Document:

Exhibit 10.21

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made by and among IASO Pharma Inc., a Delaware corporation (the “Company”), and the undersigned subscribers (the
“Subscribers”). 

WHEREAS, each Subscriber is an Accredited
Investor (as defined below) that is eligible to participate in the Rights Offering to purchase the Company’s 5% Senior Convertible Notes in the form
attached hereto as Annex A (the “Rights Offering Notes”), in an amount based on the original principal amount of Existing Convertible
Notes held by such Subscriber on the Rights Offering Record Date, which amount is set forth in Item 1 of the Subscription Form attached hereto and incorporated
by reference herein (the “Subscription Form”).

WHEREAS, pursuant to the Rights Offering, each
Subscriber has elected to subscribe for its Individual Subscription Total, as set forth in Item 3 of the Subscription Form, which at Closing (as defined below)
will determine the aggregate principal amount of the Rights Offering Notes purchased by such Subscriber (the “Subscription,” and such Rights
Offering Notes, the “Subscribed Notes”).

WHEREAS, pursuant to the Backstop Commitment
Agreement, dated as of April 6, 2011 (the “Backstop Commitment Agreement”), by and among the Company, Manchester Securities Corp. and Lindsay
A. Rosenwald, M.D. (each a “Backstop Investor”), each Backstop Investor has agreed, severally and not jointly, subject to the terms and
conditions set forth in the Backstop Commitment Agreement, to purchase 50% of any and all Rights Offering Notes that are offered in the Rights Offering but are
not subscribed for by Eligible Subscribers by April 22, 2011, at 5:00 p.m., Eastern Time (the “Subscription Deadline”).

NOW, THEREFORE, in consideration of the mutual
promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally and irrevocably bound, agree as follows:

Section 1.

Purchase and Sale;
Closing.

(a)

Purchase and Sale. On the
terms and subject to the conditions set forth in this Agreement and the Subscription Form, at Closing, the Company will sell to each Subscriber its Subscribed
Notes for each Subscriber’s respective Individual Subscription Total, and each Subscriber will, severally and not jointly, purchase its Subscribed Notes
for its Individual Subscription Total from the Company in cash pursuant to the instructions set forth in the Subscription Form.

(b)

Closing. Subject to the terms
and conditions set forth in this Agreement and the Subscription Form, the closing of the Subscription (the “Closing”) will take place as soon
as practicable following the Subscription Deadline, but in no event more than five (5) business days following the Subscription Deadline. The date of the
Closing is referred to herein as the “Effective Date.”

Section 2.

Representations and Warranties of the
Subscribers. As a material inducement to the Company to enter into this Agreement and to consummate the Subscription pursuant to the terms of this
Agreement, each Subscriber, severally and not jointly, represents and warrants to the Company that:

(a)

Organization. Such Subscriber
has been duly incorporated or formed, as the case may be, and is validly existing and in good standing under the laws of its jurisdiction of organization.

(b)

Power and Authority. Such
Subscriber has full power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary
action required for the due authorization, execution and delivery of, and performance by it of its obligations under, this Agreement.

(c)

Due Execution; Enforceability.
 This Agreement has been duly and validly executed and delivered by such Subscriber and constitutes the valid and binding obligation of such Subscriber,
enforceable against such Subscriber in accordance with its terms, subject to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the
enforcement of creditors’ rights generally from time to time in effect and subject to general equitable principles.

(d)

Transfer Restrictions. Such
Subscriber acknowledges that the Subscribed Notes to be purchased by it pursuant to the terms of this Agreement will be issued in reliance upon exemptions
contained in the Securities Act of 1933, as amended (the “Securities Act”) or interpretations thereof and applicable state securities laws and
have not been registered under the Securities Act, and that the Company shall not be required to effect any registration of the Subscribed Notes or the shares
of the Company’s common stock ( “Common Stock”) issuable upon conversion of the Subscribed Notes (the “Conversion Shares”) under the Securities Act or any state securities law, except as contemplated in Section 6 hereof

(e)

No Public Market. Such
Subscriber understands that there is no public market for the Subscribed Notes or the Conversion Shares and that no public market may develop for any of such
securities. Such Subscriber understands that even if a public market develops for the Subscribed Notes or the Conversion Shares, Rule 144 (“Rule 144”) promulgated under the Securities Act requires for non-affiliates, in the case of a company that has filed periodic reports with the Securities
and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a period of 90
days prior to the proposed sale, among other conditions, a six-month holding period prior to the resale of securities acquired in a non-public offering without
having to satisfy the registration requirements under the Securities Act. If the Company has not made such filings, such Securities will be subject to a
one-year holding period, among other restrictions, before they can be resold under Rule 144. Such Subscriber understands and hereby acknowledges that the
Company is under no obligation to register any of the Subscribed Notes or Conversion Shares under the Securities Act or any state securities or “blue
sky” laws other than as set forth in Section 6 hereof.

(f)

Acquisition for Investment.
 The Subscribed Notes and the Conversion Shares are being acquired under this Agreement by such Subscriber in good faith solely for the

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Subscriber’s own account, for investment and not
with a view toward resale or other distribution within the meaning of the Securities Act. Such Subscriber will not, directly or indirectly, offer,
transfer, sell, pledge, hypothecate or otherwise dispose of any of the Subscribed Notes or the Conversion Shares except pursuant to a registration statement or
in a transaction exempt from or not subject to registration under the Securities Act and any applicable state securities laws.

(g)

Sophistication, Investment Intent and
Accredited Investor. Such Subscriber is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act, with such
knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the Subscribed Notes
and the Conversion Shares and such Subscriber has the ability to bear the economic risks of its prospective investment in the Subscribed Notes and the
Conversion Shares and can afford the complete loss of such investment. Such Subscriber is acquiring the Subscribed Notes and the Conversion Shares solely
for its own account or accounts managed by it, for investment and not with a view toward distribution within the meaning of the Securities Act.

(h)

Adequate Information. Such
Subscriber hereby acknowledges receipt and careful review of this Agreement, the form of Rights Offering Note attached hereto as Annex A and the cover
letter from the Company, dated March 30, 2011 relating to the Rights Offering and the proposed recapitalization of the Company, as well as review of the
Company’s registration statement on Form S-1 (SEC File No. 333-166097) originally filed with the SEC on April 15, 2010, and amended thereafter (including
the last amendment filed on February 9, 2011), relating to the Company’s proposed initial public offering, which was never declared effective but which
contains material information and risk factors regarding the Company and its business (collectively referred to as the “Disclosure Materials”).
  In making the decision to enter into this Agreement and making an investment in the Subscribed Notes, such Subscriber has relied solely upon the
information provided by the Company in the Disclosure Materials and the representations, warranties and covenants of the Company in this Agreement. To the
extent necessary, such Subscriber has retained, at its own expense, and relied upon appropriate professional advice regarding the investment, tax and legal
merits and consequences of this Agreement and the purchase of the Subscribed Notes hereunder.

(i)

Sufficiency of Funds. Such
Subscriber has, or is the investment advisor or investment manager for entities that have, and on the Effective Date will have, or is the investment advisor or
investment manager for entities that will have, sufficient immediately available funds to make and complete the payment of its Individual Subscription Total for
the Subscribed Notes and the availability of such funds is not subject to the consent, approval or authorization of any third party.

(j)

Additional Information. Such
Subscriber acknowledges that it has had an opportunity to ask questions and receive answers concerning the Company, to obtain additional information that it has
requested to verify the accuracy of the information contained herein and to have its independent counsel review such additional information and this Agreement.
The Subscriber acknowledges that it is not in any way relying on the fact that any other person or entity has decided to invest in the Company’s
Rights Offering Notes.

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(k)

Tax Advisors. Such Subscriber
acknowledges and agrees that it has relied upon the advice of its own tax advisors and no party to this Agreement has any liability to any other party for the
tax consequences of the Subscription.

(l)

Consents and Approvals. No
consent, approval, order, authorization, registration or qualification of or with any court or governmental agency or body having jurisdiction over such
Subscriber or such Subscriber’s affiliates is required in connection with the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby, except for such consents, approvals, orders, authorizations, registrations or qualifications the absence of which would not
reasonably be expected to have a material adverse effect on the ability of such Subscriber to consummate the transactions contemplated by this Agreement.

(m)

No Conflicts. The execution,
delivery, and performance by such Subscriber of this Agreement do not and shall not (i) violate any provision of its certificate of incorporation or by-laws (or
other organizational documents), (ii) violate any law, rule, or regulation applicable to it or (iii) conflict with, result in a breach of, or constitute (with
due notice or lapse of time or both) a default under any material contractual obligation to which it is a party or under its certificate of incorporation or
by-laws (or other organizational documents), except in any such case described in subclause (ii) or (iii) as would not reasonably be expected to have,
individually or in the aggregate, a material adverse effect on the ability of such Subscriber to consummate the transactions contemplated by this Agreement.

By execution hereof, each Subscriber
acknowledges that the Company is relying upon the accuracy and completeness of the representations of each Subscriber contained herein in complying with its
obligations under applicable securities laws.

Section 3.

Representations and
Warranties of the Company. As a material inducement to each Subscriber to enter into this Agreement and acquire the Subscribed Notes hereunder, the
Company hereby represents and warrants to each Subscriber that: 

(a)

Incorporation and Qualification.
 The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with the requisite
power and authority to own its properties and conduct its business as currently conducted. The Company is duly qualified as a foreign corporation for the
transaction of business and, where applicable, is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts
business so as to require such qualification, except to the extent the failure to be so qualified or, where applicable, be in good standing would not have or
reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, results of operations, property or financial
condition of the Company or on the ability of the Company to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); provided, however, that Material Adverse Effect shall specifically exclude any change, effect, event, development, circumstance or
state of facts (i) arising from general worldwide economic, industry, political or financial market conditions, including acts of war, acts of terrorism or
natural disasters, so long as such change, effect, event, development, circumstance or state of facts does not disproportionately affect the Company in any
material respect as compared to similarly situated companies in the industries in which the Company

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operates, (ii) arising from any change in applicable
law or GAAP, or (iii) arising from compliance with the terms of this Agreement or the Rights Offering. 

(b)

Corporate Power and Authority.
 The Company has the requisite corporate power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder,
including the issuance of the Subscribed Notes. The Company has taken all necessary corporate action required for the due authorization, execution and
delivery of, and performance by it of its obligations under, this Agreement, including the issuance of the Subscribed Notes. 

(c)

Execution and Delivery; Enforceability.

(i)

This Agreement has been duly and validly
executed and delivered by the Company, and constitutes the valid and binding obligations of the Company, enforceable against the Company in accordance with its
terms, subject to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally from time to
time in effect and subject to general equitable principles.

(ii)

On the Effective Date, the Subscribed
Notes shall have been duly authorized by the Company and, when executed by the Company and delivered to and paid for by the Subscriber in accordance with the
terms hereof, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except as the enforceability thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general principles of equity.

(d)

Consents and Approvals. No
consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body having jurisdiction over the Company
or any of its properties or by any third party pursuant to any contract or otherwise is required (i) for the issuance, sale and delivery by the Company of the
Subscribed Notes to Subscriber hereunder and the consummation of the Rights Offering by the Company or (ii) the execution and delivery by the Company of this
Agreement and performance of and compliance by the Company with all of the provisions hereof and the consummation of the transactions contemplated herein,
except for such consents that have been obtained and such consents, approvals, authorizations, registrations or qualifications as may be reasonably required
under state securities or “blue sky” laws in connection with the purchase of Subscribed Notes by Subscriber. 

