Document:

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND HAS BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT OR QUALIFICATION RELATED THERETO OR AN EXEMPTION FROM SUCH REGISTRATION OR QUALIFICATION UNDER
THE SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAWS.

 

Immunic,
Inc.

 

Pre-Funded
Warrant To Purchase Common Stock

 

Warrant No.: ____________

Number of Shares of Common Stock: _____________

Date of Issuance: , 2022 (“Issuance Date”)

 

Immunic, Inc., a company organized
under the laws of Delaware (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, [___________], the registered holder
hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from
the Company, at the Exercise Price (as defined below) then in effect, at any time or times, up to ______________ (_____________) fully
paid non-assessable shares of Common Stock (as defined below), subject to adjustment as provided herein (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Pre-Funded Warrant to Purchase Common Stock (including any Pre-Funded Warrants
to Purchase Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings
set forth in Section 16. This Warrant is one of the Pre-Funded Warrants to Purchase Common Stock (the “Warrants”, which
for avoidance of confusion does not include those certain Warrants to Purchase Common Stock concurrently issued by the Company to certain
investors) issued pursuant to that certain Securities Purchase Agreement, dated as of October 10, 2022, by and among the Company and the
investors party thereto.

 

1.                 
EXERCISE OF WARRANT.

 

(a)  
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(f)), this Warrant may be exercised by the Holder at any time or times, in whole or in part, by delivery (whether via facsimile,
electronic mail or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following the delivery of the Exercise Notice, the
Holder shall make payment to the Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by
the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash by
wire transfer of immediately available funds or, if the provisions of Section 1(d) are applicable, by notifying the Company that this
Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the
original Warrant in order to effect an exercise hereunder, nor shall any ink-original signature or medallion guarantee (or other type
of guarantee or notarization) with respect to any Exercise Notice be required. Execution and delivery of the Exercise Notice with respect
to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares and the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of the date
on which the final Exercise Notice has been delivered to the Company. On or before the first (1st) Trading Day following the
date on which the Holder has delivered the applicable Exercise Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment
of confirmation of receipt of the Exercise Notice, in the form attached to the Exercise Notice, to the Holder and the Company’s
transfer agent (the “Transfer Agent”). If the Holder delivers the Aggregate Exercise Price (or notice of a Cashless
Exercise, if applicable) and such information as the Company or Transfer Agent may reasonably request in order to effect the credit or
issuance and dispatch, as applicable, set forth in clauses (X) or (Y) below, on or prior to the first (1st) Trading Day following
the date on which the Exercise Notice has been delivered to the Company, then the Company shall effect such credit or issuance on or prior
to the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period,
in each case following the date on which the Exercise Notice has been delivered to the Company. If the Holder has not delivered the Aggregate
Exercise Price (or notice of a Cashless Exercise, if applicable) on or prior to the first (1st) Trading Day following the date
on which the Exercise Notice has been delivered to the Company, then the Company shall effect the credit or issuance and dispatch, as
applicable, set forth in clauses (X) or (Y) below, on or prior to the first (1st) Trading Day following the date on which the
Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) is delivered. For purposes of this Warrant, “Share
Delivery Date” means the day on which the Company is required to deliver Warrant Shares pursuant to this Section 1(a). On the
Share Delivery Date, the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system,
or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue a certificate, registered
in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise.
The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance
of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery of the Exercise Notice and payment
of the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable), the Holder shall be deemed for all corporate purposes
to have become the holder of record and beneficial owner of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares, as the case may be. If this Warrant is physically delivered to the Company in connection with any exercise
pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the
number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three
(3) Trading Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance
with Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are to be issued
upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded to the nearest whole number.
The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees
and expenses of the Transfer Agent) which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions
hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination; provided, however, that the Company shall not be required to deliver
Warrant Shares with respect to an exercise prior to the Holder’s delivery of the Aggregate Exercise Price (or notice of a Cashless
Exercise) with respect to such exercise.

 

     

     

    

 

(b)  
Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.01 per share, subject to adjustment
as provided herein.

 

(c)  
Company’s Failure to Timely Deliver Securities. If either (I) the Company shall fail, other than due to any action
or inaction on the part of the Holder, to issue to the Holder on or prior to the applicable Share Delivery Date, if (x) the Transfer Agent
is not participating in the DTC Fast Automated Securities Transfer Program, a certificate for the number of shares of Common Stock to
which the Holder is entitled and register such Common Stock on the Company’s share register or (y) the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, to credit to the Holder’s balance account with DTC, such number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant (the “Exercise Failure”)
or (II) a registration statement covering the resale of the Warrant Shares that are the subject of an Exercise Notice (the “Exercise
Notice Warrant Shares”) is not available for the resale of such Exercise Notice Warrant Shares, the Company fails to promptly,
but in no event later than one (1) Business Day after such registration statement becomes unavailable, to so notify the Holder, and in
connection with a sale of any such Exercise Notice Warrant Shares (the “Sold Exercise Warrant Shares”), the Company
is unable to deliver the Sold Exercise Notice Warrant Shares without a restrictive legend (a “Notice Failure”), then,
in addition to all other remedies available to the Holder, if as a result of such Exercise Failure or Notice Failure, the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall, within two (2) Trading Days after the Holder’s request, (A) pay
in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise
to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with
respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. The Company’s
current transfer agent participates in the DTC Fast Automated Securities Transfer Program (“FAST”). In the event that
the Company changes transfer agents while this Warrant is outstanding, the Company shall select a transfer agent that participates in
FAST. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in FAST with respect to the Warrant
Shares. In addition to the foregoing rights, (III) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise
pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have the right to rescind such exercise in whole or
in part and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant
to such Exercise Notice; provided that the rescission of an exercise shall not affect the Company’s obligation to make any payments
that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and (IV) if a registration statement covering
the resale of Exercise Notice Warrant Shares is not available for the resale of such Exercise Notice Warrant Shares, the Holder has submitted
an Exercise Notice prior to receiving notice of the non-availability of such registration statement, and the Company has not already delivered
to the Holder the Exercise Notice Warrant Shares without any restrictive legend, then the Holder shall have the right to (x) rescind such
Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised
pursuant to such Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company’s obligation to
make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or (y) switch some
or all of such Exercise Notice from a cash exercise to a Cashless Exercise. In addition to the foregoing, if due solely to the action
or inaction of the Company, the Company fails to deliver to the Holder the Warrant Shares subject to an Exercise Notice by the third Trading
Day following the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Common Stock on the date of the applicable
Exercise Notice), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin
to accrue) for each Trading Day after the second Trading Day following such Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise.

 

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(d)  
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the resale
of the Exercise Notice Warrant Shares is not available for the resale, as applicable, of such Exercise Notice Warrant Shares, the Holder
may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the
“Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

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

B

 

For purposes of the
foregoing formula:

 

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

 

B=  as applicable:
(i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if
such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the Weighted Average Price on the Trading Day immediately preceding the date of the applicable Exercise Notice
or (z) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise
Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including
until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii)
the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading
Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading
hours” on such Trading Day.

 

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

 

Without limiting the rights
of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive the cash payments contemplated pursuant to
Sections 1(c) and 4(b), in no event will the Company be required to net cash settle a Warrant exercise.

 

For purposes of Rule 144 promulgated
under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a “cashless exercise”
transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the date this Warrant was originally issued (provided that the SEC continues to take the position that such treatment is
proper at the time of such exercise).

 

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In the event that a registration
statement registering the issuance of the Warrant Shares is, for any reason, not effective at the time of exercise of this Warrant, then
the Warrant may only be exercised through a cashless exercise, as set forth in this Section 1. Except as set forth in Section 1(c) (Buy-In
remedy and payment of cash in lieu of fractional shares), in no event will the exercise of this Warrant be settled in cash.

 

(e)              
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in
accordance with Section 11.

 

(f)   
Limitation on Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not
effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant
to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that
after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own a number
of shares of Common Stock in excess of the Maximum Percentage. The “Maximum Percentage” shall be set at 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to
such exercise (to the extent permitted pursuant to this Section 1(f)). For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by the Holder shall include the number of shares of Common Stock beneficially owned by the Holder
plus the number of shares of Common Stock issuable upon exercise of this Warrant that would result in the Holder holding the Maximum Percentage
of the number of outstanding shares of Common Stock, but shall exclude the number of shares of Common Stock which would be issuable upon
exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation,
any convertible notes or convertible preferred stock or warrants, including the other Warrants) beneficially owned by the Holder or any
other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f).
For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding shares
of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely
on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q and Current Reports on Form 8-K or other public filing with the Securities and Exchange Commission (the “SEC”),
as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If
the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less
than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares of Common Stock
then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined
pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares
to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”)
and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm
orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number
was reported. In the event that the issuance of Common Stock to the Holder upon exercise of this Warrant results in the Holder and the
other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding
shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess
Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return
to the Holder the exercise price paid by the Holder for the Excess Shares and the Holder shall transfer the Excess Shares to the Company.
No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of
this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this
paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained
in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation
contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. By written notice to the Company,
the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 19.99% specified
in such notice; provided that any increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such
notice is delivered to the Company.

 

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(g)  
Required Reserve Amount.  So long as this Warrant remains outstanding, the Company shall at all times keep reserved
for issuance under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock
as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without
regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number
of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise of Warrants or
such other event covered by Section 2(c) below. 

 

(h)  
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient
number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance the Required Reserve Amount
(an “Authorized Share Failure”), then the Company shall promptly take all action reasonably necessary to increase the
Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount
for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of
the occurrence of an Authorized Share Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such
Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized
shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use
its reasonable best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause
its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if at any such
time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding
shares of Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation
by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C, and such obligation shall be
deemed satisfied on the 21st calendar day after such filing is accepted.

 

(i)    
Withholding Taxes. Applicable withholding taxes (including backup withholding) may be withheld from payments and deemed
payments on or with respect to this Warrant.  In addition, if any withholding taxes (including backup withholding) are paid on behalf
of Holder, then those withholding taxes may be set off against payments of cash or the delivery of shares of Common Stock, if any, in
respect of this Warrant (or any payments on Common Stock) or sales proceeds received by, or other funds or assets of, Holder. 

 

2.     
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall
be adjusted from time to time as follows:

 

(a)  
Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise
Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company; provided that the Company
shall promptly notify the Holder in writing of any such reduction and the period of time that such reduction shall remain effective.

 

(b)  
Adjustment Upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common
Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number
of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant
Shares will be proportionately decreased. Any adjustment under this Section 2(b) shall become effective at the close of business
on the date the subdivision or combination becomes effective.

 

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(c)  
Other Events. If any event occurs of the type contemplated by the provisions of Sections 2(a) and 2(b), but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and
the number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Required Holders, so as to protect
the rights of the Holder; provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to Sections 2(a) and 2(b).

 

3.     
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if, on or after the Subscription
Date, the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders
of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or
other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), then, in each such case, upon
exercise of this Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such Distribution,
the Holder shall be entitled, in addition to the Warrant Shares otherwise issuable upon such exercise, the Distribution that such Holder
would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant
Shares immediately prior to such record date without regard to any limitations or restrictions on exercise of this Warrant, including
without limitation, the Maximum Percentage (provided, however, that to the extent that such Distribution would result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to such Distribution to such extent
(and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership)
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times
as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time
or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any
subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).

