of Buyers in all cases duly executed on behalf of the Company and registered
in the name of such Buyer or its designee.

 

(e)            Joinder.
Each Buyer, by their execution of a joinder agreement to be delivered to the Company as of the Closing Date on which such Buyer purchases
Common Stock and Warrants, agrees to become a party to the Investor Rights Agreement. Each Buyer acknowledges receipt of the the Investor
Rights Agreement.

 

2.             BUYER’S
REPRESENTATIONS AND WARRANTIES. Each Buyer, severally and not jointly, represents and
warrants with respect to only itself that, as of the date hereof and as of the applicable Closing Date:

 

(a)            No
Public Sale or Distribution. Such Buyer is (i) acquiring the Shares and the Warrants and (ii) upon exercise of the Warrants
(other than pursuant to a Cashless Exercise (as defined in the Warrants)) will acquire the Warrant Interests issuable upon exercise thereof
for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant
to sales registered or exempted under the 1933 Act and such Buyer does not have a present arrangement to effect any distribution of Securities
to or through any person or entity; provided, however, that by making the representations herein, such Buyer does not agree
to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to a registration statement or an exemption under the 1933 Act. Such Buyer is acquiring the Securities hereunder
in the ordinary course of its business. Such Buyer does not presently have any agreement or understanding, directly or indirectly, with
any Person (as defined in Section 3(p)) to distribute any of the Securities.

 

    2

     

    

 

(b)            Accredited
Investor Status. Such Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D or a “sophisticated” investor as defined in Regulation D or an entity that is a “qualified institutional buyer”
within the meaning of Rule 144A promulgated under the 1933 Act.

 

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

 

(d)            Information.
Such Buyer and its advisors, if any, have been furnished with material information relating to the business, finances and operations of
the Company and the offer and sale of the Securities which have been requested by such Buyer, including the Company’s ____________,
describing the Company and the transactions contemplated hereby. Such Buyer and its advisors, if any, have been afforded the opportunity
to ask questions of the Company. Such Buyer understands that its investment in the Securities involves a high degree of risk and is able
to afford a complete loss of such investment. Such Buyer has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its acquisition of the Securities.

 

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

 

(f)            Transfer
or Resale. Such Buyer understands that except as provided in the Investor Rights Agreement: (i) the Securities have not been
and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred
unless (A) subsequently registered thereunder, (B) such Buyer shall have delivered to the Company, an opinion of counsel, in
a form reasonably satisfactory to the Company, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned
or transferred pursuant to an exemption from such registration, or (C) such Buyer provides the Company with reasonable assurance
that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or
a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the Securities made in reliance
on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale
of the Securities under circumstances in which the seller (or the Person) through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other Person is under any obligation to register the Securities under
the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. 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 and such pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder,
and no Buyer effecting a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any delivery
to the Company pursuant to this Agreement or any other Transaction Document (as defined in Section 3(b)), including, without limitation,
this Section 2(f).

 

    3

     

    

 

(g)            Legends.
Such Buyer understands that the certificates or other instruments representing the Shares and the Warrant Interests and, until such time
as the resale of the Shares and the Warrant Interests have been registered under the 1933 Act as contemplated by the Investor Rights Agreement,
the certificates representing the Warrant Interests, except as set forth below, shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer
of such certificates):

 

[NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT OR (B) AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE
COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS 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.*

 

The legend set forth above shall be removed and
the Company shall issue a certificate without such legend to the holder of the Securities upon which it is stamped if, unless otherwise
required by state securities laws, (i) such Securities are registered for resale under the 1933 Act, (ii) in connection with
a sale, assignment or other transfer, such holder provides the Company with an opinion of counsel reasonably satisfactory to the Company
to the effect that such sale, assignment or transfer of the Securities may be made without registration under the applicable requirements
of the 1933 Act and that such legend is no longer required, or (iii) such holder provides the Company with reasonable assurance that
the Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A without limitation. The Company shall
be responsible for the fees, if any, of its transfer agent associated with such issuance.