(e)

No Conflict. The (i)
issuance, sale and delivery of the Subscribed Notes and the Conversion Shares and the consummation of the Rights Offering by the Company and (ii) execution and
delivery by the Company of  this Agreement and performance by the Company of its obligations hereunder, compliance by the Company with all of the
provisions hereof and the consummation of the transactions contemplated herein (x) will not conflict with, or result in a breach or violation of, any of the
terms or provisions of, or constitute a default under, or result in the acceleration of, or the creation of any lien under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or
assets of the Company is subject, (y) will not result in any violation of the provisions of the certificate of incorporation or

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bylaws of the Company and (z) will not result in any
violation of, or any termination or material impairment of any rights under, any law, statute or any license, authorization, injunction, judgment, order,
decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties, except in any such case
described in subclause (x) as would not have or reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(f)

Title to Properties and Assets.
 The Company has good and marketable title to its properties and assets, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge,
other than those resulting from taxes which have not yet become delinquent. 

(g)

Completeness of Disclosure.
 No representation or warranty made by the Company in this Agreement, and no statement made by the Company in any of the Disclosure Materials or any other
certificate or other document furnished or to be furnished by the Company pursuant hereto or thereto, or in connection with the negotiation, execution,
performance or consummation of this Agreement, contains or will contain any untrue statement of material fact or omits or will omit to state a material fact
required to be stated herein or therein or necessary to make any statement herein or therein not misleading. Except as specifically set forth in this
Agreement or in the Disclosure Materials, there are no facts or circumstances of which the Company is aware that has had or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

Section 4.

Additional Covenants.

(a)

Form D Filing. The Company
shall file a Notice of Sales of Securities on Form D with the SEC no later than 15 days after the date of the Closing. The Company shall promptly file
such amendments to such Notice on Form D as shall become necessary and shall also comply with any filing requirement imposed by the laws of any state or
jurisdiction in which offers and sales are made.

(b)

Lock-up. Each Subscriber
hereby agrees that in the case of an initial offering of the Common Stock to the public (an “IPO”) pursuant to an effective registration
statement under the Securities Act, such Subscriber will not, without the prior written consent of the Company, offer, pledge, sell, contract to sell, grant any
option for the sale of, or otherwise dispose of, directly or indirectly, the Registrable Securities (as defined in Section 6(a)) purchased or acquired by
the Subscriber for a period of up to 180 days from the effective date of the registration statement relating to the IPO and that the Subscriber will enter into
an agreement with the Company or managing underwriter of the IPO to that effect. Notwithstanding the foregoing, such Subscriber shall be entitled to
transfer Registrable Securities (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the
restrictions set forth in the preceding sentence, (ii) to affiliates where such affiliates agree to be bound in writing by the restrictions set
forth in the preceding sentence, or (iii) with the prior written consent of the Company or the managing underwriter.

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Section 5.

(a)

Conditions to the Obligations of Each
Party. The respective obligations of each Subscriber and the Company to effect the purchase of the Subscribed Notes pursuant to this Agreement are
subject to the satisfaction or waiver of following conditions at or before the Closing:

(i)

No Restraint. No judgment,
injunction, decree or other legal restraint shall prohibit the consummation of the Rights Offering or the transactions contemplated by this Agreement.

(ii)

No Legal Impediment to Issuance.
 No action shall have been taken and no statute, rule, regulation, injunction or order shall have been enacted, adopted or issued by any federal, state or
foreign court or governmental or regulatory authority that, as of the Effective Date, prohibits or makes illegal the issuance or sale of the Subscribed Notes
pursuant to this Agreement or the transactions contemplated by this Agreement. 

(iii)

Consents. All governmental
and third party notifications, filings, consents, waivers and approvals required for the consummation of the transactions contemplated by this Agreement shall
have been made or received. 

(iv)

Recapitalization. The
Recapitalization (as defined below) shall have been successfully consummated, and all necessary approvals and consents required from the Company’s security
holders and any other person or entity shall have been obtained prior to such consummation. For purposes hereof, “Recapitalization” means the
recapitalization of the Company effected through (i) the Amendment Agreements, each dated as of March 30, 2011, between the Company and the holders of the
Existing Convertible Notes, providing for (A) the amendment of the Existing Convertible Notes so that upon the consummation of the Rights Offering all principal
and accrued interest outstanding under the Existing Convertible Notes will convert into the right to receive certain milestone payments based upon the success
of the Company and (B) the termination of all existing warrants held by holders of the Existing Convertible Notes and all other outstanding warrants, options or
other securities that are convertible into or exchangeable for equity securities of the Company (other than the Backstop Warrants, the warrant issued to Timothy
Hofer pursuant to his consulting agreement with the Company dated May 26, 2010 and warrants that will be subject to the reverse stock split in the following
clause (ii) and shall consequently have marginal economic value) and (ii) a reverse stock split and redemption of the Common Stock, or such other reasonable
method, so that no more than one share of Common Stock remains outstanding as of the Effective Date and such share shall be held by Lindsay A. Rosenwald, M.D.
 

(v)

License Agreement. The
License Agreement, dated as of June 12, 2007, as amended from time to time, between the Company and Dong Wha Pharm. Co. Ltd. shall not have been terminated.

(b)

Conditions to Subscriber’s
Obligations. The obligation of each Subscriber to consummate the Subscription at Closing is subject to the satisfaction or waiver of following
conditions at or before the Closing:

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(i)

Representations and Warranties.
 The representations and warranties of the Company set forth in this Agreement that are qualified by materiality or Material Adverse Effect shall be true
and correct in all respects on the date hereof and on the date of the Closing as if made on such date and the representations and warranties of the Company set
forth in this Agreement that are not qualified as to materiality or Material Adverse Effect shall be true and correct in all material respects on the date
hereof and on the date of the Closing as if made on such date. The Company shall have complied in all respects with all of its obligations hereunder.

(ii)

Security Agreement. The
Company shall have entered into a  Security Agreement contemporaneously with the execution of the Rights Offering Notes, which agreement shall grant,
assign, convey, mortgage, pledge, hypothecate and transfer to Wells Fargo Bank, National Association, as Collateral Agent for the Rights Offering Notes, a
security interest in and lien on, all of the Company’s right, title and interest in, to and under, all of the property and assets currently owned or owing
to, or hereafter acquired or arising in favor of, the Company (the “Security Agreement”).

(c)

Conditions to the Company’s
Obligations. The obligations of the Company to consummate the Subscription at Closing are subject to the satisfaction or waiver of the following
conditions at or before the Closing:

(i)

Representations, Warranties and
Covenants  The representations and warranties of such Subscriber set forth in this Agreement that are qualified by materiality or material adverse
effect shall be true and correct in all respects on the date hereof and on the date of the Closing as if made on such date and the representations and
warranties of such Subscriber set forth in this Agreement that are not qualified as to materiality or material adverse effect shall be true and correct in all
material respects on the date hereof and on the date of the Closing as if made on such date. Such Subscriber shall have complied in all material respects
with all of its material obligations hereunder.

Section 6.

Registration Rights.
 

(a)

Definitions.

As used in this Agreement,
the following terms shall have the following meanings.

(i)

The term “Holder” shall mean any holder of Registrable Securities.

(ii)

The terms “register”, “registered” and “registration” refer to a registration effected by preparing and filing a registration statement
or similar document in compliance with the Securities Act, and the declaration or order of effectiveness of such registration statement or document.

(iii)

The term “Registrable Securities” shall mean (i) the shares of equity securities issuable upon conversion of the Rights Offering Notes sold in the Rights
Offering (or any successor security); (ii) the shares of equity securities issuable upon exercise of the warrants issued to the Backstop Investors (or their
designees or assigns) pursuant to the Backstop Agreement and (iii) any shares of equity securities issuable (or issuable upon the conversion or exercise of any
warrant, right or other security that is issued) pursuant to a dividend or other

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distribution with respect to or in
replacement of any Securities; provided, however, that securities shall only be treated as Registrable Securities if and only for so long as they (A) have not
been disposed of pursuant to a registration statement declared effective by the SEC; (B) have not been sold in a transaction exempt from the registration and
prospectus delivery requirements of the Securities Act so that all transfer restrictions and restrictive legends with respect thereto are removed upon the
consummation of such sale; (C) are held by a Holder or a permitted transferee of a Holder pursuant to Section 6(k); and (D) may not be immediately
disposed of under Rule 144 under the Securities Act without restriction. 

(iv)

The term “Trading
Event” means the first date on which the Company’s Common Stock trades on a national securities exchange or on the Over-the-Counter Bulletin
Board.

(b)

Piggyback Registration. 

(i)

The Company agrees that if,
at any time, and from time to time, after the earlier to occur of (i) the date an IPO is declared effective by the SEC and (ii) a Trading Event, the Board of
Directors of the Company (the “Board”) shall authorize the filing of a registration statement under the Securities Act (other than the filing
of a registration statement pursuant to the IPO or a registration statement on Form S-8, Form S-4 or any other form that does not include substantially the same
information as would be required in a form for the general registration of securities) in connection with the proposed offer of any of its securities by it or
any of its stockholders, the Company shall: (A) promptly notify each Holder that such registration statement will be filed and that the Registrable Securities
then held by such Holder will be included in such registration statement at such Holder’s request; (B) cause such registration statement to cover all of
such Registrable Securities issued to such Holder for which such Holder requests inclusion; (C) use reasonable best efforts to cause such registration statement
to become effective as soon as practicable; and (D) take all other reasonable action necessary under any Federal or state law or regulation of any governmental
authority to permit all such Registrable Securities that have been issued to such Holder to be sold or otherwise disposed of, and will maintain such compliance
with each such Federal and state law and regulation of any governmental authority for the period necessary for such Holder to promptly effect the proposed sale
or other disposition.

(ii)

Notwithstanding any other
provision of this Section 6(b), the Company may at any time, abandon or delay any registration commenced by the Company. In the event of such an
abandonment by the Company, the Company shall not be required to continue registration of shares requested by the Holder for inclusion and the Holder shall
retain the right to request inclusion of shares as set forth in Section 6(b)(i) above.

(c)

Demand Registration.

(i)

Registration on Request. 

(1)

The Company agrees that, at
any time, and from time to time, but at least 180 days after the earlier to occur of (i) the date an IPO is declared effective by the SEC and (ii) a Trading
Event, Holders of a majority of the Registrable Securities may make a written request

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that the Company effect the registration
under the Securities Act of outstanding Registrable Securities; provided that such requested registration would cover at least 30% of the Registrable
Securities owned by all the Holders at such time; and provided, further, that the Holders shall be entitled to no more than two such demand
registrations. 

(2)

The Company further agrees
that if, at any time, and from time to time, after the Company has qualified for the use of Form S-3 or any successor form,  one or more of the Holders
desire to effect the registration under the Securities Act on Form S-3 or any successor form (“Short-Form Registration”) of outstanding
Registrable Securities, such Holder(s) may make a written request that the Company effect a Short-Form Registration; provided that the aggregate price to
the public of the shares as to which such registration is requested (based on the then current market price and before deducting underwriting discounts and
commissions) would equal or exceed $5,000,000. It is understood and agreed that the Holders may make good faith requests for Short-Form Registrations on an
unlimited number of occasions; provided further, that the Company shall not be required to effect more than one Short Form Registration in any 12-month
period.