 

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4.     
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)  
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other
property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which
a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Common Stock are to be determined for the grant, issuance or sale of such Purchase Rights (provided, however,
that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder or its Attribution
Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and
shall not be entitled to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such
extent) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its
right thereto would not result in the Holder or its Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder
shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase
Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(b)  
Fundamental Transaction.The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b),
including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number
of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for the Company (so that from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the
Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that
there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in lieu
of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3
and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable
Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor Entity (including its Parent Entity) which the
Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised
immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted
in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f) hereof, the Holder
may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4(b) to permit the Fundamental Transaction
without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of each Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets
with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate
provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation
of the applicable Fundamental Transaction, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property
(except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the
exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever
(including warrants or other purchase or subscription rights) (collectively, the “Corporate Event Consideration”) which
the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised
immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The provision
made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this
Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.

 

    - 7 -

     

    

 

5.     
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action
necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting
the exercise of the Warrants, the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the
Warrants then outstanding (without regard to any limitations on exercise).

 

6.              
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s
capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or
as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 6, the Company shall provide the Holder with copies of the same notices and other information given to the stockholders of
the Company generally, contemporaneously with the giving thereof to the stockholders; provided, that, the Company shall not be obligated
to provide such copies under this Section 6 if such notice and other information given to stockholders of the Company is publicly available
on the Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval system.

 

    - 8 -

     

    

 

7.     
REISSUANCE OF WARRANTS.

 

(c)  
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d))
to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(d)  
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form (but without the obligation to post a bond) and, in the case of mutilation, upon surrender
and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d))
representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(e)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender.

 

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

 

    - 9 -

     

    

 

8.                 
NOTICES. Whenever notice is required to be given under this Warrant, including, without limitation, an Exercise Notice,
unless otherwise provided herein, such notice shall be given in writing, (i) if delivered (a) from within the domestic United States,
by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, electronic mail or
by facsimile or (b) from outside the United States, by International Federal Express, electronic mail or facsimile, and (ii) will be deemed
given (A) if delivered by first-class registered or certified mail domestic, three (3) Business Days after so mailed, (B) if delivered
by nationally recognized overnight carrier, one (1) Business Day after so mailed, (C) if delivered by International Federal Express, two
(2) Business Days after so mailed and (D) at the time of transmission, if delivered by electronic mail to each of the email addresses
specified in this Section 8 prior to 5:00 p.m. (New York time) on a Trading Day, (E) the next Trading Day after the date of transmission,
if delivered by electronic mail to each of the email addresses specified in this Section 8 on a day that is not a Trading Day or later
than 5:00 p.m. (New York time) on any Trading Day and (F) if delivered by facsimile, upon electronic confirmation of delivery of such
facsimile, and will be delivered and addressed as follows:

 

(i)       if to the Company,
to:

 

Immunic, Inc.

1200 Avenue of the Americas, Suite 200,

New York, NY 10036

Attention: Glenn Whaley

Email: glenn.whaley@imux.com

 

With a copy (which will not constitute notice) to:

 

Dentons US LLP

Ilan Katz

101 John F Kennedy Pkwy.

Short Hills, NJ 07078

Email: Ilan.Katz@Dentons.com

 

(ii) if to the Holder,
at such address or other contact information delivered by the Holder to Company or as is on the books and records of the Company.

 

The Company shall provide the
Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such
action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i)
no later than two (2) Business Days following any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying,
the calculation of such adjustment and (ii) of the date on which the Company closes its books or takes a record (A) with respect to any
dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining
rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, in each case at the same time as it provides such
notice to the holders of Common Stock.

 

    - 10 -

     

    

 

9.     
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived 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 written consent of the Holder.

 

10.       GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with,
and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or
that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to the Company at the address set forth in Section
8(i) above or such other address as the Company subsequently delivers to the Holder 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. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit
or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder,
to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the
Holder. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding. THE COMPANY AND THE HOLDER HEREBY
IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE, AND AGREE NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    - 11 -

     

    

 

11. 
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail
within two (2) Business Days of receipt of the Exercise Notice or other event giving rise to such dispute, as the case may be, to the
Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant
Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the
Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination of the Exercise Price
to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation
of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank
or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results
no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

 

12. 
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or
other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of
any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

 

13.             
TRANSFER; SIGNATURE.This Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned
without the consent of the Company. This Warrant may be executed by facsimile signature or electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com).

 

14.             
SEVERABILITY; CONSTRUCTION; HEADINGS.If any provision of this Warrant is prohibited by law or otherwise determined
to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature,
invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties
will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the
effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). This Warrant shall be deemed
to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings
of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

 

    - 12 -

     

    

 

15. 
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating
to the Company or its subsidiaries, the Company shall publicly disclose such material, nonpublic information on a Current Report on Form
8-K or otherwise. In the event that the Company believes that a notice by the Company contains material, nonpublic information relating
to the Company or its subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in
the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute
material, nonpublic information relating to the Company or its subsidiaries.

 

16. 
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(d)  
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(g)  
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Subscription Date, directly or indirectly managed
or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or
any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock could be aggregated with
the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing
is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(h)  
 “Bid Price” means, for any security as of the particular time of determination, the bid price for such security
on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities
exchange or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid
price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of
such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average
of the bid prices of any market makers for such security as reported on the Pink Open Market as of such time of determination. If the
Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price
of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in
accordance with the procedures in Section 11. All such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination or other similar transaction during such period.

 

    - 13 -

     

    

 

(i)    
 “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City
of New York are authorized or required by law to remain closed.

 

(j)    
“Change of Control” means any Fundamental Transaction other than (i) any reorganization, recapitalization or
reclassification of the Common Stock in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly
or indirectly, are, in all material respect, the holders of the voting power of the surviving entity (or entities with the authority or
voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities)
after such reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger effected solely for the purpose of
changing the jurisdiction of incorporation of the Company or (iii) a merger in connection with a bona fide acquisition by the Company
of any Person in which (x) the gross consideration paid, directly or indirectly, by the Company in such acquisition is not greater than
20% of the Company’s market capitalization as calculated on the date of the consummation of such merger and (y) such merger does
not contemplate a change to the identity of a majority of the board of directors of the Company. Notwithstanding anything herein to the
contrary, any transaction or series of transaction that, directly or indirectly, results in the Company or the Successor Entity not having
Common Stock or common stock, as applicable, registered under the 1934 Act and listed on an Eligible Market shall be deemed a Change of
Control.

 

(k)  
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade
price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New
York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market
where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last
trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported
by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of
the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or on the Pink Open
Market. If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value
as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of
such security, then such dispute shall be resolved pursuant to Section 11. All such determinations to be appropriately adjusted for any
stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period.

 

    - 14 -

     

    

 

(l)    
“Common Stock” means (i) the Company’s Common Stock, par value $0.01 per share, and (ii) any
capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common
Stock.

 

(m) “Convertible
Securities” means any stock, debt or securities or other contractual rights (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(n)  
“Eligible Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market, The
Nasdaq Global Market or The New York Stock Exchange, Inc.

 

(o)  
 “Fundamental Transaction” means a transaction in which (A) the Company, directly or indirectly, including through
subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidates or merges with or into (whether or not the
Company is the surviving corporation) another Subject Entity, or (ii) sells, assigns, transfers, conveys or otherwise disposes of all
or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule
1-02 of Regulation S-X) to one or more Subject Entities, or (iii) makes, or allows one or more Subject Entities to make, or allow the
Company to be subject to or have its shares of Common Stock be subject to or party to one or more Subject Entities making, a purchase,
tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50%
of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to,
or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such
number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of
at least 50% of the outstanding shares of Common Stock, or (iv) consummates a stock purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all
such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y)
at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making
or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business combination were
not outstanding; or (z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners
(as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganizes, recapitalizes
or reclassifies its shares of Common Stock, (B) the Company, directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, allows any Subject Entity individually or the Subject Entities in the aggregate to be or become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase,
assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business
combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or
otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate
ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of the Company sufficient
to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company
to surrender their Common Stock without approval of the stockholders of the Company or (C) directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction
structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this
definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or
transaction.

 

    - 15 -

     

    

 

(p)  
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in
Rule 13d-5 thereunder.

 

(q)  
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities, but excludes, for the avoidance of doubt, any rights, warrants or options to subscribe for or purchase shares of Common Stock
or Convertible Securities issued pursuant to an incentive award plan of the Company.

 

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

 

(s)   
“Principal Market” means the national securities exchange or other trading market on which the Common Stock
is primarily listed on and quoted for trading, which, as of the Issuance Date shall be the Nasdaq Global Market.

 

(t)    
“Required Holders” means the holders of the Warrants representing at least a majority of the shares of Common
Stock underlying the Warrants then outstanding.

 

(u)  
 “Securities Purchase Agreement” means that certain Securities Purchase Agreement, dated as of October 10, 2022,
by and among the Company, the Holder as of such date, and the other parties thereto.

 

(v)  
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, for
the Company’s primary trading market or quotation system with respect to the Common Stock that is in effect on the date of receipt
of an applicable Exercise Notice.

 

    - 16 -

     

    

 

(w) “Subject Entity”
means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(x)  
“Successor Entity” means one or more Person or Persons formed by, resulting from or surviving any Fundamental
Transaction or Change of Control or one or more Person or Persons with which such Fundamental Transaction or Change of Control shall have
been entered into.

 

(y)  
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which
the Common Stock is then traded.

 

(z)  
 “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for
such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal
Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal
Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time as such market publicly
announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces
is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security
by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest closing ask price of any of the market makers
for such security as reported in the OTC Link or on the Pink Open Market. If the Weighted Average Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 11 with the term “Weighted Average Price” being
substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination, reclassification or other similar transaction during the applicable calculation period.

 

[Signature Page Follows]

 

    - 17 -

     

    

 

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

 

	 	By: __________________________

                         Name:       

                         Title:      

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER TO
EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

Immunic,
Inc.

 

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

 

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

 

____________a
“Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________a
“Cashless Exercise” with respect to _______________ Warrant Shares.

 

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

 

3. Delivery of Warrant Shares.
The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 

Date: _______________ __, ______

 

____________________________

Name of Registered Holder

 

By: _________________________

       Name:

       Title:Execution Version

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”)
is made and entered into as of October 10, 2022 by and among Immunic, Inc., a Delaware corporation (the “Company”),
and the Investors identified on Exhibit A attached hereto (each an “Investor” and collectively, the “Investors”).

 

Recitals

 

A.               
The Company and each Investor is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the 1933 Act (as defined below) and Regulation D (as defined below); and

 

B.                
The Investors, severally and not jointly, wish to purchase from the Company, and the Company wishes to sell and issue to the Investors,
upon the terms and subject to the conditions stated in this Agreement, (i) shares (the “Shares”) of the Company’s
Common Stock, par value $0.0001 per share (the “Common Stock”), and (ii) pre-funded warrants in the form attached hereto
as Exhibit B to purchase Common Stock (collectively, the “Warrants”).

 

In consideration of the mutual promises made herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

1.                     
Definitions. For the purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate” means, with respect
to any Person, any other Person which directly or indirectly through one or more intermediaries controls, is controlled by, or is under
common control with, such Person.

 

“Anti-Money Laundering Laws”
has the meaning set forth in Section 4.29.

 

“Beneficial Ownership Limitation”
shall be 9.99% of the outstanding shares of Common Stock.