 

 

 * Bracketed language to be inserted if applicable.

 

    4

     

    

 

(h)            Validity;
Enforcement. This Agreement and the Investor Rights Agreement have been duly and validly authorized, executed and delivered on behalf
of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance
with their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

 

(i)             No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the Investor Rights Agreement and the consummation
by such Buyer of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents
of such Buyer or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii) above,
for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a
material adverse effect on the ability of such Buyer to perform its obligations hereunder.

 

(j)             Residency.
Such Buyer is a resident of that jurisdiction specified below its address on the Schedule of Buyers.

 

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

 

(l)             Fees.
Such Buyer shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or broker’s commissions
(other than for Persons engaged by the Company) relating to or arising out of the transactions contemplated hereby. Such Buyer shall pay,
and hold the Company harmless against, any liability, loss or expense (including, without limitation, reasonable attorney’s fees
and out-of-pocket expenses) arising in connection with any claim relating to any such payment.

 

3.             REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. the Company represents and warrants to each of the Buyers
that, as of the date hereof and as of the applicable Closing Date:

 

(a)            Organization
and Qualification; Subsidiaries. The Company is an entity duly organized and validly existing in good standing under the laws of Delaware
and has the requisite power and authorization to carry on their business as now being conducted. The Company is duly qualified as a foreign
entity to do business and is in good standing in every jurisdiction in which the nature of the business conducted by it makes such qualification
necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a
Material Adverse Effect. As used in this Agreement, “Material Adverse Effect” means any material adverse effect on
the business, properties, assets, operations, results of operations or condition (financial or otherwise) of the Company, taken as a whole,
or on the transactions contemplated hereby or on the other Transaction Documents or by the agreements and instruments to be entered into
in connection herewith or therewith, or on the authority or ability of the Company to perform its obligations under the Transaction Documents
(as defined below). The Company has no subsidiaries.

 

    5

     

    

 

(b)            Authorization;
Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement,
the Investor Rights Agreement, the Warrants and each of the other agreements entered into by the parties hereto in connection with the
transactions contemplated by this Agreement (collectively, the “Transaction Documents”) and to issue the Securities
in accordance with the terms hereof and thereof. The execution and delivery of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Shares and the
Warrants and the reservation for issuance and the issuance of the Warrant Interests issuable upon exercise of the Warrants have been duly
authorized by the Company’s Board of Directors and no further consent or authorization is required by the Company, its Board of
Directors or its members. This Agreement and the other Transaction Documents have been duly executed and delivered by the Company, and
constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies.

 

(c)            Issuance
of Securities. The Common Stock and the Warrants are duly authorized and, upon issuance in accordance with the terms hereof, shall
be validly issued and free from all taxes, liens and charges with respect to the issue thereof and the Common Stock shall be fully paid
and nonassessable with the holders being entitled to all rights accorded to a holder of Shares. As of the Closing Date, the Company shall
have duly authorized and reserved for issuance a number of Common Stock which equals the maximum number of Warrant Interests issuable
upon exercise of the Warrants. The Company shall, so long as any of the Warrants are outstanding, take all action necessary to reserve
and keep available for issuance, solely for the purpose of effecting the exercise of the Warrants, 100% of the number of Shares issuable
upon exercise of the Warrants. Upon exercise in accordance with the Warrants, the Warrant Interests will be validly issued, fully paid
and nonassessable and free from all preemptive or similar rights, taxes, liens and charges with respect to the issue thereof, with the
holders being entitled to all rights accorded to a holder of Shares. The offer and issuance by the Company of the Securities is exempt
from registration under the 1933 Act.

 

(d)            No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Shares and the Warrants and the
reservation for issuance and issuance of the Warrant Interests) will not (i) result in a violation of the Certificate of Incorporation
(as defined below), the Bylaws, or other constituent documents of the Company or (ii) conflict with, or constitute a default (or
an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, indenture or instrument to which the Company is a party.