(3)

Each request made by one or
more of the Holders pursuant to subsections (i) or (ii) above (the “Initiating Holders”) will specify the number of shares of Registrable
Securities proposed to be sold and will also specify the intended method of disposition thereof. Following receipt of any such request, the Company shall
promptly notify all Holders other than the Initiating Holders of receipt of such request and the Company shall use best efforts to file, within 60 days of such
request, the registration under the Securities Act of the Registrable Securities which the Company has been so requested to register in the request by the
Initiating Holders (and in all notices received by the Company from such other Holders within 30 days after the giving of such notice by the Company), to the
extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities to be registered. If
such method of disposition shall be an underwritten public offering, the Holders of a majority of the shares of Registrable Securities to be sold in such
offering may designate the managing underwriter of such offering, subject to the approval of the Company, which approval shall not be unreasonably withheld or
delayed. The Holders will be permitted to withdraw Registrable Securities from a registration at any time prior to the effective date of such
registration; provided the remaining number of shares of Registrable Securities subject to a requested registration is not less than the minimum amount
required pursuant to this Section 6(c).

(ii)

Limitations on Demand
Registration. Notwithstanding Section 6(c)(i), the Company shall not be obligated to file a registration statement relating to a registration request
pursuant to this Section 6(c) at any time during the 180-day period immediately following the effective date of any registration statement filed by the
Company (other than on Form S-8 or S-4 or any other form that does not include substantially the same information as would be required in a form for the general
registration of securities). If the Board determines, in its good faith judgment, that the Company (i) should not file any registration statement otherwise
required to be filed pursuant to Section 6(c) or (ii) should withdraw any such previously filed registration statement because, in either case, the Board
determines, in its good faith judgment, that the Company is in the possession of material nonpublic information required to be disclosed in such registration
statement or an amendment or supplement thereto, the disclosure of which in such

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registration statement would be
materially disadvantageous to the Company (a “Disadvantageous Condition”), the Company shall be entitled to postpone for the shortest
reasonable period of time (but not exceeding 90 days from the date of the determination), the filing of such registration statement or, if such registration
statement has already been filed, may suspend or withdraw such registration statement and shall promptly give the Holders written notice of such determination,
containing a general statement of the reasons for such postponement and an approximation of the anticipated delay. Upon the receipt of any such notice,
such Holders shall forthwith discontinue use of the prospectus contained in such registration statement and, if so directed by the Company, shall deliver to the
Company all copies of the prospectus then covering such Registrable Securities current at the time of receipt of such notice (or, if no registration statement
has yet been filed, all drafts of the prospectus covering such Registrable Securities). If any Disadvantageous Condition shall cease to exist, the Company
shall promptly notify the Holders to such effect. If any registration statement shall have been withdrawn, the Company shall, at such time as it is
possible or, if earlier, at the end of the 90-day period following such withdrawal, file a new registration statement covering the Registrable Securities that
were covered by such withdrawn registration statement. The Company’s right to delay a request for registration or to withdraw a registration statement
pursuant to this Section 6(c) may not be exercised more than once in any one-year period.

(d)

Registration Procedures. Whenever required under this Section 6 to include Registrable Securities in a Company registration statement, the Company shall, as expeditiously
as reasonably possible:

(i)

Use reasonable best efforts
to (i) cause such registration statement to become effective, and (ii) cause such registration statement to remain effective until the earliest to occur of (A)
such date as the Holders have completed the distribution described in the registration statement and (B) such time that all of such Registrable Securities may
be resold under Rule 144 under the Securities Act without restriction. The Company will also use its reasonable best efforts to, during the period that
such registration statement is required to be maintained hereunder, file such post-effective amendments and supplements thereto as may be required by the
Securities Act and the rules and regulations thereunder or otherwise to ensure that the registration statement does not contain any untrue statement of material
fact or omit to state a fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they
are made, not misleading; provided, however, that if applicable rules under the Securities Act governing the obligation to file a post-effective amendment
permits, in lieu of filing a post-effective amendment that (i) includes any prospectus required by Section 10(a)(3) of the Securities Act or (ii) reflects facts
or events representing a material or fundamental change in the information set forth in the registration statement, the Company may incorporate by reference
information required to be included in (i) and (ii) above to the extent such information is contained in periodic reports filed pursuant to Section 13 or 15(d)
of the Exchange Act in the registration statement. In the event that the Company becomes qualified for the use of Form S-3 or any successor form at a time when
any registration statement on any other Form which includes Registrable Securities is required to be maintained hereunder, the Company
shall, upon the request of any Selling Holder, subject to Section 6(e), (i) as expeditiously as reasonably possible, use reasonable best efforts to cause
a Short-Form Registration covering such Registrable Securities to become effective and (ii) comply with each of the other requirements of this Section 6(d)
 which may be applicable thereto. Upon the

11

effectiveness of such Short-Form
Registration, the Company shall be relieved of its obligations hereunder to keep in effect the registration statement which initially covered the Registrable
Securities included in such Short-Form Registration. 

(ii)

Prepare and file with the
SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary
to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement.

(iii)

Furnish to the selling
Holders such numbers of copies of a prospectus, including a preliminary prospectus as amended or supplemented from time to time, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities
owned by them.

(iv)

Use reasonable best efforts
to register and qualify the securities covered by such registration statement under such other federal or state securities laws of such jurisdictions as shall
be reasonably requested by the selling Holders; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service
in such jurisdiction and except as may be re­quired by the Securities Act.

(v)

In the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter
of such offering. Each selling Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

(vi)

Notify each Holder of
Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, (i) when the registration statement or any post-effective amendment and supplement thereto has become effective; (ii) of the issuance by the SEC of any
stop order or the initiation of proceedings for that purpose (in which event the Company shall make every effort to obtain the withdrawal of any order
suspending effectiveness of the registration statement at the earliest possible time or prevent the entry thereof); (iii) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding
for such purpose; and (iv) of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing (and each Holder agrees to suspend any trading under the Registration Statement until such condition
is abated).

(vii)

Cause all such Registrable
Securities registered hereunder to be listed on each securities exchange or quotation service on which similar securities issued by the Company are then listed
or quoted or, if no such similar securities are listed or quoted on a securities exchange or quotation service, apply for qualification and use reasonable best
efforts to qualify

12

such Registrable Securities for
inclusion on a national securities exchange or the Over-the-Counter Bulletin Board.

(viii)

Provide a transfer agent and
registrar for all Registrable Securities registered pursuant here­under and CUSIP number for all such Registrable Securities, in each case not later than
the effective date of such registration.

(ix)

Cooperate with the selling
Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be
sold, which certificates will not bear any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names
as the managing underwriters, if any, shall request at least two business days prior to any sale of the Registrable Securities to the underwriters.

(e)

Furnish Information.
 It shall be a condition precedent to the obligation of the Company to take any action pursuant to this Section 6 with respect to the Registrable
Securities of any Holder that such Holder shall furnish to the Company such information regarding the Holder, the Registrable Securities held by the Holder, and
the intended method of disposition of such securities as shall be reasonably required by the Company to effect the registration of such Holder’s
Registrable Securities.

(f)

Registration Expenses. The Company shall bear and pay all expenses incurred in connection with any registration, filing or qualification of Registrable Securities with
respect to registrations pursuant to Sections 6(b) or (c) for each Holder, including (without limitation) all registration, filing, and
qualification fees, printers and accounting fees relating or apportionable thereto (“Registration Expenses”), but excluding underwriting
discounts and com­missions relating to Registrable Securities and excluding any professional fees or costs of accounting, financial or legal advisors to any
of the Holders.

(g)

Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 6(b) to include any of the Holders’ Registrable Securities in such underwriting unless they accept the terms of the underwriting as agreed
upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the
underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities,
including Registrable Secu­rities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company
that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize
the success of the offering (the securities so included to be apportioned pro rata among the selling Holders according to the total amount of securities
entitled to be included therein owned by each selling Holder or in such other proportions as shall mutually be agreed to by such selling Holders). For
purposes of the preceding parenthetical concerning apportionment, for any selling Holder who is a holder of Registrable Securities and is a partnership or
corporation, the partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and retired

13

partners and any trusts for the benefit
of any of the foregoing persons shall be deemed to be a single “selling Holder”, and any pro-rata reduction with respect to such “selling
Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling Holder”, as defined in this sentence.

(h)

Delay of Registration.
No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any
controversy that might arise with respect to the interpretation or implementation of this Section 6. 

(i)

Indemnification.
 In the event that any Registrable Securities are included in a registration statement under this Section 6:

(i)

To the extent permitted by
law, the Company will indemnify and hold harmless each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Securities Act, or the Exchange Act, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”):
 (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to
be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, or any rule or regulation promulgated under the Securities Act, or the Exchange Act, and the Company will pay to each such Holder, underwriter
or controlling person, as incurred, any legal or other expenses reasonably in­curred by them in connection with investi­gating or defending any such
loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 6(i)(i) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, or action to
the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by any such Holder, underwriter or controlling person or a violation of any provision of this Agreement by a Holder.

(ii)

To the extent permitted by
law, each selling Holder will, severally but not jointly, indemnify and hold harmless the Company, each of its directors, each of its officers, each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement and
any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities to which any of the foregoing persons may
become subject, under the Securities Act, or the Exchange Act, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection with such registration or a violation of

14

any provision of this Agreement by such
Holder; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursu­ant to
this Section 6(i)(ii), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this Section 6(i)(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability
or action if such settlement is effected without the consent of such Holder, which consent shall not be unreasonably withheld; provided, further,
that, in no event shall any indemnity under this Section 6(i)(ii) exceed the proceeds actually received by such Holder from the offering.

(iii)

Promptly after receipt by an
indemnified party under this Section 6(i) of notice of the commencement of any action (including any governmental action), such indemnified party shall,
if a claim in respect thereof is to be made against any indemnifying party under this Section 6(i), deliver to the indemnifying party a written notice of
the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly notified, to assume the defense thereof with counsel selected by the indemnifying party and approved by the indemnified
party (whose approval shall not be unreasonably withheld); provided, however, that an indemnified party (together with all other indemnified parties which may
be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 6(i), but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indem­nified party otherwise than under this Section 6(i).

(iv)

If the indemnification
provided for in this Section 6(i) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss,
liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements
or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and
the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. Notwithstanding the
foregoing, in no event shall any contribution by a Holder under this Section 6(i)(iv) exceed the proceeds actually received by such Holder from the
offering.

(v)

Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in

15

connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

(vi)

The obligations of the
Company and Holders under this Section 6(i) shall survive the completion of any offering of Registrable Securities in a registration state­ment under
this Section 6, and otherwise.

(j)

Reports Under Securities
Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at
any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to:

(i)

make and keep public
information available, as those terms are understood and defined in Rule 144, at all times after 90 days after the effective date of the IPO or Trading Event by
the Company;

(ii)

file with the SEC in a
timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

(iii)

furnish to any Holder, so
long as the Holder owns any Registrable Securities, forthwith upon request (i) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company, and (ii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form.

