Document:

Exhibit 10.1

 

EXECUTION VERSION

 

PURCHASE AGREEMENT

 

by and between

 

ONCOBIOLOGICS,
Inc.

 

and

 

GMS TENSHI HOLDINGS PTE. LIMITED

 

 

Dated September 7, 2017

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	Article I	 
	 	 	 
	 	DEFINITIONS	 
	Section 1.01	Certain Defined Terms	2
	Section 1.02	Other Defined Terms	8
	 	 	 
	 	Article II	 
	 	 	 
	 	PURCHASE AND SALE OF PREFERRED SHARES AND WARRANTS	 
	 	 	 
	Section 2.01	Purchase of the Preferred Shares and Warrants	9
	Section 2.02	Initial Closing	10
	Section 2.03	Closing	10
	Section 2.04	Purchase Price	10
	Section 2.05	Purchase Deliverables	10
	 	 	 
	 	Article III	 
	 	 	 
	 	REPRESENTATIONS AND WARRANTIES OF INVESTOR	 
	 	 	 
	Section 3.01	Organization; Authority	11
	Section 3.02	Validity; Enforcement	11
	Section 3.03	No Conflicts	11
	Section 3.04	Investor Status	12
	Section 3.05	Understandings or Arrangements	12
	Section 3.06	Transfer or Resale	12
	Section 3.07	Legends	12
	Section 3.08	No General Solicitation	13
	Section 3.09	Foreign Purchasers	13
	 	 	 
	 	Article IV	 
	 	 	 
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	 
	 	 	 
	Section 4.01	Organization and Qualification; Subsidiaries	13
	Section 4.02	Authorization; Enforcement; Validity	14
	Section 4.03	Capitalization	14
	Section 4.04	Issuance of Securities	15
	Section 4.05	No Conflicts	16
	Section 4.06	Consents	16
	Section 4.07	Acknowledgment Regarding Investor’s Purchase of Securities	17
	Section 4.08	Brokers and Other Advisors	17

 

    i 

     

    

  

	Section 4.09	Dilutive Effect	17
	Section 4.10	Application of Takeover Protections; Rights Agreement	17
	Section 4.11	SEC Documents; Financial Statements	18
	Section 4.12	Absence of Certain Changes	19
	Section 4.13	No Undisclosed Events, Liabilities, Developments or Circumstances	19
	Section 4.14	Certificate of Incorporation and Bylaws	20
	Section 4.15	Permits; Compliance	20
	Section 4.16	Anti-Corruption; Anti-Money Laundering; Sanctions	21
	Section 4.17	Sarbanes-Oxley Act	22
	Section 4.18	Transactions With Affiliates	22
	Section 4.19	Absence of Litigation	22
	Section 4.20	Insurance	22
	Section 4.21	Employee Benefit Matters	23
	Section 4.22	Labor and Employment Matters	24
	Section 4.23	Real Property; Title	24
	Section 4.24	Intellectual Property	25
	Section 4.25	Environmental Laws	27
	Section 4.26	Material Contracts	27
	Section 4.27	Board Approvals	29
	Section 4.28	Subsidiary Rights	29
	Section 4.29	Tax Status	29
	Section 4.30	Internal Accounting and Disclosure Controls	30
	Section 4.31	Off Balance Sheet Arrangements	30
	Section 4.32	Investment Company Status	30
	Section 4.33	Acknowledgement Regarding Investor’s Trading Activity	31
	Section 4.34	Manipulation of Price	31
	Section 4.35	U.S. Real Property Holding Corporation	31
	Section 4.36	Transfer Taxes	31
	Section 4.37	Shell Company Status	31
	Section 4.38	Disclosure	32
	 	 	 
	 	Article V	 
	 	 	 
	 	COVENANTS	 
	 	 	 
	Section 5.01	Conduct of Business	32
	Section 5.02	Stockholder Approval	35
	Section 5.03	Reasonable Best Efforts	37
	Section 5.04	Blue Sky	37
	Section 5.05	Use of Proceeds	38
	Section 5.06	Access to Information	38
	Section 5.07	Fees	38
	Section 5.08	Pledge of Securities	38
	Section 5.09	Disclosure of Transactions and Other Material Information	39
	Section 5.10	Reservation of Shares	40
	Section 5.11	Listing of Conversion Shares and Warrant Shares; Nasdaq Notice	40
	Section 5.12	Exclusivity	40

 

    ii 

     

    

  

	Section 5.13	Conversion and Exercise Procedures; Put Right	41
	Section 5.14	Board of Directors	41
	 	 	 
	 	Article VI	 
	 	 	 
	 	CONDITIONS TO THE OBLIGATIONS OF THE COMPANY	 
	 	 	 
	Section 6.01	Conditions to the Obligations of the Company at the Initial Closing	41
	Section 6.02	Conditions to the Obligations of the Company at the Closing	42
	 	 	 
	 	Article VII	 
	 	 	 
	 	CONDITIONS TO THE OBLIGATIONS OF INVESTOR	 
	 	 	 
	Section 7.01	Conditions to the Obligations of Investor at the Initial Closing	43
	Section 7.02	Conditions to the Obligations of Investor at the Closing	44
	 	 	 
	 	Article VIII	 
	 	 	 
	 	TERMINATION	 
	 	 	 
	Section 8.01	Termination	46
	Section 8.02	Effect of Termination; Certain Fees and Expenses	47
	 	 	 
	 	Article IX	 
	 	 	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 9.01	Governing Law; Jurisdiction; Waiver of Jury Trial	47
	Section 9.02	Counterparts	48
	Section 9.03	Interpretation; Headings	48
	Section 9.04	Severability	49
	Section 9.05	Entire Agreement; Amendments	49
	Section 9.06	Notices	49
	Section 9.07	Assignment; No Third Party Beneficiaries	50
	Section 9.08	Waiver	50
	Section 9.09	Survival	51
	Section 9.10	Specific Performance	51

 

EXHIBITS

 

Exhibit A ‒ Certificate of Designation

Exhibit B ‒ Warrants

Exhibit C ‒ Investor Rights Agreement

 

    iii 

     

    

  

PURCHASE AGREEMENT

 

This PURCHASE AGREEMENT
(this “Agreement”), dated as of September 7, 2017, is entered into by and between Oncobiologics, Inc., a Delaware
corporation (the “Company”), and GMS Tenshi Holdings Pte. Limited, a Singapore private limited company (“Investor”).

 

WHEREAS, Investor wishes
to purchase from the Company, and the Company wishes to sell and issue to Investor, pursuant to the terms and conditions set forth
in this Agreement, an aggregate of 250,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.01
per share (the “Preferred Shares”), having the designations, preferences, conversion or other rights, voting
powers and other terms and conditions specified in the Certificate of Designation attached hereto as Exhibit A (the “Certificate
of Designation”), which Preferred Shares will be convertible into shares of common stock, par value $0.01 per share,
of the Company (the “Common Stock”);

 

WHEREAS, Investor wishes
to purchase from the Company, and the Company wishes to sell and issue to Investor, pursuant to the terms and conditions set forth
in this Agreement, warrants to acquire shares of Common Stock, in the form attached hereto as Exhibit B (the “Warrants”
);

 

WHEREAS, the shares of
Common Stock issuable upon conversion of the Preferred Shares are collectively referred to herein as the “Conversion Shares,”
the Warrants, as exercised, are collectively referred to herein the “Warrant Shares,” and the Preferred Shares,
the Conversion Shares, the Warrants and the Warrant Shares are collectively referred to herein as the “Securities”;

 

WHEREAS, in connection
with, and concurrently with the execution of, this Agreement, Investor and the other parties thereto have entered into the Voting
and Lock-Up Agreements, and Investor and Pankaj Mohan, Ph.D. have entered into the Lock-Up Agreement;

 

WHEREAS, in connection
with, and concurrently with the execution of, this Agreement, the Company and the other parties thereto have entered into a Purchase
and Exchange Agreement (the “Purchase and Exchange Agreement”), pursuant to which, among other things, the Company
will issue to certain holders of the Notes shares of the Company’s Series B Convertible Preferred Stock, par value $0.01
per share, in exchange for the forgiveness by such holders of an aggregate principal amount of $1,500,000 of Notes held by such
holders, including all unpaid interest accrued under such Notes with respect to such aggregate principal amount;

 

WHEREAS, on the Initial
Closing Date, the Company and Investor will enter into an investor rights agreement, in the form attached hereto as Exhibit
C (the “Investor Rights Agreement”), which will address certain matters relating to the corporate governance
of the Company and will provide for certain registration rights; and

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and Investor hereby agree as follows:

 

    	 	1	 

     

    

  

Article
I

DEFINITIONS

 

Section
1.01         Certain Defined Terms. For purposes of this Agreement,
the following terms shall have the following meanings:

 

“2011 Stock
Incentive Plan” means the Oncobiologics, Inc. Stock Incentive Plan established by the Company, effective as of October
13, 2011.

 

“2014 Common
Stock Warrants” means the warrants issued by the Company pursuant to that certain Investor Rights Agreement, dated as
of March 10, 2014, among the Company and the other parties thereto.

 

“2015 Equity
Incentive Plan” means the Oncobiologics, Inc. 2015 Equity Incentive Plan, as adopted by the Company Board on December
4, 2015.

 

“2016 Common
Stock Warrants” means the warrants issued by the Company pursuant to that certain Note and Warrant Purchase Agreement,
dated as of December 22, 2016, as amended, among the Company and the other parties thereto.

 

“2016 Employee
Stock Purchase Plan” means the Oncobiologics, Inc. 2016 Employee Stock Purchase Plan, as adopted by the Company Board
on January 28, 2016.

 

“Action”
means any litigation, suit, claim, action, proceeding, arbitration, mediation, hearing, inquiry or investigation (in each case,
whether civil, criminal or investigative).

 

“Affiliate”
of a specified Person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, such specified Person.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, or Singapore,
Republic of Singapore are authorized or required by Law to remain closed.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company Intellectual
Property” means the Owned Intellectual Property and the Licensed Intellectual Property.

 

“Company IP
Agreements” means all Contracts to which any of the Company or any of its Subsidiaries is a party or by which the Company
or any of its Subsidiaries is bound, concerning Intellectual Property or IT Assets, including (a) Contracts pursuant to which the
Company or any of its Subsidiaries grants a license, covenant not to sue or other right with respect to any Intellectual Property,
and (b) Contracts pursuant to which the Company or any of its Subsidiaries receives a license, covenant not to sue or other right
under any Intellectual Property.

 

    	 	2	 

     

    

  

“Company IT
Assets” means all IT Assets owned by the Company or any of its Subsidiaries, or licensed or leased by the Company or
any of its Subsidiaries pursuant to any written agreement.

 

“Company Permits”
means franchises, grants, authorizations, licenses, permits, easements, variances, exceptions, consents, concessions, registrations,
clearances, exemptions, certificates, approvals and orders of any Governmental Entity necessary for each of the Company and its
Subsidiaries to own, lease and operate their respective properties and assets or to carry on their respective businesses as they
are now being conducted.

 

“Company Plan”
means any employee compensation and benefit plan, program or arrangement sponsored, maintained or contributed to by the Company
or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate has or may have any actual or contingent liability
or obligation (including any such obligations under any terminated plan or arrangement), including “employee benefit plans,”
as defined in Section 3(3) of ERISA, Multiemployer Plans, deferred compensation plans, stock option or other equity compensation
plans, stock purchase plans, phantom stock plans, bonus plans, fringe benefit plans, life, health, dental, vision, hospitalization,
disability and other insurance plans, employee assistance programs, severance or termination pay plans and policies, and sick pay
and vacation plans or arrangements, whether or not described in Section 3(3) of ERISA, and any other material employee benefit
plan or agreement sponsored and maintained by Company or any ERISA Affiliate for the benefit of any current or former Service Provider
of the Company or any ERISA Affiliate.

 

“Contract”
means any oral or written binding contract, subcontract, agreement, note, bond, mortgage, indenture, lease, sublease, license,
sublicense, permit, franchise or other instrument, obligation, commitment or arrangement or understanding of any kind or character.

 

“control”
(including the terms “controlled by” and “under common control with”) means the possession,
directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies
of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or credit arrangement or otherwise.

 

“DGCL”
means the General Corporation Law of the State of Delaware, as amended.

 

“Encumbrances”
means mortgages, pledges, liens, security interests, conditional and installment sale agreements, encumbrances, charges or other
claims of third parties or restrictions of any kind, including any easement, reversion interest, right of way or other encumbrance
to title, limitations on voting rights, or any option, right of first refusal or right of first offer.

 

“Environmental
Law” means any Law relating to (a) releases or threatened releases of Hazardous Substances or materials containing
Hazardous Substances, (b) the manufacture, handling, transport, use, treatment, storage or disposal of Hazardous Substances
or materials containing Hazardous Substances, (c) exposure to Hazardous Substances, (d) climate change or global warming,
or (e) pollution or protection of the environment, health, safety or natural resources, including natural resource damages.

 

    	 	3	 

     

    

  

“Environmental
Permits” means all permits, licenses and other authorizations required under any Environmental Law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended through the date hereof.

 

“ERISA Affiliate”
means any trade or business, whether or not incorporated, that, together with the Company, would be deemed a “single employer”
within the meaning of Section 4001(b)(i) of ERISA.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
means United States generally accepted accounting principles.

 

“Governmental
Entity” means any federal, national, foreign, supranational, state, provincial, county, local or other government, governmental,
regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body
of competent jurisdiction.

 

“Hazardous
Substances” means (a) those substances, materials or wastes defined in or regulated under the following United States
federal statutes and their state counterparts, as each may be amended from time to time, and all regulations thereunder: the Hazardous
Materials Transportation Act, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation
and Liability Act, the Clean Water Act, the Safe Drinking Water Act, the Atomic Energy Act, the Federal Insecticide, Fungicide,
and Rodenticide Act and the Clean Air Act, (b) petroleum and petroleum products, including crude oil and any fractions thereof,
(c) natural gas, synthetic gas, and any mixtures thereof, (d) polychlorinated biphenyls, asbestos, toxic mold and radon,
(e) any contaminant or pollutant, and (f) any other substance, material or waste regulated by any Governmental Entity
or that gives rise to liability, obligations or costs because or on account of its potential or actual threat to the environment,
human health, flora, fauna or natural resources, or because or on account of it being explosive, corrosive, flammable or radioactive.

 

“Indebtedness”
means, with respect to any Person, without duplication: (a) all indebtedness of such Person, whether or not contingent, for
borrowed money, including all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (b) all
obligations of such Person for the deferred purchase of property or services, (c) all indebtedness created or arising under
any conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights and
remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property),
(d) all obligations of such Person as lessee under Leases that have been or should be, in accordance with GAAP, recorded as
capital leases, (e) all obligations, contingent or otherwise, of such Person under acceptance, letter of credit or similar
facilities, (f) all liabilities or obligations with respect to interest rate swaps, caps, collars and similar hedging obligations,
(g) all Indebtedness of others referred to in clauses (a) through (f) above guaranteed (or in effect guaranteed)
directly or indirectly in any manner by such Person, and (h) all Indebtedness of others referred to in clauses (a) through
(g) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Encumbrance on property (including accounts and Contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such Indebtedness.