 

    6

     

    

 

(e)            Consents.
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental
agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations
under or contemplated by the Transaction Documents, in each case in accordance with the terms hereof or thereof except for filings pursuant
to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will be made in a timely manner.
All consents, authorizations, orders, filings and registrations which the Company is required to obtain prior to the Closing Date pursuant
to the preceding sentence have been obtained or effected on or prior to the Closing Date. The Company is unaware of any facts or circumstances
that might prevent the Company from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence.

 

(f)            Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that each Buyer is acting solely in the capacity
of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby and that,
except as set forth on Schedule 3(f), no Buyer is (i) an officer or director of the Company, (ii) an “affiliate”
of the Company or (iii) to the knowledge of the Company, a “beneficial owner” of more than 10% of the Common Stock (as
defined for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)). The Company
further represents to each Buyer that the Company’s decision to enter into the Transaction Documents has been based solely on the
independent evaluation by the Company and its representatives.

 

(g)            No
General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the
Securities.

 

(h)            No
Integrated Offering. None of the Company, its affiliates, or any Person acting on their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of any
of the Securities under the 1933 Act, whether through integration with prior offerings or otherwise. Neither the Company, nor its affiliates
or any Person acting on their behalf have taken any action or steps referred to in the preceding sentence that would require registration
of any of the Securities under the 1933 Act or cause the offering of the Securities to be integrated with other offerings for purposes
of any applicable membership approval provisions.

 

(i)             Dilutive
Effect. The Company acknowledges that its obligation to issue the Warrant Interests upon exercise of the Warrants in accordance with
this Agreement and the Warrants, in each case, is absolute and unconditional regardless of the dilutive effect that such issuance may
have on the ownership interests of other members of the Company.

 

    7

     

    

 

(j)             Application
of Takeover Protections. The Company has not adopted an equity holder rights plan or similar arrangement relating to accumulations
of beneficial ownership of Common Stock or a change in control of the Company.

 

(k)            No
Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred or exists,
or is contemplated to occur, with respect to the Company or its business, properties, prospects, operations or financial condition, that
would be required to be disclosed by the Company under applicable securities laws on a registration statement on Form S-1 filed with
the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced.

 

(l)             Conduct
of Business; Regulatory Permits. The Company is not in violation of any term of its Certificate of Incorporation (the “Certificate
of Incorporation”) or Bylaws. The Company is not in violation of any judgment, decree or order or any statute, ordinance, rule or
regulation applicable to the Company. The Company currently possesses all certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct its business, except where the failure to possess such certificates,
authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and the Company has not received
any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit.

 

(m)            Foreign
Corrupt Practices. The Company has not, nor has any director, officer, agent, employee or other Person acting on behalf of the Company,
in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any foreign or domestic government official or employee.

 

(n)            Transactions
With Affiliates. None of the officers, directors or employees of the Company is presently a party to any transaction with the Company
(other than for ordinary course services as employees, officers or directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any such officer, director or employee or any corporation, partnership, trust or other entity in which any such officer,
director, or employee has a substantial interest or is an officer, director, trustee or partner.

 

(o)            Equity
Capitalization. As of _______, 20__, the Company has an aggregate of _______ shares of common stock issued and outstanding and _____
shares of preferred stock issued and outstanding. All of such outstanding Shares have been, or upon issuance will be, validly issued and
are fully paid and nonassessable. Except as may be set forth in the bylaws of the Company (the “Bylaws”) or this Agreement,
no common stock or preferred stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered
or permitted by the Company. In addition, except as may be set forth in the Bylaws or this Agreement, there are no outstanding options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, or exercisable or exchangeable for, any common stock or preferred stock of the Company, or contracts, commitments, understandings
or arrangements by which the Company is or may become bound to issue additional common stock or preferred stock or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any class of stock of the Company. The Company has furnished or made available to the Buyer upon such
Buyer’s request, true, correct and complete copies of the Company’s Certificate of Incorporation and Bylaws, in each case,
in effect on the date hereof.