 

“Business Day” means a day,
other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Bylaws” means the Company’s
Third Amended and Restated Bylaws, as may be amended and/or restated from time to time.

 

“Certificate of Incorporation”
means the Company’s Amended and Restated Certificate of Incorporation, as may be amended and/or restated from time to time.

 

“Cleansing Release” has the
meaning set forth in Section 9.7.

 

     

     

    

 

“Closing” has the meaning set
forth in Section 3.1.

 

“Closing Date” has the meaning
set forth in Section 3.1.

 

“Closing Securities” means the
Shares and the Warrants.

 

“Code” has the meaning set forth
in Section 5.18.

 

“Company’s Knowledge”
means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company.

 

“Control” (including the terms
“controlling”, “controlled by” or “under common control with”) means the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.

 

“EDGAR system” means the Electronic
Data Gathering, Analysis, and Retrieval system.

 

“Environmental Laws” has the
meaning set forth in Section 4.15.

 

“ERISA” has the meaning set
forth in Section 5.18.

 

“Evaluation Date” has the meaning
set forth in Section 4.23.

 

“FDA” has the meaning set forth
in Section 4.25.

 

“GAAP” has the meaning set forth
in Section 4.17.

 

“Health Care Laws” means the
Federal Food, Drug, and Cosmetic Act (21 U.S.C. §§ 301 et seq.), the regulations promulgated by other similar local, state or
federal law and regulations.

 

“Indemnified Party” has the
meaning set forth in Section 8.4.

 

“Indemnifying Party” has the
meaning set forth in Section 8.4.

 

“Investor Indemnified Party”
has the meaning set forth in Section 8.2.

 

“Intellectual Property” means
all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, trade secrets, licenses,
domain names, information and proprietary rights and processes.

 

“Intellectual Property Rights”
has the meaning set forth in Section 4.14.

 

“Investor Questionnaire” has
the meaning set forth in Section 3.1.

 

“Irrevocable Transfer Agent Instructions”
has the meaning set forth in Section 7.3.

 

“Legend Removal Date” has the
meaning set forth in Section 7.2.

 

    2 

     

    

 

“Majority Investors” has the
meaning set forth in Section 6.3(a)(i).

 

“Material Adverse Effect” means
a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or business of the Company and
its Subsidiary taken as a whole, (ii) the legality or enforceability of any of the Transaction Documents or (iii) the ability
of the Company to perform its obligations under the Transaction Documents; provided, however, that in no event shall any
of the following occurring after the date hereof, alone or in combination, be deemed to constitute, or be taken into account in determining
whether, a Material Adverse Effect has occurred: any effect caused by the announcement or pendency of the transactions contemplated by
the Transaction Documents, or the identity of any Investor or any of its Affiliates as the purchaser in connection with the transactions
contemplated by this Agreement or any change in the market price of the Common Stock.

 

“Material Contract” means any
contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business of the
Company, including those that have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(10) of Regulation S-K.

 

“Nasdaq” means The Nasdaq Stock
Market.

 

“Person” means an individual,
corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship,
unincorporated organization, governmental authority or any other form of entity not specifically listed herein.

 

“Placement Agents” means SVB Securities
LLC and Piper Sandler & Co..

 

“Registrable Securities” means
(i) the Shares and Warrant Shares and (ii) any other securities issued upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be
Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, registration statement
hereunder with respect thereto) upon the first to occur of (A) a registration statement with respect to the sale of such Registrable Securities
being declared effective by the SEC under the 1933 Act and such Registrable Securities having been disposed of or transferred by the holder
thereof in accordance with such effective Registration Statement, (B) such Registrable Securities having been previously sold or
transferred in accordance with Rule 144 (or another exemption from the registration requirements of the 1933 Act), and (C) such securities
becoming eligible for resale without volume or manner-of-sale restrictions and without current public information requirements pursuant
to Rule 144.

 

“Regulation D” means Regulation
D as promulgated by the SEC under the 1933 Act.

 

“Rule 144” means Rule 144 promulgated
under the 1933 Act (or any successor rule).

 

“Sanctions” has the meaning
set forth in Section 4.28.

 

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

 

    3 

     

    

 

“SEC Filings” has the meaning
set forth in Section 4.7.

 

“Securities” means the Shares,
the Warrants and the Warrant Shares.

 

“Shareholder Approval” means
such approval as required by the applicable rules and regulations of Nasdaq from the shareholders of the Company to issue Warrant Shares
to the Investors in excess of the Beneficial Ownership Limitation.

 

“Shares” has the meaning set
forth in the recitals to this Agreement.

 

“Short Sales” means all “short
sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be deemed to include the location and/or reservation
of borrowable shares of Common Stock).

 

“Subscription Amount” means,
as to an Investor, the aggregate amount to be paid for the Closing Securities purchased hereunder as specified opposite such Investor’s
name on Exhibit A attached hereto, under the column entitled “Aggregate Purchase Price of Closing Securities,” in U.S.
Dollars and in immediately available funds.

 

“Subsidiary” has the meaning
set forth in Section 4.1.

 

“Trading Day” means a day on
which Nasdaq is open for trading.

 

“Transfer Agent” has the meaning
set forth in Section 7.2.

 

“Transaction Documents” means
this Agreement, including the exhibits attached hereto, the Warrants and any other documents or agreements executed and delivered by the
Company and the Investors in connection with the transactions contemplated hereunder.

 

“Warrants” has the meaning set
forth in the Recitals.

 

“Warrant Shares” means the shares
of Common Stock issuable upon exercise of the Warrants.

 

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

 

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

 

2.                     
Purchase and Sale of the Shares and Warrants. On the Closing Date, upon the terms and subject to the conditions set forth
herein, the Company will issue and sell, and each Investor will purchase, severally and not jointly, (i) the number of Shares set forth
opposite the name of such Investor under the heading “Number of Shares” on Exhibit A attached hereto, at a price per
Share equal to $4.35, (ii) the number of Warrants set forth opposite the name of such Investor under the heading “Number of Warrants”
on Exhibit A attached hereto, each with an exercise price equal to $0.01 per Warrant Share, at a price per Warrant equal to $4.34
each with an exercise price equal to $0.01 per Warrant Share (subject to adjustment as provided therein).

 

    4 

     

    

 

3.                     
Closing.

 

3.1.               
The closing of the purchase and sale of the Closing Securities pursuant to this Agreement (the “Closing”) shall
be held remotely via the exchange of documents and signatures no later than 10:00 AM (Eastern Time) on October 12, 2022 (the “Closing
Date”). At or prior to the Closing, each Investor shall execute any related agreements or other documents required to be executed
hereunder, dated on or before the Closing Date, including but not limited to the Investor Questionnaire in the form attached hereto as
Appendix I (the “Investor Questionnaire”).

 

3.2.               
On the Closing Date, each Investor shall deliver or cause to be delivered to the Company the Subscription Amount via wire transfer
of immediately available funds pursuant to the wire instructions delivered to such Investor by the Company on or prior to the Closing
Date.

 

3.3.               
At or before the Closing, the Company shall deliver or cause to be delivered to each Investor (i) the number of Shares, registered
in the name of the Investor (or its nominee in accordance with its delivery instructions) in book entry form, in the amount set forth
opposite the name of such Investor under the heading “Number of Shares” on Exhibit A attached hereto and (ii) the number
of Warrants set forth opposite the name of such Investor under the heading “Number of Warrants” on Exhibit A attached
hereto, registered in the name of the Investor.

 

4.                     
Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that, except
as otherwise described in the SEC Filings, which qualify these representations and warranties in their entirety, as of the date hereof
and the Closing Date (except for the representations and warranties that speak as of a specific date, which shall be made as of such date):

 

4.1.               
Organization, Good Standing and Qualification. The Company is an entity duly incorporated, validly existing and in good
standing under the laws of the State of Delaware, with the requisite corporate power and authority to own or lease and use its properties
and assets, to execute and deliver the Transaction Documents, to carry out the provisions of the Transaction Documents, to issue and sell
the Closing Securities and to carry on its business as presently conducted and as proposed to be conducted as described in the SEC Filings.
Immunic AG (the “Subsidiary”) is the only subsidiary of the Company and is wholly owned by the Company. The Subsidiary
is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists in the
relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization, as applicable, and has all requisite power
and authority to carry on its business and to own and use its properties. Neither the Company nor its Subsidiary is in violation or default
of any of the provisions of its respective articles of association, charter, certificate of incorporation, bylaws, limited partnership
agreement or other organizational or constitutive documents. Each of the Company and its Subsidiary is duly qualified to do business as
a foreign entity and is in good standing (to the extent such concept exists in the relevant jurisdiction) in each jurisdiction in which
the conduct of its business or its ownership or leasing of property makes such qualification necessary, except to the extent any failure
to so qualify has not had and would not reasonably be expected to have a Material Adverse Effect.

 

    5 

     

    

 

4.2.               
Authorization. The Company has the requisite corporate power and authority and has taken all requisite corporate action
necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the
authorization, execution and delivery of the Transaction Documents, (ii) the authorization of the performance of all obligations
of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of the Closing
Securities. The Company’s execution and delivery of each of the Transaction Documents and the consummation by it of the transactions
contemplated hereby and thereby have been duly and validly authorized by all necessary board and stockholder action. Each of the Transaction
Documents has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery by the Investors,
constitutes valid and binding obligations of the Company enforceable in accordance with their terms, except (a) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights,
(b) general principles of equity that restrict the availability of equitable remedies and (c) to the extent that the enforceability of
indemnification provisions may be limited by applicable laws.

 

4.3.               
Capitalization. The Company is authorized under the Certificate of Incorporation to issue 130,000,000 shares of Common Stock
and 20,000,000 shares of preferred stock. The Company’s disclosure of its issued and outstanding capital stock in its most recent
SEC Filing containing such disclosure was accurate in all material respects as of the date indicated in such SEC Filing. Since the date
indicated in such SEC Filing, there has not been any change to the Company’s capital stock, other than as a result of the exercise
of stock options or incentive awards in the ordinary course of business pursuant to the Company’s stock-based compensation plans
described in the SEC Filings, and the exercise of warrants to purchase Common Stock described in the SEC Filings, and the issuance of
shares of Common Stock pursuant to the Company’s at-the-market sales agreement described in the SEC Filings. All of the issued and
outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid and nonassessable,
and none of such shares were issued in violation of any pre-emptive rights and such shares were issued in compliance in all material respects
with applicable state and federal securities law and any rights of third parties. No Person is entitled to pre-emptive or similar statutory
or contractual rights with respect to the issuance by the Company of any securities of the Company. Except as described in the SEC Filings
and as provided in this Agreement, there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements
of any character under which the Company is or may be obligated to issue any equity securities of any kind. Except as described in the
SEC Filings or for agreements filed as exhibits to the SEC Filings, there are no material voting agreements, buy-sell agreements, option
or right of first purchase agreements or other agreements of any kind among the Company and any of the security holders of the Company
relating to the securities of the Company held by them. Except as described in the SEC Filings and as provided in this Agreement, no Person
has the right to require the Company to register any securities of the Company under the 1933 Act, whether on a demand basis or in connection
with the registration of securities of the Company for its own account or for the account of any other Person. The issuance and sale of
the Closing Securities hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person
(other than the Investors) and will not result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding
security.