 

    	 	4	 

     

    

  

“Intellectual
Property” means, collectively and worldwide, any and all (a) moral rights and copyrights (whether registered or unregistered)
in any works of authorship, and all applications, registrations, and renewals in connection therewith, (b) inventions and discoveries
(whether or not patentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications,
statutory invention registrations and patent disclosures, together with all reissuances, continuations, continuations-in-part,
revisions, extensions, and reexaminations thereof, (c) trade names, trademarks, service marks, brand names, corporate names, domain
names URLs, trade dress, and other identifiers of source or goodwill, including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (d) trade secrets and confidential and proprietary information, including
confidential ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques,
technical data, designs, drawings, specifications, customer, sales prospect, distributor and supplier lists, pricing and cost information,
and marketing plans and proposals), (e) computer programs, applications, systems and code, including software implementations of
algorithms, models and methodologies, program interfaces, and source code and object code, development and design tools, library
functions and compilers, (f) databases and data collections and all rights therein, (g) any similar, corresponding or equivalent
rights to any of the foregoing, (h) documents or other tangible media containing any of the foregoing, and (i) rights to prosecute
and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of
action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement,
misuse or misappropriation.

 

“IT Assets”
means computers, software, systems, hardware, networks, firmware, middleware, servers, workstations, routers, hubs, switches, data
communications lines, and all other information technology equipment and elements, and all associated documentation associated
with any of the foregoing.

 

“knowledge
of the Company” or “the Company’s knowledge” means the knowledge, after reasonable inquiry,
of Pankaj Mohan, Lawrence Kenyon, Stephen McAndrew, Scott Gangloff, Kenneth Bahrt and Elizabeth Yamashita.

 

“Law”
means any U.S. or non-U.S. federal, state, local, national, supranational, foreign or administrative law (including common law),
statute, ordinance, regulation, requirement, regulatory interpretation, rule, code or Order.

 

“Leased Real
Property” means the real property leased, subleased, licensed or otherwise occupied by the Company or any of its Subsidiaries
as tenant, sublessee, licensee or occupier, together with, to the extent leased by the Company or any of its Subsidiaries, all
buildings and other structures, facilities or improvements currently or hereafter located thereon, all fixtures, systems and equipment
affixed thereto and all easements, licenses, rights, hereditaments and appurtenances relating to the foregoing.

 

    	 	5	 

     

    

  

“Lease”
means any and all leases, subleases, licenses or other occupancy agreements, sale/leaseback arrangements or similar arrangements.

 

“Licensed
Intellectual Property” means all Intellectual Property that the Company or any of its Subsidiaries is granted a license
to use or is otherwise permitted to use by any Person pursuant to the Company IP Agreements.

 

“Lock-Up Agreement”
means that Lock-Up Agreement, dated the date hereof, between Investor and Pankaj Mohan, Ph.D.

 

“Material
Adverse Effect” means any event, circumstance, change, condition, occurrence or effect that, individually or in the aggregate
with any other event, circumstance, change, condition, occurrence or effect, (a) has had, or would reasonably be expected to have,
a material adverse effect on the business, properties, operations, assets, liabilities (including contingent liabilities), prospects,
results of operations or condition (financial or otherwise) of the Company or any of its Subsidiaries, or (b) has a material
adverse effect on, or prevents or materially delays, the ability of the Company to consummate the transactions contemplated hereby
or in any of the other Transaction Documents.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Sections 3(37) and 4001(a)(3) of ERISA, to which
the Company or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made
or been obligated to make contributions.

 

“Notes”
means, collectively, the senior secured promissory notes issued pursuant to the NWPA.

 

“NWPA”
means that certain Note and Warrant Purchase Agreement, dated as of December 22, 2016, as amended, among the Company and the other
parties thereto.

 

“NWPA Amendment
and Waiver” means that certain Note, Warrant and Registration Rights Amendment and Waiver, dated the date hereof, among
the Company and the other parties thereto, in respect of, among other things, certain waivers of, and amendments to, the terms
and conditions of the Notes, the common stock purchase warrants issued pursuant to the NWPA and that certain Registration Rights
Agreement, dated as of February 3, 2017, among the Company and the other parties thereto.

 

“Order”
means any order (temporary or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena,
writ, decree or verdict entered by or with any Governmental Entity.

 

“Owned Intellectual
Property” means all Intellectual Property owned or purportedly owned by the Company or any of its Subsidiaries.

 

“Performance
Based Stock Units” means Participant Performance Stock Units granted pursuant to Article IX of the 2011 Stock Incentive
Plan.

 

    	 	6	 

     

    

  

“Permitted
Encumbrances” means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding
shall have been commenced and as to which none of the Company or any of its Subsidiaries is otherwise subject to civil or criminal
liability due to its existence: (a) liens for Taxes not yet due and payable or the validity or amount of which is being contested
in good faith by appropriate proceedings, (b) materialmen’s, mechanics’, carriers’, workmen’s and
repairmen’s liens and other similar liens arising in the ordinary course of business securing obligations (i) as to
which there is no default on the part of the Company or any of its Subsidiaries or the validity or amount of which is being contested
in good faith by appropriate proceedings directly conducted by the Company and for which adequate reserves are maintained on the
books of the Company, (ii) which are not overdue for a period of more than 30 days, and (iii) which do not, individually
or in the aggregate, materially adversely affect the value or the use or occupancy of such property for its current and anticipated
purposes, (c) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation or to
secure public or statutory obligations, and (d) minor survey exceptions, customary utility easements and other minor customary
encumbrances on title to real property that (i) were not incurred in connection with any Indebtedness, (ii) do not render
title to the property encumbered thereby unmarketable and (iii) do not, individually or in the aggregate, materially adversely
affect the value of or the use or occupancy of such property for its current and anticipated purposes.

 

“Person”
means an individual, company, corporation, partnership, limited partnership, limited liability company, syndicate, person (including
a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political
subdivision, agency or instrumentality of a government.

 

“Restricted
Stock Unit” means an RSU (within the meaning of the 2015 Equity Incentive Plan) granted pursuant to Section 6 of
the 2015 Equity Incentive Plan.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Series A
Warrants” means the Series A warrants to purchase shares of Common Stock at a purchase price of $6.60 per share, subject
to adjustment as described therein.

 

“Series B
Warrants” means the Series B warrants to purchase shares of Common Stock at a purchase price of $8.50 per share, subject
to adjustment as described therein.

 

“Service Provider”
means each of the officers, employees, directors and independent contractors of the Company and each of its Subsidiaries.

 

“Stockholder
Meeting” means a duly convened meeting of the stockholders of the Company called to obtain the Stockholder Approval,
or any valid adjournment or postponement thereof made in accordance with this Agreement.

 

“Subsidiary”
of any specified Person means an Affiliate controlled by such Person, directly or indirectly, through one or more intermediaries.

 

    	 	7	 

     

    

  

“Taxes”
means (a) any and all taxes, fees, levies, duties, tariffs, imposts and other charges of any kind (together with any and all interest,
penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Entity, including
taxes or other charges on or with respect to income, franchise, windfall or other profits, gross receipts, property, sales, use,
capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation or net worth, (b) taxes
or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value-added or gains taxes, (c) license, registration
and documentation fees, and (d) customs duties, tariffs and similar charges.

 

“Transaction
Documents” means, collectively, this Agreement, the Certificate of Designation, the Warrants, the Investor Rights Agreement
and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the
transactions contemplated hereby and thereby, as may be amended from time to time.

 

“Voting and
Lock-Up Agreements” means, collectively, (a) those certain Voting and Lock-Up Agreements, each dated the date hereof,
between Investor and each of the holders of Notes as listed on Schedule A hereto, and (b) those certain Voting and Lock-Up
Agreements, each dated the date hereof, between Investor and each of the parties identified on Schedule B hereto.

 

Section
1.02         Other Defined Terms. The following terms have the meanings
set forth in the Sections set forth below:

 

	Defined Term	 	Location of Definition
	 	 	 
	8-K Filing	 	§ 5.09
	Agreement	 	Preamble
	Alternative Transaction	 	§ 5.12
	Anti-Money Laundering and Anti-Terrorism Financing Laws	 	§ 4.16(c)
	Anti-Corruption Laws	 	§ 4.16(e)
	Approved Budget	 	§ 5.05
	Bankruptcy Exceptions	 	§ 3.02
	Board Recommendation	 	§ 4.27
	Bylaws	 	§ 4.14
	Certificate of Designation	 	Recitals
	Certificate of Incorporation	 	§ 4.14
	Closing	 	§ 2.03
	Closing Date	 	§ 2.03
	Common Stock	 	Recitals
	Company	 	Preamble
	Company Affiliate	 	§ 4.16(a)
	Company Board	 	§ 4.02
	Company Disclosure Schedule	 	Article IV
	Company Fee	 	§ 5.12
	Conversion Shares	 	Recitals
	Development Partner	 	Schedule 7.02(o)
	Financial Statements	 	§ 4.11
	Initial Announcement	 	§ 5.09
	Initial Closing	 	§ 2.02

 

    	 	8	 

     

    

  

	Defined Term	 	Location of Definition
	 	 	 
	Initial Closing Date	 	§ 2.02
	Initial Purchase	 	§ 2.01
	Initial Purchase Price	 	§ 2.04
	Insolvent	 	§ 4.12
	Investor	 	Preamble
	Investor Designated Directors	 	§ 5.14
	Investor Disclosure Schedule	 	Article III
	Investor Expenses	 	§ 5.07
	Investor Rights Agreement	 	Recitals
	IRS	 	§ 4.21(a)
	Material Contracts	 	§ 4.26(a)
	Nasdaq	 	§ 4.05
	Nasdaq Notice	 	§ 4.06
	ONS-3010	 	§ 5.05
	Other Securities	 	§ 4.03
	Partner Agreements	 	Schedule 7.02(o)
	Personal Information	 	§ 4.24(i)
	Preferred Shares	 	Recitals
	Preferred Stock	 	§ 4.03
	Proxy Statement	 	§ 5.02(a)
	Purchase	 	§ 2.01
	Purchase and Exchange Agreement	 	Recitals
	Registered Intellectual Property	 	§ 4.24(a)
	Regulatory Approvals	 	§ 4.13
	Representatives	 	§ 5.12
	Required Approvals	 	§ 7.02(d)
	Restraint	 	§ 7.02(e)
	Sanctions	 	§ 4.16(a)
	SEC	 	§ 4.06
	SEC Documents	 	§ 4.11
	Securities	 	Recitals
	Stockholder Approval	 	§ 5.02(a)
	Subsequent Purchase	 	§ 2.01
	Subsequent Purchase Price	 	§ 2.04
	Termination Date	 	§ 8.01(b)
	Warrants	 	Recitals
	Warrant Shares	 	Recitals

 

Article
II

PURCHASE AND SALE OF PREFERRED SHARES AND WARRANTS

 

Section
2.01         Purchase of the Preferred Shares and Warrants. Subject
to the terms and conditions of this Agreement and subject to the satisfaction (or, to the extent permitted by applicable Law, written
waiver by the party entitled to the benefit thereof) of the applicable conditions set forth in Articles VI and VII
of this Agreement, (a) at the Initial Closing, the Company shall issue, sell and deliver to Investor, and Investor shall purchase
and acquire from the Company, 32,628 Preferred Shares (the “Initial Purchase”), and (b) at the Closing, the
Company shall issue, sell and deliver to Investor, and Investor shall purchase and acquire from the Company, 217,372 Preferred
Shares and the Warrants (the “Subsequent Purchase” and, together with the Initial Purchase, the “Purchase”).

 

    	 	9	 

     

    

  

Section
2.02         Initial Closing. Subject to the terms and conditions of
this Agreement, the closing of the Initial Purchase (the “Initial Closing”) shall occur upon the execution and
delivery of this Agreement and the full satisfaction or, to the extent permitted by applicable Law, waiver in writing by the party
entitled to the benefit thereof, of all of the conditions to the Initial Closing set forth in Section 6.01 and Section
7.01 of this Agreement (other than those conditions that by their nature are to be satisfied at the Initial Closing, but subject
to the satisfaction or written waiver of those conditions at such time) at the offices of Shearman & Sterling LLP, 599 Lexington
Avenue, New York, New York 10022, or at such other place as shall be agreed between the Company and Investor (the date on which
the Initial Closing occurs, the “Initial Closing Date”).

 

Section
2.03         Closing. Subject to the terms and conditions of this Agreement,
the closing of the Subsequent Purchase (the “Closing”) shall occur at 10:00 a.m. (New York City time) on the
first Business Day after all of the conditions to the Closing set forth in Section 6.02 and Section 7.02 of this
Agreement have been fully satisfied or, to the extent permitted by applicable Law, waived in writing by the party entitled to the
benefit thereof (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction
or written waiver of those conditions at such time) at the offices of Shearman & Sterling LLP, 599 Lexington Avenue, New York,
New York 10022, or at such other place, time and date as shall be agreed between the Company and Investor (the date on which the
Closing occurs, the “Closing Date”).

 

Section
2.04         Purchase Price. The purchase price for each Preferred Share
is $100.00 and the aggregate purchase price (a) for all Preferred Shares included in the Initial Purchase is $3,262,800 (the “Initial
Purchase Price”), and (b) for all Preferred Shares included in the Subsequent Purchase is $21,737,200 (the “Subsequent
Purchase Price”).

 

Section
2.05         Purchase Deliverables. (a) At the Initial Closing, upon
the terms and subject to the conditions of this Agreement:

 

(i)          Investor
shall (A) pay the Initial Purchase Price to the Company by wire transfer of immediately available funds to the account designated
by the Company in writing prior to the date hereof, and (B) deliver to the Company duly executed counterparts of each Transaction
Document to which Investor is a party that is to be executed on the Initial Closing Date; and

 

(ii)         the
Company shall deliver to Investor (A) a certificate or certificates representing the Preferred Shares included in the Initial Purchase,
duly executed on behalf of the Company and registered in the name of Investor or its designee, and (B) duly executed counterparts
of each other Transaction Document to which the Company is a party that is to be executed on the Initial Closing Date.

 

    	 	10	 

     

    

  

(b)          At
the Closing, upon the terms and subject to the conditions of this Agreement:

 

(i)          Investor
shall (A) pay the Subsequent Purchase Price to the Company by wire transfer of immediately available funds to the account designated
by the Company in writing at least two (2) Business Days prior to the Closing Date, and (B) deliver to the Company duly executed
counterparts of each Transaction Document to which Investor is a party that is to be executed on the Closing Date; and

 

(ii)         the
Company shall deliver to Investor (A) a certificate or certificates representing the Preferred Shares included in the Subsequent
Purchase, (B) Warrants pursuant to which such Investor shall have the right to acquire the Warrant Shares, in each case of clauses
(A) and (B), duly executed on behalf of the Company and registered in the name of Investor or its designee, and (C) duly executed
counterparts of each other Transaction Document to which the Company is a party that is to be executed on the Closing Date.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

Except as expressly set
forth in the disclosure schedule separately delivered by Investor to the Company, dated as of the date hereof (the “Investor
Disclosure Schedule”), Investor hereby represents and warrants to the Company (both as of the date of this Agreement
and, unless such representation or warranty is specifically made as of a date prior to the Initial Closing Date or the Closing
Date, as applicable, the Initial Closing Date and the Closing Date) as follows:

 

Section
3.01         Organization; Authority. Investor is an entity duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization. Investor has the requisite power
and authority to enter into and to consummate the transactions contemplated by the Transaction Documents to which it is a party
and otherwise to carry out its obligations hereunder and thereunder.