(k)

Permitted Transferees. The rights to cause the Company to register Registrable Securities granted to the Holders by the Company under this Section 6 may be assigned
in full by a Holder in connection with a transfer by such Holder of its Registrable Securities if: (a) such transferee agrees to comply with the terms and
provisions of this Agreement; (b) such transfer is otherwise in compliance with this Agreement; (c) such transfer is otherwise effected in accordance
with applicable securities laws; and (d) such Holder transfers at least 51% of its shares of Registrable Securities to the transferee. Except as
specifically permitted by this Section 6(k), the rights of a Holder with respect to Registrable Securities as set out herein shall not be transferable to
any other person or entity. 

(l)

Termination of
Registration Rights. The right of any Holder to request or demand inclusion in any registration pursuant to Section 6(b) and (c) shall
terminate if all shares of Registrable Securities held by such Holder may immediately be sold under Rule 144 without restriction.

Section 7.

Agent for the Subscribers. 

(a)

Each Subscriber hereby designates and
appoints Wells Fargo Bank, National Association as its representative (the “Agent”) under this Agreement and the Security Agreement and each
Subscriber hereby irrevocably authorizes Agent to execute and deliver each of the Security Documents (as defined below) on its behalf and to take such other
action on its behalf under the provisions of this Agreement and each Security Document and to exercise such

16

powers and perform such duties as are expressly
delegated to Agent by the terms of this Agreement or any Security Document, together with such powers as are reasonably incidental thereto. Agent agrees to act
as such on the express conditions contained in this Section 7(a). The provisions of this Section 7(a) are solely for the benefit of Agent, and the
Subscribers, and the Company shall have no rights as a third party beneficiary of any of the provisions contained herein. Any provision to the contrary
contained elsewhere in this Agreement or in any Security Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly
set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Subscriber, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Security Document or otherwise exist against Agent; it being
expressly understood and agreed that the use of the word “Agent” is for convenience only, that the Agent is merely the representative of the
Subscribers, and only has the contractual duties set forth herein. Except as expressly otherwise provided in this Agreement, Agent shall consult with, and
request instructions from, the Subscribers with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking
any actions that Agent expressly is entitled to take or assert under or pursuant to this Agreement and the Security Documents, including without limitation the
declaration of any Event of Default (as defined in the Rights Offering Notes) and the exercise of any remedy in respect thereof. For purposes hereof
“Security Documents” means the Security Agreement and each other security agreement, pledge agreement, assignment, mortgage, security deed, deed of
trust, and any other
agreement or document contemplated by the Security Agreement.

(b)

Agent may execute any of its duties under
this Agreement or any Security Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel of its selection
concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it
selects as long as such selection was made without gross negligence or willful misconduct. 

(c)

None of Agent, its affiliates, officers,
directors, employees, attorneys, or agents (collectively, the “Agent-Related Persons”) shall (a) be liable for any action taken or omitted to
be taken by any of them under or in connection with this Agreement or any Security Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct), or (b) be responsible in any manner to any of the Subscribers for any recital, statement, representation or warranty made by
the Company or any of its affiliates, or any officer or director thereof, contained in this Agreement or in any Security Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any Security Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Security Document, or for any failure of the Company or any
other party to any Security Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Subscriber
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any Security Document,
or to inspect the books and records or properties of the Company or the books or records or properties of any of the Company’s affiliates. 

(d)

Agent shall be entitled to conclusively
rely, and shall be fully protected in conclusively relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter,

17

telefacsimile or other electronic method of
transmission, or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made
by the proper person or persons, and upon advice and statements of legal counsel (including counsel to the Company or counsel to any Subscriber), independent
accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any Security
Document unless Agent shall first receive such advice or concurrence of the Subscribers as it deems appropriate and until such instructions are received, Agent
shall act, or refrain from acting, as it deems advisable. Agent shall be indemnified by the Subscribers against any and all liability, loss, claim, damage and
expense that may be incurred by it by reason of taking or continuing to take any such action taken at the request of the Subscribers. Agent shall in all cases
be fully protected in acting, or in refraining from acting, under this Agreement or any Security Document in accordance with a request or consent of the holders
of not less than a majority of the then outstanding aggregate principal amount of the Rights Offering Notes and such request and any action taken or failure to
act pursuant thereto shall be binding upon all of the Subscribers. This provision shall survive the termination of this Agreement. 

Section 8.

Miscellaneous.

(a)

Remedies. Any person
(including the Company) having any rights under any provision of this Agreement will be entitled to enforce such rights specifically, to recover damages (other
than incidental, consequential or punitive damages) by reason of any breach of any provision of this Agreement, and to exercise all other rights granted by law.

(b)

Amendments and Waivers.
 Except as otherwise provided herein, any provision hereof may be amended or waived generally and the Company may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, only if the Company has obtained the prior written consent of Subscribers holding at least a
majority in amount of Individual Subscription Totals held by all Subscribers in the aggregate. 

(c)

Survival. The representations
and warranties made in this Agreement will survive the execution and delivery of this Agreement for the length of the applicable statute of limitations with
respect thereto.

(d)

Successors and Assigns.
 Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto, whether so expressed or not.

(e)

Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of this Agreement.

(f)

Counterparts. This Agreement
may be executed simultaneously in two or more counterparts (including by facsimile), any one of which need not contain the signatures of

18

more than one party, but all such counterparts taken
together shall constitute one and the same Agreement. This Agreement may be executed by facsimile signature or by .pdf or similar attachment to electronic
mail.

(g)

Descriptive Headings; Interpretation;
No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this
Agreement. The use of the words “include” or “including” in this Agreement shall be by way of example rather than by limitation.
 The use of the words “or,” “either” or “any” shall not be exclusive.

(h)

Governing Law. All issues and
questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by,
and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.
 Each party hereto submits to the exclusive jurisdiction of the state and federal courts located in New York County, New York for any action, suit or
proceeding relating to or arising out of this Agreement or the transactions contemplated hereby, and waives any objection that such party may now or hereafter
have to the venue or jurisdiction or that such action or proceeding was brought in an inconvenient forum.

(i)

Entire Agreement. This
Agreement, the Subscription Form and the Backstop Commitment Agreement, contain the entire agreement by and between the Company and the Subscribers with respect
to the transactions contemplated by this Agreement and supersede all prior agreements and representations, written or oral, with respect thereto. To the
extent there is an inconsistency between the provisions in this Agreement and the Subscription Form, the provisions in this Agreement shall control. To
the extent there is an inconsistency between the provisions in this Agreement and the Backstop Commitment Agreement, the Backstop Commitment Agreement shall
control.

(j)

Assignability. Neither this
Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any Subscriber without the prior written
consent of the Company.

(k)

Further Assurances. Each
party to this Agreement 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.

[Signature page follows.]

19

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

IASO Pharma Inc.

			
	 
	 

	 
	 

	 
	By:

	/s/ Matthew A.
Wikler

	 
	Name:

	Matthew A. Wikler

	 
	Its:

	President and CEO

Wells Fargo Bank, National Association,

not in its individual capacity but solely as Agent

			
	 
	 

	 
	 

	 
	By:

	/s/ Martin Reed

	 
	Name:

	Martin Reed

	 
	Its:

	Vice President

To be completed by Subscriber:

	
	

                                                                                     

[INSERT NAME OF SUBSCRIBER]

By:________________________________________

[Signature]

Name: _____________________________________

[Print Name]

Its:________________________________________

[Title]

[Signature page to Subscription Agreement]

Annex A

Form of Rights Offering NoteExhibit 10.22

EXECUTION VERSION

SECURITY AGREEMENT

This SECURITY AGREEMENT (this
“Agreement”), dated as of April 29, 2011, is made by and between IASO Pharma Inc. (the “Grantor”), and Wells Fargo Bank, National
Association, a national banking association, as collateral agent for the Secured Parties (as defined herein) (the “Agent”).

WHEREAS, pursuant to the Subscription Agreements (as defined herein), Grantor has agreed to sell, and the Secured Parties have agreed to purchase, the
Notes; and 

WHEREAS, in order to induce the Secured
Parties and the Agent on behalf and at the direction of the Secured Parties to enter into the Subscription Agreements and for the Secured Parties to purchase
the Notes as provided for in the Subscription Agreements, the Grantor has agreed to grant a continuing security interest in and to the Collateral in order to
secure the prompt and complete payment, observance and performance of the Secured Obligations.

NOW, THEREFORE, in consideration of the
foregoing premises and in reliance on the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

1.

Defined Terms. All capitalized
terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Subscription Agreements.
 Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or
in the Subscription Agreements; provided, however, that if the Code is used to define any term used herein and if such term is defined differently
in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in
this Agreement, as used in this Agreement, the following terms shall have the following meanings:

(a)

“Account” means an Account (as
that term is defined in the Code).

(b)

“Account Debtor” means an
Account debtor (as that term is defined in the Code).

(c)

“Backstop Agreement” means
that certain Backstop Commitment Agreement, dated as of April 6, 2011, among the Grantor, Manchester Securities Corp. and Lindsay A. Rosenwald, M.D.

(d)

“Bankruptcy Code” means title
11 of the United States Code, as in effect from time to time.

(e)

“Books” means books and
records (including the Grantor’s Records indicating, summarizing, or evidencing Grantor’s assets (including the Collateral) or liabilities,

the Grantor’s Records relating to Grantor’s business
operations or financial condition, and the Grantor’s goods or General Intangibles related to such information).

(f)

“Business Day” shall mean any
day other than a Saturday, Sunday or a day on which commercial banks in the City of New York are authorized or required by law or executive order to remain
closed.

(g)

“Chattel Paper” means Chattel
paper (as that term is defined in the Code) and includes tangible chattel paper and electronic chattel paper.

(h)

“Code” means the New York
Uniform Commercial Code, as in effect from time to time; provided, however, that in the event that, by reason of mandatory provisions of Law, any
or all of the attachment, perfection, priority, or remedies with respect to the Secured Party and the Agent’s Lien on any Collateral is governed by the
Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial
Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or
remedies.

(i)

“Collateral” has the meaning
specified therefor in Section 2.

(j)

“Commercial Tort Claims” means
Commercial tort claims (as that term is defined in the Code), and includes those commercial tort claims listed on Schedule 1 attached hereto.

(k)

“Copyrights” means copyrights
and copyright registrations, and also includes (i) the copyright registrations and recordings thereof and all applications in connection therewith listed on
Schedule 2 attached hereto and made a part hereof, (ii) all reissues, continuations, extensions or renewals thereof, (iii) all income, royalties, damages
and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and
damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future infringements and dilutions
thereof, (v) the goodwill of the Grantor’s business symbolized by the foregoing or connected therewith, and (vi) all of the Grantor’s rights
corresponding thereto throughout the world.

(l)

“Deposit Account” means a
Deposit account (as that term is defined in the Code).

(m)

“Equipment” means Equipment
(as that term is defined in the Code).