 

    6 

     

    

 

4.4.               
Valid Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement,
will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than those
waived or created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable
securities laws. The Warrants have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be
validly issued. The Warrant Shares have been duly and validly authorized and reserved for issuance and, upon exercise of the Warrants
in accordance with their terms, including the payment of any exercise price therefor, will be validly issued, fully paid and nonassessable
and will be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on
transfer set forth in the Transaction Documents or imposed by applicable securities laws. Assuming the accuracy of the representations
and warranties of the Investors in this Agreement, the Closing Securities will be issued in compliance with all applicable federal and
state securities laws.

 

4.5.               
Consents. The execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and
sale of the Closing Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency,
or official other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable
state and federal securities laws and the rules and regulations of Nasdaq, which the Company undertakes to file within the applicable
time periods, except as have already been made, obtained or waived or where the failure to obtain any such approval, authorization, consent,
order or filing would not impair the ability of the Company to issue and sell the Closing Securities or to consummate the transactions
contemplated by this Agreement.

 

4.6.               
No Material Adverse Change. Since June 30, 2022, except as specifically set forth in a subsequent SEC Filing, there has
not been:

 

(i)                    
any change in the consolidated assets, liabilities, financial condition or operating results of the Company from that reflected
in the financial statements included in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2022, except
for changes in the ordinary course of business which have not had and would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect;

 

(ii)                 
any declaration or payment by the Company of any dividend, or any authorization or payment by the Company of any distribution,
on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company;

 

(iii)               
any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of the Company;

 

    7 

     

    

 

(iv)                
any waiver, not in the ordinary course of business, by the Company of a material right or of a material debt owed to it;

 

(v)                  
any satisfaction or discharge of a material lien, claim or encumbrance or payment of any obligation by the Company, except in the
ordinary course of business;

 

(vi)                
any change or amendment to the Certificate of Incorporation or Bylaws, or termination of or material amendment to any contract
of the Company that the Company is required to file with the SEC pursuant to Item 601(b)(10) of Regulation S-K;

 

(vii)             
any material labor difficulties or, to the Company’s Knowledge, labor union organizing activities with respect to employees
of the Company;

 

(viii)           
any material transaction entered into by the Company other than in the ordinary course of business;

 

(ix)                
the loss of the services of any executive officer (as defined in Rule 405 under the 1933 Act) of the Company; or

 

(x)                  
any other event or condition that, to the Company’s Knowledge, has had or would reasonably be expected to have a Material
Adverse Effect.

 

4.7.               
SEC Filings. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by
the Company under the 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the year preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the “SEC Filings”).
At the time of filing thereof, the SEC Filings complied as to form in all material respects with the requirements of the 1933 Act or 1934
Act, as applicable, and none of the SEC Filings, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

4.8.               
No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company
and the issuance and sale of the Closing Securities in accordance with the provisions thereof will not (i) conflict with or result
in a breach or violation of (a) any of the terms and provisions of, or constitute a default under, the Certificate of Incorporation
or Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Investors through the
EDGAR system), or (b) assuming the accuracy of the representations and warranties in Section 5, any applicable statute, rule, regulation
or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or its Subsidiary,
or any of their assets or properties, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties
or assets of the Company or its Subsidiary or give to others any rights of termination, amendment, acceleration or cancellation (with
or without notice, lapse of time or both) of, any Material Contract except, in the case of clauses (i)(b) and (ii) only, for such conflicts,
breaches, violations and defaults as have not and would not reasonably be expected to have a Material Adverse Effect. This Section does
not relate to matters with respect to tax status, which are the subject of Section 4.10, employee relations and labor matters,
which are the subject of Section 4.13, intellectual property, which are the subject of Section 4.14, and environmental
laws, which are the subject of Section 4.15.

 

    8 

     

    

 

4.9.               
Compliance.  The Company is not (i) in default under or in violation of (and no event has occurred that has not
been waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received
notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been
waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or governmental body or (iii) in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state
and local laws relating to environmental protection, occupational health and safety, product quality and safety and employment and labor
matters, and excluding taxes, which are the subject of Section 4.10, except in each case as would not have or reasonably be expected
to result in a Material Adverse Effect.

 

4.10.           
Tax Matters. The Company and its Subsidiary have filed all tax returns required to have been filed by them and have paid
all taxes shown thereon or otherwise owed by them, other than (i) those taxes being contested in good faith and for which adequate reserves
have been provided or (ii) where the failure to so file or pay would not reasonably be expected to result in a Material Adverse Effect.
The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 4.17
below in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company
or its Subsidiary has not been finally determined, except to the extent of any inadequacy that would not reasonably be expected to result
in a Material Adverse Effect. There are no tax liens or claims pending or, to the Company’s Knowledge, threatened against the Company
or its Subsidiary or any of their respective assets or property, which could reasonably be expected to result in a Material Adverse Effect.

 

4.11.           
Title to Properties. The Company and its Subsidiary have good and marketable title to all real properties and all other
tangible properties and assets owned by them, in each case free from liens, encumbrances and defects, except such as would not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect; and the Company and its Subsidiary hold any leased real
or personal property under valid, subsisting and enforceable leases with which the Company and its Subsidiary are in compliance and with
no exceptions, except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and
except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
convenience or other similar laws relating to creditor’s rights generally and (ii) general principles of equity and the discretion
of the court before which any proceeding therefor may be brought.

 

4.12.           
Certificates, Authorities and Permits. The Company and its Subsidiary possess certificates, authorities or permits issued
by appropriate governmental agencies or bodies necessary to conduct the business now operated by them, except where the failure to so
possess would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. During the past three
years, the Company and its Subsidiary have not received any written notice of proceedings relating to the revocation or modification of
any such certificate, authority or permit that, if determined adversely to the Company or its Subsidiary, would reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

    9 

     

    

 

4.13.           
Labor Matters.

 

(a)                  
Neither the Company nor its Subsidiary are parties to or bound by any collective bargaining agreements or other agreements with
labor organizations.

 

(b)                  
No labor dispute before the National Labor Relations Board with the employees of the Company or its Subsidiary, or with the employees
of any principal supplier, manufacturer, customer or contractor of the Company, exists or, to the Company’s Knowledge, is threatened
or imminent that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(c)                  
There are no claims pending against the Company before the Equal Employment Opportunity Commission or any other administrative
body or in any court asserting any violation of Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C.
§§ 1981 or 1983 or any other federal, state or local law, statute or ordinance barring discrimination of employment that would
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

4.14.           
Intellectual Property. Except as disclosed in the SEC Filings, and as would not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect, the Company and its Subsidiary own, possess, license or have other rights to use,
the patents and patent applications, copyrights, trademarks, service marks, trade names, service names and trade secrets as necessary
or material for use in connection with their businesses as described in the SEC Filings (collectively, the “Intellectual Property
Rights”), and to the Company’s Knowledge, there are no material liens, security interests or encumbrances that have been
filed against any of these Intellectual Property Rights. No actions, suits, proceedings or claims are pending, or to the Company’s
Knowledge, asserted or threatened against the Company or its Subsidiary alleging infringement of a patent or other intellectual property
right of others. To the Company’s Knowledge, there is no existing infringement by another Person of any of the Intellectual Property
Rights that would materially affect the use thereof by the Company. To the Company’s Knowledge, the development, manufacture, sale,
and any currently proposed use of any of the products, proposed products or processes of the Company referred to in the SEC Filings, in
the current or proposed conduct of the business of the Company, do not, and will not upon commercialization, to the Company’s Knowledge,
infringe any right or valid patent claim of any third party. To the Company’s Knowledge, there are no ownership rights of third
parties to any Intellectual Property Rights in any field of use that is exclusively licensed to the Company, other than any licensor to
the Company of such Intellectual Property Rights. To the Company’s Knowledge, no action, suit, claim or other proceeding, except
for routine patent and trademark prosecution proceedings in patent offices throughout the world, is pending or threatened challenging
the validity, enforceability, scope, registration, ownership or use of any of the Intellectual Property Rights. To the Company’s
Knowledge, no action, suit, claim or other proceeding is pending or threatened, challenging the Company’s rights in or to any Intellectual
Property Rights.  The Company and its Subsidiary have security procedures designed to protect the secrecy, confidentiality and value
of their Intellectual Property Rights. To the Company’s Knowledge, no employee is in or has been in violation in any material respect
of any term of any employment contract, invention assignment agreement, noncompetition agreement, or nondisclosure agreement
with a former employer, executed prior to such employee’s employment where the basis of such violation relates to such employee’s
employment and such violation occurred while employed and while the contract was valid and in effect. All material licenses or other material
agreements under which the Company is granted rights to Intellectual Property are, to the Company’s Knowledge, in full force and
effect and, to the Company’s Knowledge, there is no material default by any other party thereto. To the Company’s Knowledge,
the licensors under material licenses and other material agreements had all requisite power and authority to grant the rights to the Intellectual
Property Rights purported to be granted thereby. To the Company’s Knowledge, the consummation of the transactions contemplated hereby
and by the other Transaction Documents will not result in the alteration, loss, impairment of or restriction on the Company’s or
its Subsidiary’s ownership or right to use any Intellectual Property Rights that is material to the conduct of the Company’s
business as now conducted.

 

    10 

     

    

 

4.15.           
Environmental Matters. Except as disclosed in the SEC Filings and as would not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect, neither the Company nor its Subsidiary is in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous
or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances
(collectively, “Environmental Laws”), has released any hazardous substances regulated by Environmental Law on to any
real property that it owns or operates, or has received any written notice or claim that it is liable for any off-site disposal or contamination
pursuant to any Environmental Laws; and to the Company’s Knowledge, there is no pending or threatened investigation that would reasonably
be expected to lead to such a claim.

 

4.16.           
Legal Proceedings. Except as disclosed in the SEC Filings, there are no legal, governmental or regulatory investigations,
actions, suits or proceedings pending to which the Company or its Subsidiary is a party or to which any property of the Company is subject
that, individually or in the aggregate, if determined adversely to the Company or its Subsidiary, would reasonably be expected to have
a Material Adverse Effect; and to the Company's Knowledge, no such proceedings are threatened or contemplated by governmental authorities
or others.

 

4.17.           
Financial Statements. The financial statements included in each SEC Filing comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent
corrected by a subsequent restatement) and present fairly, in all material respects, the financial position of the Company as of the dates
shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited financial statements to normal
year-end audit adjustments, and such financial statements have been prepared in conformity with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”) (except as may be disclosed therein or
in the notes thereto, and except that the unaudited financial statements may not contain all footnotes required by GAAP, and, in the case
of quarterly financial statements, as permitted by Form 10-Q under the 1934 Act). There are no financial statements (historical or pro
forma) that are required to be included in the SEC Filings that are not so included as required.

 

    11 

     

    

 

4.18.           
Insurance Coverage. The Company and its Subsidiary maintain insurance covering their respective properties, operations,
personnel and businesses as the Company reasonably deems adequate; the Company reasonably believes such insurance insures against such
losses and risks in accordance with customary industry practice to protect the Company and its Subsidiary and their respective businesses
and which is commercially reasonable for the current conduct of their respective businesses; all such insurance is fully in force on the
date hereof; the Company and its Subsidiary are in compliance with the terms of such policies in all material respects; neither the Company
nor its Subsidiary has received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required
or necessary to be made in order to continue such insurance; there are no material claims by the Company or its Subsidiary under any such
policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither
the Company nor its Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that
would not reasonably be expected to have a Material Adverse Effect.