 

    8

     

    

 

(p)            Indebtedness
and Other Contracts. The Company (i) has no outstanding Indebtedness (as defined below), (ii) is not in violation of any
term of or in default under any contract, agreement or instrument relating to any Indebtedness, except where such violations and defaults
would not result, individually or in the aggregate, in a Material Adverse Effect, or (iii) is not a party to any contract, agreement
or instrument relating to any Indebtedness, the performance of which, in the judgment of the Company’s officers, has or is expected
to have a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of any Person means, without
duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase
price of property or services, including, without limitation, “capital leases” in accordance with United States generally
accepted accounting principles (other than trade payables entered into in the ordinary course of business), (C) all reimbursement
or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced
by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of
property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement,
or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale
of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with generally accepted
accounting principles, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness
referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has
not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (A) through (G) above; (y) “Contingent Obligation”
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease,
dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary
effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with
respect thereto; and (z) “Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

    9

     

    

 

(q)            Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before any court, public board, government agency, self-regulatory
organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s
officers or directors, whether of a civil or criminal nature or otherwise.

 

(r)             Insurance.
The Company currently has or plans to obtain directors’ and officers’ liability insurance in amounts deemed satisfactory in
connection with the Company’s ongoing business and operations and no other insurance. The Company has not been refused any insurance
coverage sought or applied for.

 

(s)            Intellectual
Property Rights. The Company owns or possesses adequate rights or licenses to use all trademarks, trade names, service marks, service
mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor (“Intellectual
Property Rights”) necessary to conduct its business as now conducted. The Company does not have any knowledge of any infringement
by the Company of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought, or to the knowledge
of the Company, being threatened, against the Company regarding its Intellectual Property Rights. The Company is not aware of any facts
or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company has taken
reasonable security measures to protect the secrecy, confidentiality and value of all of its Intellectual Property Rights.

 

(t)             Tax
Status. The Company was formed in July 2017 and has filed all material U.S. federal and/or state income or other tax returns,
reports and declarations required to date. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company know of no basis for any such claim.

 

(u)            Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company and an unconsolidated
or other off balance sheet entity that would be reasonably likely to have a Material Adverse Effect.

 

(v)            Transfer
Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required to be paid in
connection with the sale and transfer of the Securities to be sold to each Buyer hereunder will be, or will have been, fully paid or provided
for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

(w)            Investment
Company Status. The Company is not, and upon consummation of the sale of the Securities, will not be, an “investment company,”
a company controlled by an “investment company” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(x)             U.S.
Real Property Holding Corporation. The Company is not and has never been, a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Buyer’s request.

 

    10

     

    

 

(y)            Bank
Holding Company Act. The Company is not subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Company does
not own or control, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five
percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
The Company does not exercise a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA
and to regulation by the Federal Reserve.

 

(z)             No
Additional Agreements. The Company does not have any agreement or understanding with any Buyer with respect to the transactions contemplated
by the Transaction Documents other than as specified in the Transaction Documents.

 

(aa)           Disclosure.
The Company understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions in securities
of the Company. With respect to each Buyer severally, all written disclosure provided to such Buyer regarding the Company, its business
and the transactions contemplated hereby, including the Schedules to this Agreement, furnished by or on behalf of the Company are true
and correct and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees
that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those
specifically set forth in Section 2 of this Agreement.

 

4.             COVENANTS.

 

(a)            Best
Efforts. Each party shall use its best efforts timely to satisfy each of the covenants and the conditions to be satisfied by it as
provided in Sections 5, 6 and 7 of this Agreement.

 

(b)            Form D
and Blue Sky. The Company shall make all material filings and reports relating to the offer and sale of the Securities required under
applicable federal securities or “Blue Sky” laws of the states of the United States.

 

(c)            Use
of Proceeds. The Company will use the proceeds from the sale of the Securities for general corporate and for working capital purposes
and not for (i) the repayment of any outstanding Indebtedness of the Company or (ii) the redemption or repurchase of any of
its equity securities.