 

Section
3.02         Validity; Enforcement. This Agreement has been duly and
validly authorized, executed and delivered on behalf of Investor and constitutes the legal, valid and binding obligation of Investor
enforceable against Investor in accordance with its terms, except as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally
(“Bankruptcy Exceptions”).

 

    	 	11	 

     

    

  

Section
3.03         No Conflicts. The execution, delivery and performance by
Investor of this Agreement and the other Transaction Documents to which it is a party and the consummation by Investor of the transactions
contemplated hereby and thereby will not (a) result in a violation of the organizational documents of Investor, (b) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, result in the creation
of any Encumbrance upon any of the properties or assets of Investor pursuant to, or give to others any rights of termination, amendment,
acceleration or cancellation of, any Contract or other instrument or obligation to which Investor is a party, or (c) result in
a violation of any Law or Order applicable to Investor, except, in the case of clauses (b) and (c) above, for such conflicts, defaults,
rights, violations or other occurrences which would not, individually or in the aggregate, have a material adverse effect on the
ability of Investor to perform its obligations hereunder.

 

Section
3.04         Investor Status. At the time Investor was offered the Securities,
it was, and as of the date hereof, it is, an “accredited investor” as defined in Rule 501 under the Securities Act.

 

Section
3.05         Understandings or Arrangements. Investor is acquiring the
Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons
to distribute such Securities; provided, that nothing contained herein shall be deemed to prevent Investor from reselling the Securities
in accordance with applicable securities laws.

 

Section
3.06         Transfer or Resale. Investor understands that (a) the Securities
have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless subsequently registered thereunder or pursuant to an exemption therefrom, and (b) any sale
of the Securities made in reliance on Rule 144 of the Securities Act may be made only in accordance with the terms of Rule 144.

 

Section
3.07         Legends.

 

Investor understands
that the certificates or other instruments representing the Securities shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against
transfer of such stock certificates or general statements):

 

THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT
BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE INVESTOR RIGHTS AGREEMENT, DATED [INITIAL CLOSING
DATE TO BE INSERTED], BY AND BETWEEN ONCOBIOLOGICS, INC., AND GMS TENSHI HOLDINGS PTE. LIMITED, AS IT MAY BE AMENDED FROM
TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH AND AVAILABLE FROM THE SECRETARY OF ONCOBIOLOGICS, INC., WITHOUT COST.

 

    	 	12	 

     

    

  

Section
3.08         No General Solicitation. Investor acknowledges that the
Securities were not offered to Investor by means of any form of 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 Investor was invited by any of the foregoing means of communications.

 

Section
3.09         Foreign Purchasers. Investor hereby acknowledges it is
not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), and hereby represents
that it has satisfied itself as to its compliance, in all material respects, with the laws of its jurisdiction of organization
that are applicable to Investor in connection with the Purchase contemplated by this Agreement.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Except as expressly set
forth in the disclosure schedule separately delivered by the Company to the Investor, dated as of the date hereof (the “Company
Disclosure Schedule”), the Company hereby represents and warrants to Investor (both as of the date of this Agreement
and, unless such representation or warranty is specifically made as of a date prior to the Initial Closing Date or the Closing
Date, as applicable, the Initial Closing Date and the Closing Date) as follows:

 

Section
4.01         Organization and Qualification; Subsidiaries. (a)          
Except as set forth in Section 4.01(a) of the Company Disclosure Schedule, the Company and each of its Subsidiaries is an
entity duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization and has the
requisite corporate or similar power and authority and all necessary governmental approvals to own, lease and operate its properties
and assets and to carry on its business as it is now being conducted. Except as set forth in Section 4.01(b) of the Company
Disclosure Schedule, the Company and each of its Subsidiaries is duly qualified or licensed to do business, and is in good standing,
in each jurisdiction where the character of the properties or assets owned, leased or operated by it or the nature of its business
makes such qualification or licensing necessary or desirable, except where the failure to be so qualified or licensed and in good
standing would not be material to the Company and its Subsidiaries, taken as a whole.

 

(b)          The
Company has one wholly-owned Subsidiary, Oncobiologics Limited, which is not significant for purposes of Regulation S-K of the
Securities Act. Other than Oncobiologics Limited, the Company does not have any Subsidiaries. The Company does not directly or
indirectly own any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for any equity
or similar interest in, any corporation, partnership, joint venture or other business association or entity.

 

    	 	13	 

     

    

  

Section
4.02         Authorization; Enforcement; Validity. The Company has the
requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents
and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the
other Transaction Documents by the Company, and the consummation by the Company of the transactions contemplated hereby and thereby
(including the issuance of the Preferred Shares and issuance of the Conversion Shares issuable upon conversion of the Preferred
Shares, and the issuance of the Warrants and issuance of the Warrant Shares issuable upon exercise of the Warrants) have been duly
authorized by the Company’s board of directors (the “Company Board”) and (other than any filings as may
be required by applicable federal and state securities laws and other than the Stockholder Approval), no further filing, consent
or authorization is required by the Company, the Company Board or the Company’s stockholders. This Agreement has been, and
the other Transaction Documents to be delivered on or prior to the Initial Closing and the Closing, as the case may be, will be
at or prior to the Initial Closing or the Closing, as the case may be, duly executed and delivered by the Company, and upon such
execution will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their respective terms, except as limited by Bankruptcy Exceptions.

 

Section
4.03         Capitalization. (a)          The
authorized capital stock of the Company consists of 200,000,000 shares of Common Stock and 10,000,000 shares of preferred stock,
par value $0.01 per share (“Preferred Stock”). As of the date of this Agreement, (i) 24,676,365 shares of Common
Stock are issued and outstanding, all of which are duly authorized, validly issued, fully paid and non-assessable, (ii) 214,411
shares of Common Stock are reserved for issuance pursuant to outstanding Performance Based Stock Units, (iii) 1,007,879 shares
of Common Stock are reserved for issuance pursuant to outstanding Restricted Stock Units, (iv) 1,146,309 shares of Common Stock
are reserved for issuance pursuant to additional awards to be granted under the 2015 Equity Incentive Plan, (v) 289,855 shares
of Common Stock are reserved for issuance pursuant to the 2016 Employee Stock Purchase Plan, (vi) 1,076,823 2014 Common Stock Warrants
are outstanding, (vii) 3,521,501 2016 Common Stock Warrants are outstanding, (viii) 3,333,333 Series A Warrants are outstanding,
(ix) 3,333,333 Series B Warrants are outstanding, (x) no shares of Preferred Stock are issued and outstanding, (xi) no shares of
Common Stock or Preferred Stock are held in the treasury of the Company, and (xii) no shares of Common Stock or Preferred Stock
are held by the Subsidiaries of the Company. Except as disclosed in Section 4.03(a) of the Company Disclosure Schedule:
(A) none of the Company’s or any Subsidiary’s capital stock is subject to preemptive rights or any other similar rights
or any Encumbrances suffered or permitted by the Company or any Subsidiary, (B) there are no outstanding options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or notes or other securities or rights convertible
into, or exercisable or exchangeable for, any capital stock of the Company or any of its Subsidiaries (collectively, “Other
Securities”), or Contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional capital stock of the Company or any of its Subsidiaries or options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or notes or securities or rights convertible
into, or exercisable or exchangeable for, any capital stock of the Company or any of its Subsidiaries, (C) there are no outstanding
debt securities, notes, credit agreements, credit facilities or other Contracts, documents or instruments evidencing Indebtedness
of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (D) there
are no financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries,
(E) there are no Contracts or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale
of any of their securities under the Securities Act, (F) there are no outstanding securities or instruments of the Company or any
of its Subsidiaries which contain any redemption or similar provisions, and there are no Contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries, (G) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities, and (H) there are no restricted stock, stock appreciation rights, performance units, contingent
value rights, “phantom” stock, or similar securities or rights that are derivative of, or provide economic benefits
based, directly or indirectly, on, the value or price of any shares of capital stock or other securities of or other ownership
interests in the Company or any Subsidiary.

 

    	 	14	 

     

    

  

(b)          Each
outstanding share of capital stock of, or other equity interests in, each Subsidiary of the Company is (i) duly authorized, validly
issued, fully paid and non-assessable and free of preemptive (or similar) rights, (ii) owned by the Company or another of its wholly-owned
Subsidiaries free and clear of all Encumbrances, and (iii) not subject to any outstanding obligations of the Company or any of
its Subsidiaries requiring the registration under any securities Law for sale of such share of capital stock, or other equity interests.

 

(c)          As
of the date of this Agreement, no bonds, debentures, notes or other Indebtedness of the Company having the right to vote (or convertible
into or exercisable for securities having the right to vote) on any matters on which stockholders of the Company may vote are issued
or outstanding.

 

Section
4.04         Issuance of Securities. The issuance of the Preferred Shares
and the Warrants are duly authorized and upon issuance in accordance with the terms of the applicable Transaction Documents shall
be validly issued, fully paid and non-assessable and free from all Encumbrances. The Company shall have reserved from its duly
authorized capital stock as of the date hereof, in addition to authorized capital stock reserved for all Other Securities, not
less than 150% of the maximum number of Conversion Shares issuable upon conversion of the Preferred Shares being acquired at the
Initial Closing (determined without taking into account any limitations on the conversion of the Preferred Shares set forth therein
and assuming that the Preferred Shares are convertible at the initial Series A Conversion Rate (as defined in the Certificate of
Designation). The Company shall have reserved from its duly authorized capital stock as of the Closing Date, in addition to authorized
capital stock reserved for all Other Securities, not less than 150% of (a) the maximum number of Conversion Shares issuable upon
conversion of the Preferred Shares (determined without taking into account any limitations on the conversion of the Preferred Shares
set forth therein and assuming that the Preferred Shares are convertible at the initial Series A Conversion Rate (as defined in
the Certificate of Designation)) and (b) the maximum number of Warrant Shares issuable upon exercise of the Warrants (without taking
into account any limitations on the exercise of the Warrants set forth therein). Upon issuance or conversion in accordance with
the Preferred Shares or exercise in accordance with the Warrants (as the case may be), the Conversion Shares and the Warrant Shares,
respectively, when issued, will be validly issued, fully paid and nonassessable and free from all Encumbrances, with the holders
being entitled to all rights accorded to a holder of Common Stock. Assuming the representations and warranties of the Investor
contained in Article III are true, the offer and issuance by the Company of the Securities is exempt from registration under
the Securities Act.

 

    	 	15	 

     

    

  

Section
4.05         No Conflicts. The execution, delivery and performance by
the Company of this Agreement and the other Transaction Documents to which it or any of its Subsidiaries is a party and the consummation
by the Company and its Subsidiaries of the transactions contemplated hereby and thereby (including the issuance of the Preferred
Shares, the Warrants, the Conversion Shares and the Warrant Shares and the reservation for issuance of the Conversion Shares and
the Warrant Shares as contemplated under Section 4.04 above) will not (a) result in a violation of the Certificate of Incorporation,
Bylaws or other organizational documents of the Company or any of its Subsidiaries or any capital stock of the Company or any of
its Subsidiaries, (b) after obtaining all necessary consents set forth in Section 4.05 of the Company Disclosure Schedule,
conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, result
in the creation of any Encumbrance upon any of the properties or assets of the Company or any of its Subsidiaries pursuant to,
or give to others any rights of termination, amendment, acceleration or cancellation of, any Contract or other instrument or obligation
to which the Company or any of its Subsidiaries is a party, or (c) subject to the Required Approvals set forth in Section 4.05
of the Company Disclosure Schedule, result in a violation of any Law (including the rules and regulations of the Nasdaq Global
Market (“Nasdaq”)) or Order applicable to the Company or any of its Subsidiaries or by which any property or
asset of the Company or any of its Subsidiaries is bound or affected; except, in the case of each of clauses (b) and (c), as would
not be, or would not reasonably be expected to be, material to the Company and its Subsidiaries, taken as a whole.

 

Section
4.06         Consents. Neither the Company nor any Subsidiary is required
to obtain any consent, approval, authorization or order of, or make any filing or notification with, any Governmental Entity or
other self-regulatory organization or body or any other Person in order for it to execute, deliver or perform any of its respective
obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms hereof or thereof, except
(a) for applicable requirements, if any, of the Securities Act, the Exchange Act, state “Blue Sky” laws and state
takeover Laws, (b) the filing with the United States Securities and Exchange Commission (the “SEC”) of the Proxy
Statement, (c) any filings required under the rules and regulations of Nasdaq, (d) the filing of the Certificate of Designation
with the Secretary of State of the State of Delaware in accordance with the DGCL, and (e) where the failure to obtain such
consents, approvals, authorizations or orders, or to make such filings or notifications, would not be material. As of the Initial
Closing, in respect of the Initial Purchase, and as of the Closing, in respect of the Subsequent Purchase, all consents, approvals,
authorizations, orders, filings and notifications which the Company or any Subsidiary is required to obtain pursuant to the preceding
sentence have been obtained or effected. Neither the Company nor any of its Subsidiaries is aware of any facts or circumstances
that might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Transaction Documents. Except for the written notification received by the Company from Nasdaq on June 28,
2017 regarding, among other things, the Company’s failure to meet certain minimum market value requirements under applicable
Nasdaq rules (the “Nasdaq Notice”), the Company is not in violation of the rules or requirements of Nasdaq and,
to the knowledge of the Company, there are no facts or circumstances which would reasonably lead to delisting or suspension of
the Common Stock.

 

    	 	16	 

     

    

  

Section
4.07         Acknowledgment Regarding Investor’s Purchase of Securities.
The Company acknowledges and agrees that Investor is acting solely in the capacity of an arm’s length purchaser with respect
to the Transaction Documents and the transactions contemplated hereby and thereby and that Investor is not (a) an officer or director
of the Company or any of its Subsidiaries, (b) to its knowledge, an “affiliate” (as defined in Rule 144 of the Securities
Act) of the Company or any of its Subsidiaries or (c) to its knowledge, a “beneficial owner” of more than 10% of the
shares of Common Stock (as defined for purposes of Rule 13d-3 of the Exchange Act). The Company further acknowledges that Investor
is not acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect
to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by Investor or any of its
representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is
merely incidental to such Investor’s purchase of the Securities. The Company further represents to Investor that the Company’s
decision to enter into the Transaction Documents to which it is a party has been based solely on the independent evaluation by
the Company and its representatives.