 

4.19.           
Compliance with Nasdaq Continued Listing Requirements. The Company is in compliance with applicable Nasdaq continued listing
requirements. There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued
listing of the Common Stock on Nasdaq and the Company has not received any notice of, nor, to the Company’s Knowledge, is there
any reasonable basis for, the delisting of the Common Stock from Nasdaq.

 

4.20.           
Brokers and Finders. Neither the Company nor its Subsidiary is a party to any contract, agreement or understanding with
any Person, other than the Placement Agents, that would give rise to a valid claim against any of them for a brokerage commission, finder’s
fee or like payment in connection with the offering and sale of the Securities. Other than the Placement Agents, no Person will have,
as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company
or, to the Company’s Knowledge, an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Company.

 

4.21.           
No Directed Selling Efforts or General Solicitation. Neither the Company nor its Subsidiary nor any Person acting on their
behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with
the offer or sale of any of the Closing Securities.

 

4.22.           
No Integrated Offering. Neither the Company nor its Subsidiary nor any Person acting on their behalf has, directly or indirectly,
made any offers or sales of any Company security or solicited any offers to buy any Company security, under circumstances that would adversely
affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or
would require registration of the Closing Securities under the 1933 Act. Neither the Company nor its Subsidiary solicited an Investor
through the use of general solicitation and the Company or one or more of the Placement Agents has a substantive relationship with each
Investor that was established prior to the commencement of the exempt offering contemplated herein.

 

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4.23.           
Internal Controls. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15(c)
and 15d-15(e) of the 1934 Act) for the Company and designed such disclosure controls and procedures to ensure that material information
relating to the Company and required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is made
known to the certifying officers by others within the Company. The Company maintains a system of internal accounting controls sufficient
to provide reasonable assurance that (i) receipts and expenditures are being made in accordance with management’s general or specific
authorizations, and (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP.
The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of the end
of the period covered by the most recently filed periodic report under the 1934 Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the 1934 Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the end of the Company’s
most recent audited fiscal year, to the Company’s Knowledge, there have been no significant deficiencies or material weakness detected
in the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal
control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal
control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred
during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

 

4.24.           
Investment Company. The Company is not required to be registered as, and immediately following the Closing will not be required
to register as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

4.25.           
Tests and Preclinical and Clinical Trials. During the past three years, the studies, tests and preclinical and clinical
trials conducted by or, to the Company’s Knowledge, on behalf of the Company were and, if still pending, are being, conducted in
all material respects in accordance with all applicable Health Care Laws. The descriptions of the studies, tests and preclinical and clinical
trials conducted by or, to the Company’s Knowledge, on behalf of the Company, contained in the SEC Filings are accurate in all material
respects; the Company is not aware of any other studies, tests or preclinical and clinical trials, the results of which call into question
the results described in the SEC Filings; and the Company has not received any written notices or correspondence from the U.S. Food and
Drug Administration (the “FDA”), any foreign, state or local governmental body exercising comparable authority or any
Institutional Review Board requiring the termination, suspension or clinical hold of any studies, tests or preclinical or clinical trials
conducted by or on behalf of the Company. During the past three years, neither the Company nor, to the Company’s Knowledge, any
of its officers or employees has committed any act, made any statement or failed to make any statement that would reasonably be expected
to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal
Gratuities” set forth in 56 Fed. Reg. 46191 (Sept. 10, 1991) and any amendments thereto. During the past three years, neither the
Company nor, to the Company’s Knowledge, any officer or employee of the Company has been convicted of any crime or engaged in any
conduct that has resulted in or would reasonably be expected to result in (i) debarment under 21 U.S.C. Section 335a or any
similar state law or (ii) exclusion under 42 U.S.C. Section 1320a-7 or any similar state law or regulation.

 

    13 

     

    

 

4.26.           
Manipulation of Price.  The Company has not, and, to the Company’s Knowledge, no Person acting on its behalf
has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of any of the Closing Securities.

 

4.27.           
Bad Actor Disqualification. None of the Company, any predecessor or affiliated issuer of the Company nor, to the Company’s
Knowledge, any director or executive officer of the Company or any promoter connected with the Company in any capacity, is subject to
any of the “bad actor” disqualifications within the meaning of Rule 506(d) under the 1933 Act, except for a disqualification
event covered by Rule 506(d)(2) or (d)(3). The Company has complied, to the extent applicable, with any disclosure obligations under Rule
506(e) under the Securities Act.

 

4.28.           
Foreign Corrupt Practices; Questionable Payments; Office of Foreign Assets Control.  Neither the Company nor its Subsidiary
has, and to the Company’s Knowledge, no agent or other person acting on behalf of the Company or its Subsidiary has (i) directly
or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic
political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or its Subsidiary
(or made by any person acting on behalf of the Company or its Subsidiary of which the Company is aware) which is in violation of law,
or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. Neither the Company nor
the Subsidiary, nor any or their directors, officers or employees, nor, to the Company’s Knowledge, any agent, affiliate or representative
of the Company or the Subsidiary, is an individual or entity that is, or is owned or controlled by an individual or entity that is: (i)
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea and Syria).

 

4.29.           
Anti-Money Laundering. The operations of the Company and the Subsidiary are and have been conducted at all times in material
compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended
by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiary conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company or its Subsidiary with respect to the
Anti-Money Laundering Laws is pending or, to the Company’s Knowledge, threatened.

 

    14 

     

    

 

4.30.           
Takeover Protections; Rights Agreements.  The Company and the Board of Directors of the Company have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company’s charter documents or the laws of its state
of incorporation that is or could reasonably be expected to become applicable to any of the Investors as a result of the Investors and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including, without limitation, the
Company’s issuance of the Closing Securities and the Investors’ ownership of the Closing Securities.

 

4.31.           
Transactions With Affiliates and Employees. Other than as contemplated by the Transaction Documents, no relationship, direct
or indirect, exists between or among the Company, on the one hand, and the directors, officers, stockholders, customers or suppliers of
the Company, on the other hand, that is required to be described in the SEC Filings that is not so described.

 

5.                     
Representations and Warranties of the Investors. Each of the Investors hereby, severally and not jointly, represents and
warrants to the Company that:

 

5.1.               
Organization and Existence. Such Investor is a validly existing corporation, limited partnership or limited liability company
and has all requisite corporate, partnership or limited liability company power and authority to enter into and consummate the transactions
contemplated by the Transaction Documents and to carry out its obligations hereunder and thereunder, and to invest in the Closing Securities
pursuant to this Agreement.

 

5.2.               
Authorization. The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor
is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding
obligation of such Investor, enforceable against such Investor in accordance with their respective terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

5.3.               
Purchase Entirely for Own Account. The Closing Securities to be received by such Investor hereunder will be acquired for
such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation
of the 1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same
in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all
or any part of such Closing Securities in compliance with applicable federal and state securities laws. Nothing contained herein shall
be deemed a representation or warranty by any Investor to hold the Closing Securities for any period of time. Such Investor is not a broker-dealer
registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered.

 

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5.4.               
Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment
in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and
risks of the investment contemplated hereby.

 

5.5.               
Disclosure of Information. Such Investor has had an opportunity to receive, review and understand all information related
to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the
terms and conditions of the offering of the Securities, and has conducted and completed its own independent due diligence. Such Investor
acknowledges receipt of copies of, or access through the EDGAR system to, the SEC Filings. Based on the information such Investor has
deemed appropriate, it has independently made its own analysis and decision to enter into the Transaction Documents. Such Investor is
relying exclusively on its own investment analysis and due diligence (including professional advice from its own independent advisors
it deems appropriate), and without reliance on the Placement Agents, with respect to the execution, delivery and performance of the Transaction
Documents, the Securities and the business, condition (financial and otherwise), management, operations, properties and prospects of the
Company, including but not limited to all business, legal, regulatory, accounting, credit and tax matters. Such Investor has not relied
on any information or advice furnished by or on behalf of the Placement Agents in connection with the Transaction Documents or the transactions
contemplated thereby. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall modify, limit
or otherwise affect such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement.

 

5.6.               
Restricted Securities. Such Investor understands that the Securities are characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain
limited circumstances.

 

5.7.               
Legends. It is understood that, except as provided below, certificates or book entry positions evidencing the Securities
may bear the following or any similar legend:

 

“The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any
state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be transferred
unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities
may be sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that
such transfer may lawfully be made without registration under the Securities Act of 1933, as amended. These securities are subject to
transfer and other restrictions set forth in a SECURITIES Purchase Agreement, dated OCTOBER 10, 2022, copies of which are on file with
the Company. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

 

    16 

     

    

 

If required by the authorities of any state in connection
with the issuance and sale of the Securities, the legend required by such state authority.

 

5.8.               
Accredited Investor. At the time such Investor was offered the Securities, it was and, as of the date hereof, such Investor
is an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has executed and delivered to the Company
its Investor Questionnaire, which such Investor represents and warrants is true, correct and complete. Such Investor is a sophisticated
institutional investor with sufficient knowledge, sophistication and experience in business, including transactions involving private
investments in public equity, to properly evaluate the risks and merits of its purchase of the Closing Securities. Such Investor has determined
based on its own independent review and such professional advice as it deems appropriate that its purchase of the Closing Securities and
participation in the transactions contemplated by the Transaction Documents (i) are fully consistent with its financial needs, objectives
and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to such
Investor, (iii) have been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default
under such Investor’s charter, bylaws or other constituent document, if applicable, or under any law, rule, regulation, agreement
or other obligation by which such Investor is bound and (v) are a fit, proper and suitable investment for such Investor, notwithstanding
the substantial risks inherent in investing in or holding the Securities.

 

5.9.               
No General Solicitation; Pre-Existing Relationship. Such Investor did not learn of the investment in the Shares as a result
of any general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (a)
any advertisement, article, notice or other communication published in any newspaper, magazine, website, or similar media, or broadcast
over television or radio, or (b) any seminar or meeting to which such Investor was invited by any of the foregoing means of communications.
Each Investor has a substantive relationship with the Company or one or more of the Placement Agents that was established prior to the
commencement of the exempt offering contemplated herein.

 

5.10.           
Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any
valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant to any
agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

    17 

     

    

 

5.11.           
Short Sales and Confidentiality Prior to the Date Hereof.  Other than consummating the transactions contemplated hereunder,
such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, directly or indirectly
executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
that such Investor was first contacted by the Company, a Placement Agent or any other Person regarding the transactions contemplated hereby
and ending immediately prior to the date hereof.  Notwithstanding the foregoing, in the case of an Investor that is a multi-managed
investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers
have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets,
the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the
investment decision to purchase the Securities covered by this Agreement.  Such Investor, its Affiliates and, to the knowledge of
such Investor, authorized representatives and advisors of such Investor who are aware of the transactions contemplated hereby, maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of such transaction).
Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or
preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to
effect Short Sales or similar transactions in the future.

 

5.12.           
 No Government Recommendation or Approval. Such Investor understands that no United States federal or state agency, or similar
agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase
of the Securities.

 

5.13.           
No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents and the consummation
by such Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents
of such Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Investor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults,
rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the
ability of such Investor to perform its obligations hereunder.

 

5.14.           
Residency. Such Investor’s office in which its investment decision with respect to the Closing Securities was made
is located at the address immediately below such Investor’s name on the Schedule of Investors.