 

(d)            Fees.
The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or broker’s commissions
(other than for Persons engaged by any Buyer) relating to or arising out of the transactions contemplated hereby. The Company shall pay,
and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable attorney’s fees
and out-of-pocket expenses) arising in connection with any claim relating to any such payment.

 

    11

     

    

 

(e)            Closing
Documents. On or prior to thirty (30) calendar days after the applicable Closing Date, the Company agrees to deliver, or cause to
be delivered, to each Buyer a complete closing set of the Transaction Documents, Securities and any other document required to be delivered
to any party pursuant to Section 7 hereof or otherwise.

 

5.             REGISTER;
TRANSFER AGENT INSTRUCTIONS. The Company shall maintain at its principal executive offices
(or such other office or agency of the Company as it may designate), a register for the Shares and the Warrants, in which the Company
shall record the name and address of the person in whose name the Shares and the Warrants have been issued (including the name and address
of each transferee), the number of Shares held by such person, the number of Warrant Interests issuable upon exercise of the Warrants
held by such person and the number of Shares held by such person. The Company shall keep the register open and available at all times
during normal business hours for inspection of any Buyer or its legal representatives.

 

6.             CONDITIONS
TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of the Company
hereunder to issue and sell the Shares and the related Warrants to each Buyer at the Closing is subject to the satisfaction, at or before
the applicable Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(a)            Such
Buyer shall have executed each of the Transaction Documents to which it is a party (including a Joinder to the Investor Rights Agreement
or this Agreement, as the case may be) and delivered the same to the Company.

 

(b)            Such
Buyer shall have delivered to the Company the Purchase Price for the Shares and the related Warrants being purchased by such Buyer and
each other Buyer at the Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company
or by check made out in the name of the Company.

 

(c)            The
representations and warranties of such Buyer shall be true and correct in all material respects (except for those representations and
warranties that are qualified by materiality or Material Adverse Effect, which are true and correct in all respects) as of the date when
made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date
which shall be true and correct as of such specified date), and such Buyer shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such
Buyer at or prior to the Closing Date.

 

7.             CONDITIONS
TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer
hereunder to purchase the Shares and the related Warrants at the Closing is subject to the satisfaction, at or before the applicable Closing
Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived by
such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

    12

     

    

 

(a)            The
Company shall have executed and delivered to such Buyer (i) each of the Transaction Documents and (ii) the Shares and the related
Warrants being purchased by such Buyer at the Closing pursuant to this Agreement.

 

(b)            Such
Buyer shall have received the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., the Company’s outside counsel (“Company
Counsel”), dated as of the Closing Date, as to the due authorization and valid issuance of the Securities (but which shall not
include a “10b-5” opinion) substantially in the form attached as Exhibit C hereto.

 

(c)            The
Company shall have delivered to such Buyer a certificate, executed by a Managing Partner of the Company and dated as of the Closing Date,
certifying as to (i) the resolutions as duly adopted by the Company’s Board of Directors relating to the transactions contemplated
hereby as in effect at the Closing, (ii) the Bylaws and the Certificate of Incorporation, each as in effect at the Closing and (iii) the
matters set forth in Section 7(d), in the form attached hereto as Exhibit D.

 

(d)            The
representations and warranties of the Company shall be true and correct in all material respects (except for those representations and
warranties that are qualified by materiality or Material Adverse Effect, which are true and correct in all respects) as of the date when
made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date
which shall be true and correct as of such specified date) and the Company shall have performed, satisfied and complied in all respects
with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the
Company at or prior to the Closing Date.

 

8.             TERMINATION.
With respect to each Closing, in the event that such Closing shall not have occurred with
respect to a Buyer on or before ten (10) Business Days from the applicable Closing Date due to the Company’s or such Buyer’s
failure to satisfy the conditions set forth in Sections 6 and 7 above (and the nonbreaching party’s failure to waive such unsatisfied
condition(s)), the nonbreaching party shall have the option to terminate this Agreement with respect to such breaching party at the close
of business on such date without liability of any party to any other party.