 

Section
4.08         Brokers and Other Advisors. Except for Jeffries LLC, the
fees and expenses of which will be paid by the Company in an aggregate amount not exceeding the amount set forth in Section
4.08 of the Company Disclosure Schedule, no broker, investment banker, financial advisor or other Person is entitled to any
broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses
in connection therewith, in connection with the transactions contemplated by this Agreement and the other Transaction Documents
based upon arrangements made by or on behalf of the Company or any of its Subsidiaries or any of the Company’s Affiliates,
directors or officers.

 

Section
4.09         Dilutive Effect. The Company understands and acknowledges
that the number of Conversion Shares and Warrant Shares will increase in certain circumstances. The Company further acknowledges
that its obligation to issue the Conversion Shares upon conversion of the Preferred Shares in accordance with this Agreement and
the Certificate of Designation and the Warrant Shares upon exercise of the Warrants in accordance with this Agreement and the Warrants,
is absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other
stockholders of the Company. The Company acknowledges that the issuance of the Securities will have a material dilutive effect
upon its stockholders and other securityholders.

 

Section
4.10         Application of Takeover Protections; Rights Agreement.
The Company and the Company Board have taken all necessary action, if any, in order to render inapplicable any control share acquisition,
interested stockholder, business combination, poison pill (including any distribution under a rights agreement) or other similar
anti-takeover provision under the Certificate of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction
of its incorporation or otherwise which is or could become applicable to Investor as a result of the transactions contemplated
by this Agreement, including the Company’s issuance of the Securities and Investor’s ownership of the Securities. The
Company and the Company Board have taken all necessary action, if any, in order to render inapplicable any stockholder rights plan
or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock or a change in control of the
Company or any of its Subsidiaries.

 

    	 	17	 

     

    

  

Section
4.11         SEC Documents; Financial Statements. Since May 12, 2016,
the Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the
SEC pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits
included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”). The Company has delivered to Investor or its representatives true, correct
and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, 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 the light of the circumstances under which they were made, not misleading. As of their respective
dates, the financial statements of the Company included in the SEC Documents (the “Financial Statements”) complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto as in effect as of the time of filing. The Financial Statements have been prepared in accordance with GAAP,
consistently applied, during the periods involved (except (a) as may be otherwise indicated in the Financial Statements or the
notes thereto, or (b) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments which are not material, either individually or in the aggregate). Except as set forth on Section
4.11 of the Company Disclosure Schedule, neither the Company nor any of its Subsidiaries has any liability or obligation of
any nature (whether accrued, absolute, contingent, determined, determinable or otherwise and whether due or to become due), except
for liabilities and obligations (i) reflected or reserved against on the consolidated balance sheet of the Company and its consolidated
Subsidiaries as at September 30, 2016, including the notes thereto, or (ii) incurred in the ordinary course of business consistent
with past practice since September 30, 2016, which would not be material to the Company and its Subsidiaries, taken as a whole,
other than, in each case of clauses (i) and (ii), the Notes. No other information provided by or on behalf of the Company to Investor
which is not included in the SEC Documents contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein not misleading, in the light of the circumstance under which they are or were
made. The Company is not currently contemplating to amend or restate any of the Financial Statements (including any notes or any
letter of the independent accountants of the Company with respect thereto), nor is the Company currently aware of facts or circumstances
which would require the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials
Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent
accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is any need for
the Company to amend or restate any of the Financial Statements. As of the date of this Agreement, there are no material outstanding
or unresolved comments in comment letters received from the SEC with respect to the SEC Documents. To the knowledge of the Company,
none of the SEC Documents is the subject of ongoing SEC review and there are no inquiries or investigations by the SEC or any Governmental
Entity or any internal investigations pending or threatened, in each case regarding any accounting practices of the Company or
any of its Subsidiaries.

 

    	 	18	 

     

    

 

Section
4.12         Absence of Certain Changes. Since September 30, 2016, (a)
the Company and its Subsidiaries have conducted their business in the ordinary course and in a manner consistent with past practice,
and (b) except as expressly set forth in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2017 (but excluding (1) any documents filed as exhibits, annexes and schedules thereto or incorporated by reference therein,
(2) any risk factor disclosures therein (other than any factual information contained therein), and (3) any disclosure of
risks included in any “forward-looking statements” disclaimer therein or any other statements therein that are similarly
non-specific or precise or forward-looking in nature), there has not been any Material Adverse Effect.  Neither the Company
nor any of its Subsidiaries has taken any action that, if taken after the date of this Agreement, would constitute a breach of
any of the covenants set forth in Section 5.01. Neither the Company nor any of its Subsidiaries has taken any steps to seek
protection pursuant to any Law relating to bankruptcy, insolvency, reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, receivership, liquidation or winding up, and, to the knowledge of the Company, no creditor of the Company or any of
its Subsidiaries intends to initiate involuntary bankruptcy proceedings. The Company and its Subsidiaries, individually and on
a consolidated basis, are not, as of the date hereof, and after giving effect to the transactions contemplated hereby to occur
at the Initial Closing and at the Closing will not be, Insolvent. For purposes of this Section 4.12, “Insolvent”
means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of the
Company’s and its Subsidiaries’ assets is less than the amount required to pay the Company’s and its Subsidiaries’
total Indebtedness, (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured, or (C) the Company and its Subsidiaries intend to incur
or believe that they will incur debts that would be beyond their ability to pay as such debts mature, and (ii) with respect to
the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company’s or such Subsidiary’s
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such
Subsidiary (as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise, as
such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to incur
or believes that it will incur debts that would be beyond its respective ability to pay as such debts mature.

 

    	 	19	 

     

    

  

Section
4.13         No Undisclosed Events, Liabilities, Developments or Circumstances.
No event, liability, development or circumstance has occurred or exists, or is reasonably expected to exist or occur with respect
to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects, operations (including
results thereof) or condition (financial or otherwise), that (a) would be required to be disclosed by the Company under applicable
securities laws on a registration statement on Form S-1 filed with the SEC relating to an issuance and sale by the Company of its
Common Stock and which has not been publicly announced (other than the transactions contemplated by this Agreement), or (b) would
have, or would reasonably be expected to have, a Material Adverse Effect. To the Company’s knowledge, no event, development
or circumstance has occurred or exists, or is reasonably expected to exist or occur, that would, or would reasonably be expected
to, (i) result in a failure of the Development Partner to pay, in full, any amounts that are owed and payable, or become owed or
payable, to the Company under the Partner Agreements, including any overdue amounts and any applicable milestone payments payable
upon the occurrence of the applicable milestones set forth therein, or (ii) prevent, materially delay, or otherwise adversely affect
the ability of the Company to obtain all Regulatory Approvals, including all Regulatory Approvals in connection with the development
and commercialization of ONS-3010 and ONS-1045, a biosimilar to bevacizumab (Avastin®). For purposes of this Section
4.13, “Regulatory Approvals” means all approvals, licenses, registrations, authorizations or clearances
of any federal, state or local Governmental Entity, necessary for the commercial manufacture, use, storage, import, export, transport,
promotion, or sale of any Company product in the relevant jurisdiction, including approval of the U.S. Food and Drug Administration
and European Medicines Agency, and including pricing or reimbursement approvals, where applicable, by the applicable Governmental
Entity in such jurisdiction.

 

Section
4.14         Certificate of Incorporation and Bylaws. The Company has
furnished to Investor true, correct and complete copies of (a) the Company’s Amended and Restated Certificate of Incorporation,
as amended and as in effect on the date hereof (the “Certificate of Incorporation”), (b) the Company’s
Amended and Restated Bylaws, as amended and as in effect on the date hereof (the “Bylaws”), (c) the certificate
of incorporation and bylaws (or equivalent organizational documents) of each Subsidiary of the Company, each as amended and as
in effect on the date hereof, and (d) the terms of all Other Securities and the material rights of the holders thereof in respect
thereto that have not been disclosed in the SEC Documents. The Company is not in violation of any term of, or in default under,
the Certificate of Incorporation, the Bylaws or any certificate of designation, preferences or rights of any other outstanding
series of preferred stock of the Company. None of the Subsidiaries of the Company are in violation of any term of, or in default
under, its certificate of incorporation or bylaws (or equivalent organizational documents).

 

Section
4.15         Permits; Compliance. The Company and each of its Subsidiaries
is in possession of all Company Permits, except where the failure to possess, or the suspension or cancellation of, any of the
Company Permits would not be material to the Company and its Subsidiaries, taken as a whole. No suspension or cancellation of any
of the Company Permits is pending or, to the knowledge of the Company, threatened, except where the failure to possess, or the
suspension or cancellation of, any of the Company Permits would not be material to the Company and its Subsidiaries, taken as a
whole. Neither the Company nor any of its Subsidiaries is or, since January 1, 2014, has been, in conflict with, or in default,
breach or violation of, any Law or Company Permit applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected, except for any such conflicts, defaults, breaches or violations
that have not been, and would not reasonably be expected to be, material to the Company and its Subsidiaries, taken as a whole.
Without limiting the generality of the foregoing, and except the Nasdaq Notice, the Company is not in violation of any of the rules,
regulations or requirements of Nasdaq. Since May 12, 2016, (i) the Common Stock has been listed or designated for quotation on
Nasdaq, (ii) trading in the Common Stock has not been suspended by the SEC or Nasdaq and (iii) other than the Nasdaq Notice, the
Company has received no communication, written or oral, from the SEC or Nasdaq regarding the suspension or delisting of the Common
Stock from Nasdaq.

 

    	 	20	 

     

    

  

Section
4.16         Anti-Corruption; Anti-Money Laundering; Sanctions. (a)
Neither the Company, its Subsidiaries, nor any of their respective directors, officers, agents or employees, nor any other Person
acting for or on behalf of the foregoing (each, a “Company Affiliate”) (i) is itself, or is 50% or more owned
by, a target of any sanctions, laws, lists, regulations, embargoes or restrictive measures administered, enacted or enforced by
the United States or other government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury, the
U.S. Department of State, the United Kingdom, the European Union (and any of its member states) or the United Nations Security
Council, or any other relevant authority or sanctions-administering body (collectively, “Sanctions”), or (ii)
is located, organized or resident in a country or territory that is the target of any such Sanctions (including without limitation,
Cuba, Iran, North Korea, North Sudan or Syria).

 

(b)          To
the knowledge of the Company, no Action by or before any Governmental Entity or any arbitrator involving the Company or any Company
Affiliate with respect to any Sanctions is pending or threatened.

 

(c)          The
operations of the Company and its Subsidiaries and, to the knowledge of the Company, the other Company Affiliates are and have
been conducted at all times in compliance with applicable anti-money laundering and anti-terrorism financing laws of all jurisdictions
in which they operate, the rules and regulations promulgated thereunder, and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Governmental Entity thereof or therein (collectively, the “Anti-Money Laundering
and Anti-Terrorism Financing Laws”).

 

(d)          To
the knowledge of the Company, no Action by or before any Governmental Entity or any arbitrator involving the Company or any Company
Affiliate with respect to Anti-Money Laundering and Anti-Terrorism Financing Laws is pending or threatened.

 

(e)          Neither
the Company, any of its Subsidiaries nor, to the knowledge of the Company, any other Company Affiliate has engaged in conduct that
would violate any anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, the UK Bribery Act, the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions and related implementing legislation, and
any other similar laws against bribery or corruption (the “Anti-Corruption Laws”).

 

(f)          Neither
the Company, any of its Subsidiaries nor, to the knowledge of the Company, any other Company Affiliate has offered, promised, given,
or authorized the offer, promise, or giving, or accepted or requested, any compensation, payment or gift or anything of value,
directly or indirectly, to or from any Person (whether government-affiliated or not) for the purpose of influencing or inducing
any act or decision or inaction in order to obtain, retain or direct business or to secure an improper advantage.

 

    	 	21	 

     

    

  

(g)          To
the knowledge of the Company, no Action by or before any Governmental Entity or any arbitrator involving the Company or any Company
Affiliate with respect to Anti-Corruption Laws is pending or threatened.

 

Section
4.17         Sarbanes-Oxley Act. The Company and each Subsidiary has
been at all times and currently is in compliance in all material respects with all applicable requirements of the Sarbanes-Oxley
Act of 2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated by the SEC thereunder
that are effective as of the date hereof.

 

Section
4.18         Transactions With Affiliates. As of the date of this Agreement,
and other than the Purchase and Exchange Agreement, there are no transactions, Contracts, arrangements, commitments or understandings
between (a) the Company or any of its Subsidiaries and (b) any of the Company’s Affiliates that would be required
to be disclosed by the Company under Item 404 of Regulation S-K under the Securities Act that are not disclosed in the SEC Documents.

 

Section
4.19         Absence of Litigation. Other than the Nasdaq Notice, there
is no Action pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries, or any property
or asset of the Company or any of its Subsidiaries (or, to the knowledge of the Company, any director or officer of the Company
in such capacity as director or officer), by or before Nasdaq, any Governmental Entity or any self-regulatory organization or body
that, if adversely determined against the Company or its applicable Subsidiary, would be, or would reasonably be expected to be,
material to the Company and its Subsidiaries, taken as a whole. Neither the Company nor any of its Subsidiaries nor any property
or asset of the Company or any of its Subsidiaries is subject to any continuing order of, consent decree, settlement agreement
or other similar written agreement with, or, to the knowledge of the Company, any continuing investigation by, any Governmental
Entity or any Order that is, or would reasonably be expected to be, material to the Company and its Subsidiaries, taken as a whole.

 

Section
4.20         Insurance. Each of the Company and its Subsidiaries maintains
insurance policies with reputable insurance carriers against all risks of a character and in such amounts as are usually insured
against by similarly situated companies in the same or similar businesses. Each such insurance policy is legal, valid, binding
and enforceable in accordance with its terms and, except for policies that have expired under their terms in the ordinary course,
is in full force and effect. Neither the Company nor any of its Subsidiaries is in breach or default (including any such breach
or default with respect to the payment of premiums or the giving of notice) under any such policy, and, to the knowledge of the
Company, no event has occurred which, with notice or the lapse of time or both, would constitute such a breach or default, or permit
termination or modification, under such policy, and no notice of cancellation or termination has been received with respect to
any such party.

 

    	 	22	 

     

    

  

Section
4.21         Employee Benefit Matters.

 

(a)          Plans
and Material Documents. Section 4.21(a) of the Company Disclosure Schedule lists each material Company Plan. With respect
to each Company Plan, the Company has made available to Investor a true and complete copy of the plan document as amended to the
date hereof (or, in the case of any Company Plan that is unwritten, a description thereof), together with, if applicable, (i) the
most recent summary plan description for which such summary plan description is required (including all amendments thereto through
the date hereof), (ii) the most recent annual reports on Form 5500 required to be filed with the United States Internal Revenue
Service (“IRS”) with respect to each Company Plan (if any such report was required), (iii) each trust agreement
and insurance or group annuity contract relating to any Company Plan, and (iv) copies of non-discrimination testing results for
the three most recent plan years.

 

(b)          Plan
Compliance. Each Company Plan has been operated in all material respects in accordance with its terms and the requirements
of all applicable Laws. Each of the Company and its ERISA Affiliates, as applicable, has performed the obligations required to
be performed by it under, is not in any material respect in default under or in violation of, and, to the Company’s knowledge,
there is no material default or violation by any party to, any Company Plan. No Action is pending or, to the knowledge of the Company,
threatened with respect to any Company Plan (other than claims for benefits in the ordinary course of business) and, to the knowledge
of the Company, no fact or event exists that could give rise to any such action.