 

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5.15.
       Placement Agents. Such Investor hereby acknowledges and agrees that (i) the
Placement Agents are acting solely as placement agents in connection with the execution, delivery and performance of the Transaction
Documents and are not acting as underwriters or in any other capacity and are not and shall not be construed as fiduciaries for such
Investor, the Company or any other Person in connection with the execution, delivery and performance of the Transaction Documents,
(ii) the Placement Agents have not made and will not make any representation or warranty, whether express or implied, of any kind or
character, and have not provided any advice or recommendation in connection with the execution, delivery and performance of the
Transaction Documents, (iii) the Placement Agents will not have any responsibility with respect to (a) any representations,
warranties or agreements made by any Person under or in connection with the execution, delivery and performance of the Transaction
Documents, or the execution, legality, validity or enforceability (with respect to any Person) thereof, or (b) the business,
affairs, financial condition, operations, properties or prospects of, or any other matter concerning the Company, and (iv) the
Placement Agents will not have any liability or obligation (including without limitation, for or with respect to any losses, claims,
damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by such Investor, the
Company or any other person or entity), whether in contract, tort or otherwise, to such Investor, or to any Person claiming through
it, in respect of the execution, delivery and performance of the Transaction Documents, except, in each case in this clause (iv),
for such party’s own gross negligence, willful misconduct or bad faith.

 

6.                     
Conditions to Closing.

 

6.1.               
Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Closing Securities at the Closing
is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any
of which may be waived by such Investor (as to itself only):

 

(a)                  
The representations and warranties made by the Company in Section 4 hereof, as qualified by the SEC Filings, shall
be true and correct in all material respects (except for those representations and warranties which are qualified as to materiality or
by Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) as of the date
hereof and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which
case such representation or warranty shall be true and correct as of such earlier date. The Company shall have performed in all material
respects all obligations and covenants herein required to be performed by it on or prior to the Closing Date.

 

(b)                  
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation
of the purchase and sale of the Closing Securities and the consummation of the other transactions contemplated by the Transaction Documents,
all of which shall be in full force and effect.

 

(c)                  
The Company shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the Closing Securities.

 

(d)                  
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been
instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other
Transaction Documents.

 

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(e)                  
The Investors shall have received an opinion from Dentons US LLP, the Company’s counsel, dated as of the Closing Date, in
a customary form reasonably acceptable to the Investors.

 

(f)                   
The Investors shall have received the duly executed Irrevocable Transfer Agent Instructions instructing the Transfer Agent to deliver
a book-entry statement evidencing the number of Shares equal to such Investor’s shares of Common Stock set forth below next to such
Investor’s name on Exhibit A attached hereto registered in the name of such Investor.

 

(g)                  
No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body
with respect to public trading in the Common Stock.

 

(h)                  
The Company shall have delivered a certificate of the Secretary of the Company (the “Secretary’s Certificate”),
dated as of the Closing Date, (a) certifying the resolutions adopted by the Board of Directors of the Company or a duly authorized committee
thereof approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Closing
Securities, and (b) certifying the current versions of the Certificate of Incorporation and Bylaws of the Company.

 

(i)                    
Since the date hereof, no event or circumstance or series of events or circumstances shall have occurred that has had or would
reasonably be expected to have a Material Adverse Effect.

 

6.2.               
Conditions to Obligations of the Company. The Company’s obligation to sell and issue Closing Securities at the Closing
to each Investor is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions,
any of which may be waived by the Company:

 

(a)                  
The representations and warranties made by each Investor in Section 5 hereof shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality, in which case such representations and
warranties shall be true and correct in all respects) as of the date hereof and on the Closing Date. The Investors shall have performed
in all material respects all obligations and covenants herein required to be performed by them on or prior to the Closing Date.

 

(b)                  
Each Investor shall have executed and delivered the Investor Questionnaire.

 

(c)                  
Any Investor purchasing Closing Securities at the Closing shall have paid in full its Subscription Amount to the Company.

 

6.3.               
Termination of Obligations to Effect Closing; Effects.

 

(a)                  
The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as
follows:

 

    20 

     

    

 

(i)                    
Upon the mutual written consent of the Company and Investors that agreed to purchase a majority of the Shares and the Warrant Shares
issuable upon exercise of the Warrants in the aggregate (the “Majority Investors”) to be issued and sold pursuant to
this Agreement;

 

(ii)                 
By the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall
not have been waived by the Company; or

 

(iii)               
By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have become incapable
of fulfillment, and shall not have been waived by the Investor;

 

provided, however, that, except in the case of clause
(i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations,
warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted in the
circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

 

(b)                  
In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to this Section 6.3,
written notice thereof shall be given promptly to the other Investors by the Company and the other Investors shall have the right to terminate
their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this Section 6.3
shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or
the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations
under this Agreement or the other Transaction Documents.

 

7.                     
Covenants and Agreements of the Company.

 

7.1.               
Nasdaq Listing. From the date hereof until such time as the Shares and Warrant Shares have been sold pursuant to Rule 144
or are eligible for resale under Rule 144(b)(1) or any successor provision, the Company will take such action as is necessary to continue
the listing and trading of its Common Stock on Nasdaq and, in accordance, therewith, will take all actions necessary to comply in all
respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.
The Company further agrees, if the Company applies to have the Common Stock traded on any other trading market, it will then include in
such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and
Warrant Shares to be listed or quoted on such other trading market as promptly as possible. The Company agrees to maintain the eligibility
of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection
with such electronic transfer.

 

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7.2.               
Removal of Legends. In connection with any sale or disposition of the Shares or the Warrant Shares by an Investor pursuant
to Rule 144 or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon
compliance by the Investor with the requirements of this Agreement, if requested by the Investor, the Company shall use its reasonable
best efforts to request that the transfer agent for the Common Stock (the “Transfer Agent”) remove any restrictive
legends related to the book entry account holding such Shares or Warrant Shares and make a new, unlegended entry for such book entry Shares
or Warrant Shares sold or disposed of without restrictive legends within two Trading Days of receipt of such request from the Investor
(such date, the “Legend Removal Date”) provided that the Company has received customary representations and other documentation
reasonably acceptable to the Company in connection therewith not later than 5:00 p.m. Eastern Time on the date of such request. Subject
to receipt by the Company of customary representations and other documentation reasonably acceptable to the Company in connection therewith,
upon the earliest of such time as the Shares and Warrant Shares (i) have been sold or transferred pursuant to an effective registration
statement, (ii) have been sold pursuant to Rule 144 or (iii) are eligible for resale under
Rule 144(b)(1) or any successor provision without the current public information requirement under Rule 144(c), the Company shall
(A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book
entry Shares or Warrant Shares, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that
the removal of such legends in such circumstances may be effected under the 1933 Act. The Company shall be responsible for the fees of
its Transfer Agent and all the Depository Trust Company fees associated with such issuance.

 

7.3.               
Irrevocable Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent, and any
subsequent transfer agent to issue to the Investors (or in such nominee’s name(s) as designated by an Investor) book-entry notations
representing the Shares set forth next to such Investor’s name on Exhibit A attached hereto (the “Irrevocable Transfer
Agent Instructions”) and, upon exercise of the Warrants pursuant to their terms, the Company shall issue irrevocable instructions
to its transfer agent, and any subsequent transfer agent to issue to the Investors (or in such nominee’s name(s) as designated by
an Investor), book-entry notations representing the Warrant Shares (the “Warrant Share Instructions”). The Company
represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions and the Warrant Share Instructions
referred to in this Section 7.3 (or instructions that are consistent therewith) will be given by the Company to its transfer agent in
connection with this Agreement and that the Shares and the Warrant Shares shall otherwise be freely transferable on the books and records
of the Company as and to the extent provided in this Agreement and the other Transaction Documents and applicable law. The Company acknowledges
that a breach by it of its obligations under this Section 7.3 will cause irreparable harm to an Investor. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 7.3 will be inadequate and agrees, in the event of a breach
by the Company of the provisions of this Section 7.3, that an Investor shall be entitled, in addition to all other available remedies,
to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic
loss and without any bond or other security being required.

 

7.4.               
Transfer Restrictions. Each Investor agrees that it will sell, transfer or otherwise dispose of the Securities only in compliance
with all applicable state and federal securities laws.

 

    22 

     

    

 

7.5.               
Reservation of Common Stock. As of the date hereof, the Company has reserved, and the Company shall take all action necessary
to at all times have authorized, and reserved for the purpose of issuance from and after the Closing Date, the number of shares of Common
Stock issuable upon exercise of the Warrants issued at the Closing (without taking into account any limitations on exercise of the Warrants
set forth therein).

 

7.6.               
Subsequent Equity Sales. The Company shall not, and shall use its commercially reasonable best efforts to ensure that no
controlled Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security
(as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Shares in a manner that would require
the registration under the 1933 Act of the sale of the Shares to the Investors. The Company shall not take any action or steps that would
adversely affect reliance by the Company in any material respect on Section 4(a)(2) for the exemption from registration for the transactions
contemplated hereby or require registration of the Shares under the 1933 Act.

 

7.7.               
Short Sales and Confidentiality After the Date Hereof. Each Investor covenants that neither it nor any Affiliates acting
on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier
of (i) after the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated in full.
Each Investor covenants that until such time as all confidential information disclosed to it in connection with this transaction is publicly
disclosed by the Company, such Investor will maintain the confidentiality of all such information, unless otherwise legally required to
disclose.

 

7.8.               
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable
in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly
shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof and prior to the Closing,
each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account
for such event.

 

7.9.               
Registration Rights; Rule 144.

 

(a)                  
The Company shall use its reasonable best efforts to register the resale by the Investors of the Registrable Securities on a registration
statement on Form S-3, or if Form S-3 is not available, Form S-1 (the “Registration Statement”), by filing such Registration
Statement with the SEC no later than sixty (60) calendar days from the Closing Date, and shall use its reasonable best efforts to have
the Registration Statement declared effective as soon as practicable, but in no event later than ninety (90) calendar days from the Closing
Date, provided, that this deadline shall be extended to one hundred twenty (120) calendar days after the Closing Date if the Registration
Statement is reviewed by, and comments thereto are provided from, the SEC, provided, further that the Company shall have the Registration
Statement declared effective within three (3) Business Days after the SEC has notified the Company that it will not review, or has completed
its review, of the Registration Statement. In no event shall the Investor be identified as a statutory underwriter in the Registration
Statement unless requested by the SEC; provided, that if the SEC requests that the Investor be identified as a statutory underwriter in
the Registration Statement, the Investor will have the option, in its sole and absolute discretion, to either (i) have the opportunity
to withdraw from the Registration Statement, in which case the Company’s obligation to register the Registrable Securities will
be deemed satisfied or (ii) be included as such in the Registration Statement. Such Registration Statement shall not include any shares
of Common Stock or other securities for the account of any other holder without the prior written consent of the Investors beneficially
owning (as determined pursuant to Rule 13d-3 under the Exchange Act) a majority of the Registrable Securities.

 

    23 

     

    

 

(b)                  
Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to any holder of Registrable Securities
included in a Registration Statement, suspend the use of any Registration Statement, including any prospectus that forms a part of a Registration
Statement, if the Company (X) determines that it would be required to make disclosure of material information in the Registration Statement
that the Company has a bona fide business purpose for preserving as confidential, (Y) the Company determines it must amend or supplement
the Registration Statement or the related prospectus so that such Registration Statement or prospectus shall not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
case of the prospectus in light of the circumstances under which they were made, not misleading or (Z) the Company has experienced or
is experiencing some other material non-public event, including a pending transaction involving the Company, the disclosure of which at
such time, in the good faith judgment of the Company, would adversely affect the Company; provided, however, in no event
shall holders of Registrable Securities be suspended from selling Registrable Securities pursuant to the Registration Statement for a
period that exceeds 30 consecutive Trading Days or 60 total Trading Days in any 360-day period. Upon disclosure of such information or
the termination of the condition described above, the Company shall provide prompt notice to holders whose Registrable Securities are
included in the Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such
other reasonable actions to permit registered sales of Registrable Securities as contemplated hereby.