(n)

“Event of Default” means any
the following events:

(i)

The occurrence of an
“Event of Default” (as defined in the Notes) under any of the Notes;

(ii)

Any representation or
warranty of Grantor in this Agreement shall prove to have been incorrect in any material respect when made;

(iii)

The failure by Grantor to
observe or perform any of its obligations hereunder for 5 Business Days after delivery to Grantor of notice of such failure by or on behalf of the Agent unless
such default is capable of cure but cannot be cured within such time frame and Grantor is using best efforts to cure same in a timely fashion; or

(iv)

If any provision of this
Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by Grantor, or a
proceeding shall be commenced by Grantor, or by any Governmental Authority having jurisdiction over Grantor, seeking to establish the invalidity or
unenforceability thereof, or Grantor shall deny that Grantor has any liability or obligation purported to be created under this Agreement.

(o)

“General Intangibles” means
General intangibles (as that term is defined in the Code) and, in any event, includes payment intangibles, contract rights, rights to payment, rights arising
under common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill associated with any Trademark, Patent, or Copyright),
Patents, Trademarks, Copyrights, URLs and domain names, industrial designs, other industrial or Intellectual Property or rights therein or applications
therefor, whether under license or otherwise, programs, programming materials, blueprints, drawings, purchase orders, customer lists, monies due or recoverable
from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses,
infringement claims, computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension
plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company which do not
constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit
Accounts, goods, Investment Related Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.

(p)

“Governmental Authority” means
any domestic or foreign federal, state, local, or other governmental or administrative body, instrumentality, board, department, or agency or any court,
tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body.

(q)

“Grantor” has the meaning
specified therefor in the recitals to this Agreement.

(r)

“Holders” mean the holders of
the Notes from time to time, their endorsees, transferees and assigns.

(s)

“Insolvency Proceeding” means
any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency Law or
any equivalent Laws in any other jurisdiction, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with
creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

2

(t)

“Intellectual Property” means
Patents, Copyrights, Trademarks, the goodwill associated with such Trademarks, trade secrets and customer lists, and Intellectual Property Licenses.

(u)

“Intellectual Property Licenses
” means rights under or interests in any patent, trademark, copyright or other intellectual property, including software license agreements with any
other party, whether the Grantor is a licensee or licensor under any such license agreement, including the license agreements listed on Schedule 3
attached hereto and made a part hereof.

(v)

“Inventory” means Inventory
(as that term is defined in the Code).

(w)

“Investment Related Property”
means (i) investment property (as that term is defined in the Code), and (ii) all Pledged Interests (regardless of whether classified as investment property
under the Code).

(x)

“Law” means any federal,
national, supranational, foreign, state, provincial, local, county, municipal or similar statute, law, common law, writ, injunction, decree, guideline, policy,
ordinance, regulation, rule, code, order, constitution, treaty, requirement, judgment or judicial or administrative doctrines enacted, promulgated, issued,
enforced or entered by any Governmental Authority.

(y)

“Lien” means any security
interest, pledge, hypothecation, mortgage, assignment, lien (statutory or other, and including environmental and tax liens), deposit arrangement, violation,
charge, lease, license, encumbrance, servient easement, adverse claim, reversion, reverter, preference, priority, other security agreement or preferential
arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease or any synthetic or other
financing lease having substantially the same economic effect as any of the foregoing), restrictive covenant, condition or restriction of any kind, including
any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership.

(z)

“Negotiable Collateral” means
letters of credit, letter-of-credit rights, instruments, promissory notes, drafts, and documents.

(aa)

“Note” or
“Notes” means those certain 5% Secured Convertible Promissory Notes issued pursuant to the Subscription Agreements.

(bb)

“Patents” means patents and
patent applications, and also includes (i) the patents and patent applications listed on Schedule 4 attached hereto and made a part hereof, (ii) all
renewals thereof, (iii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under
all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for
past, present and future infringements and dilutions thereof, and (v) all of the Grantor’s rights corresponding thereto throughout the world.

(cc)

“Permitted Liens” means (i)
Liens held by the Agent on behalf of the Secured Parties to secure the Secured Obligations, (ii) Liens for unpaid taxes, assessments, or

3

other governmental charges or levies that either (A) are not yet
delinquent, or (B) do not have priority over the Agent’s Liens and the underlying taxes, assessments, or charges or levies are the subject of Permitted
Protests, (iii) Liens arising by operation of law in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the
ordinary course of business and not in connection with the borrowing of money, and which Liens either (A) are for sums not yet delinquent, or (B) are the
subject of Permitted Protests, (iv) Liens on amounts deposited in connection with obtaining worker’s compensation or other unemployment insurance, (v)
Liens on amounts deposited in connection with the making or entering into of bids, tenders, or leases in the ordinary course of business and not in connection
with the borrowing of money, (vi) Liens on amounts deposited as security for surety or appeal bonds in connection with obtaining such bonds in the ordinary
course of business, and (vii) with respect to any Real Property, easements, rights of way, and zoning restrictions that do not materially interfere with or
impair the use or operation thereof.

(dd)

“Permitted Protest” means the
right of Grantor to protest any Lien (other than any Lien that secures the Secured Obligations), taxes (other than payroll taxes or taxes that are the subject
of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is established on Grantor’s books and
records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Grantor in good faith, and (c) while
any such protest is pending, there will be no impairment of the enforceability, validity, or priority of the Agent’s Liens.

(ee)

“Person” means any individual,
corporation, partnership, trust, limited liability company, governmental entity, regulatory or self-regulatory authority, association or other entity.

(ff)

Pledged Companies” means, each
Person listed on Schedule 8 hereto as a “Pledged Company”, together with each other Person all or a portion of whose Stock is acquired or
otherwise owned by the Grantor after the date hereof.

(gg)

“Pledged Interests” means all
of the Grantor’s right, title and interest in and to all of the Stock now or hereafter owned by Grantor, regardless of class or designation, including all
substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Stock,
the right to receive any certificates representing any of the Stock, all warrants, options, share appreciation rights and other rights, contractual or
otherwise, in respect thereof, and the right to receive dividends, distributions of income, profits, surplus, or other compensation by way of income or
liquidating distributions, in cash or in kind, and cash, instruments, and other property from time to time received, receivable, or otherwise distributed in
respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.

(hh)

“Proceeds” has the meaning
specified therefor in Section 2.

(ii)

“Real Property” means any
estates or interests in real property now owned or hereafter acquired by Grantor and the improvements thereto.

4

(jj)

“Records” means information
that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.

(kk)

“Secured Obligations” mean all
of the present and future payment and performance obligations of Grantor arising under the Notes, including, without duplication, reasonable attorneys’
fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in
whole or in part as a claim in any Insolvency Proceeding.

(ll)

“Secured Parties” means the
Holders of the Notes.

(mm)

“Securities Account” means a
Securities account (as that term is defined in the Code).

(nn)

“Security Documents” means,
collectively, this Agreement and each other security agreement, pledge agreement, assignment, mortgage, security deed, deed of trust, and other agreement or
document executed and delivered by the Grantor as security for any of the Secured Obligations. 

(oo)

“Security Interest” and “
Security Interests” have the meanings specified therefor in Section 2.

(pp)

“Stock” means all shares,
options, warrants, interests (including membership and partnership interests), participations, or other equivalents (regardless of how designated) of or in a
Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1
of the General Rules and Regulations promulgated by the United States Securities and Exchange Commission and any successor thereto under the Securities Exchange
Act of 1934, as in effect from time to time).

(qq)

“Subscription Agreements”
means (i) that certain Subscription Agreement, dated as of April 29, 2011 (as amended, restated, supplemented, or otherwise modified from time to time,
including all schedules thereto), by and among Grantor, the Secured Parties and the Agent and (ii) all Subscription Agreements (as amended, restated,
supplemented, or otherwise modified from time to time, including all schedules thereto) entered into after the date hereof pursuant to the Backstop Agreement.

(rr)

“Supporting Obligations” means
Supporting obligations (as such term is defined in the Code).

(ss)

“Trademarks” means trademarks,
trade names, trademark applications, service marks, service mark applications, and also includes (i) the trade names, trademarks, trademark applications,
service marks, and service mark applications listed on Schedule 5 attached hereto and made a part hereof, and (ii) all renewals thereof, (iii) all
income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in
connection therewith and damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future
infringements and dilutions thereof, (v) the goodwill of the Grantor’s business

5

symbolized by the foregoing or connected therewith, and (vi) all
of the Grantor’s rights corresponding thereto throughout the world.

(tt)

“Transaction Documents” means
the Notes and the Subscription Agreements.

(uu)

“URL” means “uniform
resource locator,” an internet web address.

2.

Grant of Security. Grantor hereby
unconditionally grants, assigns, and pledges to the Agent, for the benefit of the Secured Parties, a separate, continuing first priority security interest
(each, a “Security Interest” and, collectively, the “Security Interests”) in all assets of Grantor whether now owned or
hereafter acquired or arising and wherever located, including Grantor’s right, title, and interest in and to the following, whether now owned or hereafter
acquired or arising and wherever located (collectively, the “Collateral”):

(a)

all Accounts;

(b)

all Books;

(c)

all Chattel Paper;

(d)

all Deposit Accounts;

(e)

all Equipment and fixtures;

(f)

all General Intangibles;

(g)

all Inventory;

(h)

all Investment Related Property; 

(i)

all Negotiable Collateral;

(j)

all rights in respect of Supporting
Obligations;

(k)

all Commercial Tort Claims;

(l)

all money, cash, cash equivalents, or other
assets of Grantor that now or hereafter come into the possession, custody, or control of the Agent or any Secured Party;

(m)

all of the proceeds and products, whether
tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing,
and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, General Intangibles, Inventory, Investment Related Property, Negotiable Collateral,
Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of
any of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise,
and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or
destruction of the

6

above, whether insured or not insured, and, to the extent not
otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the
“Proceeds”). Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when
Investment Related Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and
includes proceeds of any indemnity or guaranty payable to Grantor or the Agent from time to time with respect to any of the Investment Related Property.

3.

Security for Obligations. This
Agreement and the Security Interests created hereby secure the payment and performance of the Secured Obligations, whether now existing or arising hereafter.
 Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts that constitute part of the Secured Obligations and
would be owed by Grantor, to the Secured Parties, or any of them, or the Agent but for the fact that they are unenforceable or not allowable due to the
existence of an Insolvency Proceeding involving Grantor. 

4.

Grantor Remains Liable. Anything
herein to the contrary notwithstanding, (a) the Grantor shall remain liable under the contracts and agreements included in the Collateral, to perform all of the
duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Agent of any of the rights hereunder
shall not release the Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) the Secured Parties
or the Agent shall not have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall
the Secured Parties or the Agent be obligated to perform any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce
any claim for payment assigned hereunder. Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement or any
other Transaction Document, the Grantor shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of
their respective businesses, subject to and upon the terms hereof and the other Transaction Documents. Without limiting the generality of the foregoing,
it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, and dividend rights,
shall remain in the Grantor until the occurrence of an Event of Default and until the Agent shall notify the Grantor of the Agent’s exercise of voting,
consensual, or dividend rights with respect to the Pledged Interests pursuant to Section 16 hereof.

5.

Agent’s Duties.

(a)  Other than as specified in this
Agreement and any amendment hereto, the Agent shall not be required to take or refrain from taking any actions, to exercise or refrain from exercising any
rights, or to make or refrain from making any requests unless it shall first receive proper written instructions from Secured Parties (or their respective
successors or assigns) holding at representing at least a majority of the aggregate principal amount of the Notes then outstanding.