 

(c)          Qualification
of Certain Plans. Each Company Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable
determination letter from the IRS with respect to the most recent applicable determination letter filing period or has timely applied
to the IRS for such a letter, and no event has occurred since the date of the most recent determination letter or application therefor
relating to any such Company Plan that would reasonably be expected to adversely affect the qualification of such Company Plan.

 

(d)          No
Title IV Plans. None of the Company Plans is subject to Title IV of ERISA or the minimum funding requirements of Section 412
of the Code or Section 302 of ERISA.

 

(e)          Effect
of Transaction. Except as set forth on Section 4.21(e) of the Company Disclosure Schedule, neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated hereby shall: (i) result in the acceleration
of the time of payment or vesting or creation of any rights of any current or former employee, manager, director or consultant
to compensation or benefits under any Company Plan or otherwise, (ii) result in any payment becoming due, or increase the
amount of any compensation due, to any current or former employee, manager, director or consultant of the Company, or (iii) increase
any benefits otherwise payable under any Company Plan.

 

    	 	23	 

     

    

  

(f)          Section
280G Payments. No Company Plan provides for any payment by the Company or any Subsidiary that would result in the payment of
any compensation or other payments that would not be deductible under the terms of Section 280G of the Code after giving effect
to the transactions contemplated hereby.

 

(g)          Section
409A. Each Company Plan that constitutes a nonqualified deferred compensation plan subject to Section 409A of the Code
has been administered in all material respects, in both form and operation, with the provisions of Section 409A of the Code
and the treasury regulations and other generally applicable guidance published by the IRS thereunder. None of the Company or any
of its Subsidiaries has any liability or obligation to pay or reimburse any Taxes, related penalties, or interest that may be imposed
by Section 409A of the Code.

 

Section 4.22         Labor
and Employment Matters.

 

(a)          Collective
Bargaining Agreements. There are no collective bargaining agreements that cover any of the Service Providers of the Company
and its Subsidiaries to which the Company or any of its Subsidiaries is a party, and to the knowledge of the Company, there are
no strikes, disputes, requests for representation, slowdowns or stoppages, organizational campaigns, petitions or other unionization
activities seeking recognition of a collective bargaining unit relating to any such Service Providers pending, or, to the Company’s
knowledge, threatened against or affecting the Company or any of its Subsidiaries. There are no unfair labor practice charges,
material grievances or material complaints pending against the Company or any of its Subsidiaries or, to the knowledge of the Company,
threatened against or affecting the Company or any of its Subsidiaries.

 

(b)          Compliance
with Laws. The Company and its Subsidiaries are currently in compliance in all material respects with all Laws related to the
employment of labor, including those related to wages, hours, collective bargaining, terms and conditions of employment, discrimination
in employment and collective bargaining, equal opportunity, harassment, immigration, disability, workers’ compensation, unemployment
compensation, occupational health and safety and the collection and payment of withholding. The classification of each of their
employees as exempt or nonexempt has been made in all material respects in accordance with applicable Law. No liability for termination
notice or severance has been incurred with respect to any service providers of the Company or any of its Subsidiaries under the
Worker Adjustment and Retraining Notification Act as a result of an act or event occurring prior to the Closing.

 

Section
4.23         Real Property; Title. The Company and its Subsidiaries
do not own any real property. The SEC Documents include as exhibits thereto all Leases relating to the Leased Real Property. Except
as has not been, and would not reasonably be expected to be, material to the Company and its Subsidiaries, taken as a whole, the
Company or one of its Subsidiaries, as the case may be, has a valid leasehold interest in the Leased Real Property, free and clear
of all Encumbrances, except for Permitted Encumbrances. The Company and its Subsidiaries have good and marketable title to all
personal property owned by them which is material to the business of the Company and its Subsidiaries, in each case, free and clear
of all Encumbrances, except such as do not materially affect the value of such property and do not interfere with the use made
and proposed to be made of such property by the Company and any of its Subsidiaries.

 

    	 	24	 

     

    

  

Section
4.24         Intellectual Property. (a)          
Section 4.24(a) of the Company Disclosure Schedule sets forth a true and complete list as of the date hereof of all registrations
and applications for registration with a Governmental Entity or Internet domain name registrar of Owned Intellectual Property (collectively,
the “Registered Intellectual Property”), indicating for each such item, as applicable, the application or registration
number, date and jurisdiction of filing or issuance, and the identity of the current applicant or registered owner. Each item of
Registered Intellectual Property is (i) valid, subsisting and enforceable, (ii) currently in compliance with any and all formal
legal requirements necessary to maintain the validity and enforceability thereof and record and perfect the Company’s or
any of its Subsidiaries’ interest therein, and (iii) not subject to any Action or Contract adversely affecting the Company’s
or any of its Subsidiaries’ use thereof or rights thereto, or that could impair the validity or enforceability thereof.

 

(b)          The
Company or one of its Subsidiaries exclusively owns all right, title and interest in and to the Owned Intellectual Property, free
and clear of all Encumbrances (other than Permitted Encumbrances) and exclusive licenses, and the Company and its Subsidiaries
have a valid license to use all Licensed Intellectual Property in connection with the operation of the businesses of the Company
and its Subsidiaries, subject only to the terms of the Company IP Agreements. The Company Intellectual Property constitutes all
Intellectual Property necessary to conduct the businesses of the Company and its Subsidiaries as currently conducted and as proposed
to be conducted. There is no pending or threatened claim by any third party contesting or challenging (i) the validity or enforceability
of any Owned Intellectual Property, or (ii) the ownership or right to use by the Company or any of its Subsidiaries of any Company
Intellectual Property.

 

(c)          The
Company and its Subsidiaries have valid and enforceable licenses to use all Intellectual Property that is the subject of the Company
IP Agreements and any other Intellectual Property used in the businesses of the Company and its Subsidiaries as currently conducted
and as proposed to be conducted. Each Company IP Agreement is in full force and effect and is enforceable against the Company and,
to the knowledge of the Company, the other parties thereto. There does not exist under any Company IP Agreement any default or
condition or event that, after notice or lapse of time or both, would constitute a default on the part of the Company or any of
its Subsidiaries or, to the knowledge of the Company, on the part of any other party to such Company IP Agreement.

 

(d)          The
Owned Intellectual Property and the operation of the businesses of the Company and its Subsidiaries as currently conducted, as
has been conducted during the past six (6) years and as proposed to be conducted do not infringe, violate or misappropriate any
Intellectual Property of any Person or constitute contributory infringement, inducement of infringement or unfair competition or
trade practices under the Law of any jurisdiction. There is no Action pending or, to the knowledge of the Company, threatened against
the Company or any of its Subsidiaries by any Person: (i) alleging that the Company, any of its Subsidiaries or the Owned Intellectual
Property infringes, misappropriates or otherwise violates the Intellectual Property rights of such Person, or (ii) challenging
the validity, enforceability, ownership, or right to use, sell, or license any Owned Intellectual Property. No Person is engaging
in any activity, or has engaged in any activity during the past six (6) years, that infringes, misappropriates or otherwise violates
or conflicts with any Owned Intellectual Property, and there is no Action pending or threatened by the Company or any of its Subsidiaries
against any Person alleging such Person is engaged in any such activity.

 

    	 	25	 

     

    

  

(e)          The
Company and each of its Subsidiaries have taken all reasonable measures to maintain the confidentiality of all confidential information
used or held for use in the operation of their businesses, including all confidential Company Intellectual Property. No confidential
information, trade secrets or other confidential Company Intellectual Property have been disclosed by the Company or any of its
Subsidiaries to, or discovered by, any Person except pursuant to appropriate non-disclosure or license agreements that (i) obligate
such Person to keep such confidential information, trade secrets or other confidential Company Intellectual Property confidential
both during and after the term of such agreement, and (ii) are valid, subsisting, in full force and effect and binding on the parties
thereto and with respect to which no party thereto is in default thereunder and no condition exists that with notice or the lapse
of time or both could constitute a default thereunder.

 

(f)          The
Company and its Subsidiaries have taken all reasonable steps to protect and maintain the Owned Intellectual Property. Without limiting
the foregoing, the Company and its Subsidiaries have and enforce policies requiring each employee, consultant and independent contractor
who creates or develops Intellectual Property for or on behalf of the Company and/or any of its Subsidiaries to execute a proprietary
rights assignment and confidentiality agreement substantially in the form provided to the Investor, and all current and former
employees, consultants and independent contractors of the Company and its Subsidiaries who have created or developed Intellectual
Property for or on behalf of the Company have executed such an agreement. No employee, consultant or independent contractor of
the Company or its Subsidiaries is in default or breach of any term of such agreement.

 

(g)          No
funding, facilities or resources of any Governmental Entity, intergovernmental organization, university, college, other educational
institution or research center was used in the development of the Owned Intellectual Property in a manner that has resulted in
any such Person having any claim of interest, ownership or license, or right to obtain ownership or license, to any such Owned
Intellectual Property.

 

(h)          The
Company IT Assets are adequate for the operation of the businesses of the Company and its Subsidiaries and operate and perform
in accordance with their documentation and functional specifications. The Company IT Assets have not malfunctioned or failed within
the past six (6) years and do not contain any disabling codes or instructions, “time bombs,” “Trojan horses,”
“back doors,” “trap doors,” “worms,” viruses, bugs, faults or other software routines or hardware
components that (i) significantly disrupt or adversely affect the functionality of any Company IT Assets or other software or systems,
or (ii) enable or assist any Person to access without authorization any Company IT Assets. The Company and each of its Subsidiaries
have implemented reasonable backup, security and disaster recovery measures and technology consistent with industry practices and
no Person has gained unauthorized access to any Company IT Assets.

 

    	 	26	 

     

    

  

(i)          The
Company and its Subsidiaries are in compliance with all applicable Laws and internal policies pertaining to privacy and personally
identifiable information, sensitive personal information and any special categories of personal information regulated thereunder
or covered thereby (collectively, “Personal Information”). There is not and has not been any written complaint
to, or any audit, proceeding, investigation (including any formal or, to the knowledge of the Company, informal investigation)
or claim against, the Company or any of its Subsidiaries by any private party, data protection authority, any state attorney general
or similar state official or any other Governmental Entity, foreign or domestic, with respect to the collection, use, retention,
disclosure, transfer, storage, security, disposal or other processing of Personal Information.

 

Section
4.25         Environmental Laws. Except as would not reasonably be expected
to be material to the Company and its Subsidiaries, taken as a whole, (a) none of the Company nor any of its Subsidiaries
is in violation of or, since January 1, 2014, has violated, any Environmental Law, (b) none of the properties currently or
formerly owned, leased or operated by the Company or any current or former Subsidiary of the Company (including soils and surface
and ground waters) are contaminated with any Hazardous Substance, (c) none of the Company or any of its current or former
Subsidiaries is actually, potentially or allegedly liable for any off-site contamination by Hazardous Substances, (d) none
of the Company or any of its current or former Subsidiaries is actually, potentially or allegedly liable under any Environmental
Law (including pending or threatened liens, or with respect to exposure to Hazardous Substances), (e) each of the Company
and its Subsidiaries has all Environmental Permits, and (f) each of the Company and its Subsidiaries is and, since January
1, 2014, has been, in compliance with its Environmental Permits.

 

Section
4.26         Material Contracts. (a) Section 4.26 of the Company
Disclosure Schedule contains a complete list of the following types of Contracts, including all amendments, supplements and modifications,
to which the Company or any of its Subsidiaries is a party (such Contracts, the “Material Contracts”):

 

(i)          any
“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Securities Act) with
respect to the Company or any of its Subsidiaries that has been, or was required to be, filed with the SEC with the Company’s
Annual Report on Form 10-K for the year ended September 30, 2016 or any Company SEC Documents filed after the date of filing
of such Form 10-K until the date hereof;

 

(ii)         any
Contract for the purchase of materials, supplies, goods, services, equipment or other assets (A) providing for annual payments
by the Company or any of its Subsidiaries of $300,000 or more, (B) which involved consideration or payments by the Company or any
of its Subsidiaries in excess of $300,000 in the aggregate during the calendar year ended December 31, 2016, or (C) which is expected
to involve consideration or payments by the Company or any of its Subsidiaries in excess of $300,000 in the aggregate during the
calendar year ending December 31, 2017 or December 31, 2018;

 

(iii)        any
Contract for the furnishing of materials, supplies, goods, services, equipment or other assets (A) providing for annual payments
to the Company or any of its Subsidiaries of $300,000 or more, (B) which involved consideration or payments to the Company or its
Subsidiaries in excess of $300,000 in the aggregate during the calendar year ended December 31, 2016, or (C) which is expected
to involve consideration or payments to the Company or its Subsidiaries in excess of $300,000 in the aggregate during the calendar
year ending December 31, 2017 or December 31, 2018;

 

    	 	27	 

     

    

  

(iv)        all
Contracts concerning the establishment, management or operation of a joint venture, partnership, limited liability company, business
alliance or strategic collaboration arrangement;

 

(v)         all
Contracts relating to Indebtedness of the Company or any of its Subsidiaries;

 

(vi)        all
Contracts containing any non-compete or exclusivity provision or any similarly restrictive provision with respect to any line of
business, Person or geographic area with respect to the Company or any of its Affiliates;

 

(vii)       all
Company IP Agreements;

 

(viii)      all
employment, contractor, consultant or similar Contracts with annual base pay in excess of $200,000;

 

(ix)         all
Contracts that contain obligations of the Company or its Subsidiaries secured by an Encumbrance (other than a Permitted Encumbrance),
and any interest rate or currency hedging agreements;

 

(x)          all
Contracts and Leases concerning the use, occupancy, management or operation of, or evidencing any interests in, any real property
(including all Contracts and Leases described in Section 4.23);

 

(xi)         all
material management Contracts and Contracts with consultants, including any Contracts involving the payment of royalties or other
amounts calculated based upon the revenues or income of the Company or any of its Subsidiaries or income or revenues related to
any product of the Company or any of its Subsidiaries;

 

(xii)        each
Contract pursuant to which the Company or any of its Subsidiaries is bound that includes a continuing indemnification, “earn
out” or other contingent payment obligation, in each case, that could result in payments in excess of $300,000;

 

(xiii)       each
Contract between or among the Company or any of its Subsidiaries, on the one hand, and any of their respective Affiliates (other
than the Company or any of its Subsidiaries), on the other hand;

 

(xiv)      all
Contracts between or among the Company or any of its Subsidiaries, on the one hand, and any Governmental Entity, on the other hand;

 

(xv)       any
Contract that grants or conveys rights of refusal, or contains “most favored nation”, “most favored customer”
or similar pricing provisions, or that obligates the Company or any of its Subsidiaries to conduct business on an exclusive or
preferential basis with any third party;

 

    	 	28	 

     

    

  

(xvi)      each
“single source” supply Contract pursuant to which goods or materials that are material to the business of the Company
and its Subsidiaries, taken as a whole, are supplied to the Company or any of its Subsidiaries from an exclusive source;

 

(xvii)     any
Contract that will be binding on Investor or any of its Affiliates after the Closing, other than the Company and its Subsidiaries;
and

 

(xviii)    all
other Contracts, whether or not made in the ordinary course of business, which are material to the Company and its Subsidiaries,
taken as a whole, or the conduct of their respective businesses.