 

(c)                  
With a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation
of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the Company covenants
and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until
the earlier of (A) six months after such date as all of the Registrable Securities may be sold without restriction by the holders
thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as there are no longer Registrable Securities;
(ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish
electronically to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written statement by
the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of or electronic access to the Company’s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested
in order to avail such Investor of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without
registration.

 

    24 

     

    

 

7.10.           
Shareholder Approval. If and only if Shareholder Approval is required by the applicable rules and regulations of Nasdaq,
the Company shall hold a special meeting of stockholders (which may also be the annual meeting of stockholders) on or prior to July 14,
2023, for the purpose of obtaining the Shareholder Approval with the recommendation of the Company’s Board of Directors that such
proposals are approved, and the Company shall solicit proxies from its stockholders in connection therewith in the same manner as all
other management proposals in such proxy statement and all management-appointed proxyholders shall vote their proxies in favor of such
proposals. The Company shall use its commercially reasonable efforts to obtain the Shareholder Approval. Each Investor acknowledges that
it is not entitled to vote any Shares or Warrant Shares that it holds on the Shareholder Approval.

 

8.                     
Survival and Indemnification.

 

8.1.               
Survival. Subject to applicable statutes of limitations, the representations, warranties, covenants, and agreements contained
in this Agreement shall survive the Closing and the delivery of the Securities.

 

8.2.               
Indemnification by the Company. The Company agrees to indemnify and hold harmless each of the Investors, the officers, directors,
partners, agents, investment advisors, members, and employees (and any other Persons with a functionally equivalent role of a Person holding
such titles, notwithstanding a lack of such title or any other title) of each Investor, each Person who controls any such Investor (within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, stockholders, members
and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such
title or any other title) of each such controlling Person (each, an “Investor Indemnified Party”), from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) or expenses,
joint or several, to which such Investor Indemnified Party may become subject, insofar as such losses, claims, damages, liabilities, costs
or expenses (or actions in respect thereof as contemplated below) arise out of or are based in whole or in part on the inaccuracy in the
representations and warranties of the Company contained in this Agreement or the failure of the Company to perform its obligations hereunder,
or arise out of or are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material fact
contained in any Registration Statement, any preliminary prospectus or final prospectus thereto, or any amendment or supplement thereof,
and will reimburse each Investor Indemnified Party for reasonable legal and other expenses reasonably incurred as such expenses are reasonably
incurred by such Investor Indemnified Party in connection with investigating, defending, settling, compromising or paying such loss, claim,
damage, liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent
that any such loss, claim, damage, liability, cost or expense arises out of or is based upon (i) the failure of such Investor Indemnified
Party to materially comply with the covenants and agreements contained herein, (ii) the material inaccuracy of any representations made
by such Investor Indemnified Party herein or in an Investor Questionnaire, (iii) an untrue statement or alleged untrue statement or omission
or alleged omission so made in conformity with information furnished by an Investor Indemnified Party in writing specifically for use
in the Registration Statement or a prospectus, (iv) the use by an Investor Indemnified Party of an outdated or defective prospectus after
the Company has notified such Investor in writing that such prospectus is outdated or defective, or (v) an Investor Indemnified Party’s
failure to send or give a copy of the prospectus or supplement (as then amended or supplemented), if required (and not exempted) to the
persons asserting an untrue statement or omission or alleged untrue statement or omission at or prior to the written confirmation of the
sale of Registrable Securities.

 

    25 

     

    

 

8.3.               
Indemnification by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the
fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company
(within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees)
resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement
or prospectus or preliminary prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading,
to the extent, but only to the extent, that such untrue statement or omission is contained in any information regarding such Investor
and furnished in writing by such Investor to the Company specifically for inclusion in the Registration Statement or prospectus or amendment
or supplement thereto. In no event shall the liability of an Investor be greater than the dollar amount of the proceeds received by such
Investor upon the sale of the Registrable Securities included in such Registration Statement giving rise to such indemnification obligation.

 

8.4.               
Indemnification Procedure. Promptly after any indemnified party hereunder (the “Indemnified Party”) has
received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person, which the
Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor
hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or proceeding,
but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified
Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the
nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its
own expense and by its own counsel, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If
the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the
Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof
and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any books,
records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control.
Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the
Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party
diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified
Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party
shall be entitled (a) at its expense, to assist the Indemnifying Party in the defense of such asserted liability and the negotiations
of the settlement thereof and (b) if (i) the Indemnifying Party has failed to assume the defense or (ii) if the defendants in any such
action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have reasonably concluded
that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to
the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying
Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation
to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party
shall not settle any indemnified claim without the consent of the Indemnified Party which consent shall not be unreasonably withheld or
delayed, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does
not include any admission of wrongdoing or malfeasance by, the Indemnified Party.

 

    26 

     

    

 

9.                     
Miscellaneous.

 

9.1.               
Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company
or the Investors, as applicable; provided, however, that an Investor may assign its rights and delegate its duties hereunder
in whole or in part to an Affiliate without the prior written consent of the Company or the other Investors, provided such assignee agrees
in writing to be bound by the provisions hereof that apply to Investors. The provisions of this Agreement shall inure to the benefit of
and be binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing,
in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which
the Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such
Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company”
shall be deemed to refer to such Person and the term “Securities” shall be deemed to refer to the securities received by the
Investors in connection with such transaction. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement.

 

9.2.               
Counterparts; E-mail. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf
or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and
any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

9.3.               
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

    27 

     

    

 

9.4.               
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent
by electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) two Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery,
with written verification of receipt. All communications shall be sent to the respective parties at their electronic mail address or address
as set forth below, or to such electronic mail address or address as subsequently modified by written notice given in accordance with
this Section 9.4.

 

If to the Company:

 

Immunic, Inc.

1200 Avenue of the Americas, Suite 200,

New York, NY 10036

Attention: Glenn Whaley

Email:glen.whaley@imux.com

 

With a copy (which will not constitute notice) to:

 

Dentons US LLP

Ilan Katz

101 John F Kennedy Pkwy.

Short Hills, NJ 07078

Email: Ilan.Katz@Dentons.com

 

If to the Investors:

 

to the contact information set forth on
the signature pages hereto.

 

9.5.               
Expenses. The parties hereto shall pay their own costs and expenses in connection herewith regardless of whether the transactions
contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied on the advice of its own
respective counsel. The Company shall pay any Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the
sale and issuance of the Closing Securities to the Investors. Notwithstanding the forgoing, at the Closing, the Company shall reimburse
the documented and reasonable legal fees and other out-of-pocket expenses of Deep Track Biotechnology Master Fund, Ltd. incurred in connection
with the purchase of the Securities, in an amount not to exceed, in the aggregate, $50,000.

 

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9.6.               
Amendments and Waivers. Other than as provided herein, any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and (a) prior to the Closing, the Majority Investors and (b) following the Closing, Investors holding
a majority of the Shares issued and sold pursuant to this Agreement and the Warrant Shares issuable upon exercise of the Warrants issued
and sold pursuant to this Agreement that are then-held by such Investors; provided, however, that in no event may any Investor's Subscription
Amount, Number of Shares or Number of Warrants set forth on Exhibit A hereto be amended without the written
consent of such Investor. Notwithstanding the foregoing, this Agreement may not be amended and the observance of any term of this Agreement
may not be waived with respect to any Investor without the written consent of such Investor unless such amendment or waiver applies to
all Investors in the same fashion. Any amendment or waiver effected in accordance with this paragraph shall be binding upon (i) prior
to Closing, each Investor and (ii) following the Closing, each holder of any Closing Securities purchased under this Agreement or Warrant
Shares at the time outstanding, and in each case, each future holder of all such Securities and the Company.

 

9.7.               
Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated hereby
shall be issued by the Company or the Investors without the prior written consent of the Company (in the case of a release or announcement
by the Investors) or the Investors (in the case of a release or announcement by the Company) (which consents shall not be unreasonably
withheld or delayed), except as such release or announcement may be required by law or the applicable rules or regulations of any securities
exchange or securities market, in which case the Company or the Investors, as the case may be, shall allow the Investors or the Company,
as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement in
advance of such issuance. No later than the Trading Day immediately following the date of this Agreement, the Company shall issue a press
release or make a public filing with the SEC (the “Cleansing Release”) disclosing all material terms of the transactions
contemplated by this Agreement and any other material, nonpublic information that the Company may have provided to any Investor in connection
with the transactions contemplated by this Agreement; provided however, that any material, nonpublic information relating to the Company’s
clinical trials and other product development activities that the Company may have provided to any Investor will only be cleansed in the
Company’s ordinary course of public disclosures. Notwithstanding anything to the contrary, the Company shall not publicly disclose
the name of an Investor or any of its Affiliates or advisers, or include the name of the Investor or any of its Affiliates or advisers
in the Cleansing Release, any filing with the SEC or any regulatory agency or trading market filing, press release or any other public
announcement without the prior written consent of such Investor except (A) as required by the federal securities laws, rules or regulations
and (B) to the extent such disclosure is required by other laws, rules or regulations, at the request of the staff of the SEC or regulatory
agency or under the regulations of Nasdaq, in which case of clause (A) or (B), the Company shall provide such Investor with prior written
notice (including by e-mail) of such permitted disclosure, and shall reasonably consult with such Investor regarding such disclosure.
The Company shall not, and shall cause each of its officers, directors, employees and agents not to, provide any Investor with any material
nonpublic information regarding the Company from and after issuance or filing of the Cleansing Release without the express prior written
consent of such Investor.

 

9.8.               
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof
but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited
or unenforceable in any respect.

 

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9.9.               
Entire Agreement. This Agreement, including the signature pages, exhibits, the other Transaction Documents and any oral
or written agreement between the Company (or on its behalf) and any Investor regarding confidentiality matters that was entered into in
connection with the transactions contemplated hereby constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect
to the subject matter hereof and thereof.

 

9.10.           
Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other
actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

9.11.           
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than Sections 5-1401 and
5-1402 of the General Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of
the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose
of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same
methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction
of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives
any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that
any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

 

9.12.           
Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document
are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance
of the obligations of any other Investor under any Transaction Document. The decision of each Investor to purchase Closing Securities
pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or
in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges
that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will
be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction
Documents. Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation, the rights
arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined
as an additional party in any proceeding for such purpose.

 

    30 

     

    

 

9.13.           
Benefit of Agreement. The Placement Agents are an intended third-party beneficiary of the representations and warranties
of the Company and of each Investor set forth in Section 4 and Section 5, respectively, of this Agreement.

 

9.14.           
Exculpation of the Placement Agents. Each party hereto agrees for the express benefit of the Placements Agents and their
respective Affiliates and representatives that:

 

(a)        none
of the Placement Agents, their respective Affiliates or any of their respective representatives: (i) has any duties or obligations other
than those specifically set forth in the engagement letter, dated as of October 10, 2022 (the “Engagement Letter”), between
the Company and the Placement Agents; (ii) shall be liable for any improper payment made in accordance with the information provided by
the Company; (iii) makes any representation or warranty, or has any responsibilities as to the validity, accuracy, value or genuineness
of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Agreement or the Transaction
Documents or in connection with any of the transactions contemplated hereby and thereby; or (iv) shall be liable (x) for any action taken,
suffered or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers
conferred upon it by this Agreement or any Transaction Document or (y) for anything which any of them may do or refrain from doing in
connection with this Agreement or any Transaction Document, except, in each case in this clause (iv), for such party’s own gross
negligence, willful misconduct or bad faith.