 

(b)  The Agent shall hold all Collateral
received by it, and shall make disposition thereof, only in accordance with this Agreement or any amendment thereto.  Except for the safe custody of
any Collateral in its possession and the accounting for moneys actually received by it

7

hereunder, the Agent shall have no duty as to any Collateral, as to ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Interests, whether or not the Agent or any of
the Secured Parties has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any
other rights pertaining to any Collateral.

 

(c)  The Agent shall not be under any duty
or obligation to inspect, review or examine any document, instrument, certificate, agreement or other papers to determine that they are enforceable or that they
are other than what they purport to be on their face.  The Agent shall hold any Collateral delivered to the Agent as the agent of and for the benefit
of each Secured Party, without preference as to any Secured Party.

 

(d)  The duties and obligations of the
Agent shall be determined solely by the express provisions of this Agreement and the Subscription Agreements, or any amendments or any instructions permitted
hereby.  The Agent shall have no obligation with respect to any other matters covered in any other document other than as expressly provided herein,
or any amendment hereto.  The Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in
this Agreement or as set forth in a written amendment to this Agreement executed by the parties hereto or their successors or assigns.  No
representations, warranties, covenants or obligations of the Agent or any Secured Party shall be implied with respect to this Agreement or the Agent’s
services hereunder.  Without limiting the generality of the foregoing, the Agent:

 

(i)  shall use the same degree of care and
skill as a reasonable person would use in similar circumstances (without limiting the generality of the foregoing, the Agent shall be deemed to have exercised
reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which
the Agent accords its own property of like tenor);

 

(ii)  shall not be obligated to take any
legal action hereunder that might in its reasonable judgment involve any risk of expense or liability unless it has been furnished with indemnity or security
satisfactory to it from the Secured Parties;

 

(iii)  may conclusively rely on and shall
be protected in acting in good faith upon any certificate, instrument, opinion, notice, letter, or other document, or any security, delivered to it and in good
faith believed by it to be genuine and to have been signed by the proper party or parties;

 

(iv)  may conclusively rely on and shall be
protected in acting in good faith upon the written instructions of Secured Parties holding at least a majority (50.1%) of the aggregate principal amount of the
Notes then outstanding;

 

(v)  may consult its own independent
counsel satisfactory to it and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or
omitted by it hereunder in good faith and in furtherance of its duties hereunder, in accordance with the opinion of such counsel;

8

 

(vi)  may execute any of the powers
hereunder or perform any duties hereunder either directly or through agents or attorneys and shall not be liable for the acts or omissions of any such agent or
attorney appointed with due care hereunder; and

 

(vii)  will be regarded as making no
representation and having no responsibilities (except as expressly set forth herein) as to the validity, sufficiency, value, genuineness, ownership or
transferability of any portion of the Collateral, and will not be required to and will not make any representations as to the validity, value or genuineness of
any portion of the Collateral.

 

(e)  Neither the Agent nor any of its
partners, agents or employees, shall be liable for any error in judgment, for any mistake of fact or for any action taken or omitted to be taken by it or them
hereunder or in connection herewith in good faith and believed by it or them to be within the purview of this Agreement, except for its or their own gross
negligence or willful misconduct.  In no event shall the Agent or its partners, officers, agents and employees be held liable for any special,
indirect, punitive or consequential damages resulting from any action taken or omitted to be taken by it or them hereunder in connection herewith even if
advised of the possibility of such damages.

 

(f)  Whenever, in the administration of
this Agreement, the Agent reasonably shall deem it necessary that a matter be proved or established prior to taking, suffering or omitting any action under this
Agreement, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a
certificate of the Secured Parties, and such certificate shall be full warranty to the Agent for any action taken, suffered or omitted under the provisions of
this Agreement, upon the faith thereof.

6.

Representations and Warranties. The
Grantor hereby represents and warrants as follows:

(a)

The exact legal name of the Grantor is set
forth on the signature pages of this Agreement.

(b)

Schedule 6 attached hereto sets forth
all Real Property owned or leased by the Grantor as of the date hereof.

(c)

As of the date hereof, Grantor has no interest
in, or title to, any Copyrights, Intellectual Property Licenses, Patents, or Trademarks except as set forth on Schedules 2, 3, 4 and
5, respectively, attached hereto. 

(d)

This Agreement creates a valid security
interest in the Collateral of Grantor, to the extent a security interest therein can be created under the Code, securing the payment of the Secured Obligations.
 Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and
other actions necessary or desirable to perfect and protect such security interest have been duly taken or will have been taken upon the filing of appropriate
financing statements (the “UCC Statements”) listing Grantor, as a debtor, and the Agent, as secured party, in the jurisdictions

9

listed on Schedule 7 attached hereto. Upon the making
of such filings, the Agent, on behalf of the Secured Parties, shall have a first priority perfected security interest in the Collateral of Grantor to the extent
such security interest can be perfected by the filing of a financing statement. All action by Grantor necessary to protect and perfect such security
interest on each item of Collateral has been duly taken.

(e)

(i) Except for the Security Interests created
hereby, Grantor is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted
Liens, of the Pledged Interests indicated on Schedule 8 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired
after the date hereof; (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and nonassessable and the Pledged Interests constitute
or will constitute the percentage of the issued and outstanding Stock of the Pledged Companies of such Grantor identified on Schedule 8 hereto; (iii)
Grantor has the right and requisite authority to pledge the Investment Related Property pledged by Grantor to the Agent as provided herein; (iv) all actions
necessary or desirable to perfect, establish the first priority of, or otherwise protect, the Agent’s Liens in the Investment Related Collateral, and the
proceeds thereof, have been duly taken, (A) upon the execution and delivery of this Agreement; (B) upon the taking of possession by the Agent of any
certificates constituting the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated powers endorsed in
blank by the Grantor; and (C) upon the filing of UCC Statements in the jurisdiction set forth on Schedule 7 attached hereto for Grantor with respect to
the Pledged Interests of Grantor that are not represented by certificates; and (v) Grantor has delivered to and deposited with the Agent (or, with respect to
any Pledged Interests created or obtained after the date hereof, will deliver and deposit in accordance with Sections 7(a) and 9 hereof) all
certificates representing the Pledged Interests owned by Grantor to the extent such Pledged Interests are represented by certificates, and undated powers
endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by Grantor has been issued or transferred in violation of any
securities registration, securities disclosure, or similar Laws of any jurisdiction to which such issuance or transfer may be subject.

(f)

No consent, approval, authorization, or other
order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security Interest
by Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by Grantor, or (ii) for the
exercise by the Agent of the voting or other rights provided in this Agreement with respect to Investment Related Property or the remedies in respect of the
Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Related Property by Laws affecting the
offering and sale of securities generally and except for such consents or approvals that have been obtained.

7.

Covenants. Grantor covenants and
agrees with the Agent (for the benefit of the Secured Parties) that from and after the date of this Agreement and until the date of termination of this
Agreement in accordance with Section 22 hereof (but only to the extent the particular assets described in this Section 7 constitute Collateral
hereunder):

(a)

Possession of Collateral. In the
event that any Collateral, including proceeds, is evidenced by or consists of Negotiable Collateral, Investment Related Property, or

10

Chattel Paper, and if and to the extent that perfection or
priority of the Secured Party and Agent’s Security Interests is dependent on or enhanced by possession, the Grantor shall execute such other documents and
instruments as are necessary or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Related Property, or Chattel
Paper to the Agent, together with such undated powers endorsed in blank as shall be requested by the Agent.

(b)

Chattel Paper.

(i)

Grantor shall take all steps
reasonably necessary to grant the Agent control of and a first priority security interest in all Chattel Paper in accordance with the Code, the New York
Electronic Signatures and Records Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant
jurisdiction; and

(ii)

If Grantor retains
possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Subscription
Agreements), such Chattel Paper and instruments shall be promptly marked with the following legend: “This writing and the obligations evidenced or secured
hereby are subject to the Security Interests of Wells Fargo Bank, National Association, for the benefit of the Secured Parties named in that certain Security
Agreement dated March 3, 2011.”

(c)

Letter-of-Credit Rights. If
Grantor is or becomes the beneficiary of a letter of credit, Grantor shall promptly (and in any event within 2 Business Days after becoming a beneficiary),
notify the Agent thereof in writing, and enter into a multi-party agreement with the Agent and the issuing or confirming bank with respect to letter-of-credit
rights assigning such letter-of-credit rights to the Agent and directing all payments thereunder to the Agent, all in form and substance satisfactory to the
Agent.

(d)

Commercial Tort Claims. Grantor
shall promptly (and in any event within 2 Business Days of receipt thereof), notify the Secured Parties and the Agent in writing upon incurring or otherwise
obtaining a Commercial Tort Claim after the date hereof and promptly amend Schedule 1 to this Agreement to describe such after-acquired Commercial Tort
Claim in a manner that reasonably identifies such Commercial Tort Claim, and hereby authorizes the filing of additional financing statements or amendments to
existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary or desirable to give the Agent
and Secured Party a first priority, perfected security interest in any such Commercial Tort Claim.

(e)

Government Contracts. If any
Account or Chattel Paper arises out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof, the
Grantor shall promptly (and in any event within 2 Business Days of the creation thereof) notify the Agent thereof in writing and execute any instruments or take
any steps necessary in order that all moneys due or to become due under such contract or contracts shall be assigned to the Agent (for the benefit of the
Secured Parties), and shall provide written notice thereof under the Assignment of Claims Act or other applicable Law.

11

(f)

Government Registrations, Permits and
Authorizations. Simultaneously with the execution and delivery of this Agreement, Grantor shall execute in blank and deliver to the Agent a (i) a Bill
of Transfer with respect to IND #78,810 in the form attached hereto as Exhibit A (the “Bill of Transfer”) and (ii) a notice letter to
the Food and Drug Administration in the form attached hereto as Exhibit B (the “FDA Letter”). Additionally, the Grantor shall
execute and deliver to the Agent any additional documents that may be necessary to effect a transfer of legal and beneficial ownership of any government
registrations, permits or authorizations issued to Grantor, now or in the future (to the extent permitted by applicable laws and regulations), including,
without limitation, IND #78,810, in order to further evidence the Agent’s Lien on such registrations, permits and authorizations and the General
Intangibles of Grantor relating thereto or represented thereby.

(g)

Intellectual Property. 

(i)

Grantor shall have the duty,
to the extent necessary or economically desirable in the operation of Grantor’s business, (A) to promptly sue for infringement, misappropriation, or
dilution and to recover any and all damages for such infringement, misappropriation, or dilution, (B) to prosecute diligently any trademark application or
service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute
diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, and (D) to
take all reasonable and necessary action to preserve and maintain all of Grantor’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its
rights therein, including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and
cancellation proceedings. Grantor shall promptly file an application with the United States Copyright Office for any Copyright that has not been
registered with the United States Copyright Office if such Copyright is necessary in connection with the operation of Grantor’s business. Any expenses
incurred in connection with the foregoing shall be borne by the Grantor. Grantor further agrees not to abandon any Trademark, Patent, Copyright, or
Intellectual Property License that is necessary or economically desirable in the operation of Grantor’s business; 

(ii)

The Grantor acknowledges and
agrees that the Agent shall have no duties with respect to the Trademarks, Patents, Copyrights, or Intellectual Property Licenses. Without limiting the
generality of this Section 6(g), the Grantor acknowledges and agrees that the Agent and each Secured Party shall not be under any obligation to take any
steps necessary to preserve rights in the Trademarks, Patents, Copyrights, or Intellectual Property Licenses against any other Person, but the Agent may do so
at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including
reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of the Grantor and shall be deemed to be Secured Obligations;
and

(iii)

In no event shall the
Grantor, either itself or through any agent, employee, licensee, or designee, file an application for the registration of any Patent, Trademark, or Copyright
with the United States Patent and Trademark Office, the United

12

States Copyright Office or any similar office
or agency without giving the Agent prior written notice thereof. Promptly upon any such filing, Grantor shall execute and deliver to the Agent one or more
copyright security agreements, trademark security agreements, or patent security agreements, in form and substance satisfactory to the Agent, to further
evidence the Agent’s Liens on Grantor’s Patents, Trademarks, or Copyrights, and the General Intangibles of Grantor relating thereto or represented
thereby.