 

(b)          Each
Material Contract is a legal, valid and binding obligation of the Company or its Subsidiaries party thereto and, to the Company’s
knowledge, the other parties thereto, enforceable against the Company or such Subsidiaries and, to the Company’s knowledge,
the other parties thereto in accordance with its terms. Neither the Company nor any of its Subsidiaries nor, to the Company’s
knowledge, any other party thereto is in breach or violation of, or default under, any Material Contract and no event has occurred
or not occurred through the Company’s or any of its Subsidiaries’ action or inaction or, to the Company’s knowledge,
the action or inaction of any third party, that with notice or lapse of time or both would constitute a breach or violation of,
or default under, any Material Contract, except as would not be, or would not reasonably be expected to be, material to the Company
and its Subsidiaries, taken as a whole. The Company and its Subsidiaries have not received any claim or notice of default, termination
or cancellation under any Material Contract. The Company has furnished or made available to Investor correct and complete copies
of all Material Contracts, including any amendments, waivers or changes thereto.

 

Section
4.27         Board Approvals. The Company Board, by resolutions duly
adopted at a meeting duly called and held, unanimously: (a) determined that this Agreement the other Transaction Documents
and the transactions contemplated hereby and thereby are fair to, and in the best interests of, the Company and its stockholders,
(b) adopted this Agreement and the other Transaction Documents and approved the transactions contemplated hereby and thereby,
(c) resolved to recommend that the stockholders of the Company approve the transactions contemplated by the Transaction Documents,
including the Company’s issuance of the Securities as described in the Transaction Documents (such recommendation, the “Board
Recommendation”) and (d) directed that transactions contemplated by the Transaction Documents, including the Company’s
issuance of the Securities as described in the Transaction Documents, be submitted to a vote of the Company’s stockholders.

 

Section
4.28         Subsidiary Rights. The Company or one of its Subsidiaries,
as applicable, has the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive dividends
and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary.

 

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Section
4.29         Tax Status. Except as set forth in Section 4.29
of the Company Disclosure Schedule, each of the Company and its Subsidiaries (a) has filed all foreign, federal and state income
and all other material tax returns, reports and declarations required to be filed by any jurisdiction to which it is subject, except
for any tax returns for which valid extensions have been filed and are still in effect, (b) has paid all taxes and other governmental
assessments and charges that are material in amount, due and owing and shown or determined to be due on such returns, reports and
declarations, except those being contested in good faith and (c) has set aside on its books provision reasonably adequate for the
payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed in writing to be due by the taxing authority of any jurisdiction, and the Company and its
Subsidiaries know of no basis for any such claim. The Company is not a foreign corporation so as to qualify potentially as a passive
foreign investment company, as defined in Section 1297 of the Code.

 

Section
4.30         Internal Accounting and Disclosure Controls. Each of the
Company and its Subsidiaries maintains internal control over financial reporting (as such term is defined in Rule 13a-15(f) under
the Exchange Act) that is effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles, including that (a) transactions
are executed in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
and liability accountability, (c) access to assets or incurrence of liabilities is permitted only in accordance with management’s
general or specific authorization and (d) the recorded accountability for assets and liabilities is compared with the existing
assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. The Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that are effective in ensuring
that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including controls and
procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer
or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure.
Since May 12, 2016, neither the Company nor any of its Subsidiaries has received any notice or correspondence from any accountant
or other Person relating to any potential material weakness or significant deficiency in any part of the internal controls over
financial reporting of the Company or any of its Subsidiaries.

 

Section
4.31         Off Balance Sheet Arrangements. There is no transaction,
arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated or other off balance sheet
entity that is required to be disclosed by the Company in its Exchange Act filings and is not so disclosed or that otherwise would
be reasonably likely to be material to the Company and its Subsidiaries, taken as a whole.

 

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

 

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Section
4.33         Acknowledgement Regarding Investor’s Trading Activity.
It is understood and acknowledged by the Company that (a) following the public disclosure of the transactions contemplated by the
Transaction Documents, in accordance with the terms thereof, Investor has not been asked by the Company or any of its Subsidiaries
to agree, nor has Investor agreed with the Company or any of its Subsidiaries, to desist from effecting any transactions in or
with respect to (including purchasing or selling, long or short) any securities of the Company, or “derivative” securities
based on securities issued by the Company or to hold any of the Securities for any specified term, (b) Investor or its Affiliates,
and counterparties in “derivative” transactions to which Investor or any such Affiliate is a party, directly or indirectly,
presently may have a “short” position in the Common Stock which was established prior to Investor’s knowledge
of the transactions contemplated by the Transaction Documents, and (c) Investor shall not be deemed to have any affiliation with
or control over any arm’s length counterparty in any “derivative” transaction. The Company further understands
and acknowledges that, following the public disclosure of the transactions contemplated by the Transaction Documents pursuant to
the 8-K Filings, Investor or its Affiliates may engage in hedging or trading activities at various times during the period that
the Securities are outstanding, including during the periods that the value or number of the Conversion Shares deliverable with
respect to the Securities are being determined and such hedging or trading activities, if any, can reduce the value of the existing
stockholders’ equity interest in the Company both at and after the time the hedging or trading activities are being conducted.
The Company acknowledges that such aforementioned hedging or trading activities do not constitute a breach of this Agreement or
any other Transaction Document or any of the documents executed in connection herewith or therewith.

 

Section
4.34         Manipulation of Price. Neither the Company nor any of its
Subsidiaries has, and, to the knowledge of the Company, no Person acting on their behalf has, directly or indirectly, (a) taken
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company or any
of its Subsidiaries to facilitate the sale or resale of any of the Securities, (b) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Securities, or (c) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company or any of its Subsidiaries.

 

Section
4.35         U.S. Real Property Holding Corporation. Neither the Company
nor any of its Subsidiaries is, or has ever been, and so long as any of the Securities are held by Investor, shall become, a U.S.
real property holding corporation within the meaning of Section 897 of the Code, and the Company and each Subsidiary shall so certify
upon Investor’s request.

 

Section
4.36         Transfer Taxes. On each of date hereof and the Closing
Date, all stock transfer or other taxes (other than income or similar taxes) that are required to be paid in connection with the
issuance, sale and transfer of the Securities to be sold to Investor hereunder at each of the Initial Closing and the Closing,
as applicable, will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be
or will have been complied with.

 

Section
4.37         Shell Company Status. The Company is not, and has never
been, an issuer identified in, or subject to, Rule 144(i) promulgated under the Securities Act.

 

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Section
4.38         Disclosure. The Company confirms that neither it nor any
other Person acting on its behalf has provided Investor or its agents or counsel with any information that constitutes or might
constitute material, non-public information concerning the Company or any of its Subsidiaries, other than the existence of the
transactions contemplated by this Agreement and the other Transaction Documents. The Company understands and confirms that Investor
will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to Investor
regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby furnished by or on behalf
of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months
preceding the date of this Agreement did not at the time of release contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they are made, not misleading. Other than the transactions contemplated by this Agreement, no event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
Law, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly
announced or disclosed. The Company acknowledges and agrees that Investor neither makes nor has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Article III.

 

Article
V

COVENANTS

 

Section
5.01         Conduct of Business. (a) The Company covenants and agrees
that, between the date of this Agreement and the Closing, except (i) as set forth in Section 5.01 of the Company Disclosure
Schedule, or (ii) with the prior written consent of Investor, the businesses of the Company and its Subsidiaries shall be
conducted only in, and the Company and its Subsidiaries shall not take any action except in, the ordinary course of business and
in a manner consistent with past practice and the Company and each of its Subsidiaries shall use their reasonable best efforts
to (A) preserve substantially intact their existing assets, (B) preserve substantially intact their business organization,
(C) keep available the services of their current officers, employees and consultants, (D) maintain and preserve intact
their current relationships with their significant customers, suppliers, distributors, creditors and other Persons with which the
Company or any of its Subsidiaries has a significant business relationship, and (E) comply in all material respects with applicable
Law.

 

(b)          By
way of amplification and not limitation, except as set forth in Section 5.01 of the Company Disclosure Schedule or with
the prior written consent of Investor, neither the Company nor any of its Subsidiaries shall, between the date of this Agreement
and the Closing, directly or indirectly, do, or propose to do, any of the following:

 

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(i)          other
than filing the Certificate of Designation as contemplated by this Agreement, amend or otherwise change its certificate of incorporation
or bylaws or equivalent organizational documents;

 

(ii)         issue,
sell, pledge or dispose of, grant an Encumbrance on or permit an Encumbrance to exist on, or authorize the issuance, sale, pledge
or disposition of, or granting or placing of an Encumbrance on, any shares of any class of capital stock, or other ownership interests,
of the Company or any of its Subsidiaries, or any Other Securities, or any other ownership interest of the Company or any of its
Subsidiaries (except for the issuance of shares of Common Stock issuable pursuant to employee stock options, restricted stock units
or restricted stock awards outstanding on the date hereof pursuant to the terms of the applicable Company Plans as in effect immediately
prior to the date of this Agreement or as contemplated by the Purchase and Exchange Agreement);

 

(iii)        sell,
pledge or dispose of, grant an Encumbrance on or permit an Encumbrance to exist on, or authorize the sale, pledge or disposition
of, or granting or placing of an Encumbrance on, any material assets of the Company or any of its Subsidiaries (including any asset
of the Company or any of its Subsidiaries with a book value of greater than $50,000), except (A) immaterial Encumbrances in the
ordinary course of business consistent with past practice pursuant to any Contracts in force on the date of this Agreement, or
(B) such dispositions among the Company and its Subsidiaries;

 

(iv)        declare,
set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of
its capital stock, or capitalize any amount standing to the credit of any reserves of the Company, except for dividends by any
of the Company’s direct or indirect wholly-owned Subsidiaries to the Company or any of its other wholly-owned Subsidiaries;

 

(v)         adjust,
reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of its capital stock;

 

(vi)        (A)
acquire (including by merger, consolidation or acquisition of stock or assets or any other business combination) any (x) corporation,
partnership, other business organization or any division thereof or (y) assets other than in the ordinary course of business consistent
with past practice, (B) incur any Indebtedness or issue any debt securities or assume, guarantee or endorse, or otherwise become
responsible for, the obligations of any Person, or make any loans or advances or capital contribution to, or investment in, any
Person, (C) make, or make any commitment with respect to, any capital expenditure (x) that exceeds by more than ten percent (10%)
the budgeted amount therefor set forth in the Approved Budget, or (y) not set forth in the Approved Budget, or (D) enter into or
amend any Contract, commitment or arrangement with respect to any matter set forth in this Section 5.01(b)(vi);

 

    	 	33	 

     

    

  

(vii)       except
as otherwise required under any Company Plan in existence as of the date of this Agreement, (A) increase the compensation payable
or to become payable or the benefits provided to Service Providers, (B) grant any retention, severance or termination pay to, or
enter into any employment, bonus, change of control or severance agreement with, any current or former Service Provider, (C) establish,
adopt, enter into, terminate or amend any Company Plan, or establish, adopt or enter into any plan, agreement, program, policy,
trust, fund or other arrangement that would be a Company Plan if it were in existence as of the date of this Agreement, for the
benefit of any Service Provider except as required by Law, (D) loan or advance any money or other property to any current or former
Service Provider, or (E) establish, adopt, enter into or amend any collective bargaining agreement;

 

(viii)      (A)
exercise discretion with respect to or otherwise voluntarily accelerate the lapse of restriction or vesting of any equity, equity-based
or other incentive awards as a result of the Purchase, any other change of control of the Company or otherwise, or (B) exercise
its discretion with respect to or otherwise amend, modify or supplement any employee stock purchase plan;

 

(ix)         terminate,
discontinue, close or dispose of any plant, facility or other business operation, or lay off any employees (other than layoffs
of less than 10 employees in any six-month period in the ordinary course of business consistent with past practice) or implement
any early retirement or separation program, or any program providing early retirement window benefits or announce or plan any such
action or program for the future;

 

(x)          change
its financial accounting policies or procedures in effect as of the date hereof, other than as required by Law or GAAP;

 

(xi)         (A)
make any change (or file any such change) in any method of Tax accounting, (B) make, change or rescind any Tax election, (C) settle
or compromise any claim, investigation, audit or controversy relating to Taxes or consent to any claim or assessment relating to
Taxes, (D) file any amended tax return or a tax return in a manner inconsistent with past practice or claim for refund (or surrender
any right to claim a refund), (E) enter into any closing agreement relating to Taxes, or (F) waive or extend the statute of limitations
in respect of the assessment or determination of Taxes;

 

(xii)        (1)
settle (or propose to settle), abandon or commence any Action, other than settlements involving not more than $50,000 in monetary
damages in the aggregate (net of insurance proceeds) payable by the Company or any of its Subsidiaries and that do not (x) require
any actions or impose any material restrictions on the business or operations of the Company and its Subsidiaries, or (y) include
the admission of wrongdoing by the Company or any of its Subsidiaries, (2) settle or compromise any material investigation or inquiry
by any Governmental Entity, including by entering into any consent decree or other similar agreement, or (3) waive, release or
assign any claims or rights of material value;

 

(xiii)       enter
into, amend, waive, modify, restate, renew or terminate any Material Contract (or any other Contract that would be deemed a Material
Contract if it had been entered into prior to the date of this Agreement) or enter into any Contract with a term of greater than
two (2) years, except for any amendment of the Warrant Agreement, dated as of May 18, 2016, between the Company and American Stock
Transfer & Trust Company, LLC, to effect the modification of the expiration date of the Series A Warrants as contemplated by
the NWPA Amendment and Waiver, and except for entry into the Purchase and Exchange Agreement;

 

    	 	34	 

     

    

  

(xiv)      (A)
abandon, disclaim, dedicate to the public, sell, assign or grant any security interest in, to or under any Company Intellectual
Property, Company IT Asset or Company IP Agreement, including failing to perform or cause to be performed all applicable filings,
recordings and other acts, or to pay or cause to be paid all required fees and Taxes, to maintain and protect its interest in such
Company Intellectual Property, Company IT Asset and Company IP Agreements, (B) grant to any third party any license, or enter into
any covenant not to sue, with respect to any Company Intellectual Property, (C) grant to any third party the right to develop,
manufacture or commercialize any Company products, or (D) enter into any new Contract pursuant to which the Company or any of its
Subsidiaries receives a license, covenant not to sue or other right under any Intellectual Property (other than Contracts for commercially
available off-the-shelf IT Assets or other such software);

 

(xv)       fail
to make in a timely manner any filings with the SEC required under the Securities Act or the Exchange Act or the rules and regulations
promulgated thereunder;

 

(xvi)      merge
or consolidate the Company or any of its Subsidiaries with any Person or adopt a plan of complete or partial liquidation, dissolution,
restructuring, recapitalization or other reorganization of the Company or any of its Subsidiaries;

 

(xvii)     enter
into, amend, waive or terminate (other than terminations in accordance with their terms) transactions, Contracts, arrangements,
commitments or understandings between the Company or any of its Subsidiaries, on the one hand, and any of the Company’s Affiliates,
on the other hand, that would be required to be disclosed by the Company under Item 404 of Regulation S-K under the Securities
Act, other than the entry into the Purchase and Exchange Agreement; or

 

(xviii)    agree,
resolve, announce an intention, enter into any formal or informal Contract or otherwise make a commitment, to do any of the foregoing.