 

9.             MISCELLANEOUS.

 

(a)            Governing
Law; Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement 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. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    13

     

    

 

 

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

 

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

 

(d)            Severability.
If any provision of this Agreement 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 Agreement so long as this Agreement 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).

 

(e)            Entire
Agreement; Amendments. This Agreement and all other Transaction Documents supersede all other prior oral or written agreements between
the Buyers, the Company, their affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement,
the other Transaction Document and the instruments referenced herein and therein contain the entire understanding of the parties with
respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor any
Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be
amended other than by an instrument in writing signed by the Company and the holders of Shares and Warrants representing at least a majority
of the number of the Shares together with the number of Shares underlying the Warrants then held by the Buyers and any of their respective
successors or assigns. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement
is sought.

 

    14 

     

    

 

(f)            Notices.
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, when delivered personally; (ii) when sent, if sent by electronic
mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next
Business Day; or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses and email address for such communications shall be:

 

If to the Company:

 

Acurx Pharmaceuticals, Inc.

_____________

_____________

Telephone: ______________

E-mail: _____________

Attention: _____________

 

with a copy (for informational
purposes only) to:

 

David P. Luci

c/o Acurx Pharmaceuticals, Inc.

_____________

_____________

Telephone: _____________

E-mail: ________________

 

If to a Buyer, to its address and email address
set forth on the Schedule of Buyers or to such other address and/or email 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, or (B) provided
by an overnight courier service shall be rebuttable evidence of personal service, receipt by E-mail or receipt from an overnight courier
service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns,
including any purchasers of the Shares or the Warrants. The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the holders of Shares representing at least a majority of the number of the Shares together with
the number of Shares underlying the Warrants then held by the Buyers and any of their respective successors or assigns including by way
of a Change of Control (as defined in the Warrants) (unless the Company is in compliance with the applicable provisions governing Change
of Control set forth in the Warrants). A Buyer may assign some or all of its rights hereunder without the consent of the Company, in which
event such assignee shall be deemed to be a Buyer hereunder with respect to such assigned rights.

 

    15 

     

    

 

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

 

(i)            Survival.
Unless this Agreement is terminated under Section 8, the representations and warranties of the Company and the Buyers contained in
Sections 2 and 3, the agreements and covenants set forth in Sections 4, 5 and 9 shall survive the Closing and the delivery and exercise
of Securities, as applicable, for a period of one (1) year. Each Buyer shall be responsible only for its own representations, warranties,
agreements and covenants hereunder.

 

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

 

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

 

(l)            Independent
Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under any Transaction Document are several and not joint
with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations of any other
Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Buyer
pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and the Company acknowledges that the Buyers do not so constitute,
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Buyers are in any way acting
in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated
by the Transaction Documents and the Company acknowledges that the Buyers are not acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. The Company acknowledges and each Buyer confirms that it has
independently participated in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors.
Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of
this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer to be joined as an additional
party in any proceeding for such purpose.

 

[Signature Page Follows]

 

    16 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	ACURX PHARMACEUTICALS, InC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Securities Purchase Agreement]

 

    

     

    

 

 

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

 

	BUYERS:	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Investment Amount: $ ___________________________________

 

No. of Shares: ___________________________________

 

No. of Warrants (50% Warrant coverage): ___________________________________

 

[Signature
Page to Securities Purchase Agreement]

 

     

     

    

 

ACURX WIRE INSTRUCTIONS:

 

Bank Name:

 

Account No.