 

(b)        The
Placement Agents and their respective Affiliates and representatives shall be entitled to (i) rely on, and shall be protected in acting
upon, any certificate, instrument, notice, letter or any other document or security delivered to any of them by or on behalf of the Company,
and (ii) be indemnified by the Company for acting as the Placement Agents hereunder pursuant to the indemnification provisions set forth
in the Engagement Letter.

 

[remainder of page intentionally left blank]

 

    31 

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	COMPANY:  IMMUNIC, INC.	
	 	By:	 
	 	 	Name: 
	 	 	
    Title:

     

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	INVESTOR:	
	 	
    By:
	
	 	 	
    Name:

    Title:

 

     

     

    

 

EXHIBIT A

 

Schedule of Investors

 

     

     

    

 

EXHIBIT B

 

Form of Warrant

 

[See attached]

 

     

     

    

 

APPENDIX I

 

Form of Investor Questionnaire

 

INVESTOR QUESTIONNAIRE

 

To:

 

This Investor Questionnaire (“Questionnaire”)
must be completed by each potential investor in connection with the offer and sale of the shares of common stock, par value $0.01 per
share (“Common Stock”), and/or the pre-funded warrants to purchase Common Stock (collectively, the “Securities”),
of Immunic, Inc., a Delaware corporation (the “Corporation”). The Securities are being offered and sold by the Corporation
without registration under the Securities Act of 1933, as amended (the “Securities Act”), and the securities laws of
certain states, in reliance on the exemptions contained in Section 4(a)(2) of the Securities Act and on Regulation D promulgated thereunder
and in reliance on similar exemptions under applicable state laws. The Corporation must determine that a potential investor meets certain
suitability requirements before offering or selling the Securities to such investor. The purpose of this Questionnaire is to assure the
Corporation that each investor will meet the applicable suitability requirements. The information supplied by you will be used in determining
whether you meet such criteria, and reliance upon the private offering exemptions from registration is based in part on the information
herein supplied.

 

This Questionnaire does not constitute an offer
to sell or a solicitation of an offer to buy any security. By signing this Questionnaire, you will be authorizing the Corporation to provide
a completed copy of this Questionnaire to such parties as the Corporation deems appropriate in order to ensure that the offer and sale
of the Securities will not result in a violation of the Securities Act or the securities laws of any state and that you otherwise satisfy
the suitability standards applicable to purchasers of the Securities. All potential investors must answer all applicable questions and
complete, date and sign this Questionnaire. Please print or type your responses and attach additional sheets of paper if necessary to
complete your answers to any item.

 

PART A. BACKGROUND INFORMATION

 

Name of Beneficial Owner of the Securities:

 

Business Address:______________________________________________________________________

(Number and Street)

 

City: _________________                        State: _____                                   Zip Code: ___________

 

Telephone Number: _______________________

 

If a corporation, partnership, limited liability company, trust
or other entity:

 

Type of entity: _________________________

 

State of formation: _____________________              Approximate Date of formation:
__________________

 

Were you formed for
the purpose of investing in the securities being offered? Yes ☐No ☐

 

     

     

    

 

If an individual:

 

Residence Address: ___________________________________________________________________

(Number and Street)

 

City: _________________                        State: _____                                   Zip Code: ___________

 

Telephone Number: _______________________

 

Age: _________________                        Citizenship: _________               Where registered
to vote: _______

 

Set forth in the space provided below the state(s), if any, in the
United States in which you maintained your residence during the past two years and the dates during which you resided in each state:

 

Are you a director or executive officer
of the Corporation? Yes ☐No ☐

 

Social Security or Taxpayer Identification No.: ________________

 

PART B. ACCREDITED INVESTOR QUESTIONNAIRE

 

In order for the Corporation
to offer and sell the Securities in conformance with state and federal securities laws, the following information must be obtained regarding
your investor status. Please initial each category applicable to you as a purchaser of Securities of the Corporation.

 

☐
(1)     A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;

 

☐
(2)     A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”);

 

☐
(3)     An insurance company as defined in Section 2(a)(13) of the Securities Act;

 

☐
(4)     An investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section
2(a)(48) of that act;

 

☐
(5)     A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958;

 

☐
(6)     A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐
(7)     An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association,
insurance company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if
a self-directed plan, with investment decisions made solely by persons that are accredited investors;

 

     

     

    

 

☐
(8)     A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

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

 

☐
(10)     A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase
is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable
of evaluating the merits and risks of investing in the Corporation;

 

☐
(11)     A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds
$1,000,000 (exclusive of the value of that person’s primary residence);

 

☐
(12)     A natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with
that person’s spouse in excess of $300,000, in each of those years, and has a reasonable expectation of reaching the same income
level in the current year;

 

☐
(13)     An executive officer or director of the Corporation;

 

☐
(14)     An entity in which all of the equity owners qualify under any of the above subparagraphs. If the undersigned belongs to this investor
category only, list the equity owners of the undersigned, and the investor category which each such equity owner satisfies.

 

PART C. BAD ACTOR QUESTIONNAIRE

 

		1.	During the past ten years, have you been convicted of any felony or misdemeanor that is related to
any securities matter?

 

Yes ☐
(If yes, please continue to Question 1.a)

 

No ☐
(If no, please continue to Question 2)

 

		a)	If your answer to Question 1 was “yes”, was the conviction related to: (i) the purchase or
sale of any security; (ii) the making of any false filing with the Securities and Exchange Commission (the “SEC”);
or (iii) the conduct of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers
of securities?

 

Yes ☐
No ☐

 

		2.	Are you subject to any court injunction or restraining order entered during the past five years that
is related to any securities matter?

 

Yes ☐
(If yes, please continue to Question 2.a)

 

No ☐
(If no, please continue to Question 3)

 

		a)	If your answer to Question 2 was “yes”, does the court injunction or restraining order currently
restrain or enjoin you from engaging or continuing to engage in any conduct or practice related to: (i) the purchase or sale of any security;
(ii) the making of any false filing with the SEC; or (iii) the conduct of an underwriter, broker, dealer, municipal securities
dealer, investment adviser or paid solicitor of purchasers of securities?

 

Yes ☐
No ☐

 

     

     

    

 

		3.	Are you subject to any final order1
of any governmental commission, authority, agency or officer2(2)
related to any securities, insurance or banking matter?

 

Yes ☐
(If yes, please continue to Question 3.a)

 

No ☐
(If no, please continue to Question 4)

 

a) If your
answer to Question 3 was “yes”:

 

		i)	Does the order currently bar you from: (i) associating with an entity regulated by such commission, authority,
agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities?

 

Yes ☐
No ☐

 

		ii)	Was the order (i) entered within the past ten years and (ii) based on a violation of any law or
regulation that prohibits fraudulent, manipulative or deceptive conduct?

 

Yes ☐
No ☐

 

		4.	Are you subject to any SEC disciplinary order?3(3)

 

Yes ☐
(If yes, please continue to Question 4.a)

 

No ☐
(If no, please continue to Question 5)

 

		a)	If your answer to Question 4 was “yes”, does the order currently: (i) suspend or revoke your
registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) place limitations on your activities, functions
or operations; or (iii) bar you from being associated with any particular entity or class of entities or from participating in
the offering of any penny stock?

 

 

		1	A “final order” is defined under Rule 501(g) as a written directive or declaratory statement issued by a federal or state
agency described in Rule 506(d)(1)(iii) under applicable statutory authority that provides for notice and an opportunity for a hearing,
and that constitutes a final disposition or action by such federal or state agency.

 

		2	You may limit your response to final orders of: (i) state securities commissions (or state agencies/officers that perform a similar
function); (ii) state authorities that supervise or examine banks, savings associations or credit unions; (iii) state insurance commissions
(or state agencies/officers that perform a similar function); (iv) federal banking agencies; (v) the U.S. Commodity Futures Trading Commission;
or (vi) the U.S. National Credit Union Administration.

 

		3	You may limit your response to disciplinary orders issued pursuant to Sections 15(b) or 15B(c) of the Exchange Act or Section 203(e)
or (f) of the Investment Advisers Act of 1940 (the “Advisers Act”).

  

     

     

    

 

		5.	Are you subject to any SEC cease and desist order entered within the past five years?

 

Yes ☐
(If yes, please continue to Question 5.a)

 

No ☐
(If no, please continue to Question 6)

 

		a)	If your answer to Question 5 was “yes”, does the order currently require you to cease and
desist from committing or causing a violation or future violation of (i) any knowledge-based anti-fraud provision of the U.S. federal
securities laws4 or (ii) Section 5 of the Securities
Act?

 

Yes ☐
No ☐

 

		6.	Have you been suspended or expelled from membership in, or suspended or barred from association with
a member of, a registered national securities exchange or a registered national or affiliated securities association?

 

Yes ☐
(If yes, please describe the basis of any such suspension or expulsion and any related details in the space provided under Question
10 below)5

 

No ☐
(If no, please continue to Question 7)

 

		7.	Have you registered a securities offering with the SEC, made an offering under Regulation A or been
named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC?

 

Yes ☐
(If yes, please continue to Question 7.a)

 

No ☐
(If no, please continue to Question 8)

 

a) If your
answer to Question 7 was “yes”:

 

		i)	During the past five years, was any such registration statement or Regulation A offering statement the
subject of a refusal order, stop order or order suspending the Regulation A exemption?

 

Yes ☐
No ☐

 

		ii)	Is any such registration statement or Regulation A offering statement currently the subject of an investigation
or proceeding to determine whether a stop order or suspension order should be issued?

 

Yes ☐
No ☐

 

		8.	Are you subject to a U.S. Postal Service false representation order entered within the past five years?

 

Yes ☐
No ☐

 

		9.	Are you currently subject to a temporary restraining order or preliminary injunction with respect to
conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means
of false representations?

 

Yes ☐
No ☐

 

		10.	In the space provided below, describe any facts or circumstances that caused you to answer “yes”
to any Question (indicating the corresponding Question number). Attach additional pages if necessary.

 

 

		4	Including (but not limited to) Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder,
Section 15(c)(1) of the Exchange Act, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder.

 

		5	In providing additional information, please explain whether or not the suspension or expulsion resulted from “any act or omission
to act constituting conduct inconsistent with just and equitable principles of trade.”

  

     

     

    

 

		A.	FOR EXECUTION BY AN INDIVIDUAL:

 

		By:	______________________________

 

Print Name: _________________________

____________________________

Date

 

B.       FOR
EXECUTION BY AN ENTITY:

 

Entity Name: _________________________

 

		By:	____________________________

 

Print Name: ______________________

 

		Title:____________________________

 

____________________________

Date

 

		C.	ADDITIONAL SIGNATURES (if required by partnership, corporation or trust document):

 

Entity Name:

 

		By:	____________________________

 

Print Name: ______________________

 

		Title:	____________________________

  

____________________________

Date

 

Entity Name: _________________________

 

		By:	____________________________

 

Print Name: ______________________

 

		Title:	____________________________

 

____________________________

Date

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