 

    	 	35	 

     

    

  

Section
5.02         Stockholder Approval. (a) As promptly as reasonably practicable
following the date of this Agreement, and in any event within five (5) Business Days, the Company shall prepare and file with the
SEC a preliminary proxy statement (as amended or supplemented from time to time, the “Proxy Statement”) relating
to the approval by the stockholders of the Company of the transactions contemplated by the Transaction Documents, including the
Company’s issuance of the Securities as described in the Transaction Documents, in accordance with applicable Law and the
rules and regulations of Nasdaq (such approval, the “Stockholder Approval”). Each of the Company and Investor
shall furnish all information concerning itself and its Affiliates that is required to be included in the Proxy Statement or that
is customarily included in proxy statements prepared in connection with transactions of the type contemplated by this Agreement,
and each covenants that none of the information supplied or to be supplied by it for inclusion or incorporation in the Proxy Statement
will, at the date it is filed with the SEC or first mailed to the Company’s stockholders or at the time of the Stockholders
Meeting or at the time of any amendment or supplement thereof, contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they are made, not misleading. The Company shall cause the Proxy Statement to comply as to form in all material respects
with the requirements of the Exchange Act and the rules and regulations promulgated thereunder. Each of the Company and Investor
shall use its reasonable best efforts to respond as promptly as reasonably practicable to any comments of the SEC with respect
to the Proxy Statement. Within three (3) Business Days of the earlier of (i) the date on which the Company learns, orally or in
writing, that the Proxy Statement will not be reviewed by the SEC, including the first Business Day that is at least 10 calendar
days after the filing of the preliminary Proxy Statement if the SEC has not informed the Company that it intends to review the
Proxy Statement, and (ii) in the event that the Company receives comments from the SEC on the preliminary Proxy Statement, the
first Business Day immediately following the date the Company learns, orally or in writing, that the SEC staff has no further comments
on the preliminary Proxy Statement, the Company shall have established a record date for the Stockholders Meeting and shall promptly
thereafter, file and mail the definitive Proxy Statement to the Company’s stockholders. The Proxy Statement shall include
the Board Recommendation. The Company shall promptly notify Investor in writing upon the receipt of any comments from the SEC or
its staff or any request from the SEC or its staff for amendments or supplements to the Proxy Statement and shall promptly provide
Investor with a copy of all written correspondence between the Company or any representatives of the Company, on the one hand,
and the SEC or its staff, on the other hand, with regard to the Proxy Statement. The Company shall give Investor and its counsel
a reasonable opportunity to review and comment on the Proxy Statement, including all amendments and supplements thereto, prior
to filing such documents with the SEC or disseminating to the Company’s stockholders and reasonable opportunity to review
and comment on all responses to requests for additional information and shall, in each case, include all comments reasonably requested
by Investor. If, at any time prior to the Stockholder Meeting, any information relating to the Company, Investor or any of their
respective Affiliates, officers or directors should be discovered by the Company or Investor which should be set forth in an amendment
or supplement to the Proxy Statement, so that the Proxy Statement shall not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they are made, not misleading, the party which discovers such information shall promptly notify the
other parties, and an appropriate amendment or supplement describing such information shall be filed with the SEC and, to the extent
required by applicable Law, disseminated to the stockholders of the Company.

 

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(b)          The
Company shall, as promptly as reasonably practicable after the date on which the Company learns that the Proxy Statement will not
be reviewed or that the SEC staff has no further comments thereon, duly call, give notice of, convene and hold the Stockholder
Meeting.  Notwithstanding the foregoing sentence, (i) if on a date for which the Stockholder Meeting is scheduled, the
Company has not received proxies representing a sufficient number of Shares to constitute a quorum and to obtain the Stockholder
Approval, whether or not a quorum is present, the Company shall, upon written direction of Investor, and (ii) the Company
shall, at any time, upon written direction of Investor, in either case, make one or more successive postponements or adjournments
of the Stockholder Meeting; provided that the Stockholder Meeting is not postponed or adjourned to a date that is more than
30 calendar days after the date for which the Stockholder Meeting was originally scheduled (excluding any adjournments or postponements
required by applicable Law).

 

(c)          The
Company shall use its reasonable best efforts to solicit from its stockholders proxies in favor of, and to take all other actions
necessary or advisable to secure, the Stockholder Approval. Without the prior written consent of Investor, the approval of the
transactions contemplated by the Transaction Documents, including the Company’s issuance of the Securities as described in
the Transaction Documents, shall be the only matters that the Company shall propose to be acted on by the stockholders of the Company
at the Stockholder Meeting.

 

Section
5.03         Reasonable Best Efforts. Subject to the terms and conditions
of this Agreement, each of the Company and Investor shall cooperate with each other and use (and the Company shall cause its Subsidiaries
to use) its reasonable best efforts (unless, with respect to any action, another standard of performance is expressly provided
for herein) to promptly (a) take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with
each other in doing, all things necessary, proper or advisable to cause the conditions set forth in Articles VI and VII,
as applicable, to be satisfied as promptly as practicable and to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by the Transaction Documents, including preparing and filing promptly and fully all
documentation to effect all necessary filings, notices, petitions, statements, registrations, submissions of information, applications
and other documents, (b) obtain all Required Approvals and all other approvals, consents, waivers and other confirmations from
any third party necessary, proper or advisable to consummate the transactions contemplated by the Transaction Documents and (c)
execute and deliver any additional instruments necessary to consummate the transactions contemplated by the Transaction Documents;
provided that all costs and expenses relating to the foregoing shall be the sole responsibility of the Company. Notwithstanding
the foregoing, this Agreement shall not obligate Investor or any of its Affiliates to (i) make any sale, divestiture, license or
other disposition of its assets, properties or businesses, or the Securities to be acquired by Investor pursuant hereto, (ii) agree
to the imposition of any limitation on the ability of any of them to conduct their respective businesses or to own or exercise
control of such businesses, assets and properties or such Securities, or (iii) take any other action that could reasonably be expected
to negatively impact Investor or any of its Affiliates, whether in respect of the transaction contemplated by the Transaction Documents
or otherwise.

 

Section
5.04         Blue Sky. If applicable, the Company, on or before the
Initial Closing and the Closing, as the case may be, shall take such action as the Company shall reasonably determine is necessary
in order to obtain an exemption for, or to qualify the Securities for sale to Investor at the Initial Closing or the Closing, as
the case may be, pursuant to this Agreement under applicable securities or state “Blue Sky” laws (or to obtain an exemption
from such qualification), and shall provide evidence of any such action so taken to Investor on or prior to the date hereof or
the Closing Date, as applicable. Without limiting any other obligation of the Company under this Agreement, the Company shall timely
make all filings and reports relating to the offer and sale of the Securities required under all applicable securities laws (including
all applicable federal securities laws and all applicable state “Blue Sky” laws), and the Company shall comply with
all applicable federal, state and local Laws relating to the offering and sale of the Securities to Investor.

 

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Section
5.05         Use of Proceeds. Except to the extent consented to by Investor
in writing (in its sole discretion) and except as set forth in Schedule 5.11, the Company shall use the proceeds from the
sale of the Securities hereunder (i) for the purpose of developing ONS-3010, a biosimilar to adalimumab (Humira®)
(“ONS-3010”), and (ii) for the other purposes set forth in the budget attached hereto as Schedule 5.05
(the “Approved Budget”), in each case, in accordance with the Approved Budget, and not for any other purpose.

 

Section
5.06         Access to Information. Except as otherwise prohibited by
applicable Law, from the date of this Agreement until the Closing, the Company shall, and shall cause its Subsidiaries to, (a) provide
to Investor and Investor’s representatives access at reasonable times during normal business hours upon prior notice to the
officers, employees, agents, properties, offices and other facilities of the Company and its Subsidiaries and to the books and
records thereof (so long as such access does not unreasonably interfere with the operations of the Company), (b) furnish promptly
to Investor such information concerning the business, properties, Contracts, assets, liabilities, personnel and other aspects of
the Company and its Subsidiaries as Investor or its representatives may reasonably request, and (c) provide Investor with a weekly
unaudited consolidated balance sheet and statement of the cash flows of the Company and its Subsidiaries for the thirteen-week
period following the then-current week.

 

Section
5.07         Fees. Regardless of whether the transactions contemplated
by this Agreement and the other Transaction Documents are consummated, the Company shall pay and reimburse Investor for, and Investor
shall be entitled to, all reasonable and documented out-of-pocket fees and expenses incurred by Investor and its Affiliates in
connection with the negotiation, execution, diligence, evaluation and structuring of the transactions contemplated by this Agreement
and the other Transaction Documents (or relating thereto), including attorneys’, consultants’ and advisors’ fees
and any costs of recovering any such fees or expenses from the Company in a dispute or otherwise (any such fees and expenses, collectively,
the “Investor Expenses”). The Company shall be responsible for (a) the payment of any transfer agent fees and
fees of The Depository Trust & Clearing Corporation relating to or arising out of the transactions contemplated by the Transaction
Documents, and (b) any claim by any broker, finder or advisor purporting to be due a fee in connection herewith, and, in each case,
the Company shall indemnify Investor and its Affiliates for, and hold Investor and its Affiliates harmless against, any liability,
loss or expense (including reasonable attorneys’, consultants’ and advisors’ fees and out-of-pocket expenses
and any costs of recovering any such loss, liability or expense from the Company in a dispute or otherwise) arising in connection
with any such payment or claim.

 

Section
5.08         Pledge of Securities. Notwithstanding anything to the contrary
contained in this Agreement, and without limiting any rights of Investor, the Company acknowledges and agrees that the Securities
may be pledged by Investor in connection with a bona fide margin agreement or other loan or financing arrangement that is secured
by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder,
and if Investor effects a pledge of Securities, Investor shall not be required to provide the Company with any notice thereof or
otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document. The Company hereby agrees
to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of
the Securities to such pledgee by Investor.

 

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Section
5.09         Disclosure of Transactions and Other Material Information.
The Company shall, on or before 5:30 p.m., New York time, on the first Business Day after the date of this Agreement, file a Current
Report on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form
required by the Exchange Act and attaching all the material Transaction Documents, including this Agreement (the “8-K
Filing”). Investor shall have a reasonable opportunity to review and comment on the 8-K Filing prior to the filing thereof
and the Company shall include all comments reasonably requested by Investor. From and after the filing of the 8-K Filing, the Company
shall have disclosed all material, non-public information (if any) provided to Investor by the Company or any of its Subsidiaries
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction
Documents. Other than as contemplated by the Investor Rights Agreement, the Company shall not, and the Company shall cause each
of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide Investor with
any material, non-public information regarding the Company or any such Subsidiary from and after the 8-K Filing without the express
prior written consent of Investor. The Company understands and confirms that Investor shall be relying on the foregoing covenant
and agreement in effecting transactions in securities of the Company, and based on such covenant and agreement, unless otherwise
expressly agreed in writing by Investor: (a) Investor does not have any obligation of confidentiality with respect to any information
that the Company provides to Investor, and (b) Investor shall not be deemed to be in breach of any duty to the Company or to have
misappropriated any non-public information of the Company, if Investor engages in transactions of securities of the Company, including
any hedging transactions, short sales or any derivative transactions based on securities of the Company while in possession of
such material non-public information. In the event of a breach of any of the foregoing covenants or any of the covenants or agreements
contained in the Transaction Documents by the Company, any Subsidiary of the Company, or any of its or their respective officers,
directors, employees and agents (as determined in the reasonable good faith judgment of Investor), in addition to any other remedy
provided herein or in the Transaction Documents, Investor shall have the right to make a public disclosure, in the form of a press
release, public advertisement or otherwise, of such breach or such material, non-public information, as applicable, without the
prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees or agents.
Investor shall have no liability to the Company, any of its Subsidiaries, or any of its or their respective officers, directors,
employees, stockholders or agents, for any such disclosure. Subject to the foregoing, Investor and the Company shall consult with
each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements
with respect to this Agreement and the other Transaction Documents or the transactions contemplated hereby and thereby, and shall
not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable
Law, Order or court process. Investor and the Company shall agree to the initial press release to be issued following execution
of this Agreement (the “Initial Announcement”). Notwithstanding the foregoing, this Section 5.09 shall
not apply to any press release or other public statement made by the Company or Investor which is consistent with the Initial Announcement
and does not contain any information relating to the transactions contemplated by the Transaction Documents that has not been previously
announced or made public in accordance with the terms of this Agreement.

 

    	 	39	 

     

    

  

Section
5.10         Reservation of Shares. During the period commencing on
the date of this Agreement and ending on the date that no Preferred Shares and Warrants remain outstanding, the Company shall take
all actions reasonably necessary (including increasing any such reserve, as necessary) to at all times have authorized, and reserved
for the purpose of issuance, no less than (i) the maximum number of Conversion Shares issuable upon conversion of the Preferred
Shares then outstanding (determined without taking into account any limitations on the conversion of the Preferred Shares set forth
in the Certificate of Designation), and (ii) 150% of the maximum number of Warrant Shares issuable upon exercise of the Warrants
then outstanding (without taking into account any limitations on the exercise of the Warrants set forth therein).

 

Section
5.11         Listing of Conversion Shares and Warrant Shares; Nasdaq Notice.
The Company shall use its best efforts to (a) cause the Conversion Shares and the Warrant Shares to be approved for listing on
Nasdaq, subject to official notice of issuance, and (b) remedy the matters identified in the Nasdaq Notice, including by engaging
in discussions and cooperating with Nasdaq to remedy such matters. The Company shall comply with the covenants and obligations
set forth on Schedule 5.11.