(h)

Investment Related Property. 

(i)

If the Grantor shall receive
or become entitled to receive any Pledged Interests after the date hereof, it shall promptly (and in any event within 2 Business Days of receipt thereof)
identify such Pledged Interests in a written notice to the Agent;

(ii)

All sums of money and
property paid or distributed in respect of the Investment Related Property that are received by Grantor shall be held by Grantor in trust for the benefit of the
Agent segregated from Grantor’s other property, and Grantor shall deliver it forthwith to the Agent in the exact form received;

(iii)

Grantor shall promptly
deliver to the Agent a copy of each notice or other communication received by it in respect of any Pledged Interests;

(iv)

Grantor shall not make or
consent to any amendment or other modification or waiver with respect to any Pledged Interests or enter into any agreement or permit to exist any restriction
with respect to any Pledged Interests other than pursuant to the Subscription Agreements; and

(v)

Grantor agrees that it will
obtain all necessary approvals and make all necessary filings under federal, state, local, or foreign Law in connection with the Security Interests on the
Investment Related Property or any sale or transfer thereof.

(i)

Transfers and Other Liens. Grantor
shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as
expressly permitted by this Agreement and the other Transaction Documents, or (ii) create or permit to exist any Lien upon or with respect to any of the
Collateral of Grantor, except for Permitted Liens. The inclusion of Proceeds in the Collateral shall not be deemed to constitute consent by the Agent to
any sale or other disposition of any of the Collateral except as expressly permitted in this Agreement or the Subscription Agreements. 

(j)

Other Actions as to Any and All Collateral.
Grantor shall promptly (and in any event within 2 Business Days of acquiring or obtaining such Collateral) notify the Agent in writing upon (i)
acquiring or otherwise obtaining any Collateral after the date hereof consisting of Trademarks, Patents, Copyrights, Intellectual Property Licenses, Investment
Related Property, Chattel Paper (electronic, tangible or otherwise), Documents (as defined in Article 9 of the Code), Promissory notes (as defined in the
Code), Instruments (as defined in the Code), or government registrations, permits or authorizations necessary for the conduct of the Grantor’s business, or
(ii) any amount payable under or in connection with any of the Collateral being or becoming evidenced after the date hereof by any Chattel Paper, documents,
promissory

13

notes, or instruments and, in each such case, promptly execute
such other documents, or if applicable, deliver such Chattel Paper, other documents or certificates evidencing any Investment Related Property and do such other
acts or things necessary or desirable to protect the Agent and Secured Parties’ Security Interests therein. 

(k)

Future Subsidiaries. If any Person
becomes a Subsidiary of the Company after the date hereof, the Company shall cause such Person, within 2 days after it becomes a Subsidiary, (i) to execute and
deliver a joinder to this Agreement and the other Security Documents in which such new Subsidiary agrees to be bound by the terms hereof and thereof as if it
where an original Grantor party hereto and thereto, such joinder agreements to be in form and substance reasonably satisfactory to the Agent, and (ii) to take
any other necessary action so that such new Subsidiary is bound by the provisions hereof in the same manner and to the same extent as each other Grantor.

8.

Relation to Other Transaction Documents.
 The provisions of this Agreement shall be read and construed with the Transaction Documents referred to below in the manner so indicated.

(a)

Subscription Agreements and Notes. In
the event of any conflict between any provision in this Agreement and a provision in the Subscription Agreements or the Notes, such provision of the
Subscription Agreements or the Notes shall control.

9.

Further Assurances. 

(a)

Grantor agrees that from time to time, at its
own expense, Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary and that the
Agent may reasonably request, in order to perfect and protect the Security Interests granted or purported to be granted hereby or to enable the Agent and the
Secured Parties to exercise and enforce their rights and remedies hereunder with respect to any of the Collateral. 

(b)

Grantor authorizes the filing by the Agent of
financing or continuation statements, or amendments thereto, and Grantor will execute and deliver to the Agent such other instruments or notices, as may be
necessary and as the Agent may reasonably request, in order to perfect and preserve the Security Interests granted or purported to be granted hereby. 

(c)

Grantor authorizes the Agent at any time and
from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal
property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or
with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.
 Grantor also hereby ratifies any and all financing statements or amendments previously filed by the Agent in any jurisdiction. 

(d)

Grantor acknowledges that it is not authorized
to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement without
first notifying the Agent of such filing and then having

14

received the prior written consent of the Agent, subject to
Grantor’s rights under Section 9-509(d)(2) of the Code.

10.

Agent’s Right to Perform Contracts,
Exercise Rights, etc. Upon the occurrence and during the continuance of an Event of Default, the Agent (a) may, but shall not be required to, proceed
to perform any and all of the obligations of Grantor contained in any contract, lease, or other agreement and exercise any and all rights of Grantor therein
contained as fully as Grantor itself could, (b) shall have the right, but not the obligation, to use Grantor’s rights under Intellectual Property Licenses
in connection with the enforcement of the Secured Party and the Agent’s rights hereunder, including the right to prepare for sale and sell any and all
Inventory and Equipment now or hereafter owned by Grantor and now or hereafter covered by such licenses, and (c) shall have the right, but not the obligation,
to request that any Stock that is pledged hereunder be registered in the name of the Agent or any of its nominees.

11.

Agent Appointed Attorney-in-Fact.
 Grantor hereby irrevocably appoints the Agent its attorney-in-fact at the time of the execution of this Agreement. The Agent shall have full
authority in the place and stead of Grantor and in the name of Grantor or otherwise, at such time as an Event of Default has occurred and is continuing, to take
any action and to execute any instrument which the Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:
 

(a)

to ask, demand, collect, sue for, recover,
compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with any Collateral of such Grantor;

(b)

to receive and open all mail addressed to
Grantor and to notify postal authorities to change the address for the delivery of mail to Grantor to that of the Agent;

(c)

to receive, indorse, and collect any drafts or
other instruments, documents, Negotiable Collateral or Chattel Paper;

(d)

to file any claims or take any action or
institute any proceedings which the Agent may deem necessary or desirable for the collection of any of the Collateral of Grantor or otherwise to enforce the
rights of the Agent and the Secured Parties with respect to any of the Collateral;

(e)

to repair, alter, or supply goods, if any,
necessary to fulfill in whole or in part the purchase order of any Person obligated to Grantor in respect of any Account of such Grantor; 

(f)

to use any labels, Patents, Trademarks, trade
names, URLs, domain names, industrial designs, Copyrights, advertising matter or other industrial or intellectual property rights, in advertising for sale and
selling Inventory and other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of Grantor; and

(g)

The Agent shall have the right, but shall not
be obligated, to bring suit in its own name but for the benefit of the Secured Parties to enforce the Trademarks, Patents, Copyrights and Intellectual Property
Licenses and, if the Agent shall commence any such suit,

15

the appropriate Grantor shall, at the request of the Agent, do any
and all lawful acts and execute any and all proper documents reasonably required by the Agent in aid of such enforcement. 

To the extent permitted by Law, Grantor hereby
ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and
shall be irrevocable until this Agreement is terminated. 

12.

Agent May Perform. If Grantor fails
to perform any agreement contained herein, the Agent may itself, but shall not be required to, perform, or cause performance of, such agreement, and the
reasonable expenses of the Agent incurred in connection therewith (including attorneys’ fees and expenses) shall be payable by Grantor and any such
expenses shall constitute part of Grantor’s Secured Obligations under the Notes.

13.

Agent’s Duties; Bailee for Perfection.
The powers conferred on the Agent hereunder are solely to protect the Agent’s interests in the Collateral and shall not impose any duty upon
the Agent in favor of Grantor to exercise any such powers. Except for the safe custody of any Collateral in its actual possession and the accounting for
moneys actually received by it hereunder, the Agent shall not have any duty to Grantor as to any Collateral or as to the taking of any necessary steps to
preserve rights against prior parties or any other rights pertaining to any Collateral. The Agent shall be deemed to have exercised reasonable care in the
custody and preservation of any Collateral in actual possession if such Collateral is accorded treatment substantially equal to that which the Agent accords its
own property. The Grantor hereby agrees that if the Agent is in possession of any Collateral at such time as the Secured Obligations owing to the Agent
and the Secured Parties have been paid in full, the Agent may re-deliver such Collateral to the Grantor without recourse to or representation or warranty by the
Agent.

14.

Collection of Accounts, General Intangibles
and Negotiable Collateral. At any time upon the occurrence and during the continuation of an Event of Default, the Agent may, but shall not be
required to, (a) notify Account Debtors of Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral have been assigned to the
Agent or that the Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral directly, and any
collection costs and expenses shall constitute part of Grantor’s Secured Obligations under the Notes.

15.

Disposition of Pledged Interests by the Agent.
The Pledged Interests may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the
Pledged Interests other than pursuant to an effective registration statement or an exemption from the Securities Act, Grantor understands that in connection
with such disposition, the Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may
yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal, state and other securities Laws
and sold on the open market. Grantor, therefore, agrees that: (a) if the Agent shall, pursuant to the terms of this Agreement, sell or cause the
Pledged Interests or any portion thereof to be sold at a private sale, the Agent shall have the right to conclusively rely upon and shall be fully protected in
relying upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to
do so shall not be

16

considered in determining the commercial reasonableness of such
action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the
private sale thereof; and (b) such reliance shall be conclusive evidence that the Agent has handled the disposition in a commercially reasonable manner.

16.

Voting Rights.

(a)

Upon the occurrence and during the continuation
of an Event of Default, (i) the Agent may, at its option, and with 2 Business Days prior notice to Grantor, and in addition to all rights and remedies available
to the Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights and all other ownership or consensual rights in respect of
the Pledged Interests owned by Grantor, but under no circumstances is the Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if
the Agent duly exercises its right to vote any of such Pledged Interests, Grantor hereby appoints the Agent, Grantor’s true and lawful attorney-in-fact and
IRREVOCABLE PROXY to vote such Pledged Interests in any manner that the Agent deems advisable for or against all matters submitted or which may be submitted to
a vote of shareholders, partners or members, as the case may be. The power-of-attorney granted hereby is coupled with an interest and shall be
irrevocable.

(b)

For so long as Grantor shall have the right to
vote the Pledged Interests owned by it, Grantor covenants and agrees that it will not, without the prior written consent of the Agent, vote or take any
consensual action with respect to such Pledged Interests that would materially adversely affect the rights of the Agent or the value of the Pledged Interests.

17.