 

ABA Routing No.:

 

Bank Address:

 

Swift Code (for International Wires Only):

 

     

     

    

 

SCHEDULE OF BUYERS

 

	(1)	(2)	(3)	(4)	(5)
	 	 	 	 	 
	Buyer	Address and

E-Mail Address	Number of 

Shares	Number of

 Warrant 

Interests	Purchase

 Price

 

     

     

    

 

EXHIBITS

 

	Exhibit A	Formof Warrant
	Exhibit B	Formof Investor Rights Agreement
	Exhibit C	Formof Company Counsel Opinion
	Exhibit D	Formof Managing Partner’s Certificate

 

     

     

    

 

Exhibit A

 

Form of Warrant

 

[attached hereto]

 

    Exhibit A 

     

    

 

Exhibit B

 

Form of Investor Rights Agreement

 

[attached hereto]

 

    Exhibit B 

     

    

 

Exhibit C

 

Form of Company Counsel Opinion

 

The following opinions of
Company counsel shall be provided with such terms, provisions and caveats as are customary for opinions of like nature:

 

1.            Based
solely on a certificate of good standing issued by the Secretary of State of the State of Delaware, the Company is validly existing as
a limited liability company in good standing under the laws of State of Delaware.

 

2.            The
Company has full right, power and authority to execute and deliver the Transaction Documents and to perform its obligations thereunder,
and all action required to be taken for the due and proper authorization, execution and delivery of the Transaction Documents and consummation
of the transactions contemplated by the Transaction Documents have been duly and validly taken.

 

3.            The
Shares issued to the Buyers have been duly and validly authorized, and when issued and delivered against payment therefor as provided
in the Securities Purchase Agreement, will be validly issued, fully paid and non-assessable.

 

4.            When
issued, the Warrants will constitute valid and binding obligations of the Company to issue and sell, upon exercise thereof and payment
of the respective exercise prices therefor, the number of Shares called for thereby in accordance with the terms thereof and such Warrants
are enforceable against the Company in accordance with their respective terms.

 

    Exhibit C 

     

    

 

Exhibit D

 

Form of Officers’ Certificate

 

Pursuant to the terms of that
certain Securities Purchase Agreement (the “Agreement”), dated _____, 20___ between Acurx Pharmaceuticals, Inc., a corporation
organized under the laws of Delaware (the “Company”), and the Buyers signatory thereof, the undersigned, on behalf of the
Company, hereby certifies by and on behalf of the Company to the Buyers as follows. All capitalized terms used but not defined herein
as have the meanings ascribed to such terms in the Agreement.

 

1.            The
undersigned is a duly appointed and acting Managing Partner of the Company as of the date hereof.

 

2.            A
true, complete and correct copy of the Company’s Bylaws, dated _______, 20__, is attached hereto as Exhibit A (as amended from
time to time, the “Bylaws”). No amendment or other document relating to or affecting the Bylaws has been undertaken since
the date referred to above, and no action has been taken by the Company or members, directors or officers in contemplation of any such
amendment as of the date hereof.

 

3.            A
true, complete and correct copy of the Company’s Certificate of Incorporation, dated _____, 20__, and in full force and effect as
of the date hereof, is attached hereto as Exhibit B (the “Certificate of Incorporation”). No amendment or other document
relating to or affecting the Certificate of Incorporation has been filed with the Secretary of State of the State of Delaware since the
date referred to above, and no action has been taken by the Company or members, directors or officers in contemplation of any such amendment
as of the date hereof.

 

4.            A
true, complete and correct copy of the of resolutions duly and validly adopted by the Board of Directors of the Company relating to the
transactions contemplated by the Agreement at meetings or upon written consent are attached hereto as Exhibit C, which resolutions
have not been suspended or modified in any manner and are in full force and effect as of the date hereof.

 

5.            The
representations and warranties of the Company set forth in the Agreement are true and correct in all material respects as of the date
when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific
date which shall be true and correct as of such specified date).

 

6.            The
Company has performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by the Transaction
Documents to be performed, satisfied or complied with by the Company at or prior to the Closing Date

 

IN WITNESS WHEREOF, this Managing
Partner’s Certificate has been executed on this ______ day of _____, 20___.

 

		 

 

    Exhibit D 

     

    

 

SCHEDULES

 

Schedule 3(f) – Officers, Directors, Affiliates and 10%
Beneficial Owners

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]