Remedies. Upon the occurrence and
during the continuance of an Event of Default:

(a)

The Agent may exercise in respect of the
Collateral, in addition to other rights and remedies provided for herein, in the other Transaction Documents, or otherwise available to it, all the rights and
remedies of a secured party on default under the Code or any other applicable Law. Without limiting the generality of the foregoing, Grantor expressly
agrees that, in any such event, the Agent, without any demand, advertisement, or notice of any kind (except a notice specified below of time and place of public
or private sale) to or upon Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum
extent permitted by the Code or by any other applicable Law), may take immediate possession of all or any portion of the Collateral and (i) require Grantor to,
and Grantor hereby agrees that it will at its own expense and upon request of the Agent, assemble all or part of the Collateral as directed by the Agent and
make it available to the Secured Parties at one or more locations where Grantor regularly maintains Inventory, and (ii) without notice except as specified
below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Agent’s offices or elsewhere, for cash, on
credit, and upon such other terms as the Agent may deem commercially reasonable. Grantor agrees that, to the extent notice of sale shall be required by
Law, at least 10 days’ notice to Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification and specifically such notice shall constitute a reasonable “authenticated notification of disposition” within the meaning of
Section 9-611 of the Code. The Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having

17

been given. The Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned.

(b)

The Agent is hereby granted a license or other
right to use, without liability for royalties or any other charge, the Grantor’s labels, Patents, Copyrights, rights of use of any name, trade secrets,
trade names, Trademarks, service marks and advertising matter, URLs, domain names, industrial designs, other industrial or intellectual property or any property
of a similar nature, whether owned by Grantor or with respect to which Grantor has rights under license, sublicense, or other agreements (but only to the extent
(i) such license, sublicense or agreement does not prohibit such use by the Agent and (ii) Grantor will not be in default under such license, sublicense, or
other agreement as a result of such use by the Agent), as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral,
and the Grantor’s rights under all licenses and all franchise agreements shall inure to the benefit of the Agent.

(c)

The Agent is hereby authorized and directed to
(i) complete the Bill of Transfer and to cause the Bill of Transfer to become effective as of a date on or after the occurrence of an Event of Default and (ii)
complete the FDA Letter and to cause the FDA Letter to be delivered to the Food and Drug Administration. The Agent hereby agrees that it will not take
either of the actions in the immediately preceding sentence until such time that the Agent is entitled to exercise its rights and remedies under this Section
17.

(d)

Any cash held by the Agent as Collateral and
all proceeds received by the Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied
against the Secured Obligations in the order set forth in Section 18 hereof.  In the event the proceeds of Collateral are insufficient to
satisfy all of the Secured Obligations in full, Grantor shall remain liable for any such deficiency.

(e)

Grantor hereby acknowledges that the Secured
Obligations arose out of a commercial transaction, and agrees that if an Event of Default shall occur and be continuing the Agent shall have the right to an
immediate writ of possession without notice of a hearing. The Agent shall have the right to the appointment of a receiver for the properties and assets of
Grantor, and Grantor hereby consents to such rights and such appointment and hereby waives any objection Grantor may have thereto or the right to have a bond or
other security posted by the Agent.

18.

Application of Proceeds of Collateral.
 All proceeds of Collateral received by the Agent shall be applied as follows:

(a)

first, ratably to pay any expenses due
to the Agent and Secured Parties (including the reasonable costs and expenses of Agent’s counsel and those paid or incurred by the Agent and Secured
Parties to correct any default under or enforce any provision of the Transaction Documents, or after the occurrence of any Default or Event of Default in
gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion
thereof, irrespective of whether a sale is

18

consummated) or indemnities then due to the Agent or the Secured
Parties under the Transaction Documents, until paid in full;

(b)

second, ratably to pay any fees or
premiums then due to the Secured Parties under the Transaction Documents, until paid in full;

(c)

third, ratably to pay interest due in
respect of the Secured Obligations then due to the Secured Parties, until paid in full;

(d)

fourth, ratably to pay the principal
amount of all Secured Obligations then due to the Secured Parties, until paid in full;

(e)

fifth, ratably to pay any other Secured
Obligations then due to the Secured Parties; and

(f)

sixth, to Grantor or such other Person
entitled thereto under applicable Law.

19.

Marshaling. The Agent shall not be
required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured
Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies
hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies,
however existing or arising. To the extent that it lawfully may, Grantor hereby agrees that it will not invoke any Law relating to the marshaling of
collateral which might cause delay in or impede the enforcement of the Agent or any Secured Party’s rights and remedies under this Agreement or under any
other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the
Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, Grantor hereby irrevocably waives the benefits
of all such Laws.

20.

Indemnity and Expenses. 

(a)

Grantor agrees to indemnify the Agent and each
Secured Party from and against all claims, lawsuits, losses, damages and liabilities (including reasonable attorneys’ fees and expenses) growing out of or
resulting from this Agreement (including enforcement of this Agreement), except claims, losses or liabilities resulting from the gross negligence or willful
misconduct of the party seeking indemnification as determined by a final non-appealable order of a court of competent jurisdiction. This provision shall
survive the termination of this Agreement and the Transaction Documents and the repayment of the Secured Obligations.

(b)

Grantor shall, upon demand, pay to the Agent
all of the costs and expenses (including those of its agents and counsel) that the Agent may incur in connection with (i) the administration of this Agreement,
(ii) the custody, preservation, use or operation of, or, upon an Event of Default, the sale of, collection from, or other realization upon, any of the
Collateral in accordance with this Agreement and the Transaction Documents, (iii) the exercise or enforcement of any of the rights of the Agent hereunder or
(iv) the failure by Grantor to perform

19

or observe any of the provisions hereof. This provision
shall survive the termination of this Agreement and the Transaction Documents and the repayment of the Secured Obligations.

21.

Addresses for Notices. All notices
and other communications provided for hereunder (a) shall be given in the form and manner set forth in the Subscription Agreements and (b) shall be delivered,
(i) in the case of notice to Grantor, by delivery of such notice to the Grantor at the address specified in the Subscription Agreements or at such other address
as shall be designated by the Grantor in a written notice to the Agent, and (ii) in the case of notice to the Agent, by delivery of such notice to the Agent, at
45 Broadway, 14th Floor, New York, New York 10006 – Administrator for IASO Pharma Inc., or at such other address as shall be designated by the
Agent in a written notice to the Company.

22.

Separate, Continuing Security Interests.
 This Agreement shall create a separate, continuing security interest in the Collateral in favor of the Agent (for the benefit of the Secured Parties) and
shall (a) remain in full force and effect until the Secured Obligations have been paid in full in cash in accordance with the provisions of the Transaction
Documents, (b) be binding upon Grantor, and its respective successors and assigns, and (c) inure to the benefit of, and be enforceable by, the Secured Parties
and the Agent and its successors, transferees and assigns. Upon payment in full in cash of the Secured Obligations in accordance with the provisions of
the Transaction Documents, the Security Interests granted hereby shall terminate and all rights to the Collateral shall revert to Grantor or any other Person
entitled thereto. At such time, the Agent will authorize the filing of appropriate termination statements to terminate such Security Interests. No
transfer or renewal, extension, assignment, or termination of this Agreement or of the Agreement, any other Transaction Document, or any other instrument or
document executed and delivered by Grantor to the Agent nor any additional loans made by the Secured Parties to Grantor, nor the taking of further security, nor
the retaking or re-delivery of the Collateral to Grantor, or any of them, by any Secured Party or the Agent, nor any other act of any Secured Party or the Agent
shall release Grantor from any obligation, except a release or discharge executed in writing by the Secured Parties and the Agent. 

23.

Agent. Each reference herein to any right
granted to, benefit conferred upon or power exercisable by the “Agent” shall be a reference to the Agent, for the benefit of the Secured Parties.
 The Agent may resign or be removed as the Agent in accordance with, and subject to, Section 7 of the Subscription Agreements. Any successor Agent (or any
Secured Party, as the case may be) shall succeed to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such
successor Agent (or the Secured Party, as the case may be) and the retiring Agent’s appointment, powers, and duties as the Agent shall be terminated. After
any retiring Agent’s resignation hereunder as the Agent, the provisions of Section 7 of the Subscription Agreements shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was the Agent under this Agreement.

24.

Governing Law; Jurisdiction; Jury Trial.
 This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal Laws of
the State of New York, without regard to conflict of law principles that would result in the application of any Law other than the Laws of the State of New
York. This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted. Each party
hereby irrevocably submits to the exclusive jurisdiction

20

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.
Grantor 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
the Company at the address set forth in the Subscription Agreements 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.

25.

Counterparts; Facsimile. This
Agreement may be executed and delivered by facsimile signature or by an e-mail that contains a portable document format (.pdf) file of an executed signature
page in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The
exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Agreement
as to the parties hereto and may be used in lieu of the original Agreement for all purposes.

26.

Headings. The section headings used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

27.

Amendments and Waiver. No waiver of
any provision of this Agreement, and no consent to any departure by Grantor herefrom, shall in any event be effective unless the same shall be in writing and
signed by the Agent (acting upon written instructions from the Holders holding at least a majority of the outstanding principal amount of the Notes), and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment of any provision of this
Agreement shall be effective unless the same shall be in writing and signed by the Agent (acting upon written instructions from the Holders holding at least a
majority of the outstanding principal amount of the Notes) and Grantor to which such amendment applies.

28.

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

29.

Delays or Omissions. No delay or
omission to exercise any right, power or remedy accruing to a Secured Party or the Agent under this Agreement upon any breach or default of Grantor shall impair
any such right, power or remedy of the Secured Party or the Agent nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any

21

single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring.   

30.

Remedies. The Agent shall have all
rights and remedies set forth in this Agreement and in the Transaction Documents and all rights and remedies that the Agent has been granted at any time under
any other agreement or contract and all of the rights that the Agent has under applicable Law. All remedies shall be cumulative and not alternative.
Grantor acknowledges that in the event that it fails to perform, observe or discharge any or all of its obligations under this Agreement, any remedy at law may
prove to be inadequate relief to the Agent. Grantor therefore agrees that the Agent shall be entitled to seek specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages and
without posting a bond or other security. 

31.

Entire Agreement. This Agreement
and the Transaction Documents, including the exhibits attached hereto and thereto, do and will constitute the full and entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and thereof.

32.

Construction. The terms
“including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead
of just the provision in which they are found. 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.

33.

U.S.A. Patriot Act. The parties
hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Agent, like all financial institutions and in order to help fight the
funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Agent. The parties to this Agreement agree that they will provide the Agent with such information as it may
request in order for the Agent to satisfy the requirements of the U.S.A. Patriot Act.

34.

Force Majeure. In no event shall
the Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

[Signature Page Follows]

22

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered as of the date first written above.

				

	GRANTOR:

	IASO Pharma Inc., a
Delaware corporation

	 
	 

	 
	 

	 
	By:

	/s/
Matthew A. Wikler

	 
	 
	
Name:

	Matthew A. Wikler

	 
	 
	
Title:

	President and Chief Executive Officer

				

	AGENT:

	Wells Fargo Bank,
National Association, a national banking association, not in its individual capacity but solely as Agent

	 
	 

	 
	 

	 
	By:

	/s/
Martin Reed

	 
	 
	
Name:

	Martin Reed

	 
	 
	
Title:

	Vice President

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