 

Section
5.12         Exclusivity. From the date of this Agreement until the
Closing, the Company shall not, and shall cause its Affiliates, and its and their respective officers, trustees, employees, brokers,
finders, financial advisors, investment bankers, directors, representatives and agents (collectively, “Representatives”)
not to (a) solicit, initiate, encourage, facilitate (including by way of furnishing any non-public information or providing assistance
or access to properties or assets) any inquiries or any proposal or offer (including any proposal or offer to the Company’s
stockholders) (i) relating to any (A) debt or equity financing of the Company or any of its Subsidiaries, or (B) acquisition
or purchase of all or any portion (other than ordinary course sales of products or immaterial assets) of the assets of the Company
or any of its Subsidiaries (including any license, sale, disposition or other transaction involving or relating to any asset or
right, including intellectual property assets or rights), (ii) to enter into any business combination, equity or debt financing
with the Company or any Subsidiary of the Company, (iii) to enter into any other extraordinary business transaction involving or
otherwise relating to the Company or any Subsidiary of the Company, or (iv) relating to any acquisition or purchase of all or a
portion of the outstanding capital stock or other securities of the Company (any of the transactions described in this clause (a)
being referred to herein as an “Alternative Transaction”), (b) knowingly participate in or enter into any discussions,
conversations, negotiations or other communications regarding, furnish to any other Person any information with respect to, or
cooperate with or encourage any effort or attempt by any other Person to seek to do, any of the foregoing, (c) grant any person
any waiver or release under any standstill or similar agreement with respect to any class of securities of the Company or any Subsidiary,
or (d) enter into any agreement, arrangement, understanding, term sheet or letter of intent with respect to any of the foregoing.
The Company shall, and shall cause its Affiliates and its and their Representatives to, immediately cease and terminate any and
all existing discussions, conversations, negotiations and other communications with any and all Persons conducted heretofore with
respect to any of the foregoing, in each case, other than the transactions contemplated by this Agreement. The Company shall notify
the Investor promptly if any such approach, proposal or offer, or any inquiry or contact with any Person with respect thereto,
is made and shall, in any such notice to the Investor, indicate in reasonable detail the identity of the Person making such approach,
proposal, offer, inquiry or contact and the terms and conditions of such approach, proposal, offer, inquiry or contact. To the
extent that the Closing does not occur, and the Company enters into any Alternative Transaction with any Person other than Investor
during the period starting on the date hereof through the date that is twelve (12) months following the termination of this Agreement
in accordance with Article VIII, the Company shall pay Investor an aggregate amount equal to (i) $12,500,000 as liquidated
damages, plus (ii) all Investor Expenses (such aggregate amount, the “Company Fee”).

 

    	 	40	 

     

    

  

Section
5.13         Conversion and Exercise Procedures; Put Right. Each of
the form of exercise notice included in the Warrants and the form of notice of conversion included in the Certificate of Designation
set forth the totality of the procedures required of Investor in order to exercise the Warrants or convert the Preferred Shares.
No additional legal opinion, other information or instructions shall be required of Investor to exercise the Warrants or convert
the Preferred Shares. The Company shall honor exercises of the Warrants and conversions of the Preferred Shares and shall deliver
the Conversion Shares and Warrant Shares in accordance with the terms, conditions and time periods set forth in the Certificate
of Designation and Warrants. The Company shall, and shall cause its Representatives to, take all actions necessary to comply with
any and all obligations of the Company under Section 8(b) of the Certificate of Designation in the event that Investor delivers
a Put Notice (as defined in the Certificate of Designation) in accordance therewith.

 

Section
5.14         Board of Directors. Prior to each of the Initial Closing
and the Closing, as the case may be, the Company shall take all actions as may be necessary (a) to cause (i) each of the individuals
identified in Schedule 5.14 to be appointed to the Company Board as of the Initial Closing in the applicable class of directors
specified in Schedule 5.14, and (ii) two additional individuals who will be identified to the Company by Investor prior
to the fling of the definitive Proxy Statement to be appointed to the Company Board as of the Closing (such individuals identified
in clauses (i) and (ii), collectively, the “Investor Designated Directors”) in the class of directors specified
to the Company by Investor prior to the fling of the definitive Proxy Statement, in each case, to serve until the next applicable
annual election of directors of the Company, and (b) subject to the independence and other requirements of Nasdaq and applicable
Law, if applicable, to cause each Investor Designated Director to be appointed, as of Initial Closing or the Closing, as applicable,
to the applicable committee of the Company Board specified in Schedule 5.14 (in the case of the Investor Designated Directors
identified in clause (i) above) and specified to the Company by Investor prior to the fling of the definitive Proxy Statement (in
the case of the Investor Designated Directors identified in clause (ii) above).

 

Article
VI

CONDITIONS TO THE OBLIGATIONS OF THE COMPANY

 

Section
6.01         Conditions to the Obligations of the Company at the Initial
Closing. The obligation of the Company hereunder to consummate the transactions contemplated by this Agreement to occur at
the Initial Closing is subject to the satisfaction or written waiver (where permissible under applicable Law), at or prior to the
Initial Closing, of each of the following conditions:

 

    	 	41	 

     

    

  

(a)          The
representations and warranties of Investor set forth in Article III shall be true and correct in all respects as of the
date hereof and as of the Initial Closing Date as though made on and as of such date (except to the extent that such representations
and warranties speak only as of the date hereof or as of another date, in which case, only as of such date), except where the failure
of such representations and warranties of Investor to be so true and correct does not have, and would not reasonably be expected
to have, individually or in the aggregate, a material adverse effect on the ability of Investor to perform its obligations hereunder.

 

(b)          Investor
shall have performed or complied in all material respects with each of its covenants and agreements required by this Agreement
to be performed or complied with by it on or prior to the Initial Closing.

 

(c)          The
Company shall have received a certificate signed on behalf of Investor by an executive officer certifying to the effect that the
conditions set forth in Sections 6.01(a) and (b) have been satisfied.

 

Section
6.02         Conditions to the Obligations of the Company at the Closing.
The obligation of the Company hereunder to consummate the transactions contemplated by this Agreement to occur at the Closing is
subject to the satisfaction or written waiver (where permissible under applicable Law), at or prior to the Closing, of each of
the following conditions:

 

(a)          The
representations and warranties of Investor set forth in Article III shall be true and correct in all respects as of the
date hereof and as of the Closing Date as though made on and as of such date (except to the extent that such representations and
warranties speak only as of the date hereof or as of another date, in which case, only as of such date), except where the failure
of such representations and warranties of Investor to be so true and correct does not have, and would not reasonably be expected
to have, individually or in the aggregate, a material adverse effect on the ability of Investor to perform its obligations hereunder.

 

(b)          Investor
shall have performed or complied in all material respects with each of its covenants and agreements required by this Agreement
to be performed or complied with by it on or prior to the Closing Date.

 

(c)          The
Company shall have received a certificate signed on behalf of Investor by an executive officer certifying to the effect that the
conditions set forth in Sections 6.02(a) and (b) have been satisfied.

 

    	 	42	 

     

    

  

Article
VII

CONDITIONS TO THE OBLIGATIONS OF INVESTOR

 

Section
7.01         Conditions to the Obligations of Investor at the Initial Closing.
The obligation of Investor hereunder to consummate the transactions contemplated by this Agreement to occur at the Initial Closing
is subject to the satisfaction or written waiver (where permissible under applicable Law), at or prior to the Initial Closing,
of each of the following conditions:

 

(a)          The
representations and warranties of the Company set forth in Article IV shall be true and correct in all respects as of the
date hereof and as of the Initial Closing Date as though made on and as of such date (except to the extent that such representations
and warranties speak only as of the date hereof or as of another date, in which case, only as of such date).

 

(b)          The
Company shall have performed or complied in all material respects with each of its covenants and agreements required by this Agreement
to be performed or complied with by it on or prior to the Initial Closing.

 

(c)          Investor
shall have received a certificate signed on behalf of the Company by an executive officer certifying to the effect that the conditions
set forth in Sections 7.01(a) and (b) have been satisfied.

 

(d)          Any
and all consents, approvals, non-disapprovals, clearances, orders and other authorizations of any Governmental Entity necessary
for the consummation of the transactions contemplated by the Transaction Documents in respect of the Initial Purchase shall have
been obtained.

 

(e)          No
Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction,
decree, ruling, Law or Order (whether temporary, preliminary or permanent) that is in effect and enjoins or otherwise prohibits
or makes illegal the consummation of the transactions contemplated by the Transaction Documents in respect of the Initial Purchase.

 

(f)          The
Conversion Shares and the Warrant Shares shall have been approved for listing on Nasdaq, subject to official notice of issuance.

 

(g)          The
Certificate of Designation shall have been filed with the Secretary of State of the State of Delaware in accordance with the DGCL.

 

(h)          The
NWPA Amendment and Waiver shall have been entered into, effective on or before the date hereof, in a form reasonably satisfactory
to Investor.

 

(i)          The
condition set forth on Schedule 7.01(i) shall have been satisfied.

 

(j)          The
Investor Rights Agreement shall have been entered into, effective as of the Initial Closing Date.

 

    	 	43	 

     

    

  

(k)          The
Lock-Up Agreement and the Voting and Lock-Up Agreements shall have been entered into, effective as of the date hereof.

 

(l)          There
shall not have occurred a Material Adverse Effect.

 

(m)          Investor
shall have received any opinions of the Company’s counsel that are requested by Investor, dated as of the Initial Closing
Date, each in a form reasonably satisfactory to Investor.

 

(n)          Effective
as of the Initial Closing, each of the Investor Designated Directors to be appointed as of the Initial Closing shall have been
appointed to the applicable class of directors and applicable committee of the Company Board, as identified in Schedule 5.14.

 

(o)          Trading
in the Common Stock shall not have been suspended by the SEC or Nasdaq.

 

Section
7.02         Conditions to the Obligations of Investor at the Closing.
The obligation of Investor hereunder to consummate the transactions contemplated by this Agreement to occur at the Closing is subject
to the satisfaction or written waiver (where permissible under applicable Law), at or prior to the Closing, of each of the following
conditions:

 

(a)          The
representations and warranties of the Company set forth in Article IV shall be true and correct in all respects as of the
date hereof and as of the Closing Date as though made on and as of such date (except to the extent that such representations and
warranties speak only as of the date hereof or as of another date, in which case, only as of such date).

 

(b)          The
Company shall have performed or complied in all material respects with each of its covenants and agreements required by this Agreement
to be performed or complied with by it on or prior to the Closing Date.

 

(c)          Investor
shall have received a certificate signed on behalf of the Company by an executive officer certifying to the effect that the conditions
set forth in Sections 7.02(a) and (b) have been satisfied.

 

(d)          Any
and all consents, approvals, non-disapprovals, clearances, orders and other authorizations of any Governmental Entity necessary
for the consummation of the transactions contemplated by the Transaction Documents (“Required Approvals”) shall
have been obtained.

 

(e)          No
Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction,
decree, ruling, Law or Order (whether temporary, preliminary or permanent) that is in effect and enjoins or otherwise prohibits
or makes illegal the consummation of the transactions contemplated by the Transaction Documents (a “Restraint”).

 

    	 	44	 

     

    

  

(f)          The
Conversion Shares and the Warrant Shares shall have been approved for listing on Nasdaq, subject to official notice of issuance.

 

(g)          The
Certificate of Designation shall have been filed with the Secretary of State of the State of Delaware in accordance with the DGCL.

 

(h)          The
NWPA Amendment and Waiver shall be in full force and effect, and no term or condition thereof shall have been amended, waived,
supplemented or otherwise modified without the prior written consent of Investor.

 

(i)          The
Investor Rights Agreement shall be in full force and effect.

 

(j)          The
Lock-Up Agreement and the Voting and Lock-Up Agreements shall be in full force and effect.

 

(k)          The
Stockholder Approval shall have been obtained.

 

(l)          Since
the date of this Agreement, there shall not have occurred a Material Adverse Effect.

 

(m)          Investor
shall have received any opinions of the Company’s counsel that are requested by Investor, dated as of the Closing Date, each
in a form reasonably satisfactory to Investor.

 

(n)          The
Certificate of Incorporation and Bylaws shall have been amended, effective as of the Closing, in the manner requested by Investor.

 

(o)          The
matters set forth on Schedule 7.02(o) shall have occurred to the reasonable satisfaction of Investor.

 

(p)          Effective
as of the Closing, each of the Investor Designated Directors to be appointed as of the Closing shall have been appointed to the
applicable class of directors and applicable committee of the Company Board in accordance with Section 5.14.

 

(q)          Trading
in the Common Stock shall not have been suspended by the SEC or Nasdaq.

 

(r)          Investor
shall have completed all its legal, technical, tax and financial due diligence with respect to the Company and the Subsidiaries
and shall, in its reasonable judgment, be satisfied with the results thereof.

 

(s)          The
Company shall be in good standing under the Laws of the State of Delaware and the Company shall have delivered to Investor a certificate
of the Secretary of State of the State of Delaware, dated no more than two (2) Business Days prior to the Closing Date, as to the
good standing of the Company under the Laws of the State of Delaware.

 

    	 	45	 

     

    

  

(t)          The
Purchase and Exchange Agreement shall be in full force and effect, and no term or condition thereof shall have been amended, waived,
supplemented or otherwise modified without the prior written consent of Investor, and the transactions contemplated by the Purchase
and Exchange Agreement shall be consummated substantially simultaneously with the Closing.

 

Article
VIII

TERMINATION

 

Section
8.01         Termination. This Agreement may be terminated and the transactions
contemplated by this Agreement and the other Transaction Documents may be abandoned at any time prior to the Closing:

 

(a)          by
the mutual written consent of the Company and Investor;

 

(b)          by
either the Company or Investor upon written notice to the other, if the Closing shall not have occurred on or prior to January
31, 2018 (the “Termination Date”); provided that the right to terminate this Agreement under this Section
8.01(b) shall not be available to any party if the breach by such party of its representations and warranties set forth in
this Agreement or the failure of such party to perform any of its obligations under this Agreement has been a principal cause of
or primarily resulted in the events specified in this Section 8.01(b);

 

(c)          by
either the Company or Investor, if any Restraint having the effect set forth in Section 7.02(e) shall have become final
and nonappealable; provided that the party seeking to terminate this Agreement pursuant to this Section 8.01(c) shall
have complied in all material respects with its obligations under Section 5.03;

 

(d)          by
Investor, if the Company shall have breached any of its representations or warranties or failed to perform any of its covenants
or agreements set forth in this Agreement, which breach or failure to perform (A) would give rise to the failure of a condition
set forth in Section 7.02(a) or Section 7.02(b) and (B) is incapable of being cured prior to the Termination Date,
or if capable of being cured, shall not have been cured within thirty (30) calendar days (but in no event later than the Termination
Date) following receipt by the Company of written notice of such breach or failure to perform from Investor stating Investor’s
intention to terminate this Agreement pursuant to this Section 8.01(d) and the basis for such termination; provided
that Investor shall not have the right to terminate this Agreement pursuant to this Section 8.01(d) if Investor is then
in material breach of any of its representations, warranties, covenants or agreements hereunder;

 

    	 	46	 

     

    

  

(e)          by
the Company, if Investor shall have breached any of its representations or warranties or failed to perform any of its covenants
or agreements set forth in this Agreement, which breach or failure to perform (A) would give rise to the failure of a condition
set forth in Section 6.02(a) or Section 6.02(b) and (B) is incapable of being cured prior to the Termination Date,
or if capable of being cured, shall not have been cured within thirty (30) calendar days (but in no event later than the Termination
Date) following receipt by Investor of written notice of such breach or failure to perform from the Company stating the Company’s
intention to terminate this Agreement pursuant to this Section 8.01(e) and the basis for such termination; provided
that the Company shall not have the right to terminate this Agreement pursuant to this Section 8.01(e) if the Company is
then in material breach of any of its representations, warranties, covenants or agreements hereunder; or

 

(f)          by
Investor if the Stockholder Approval shall not have been obtained upon a vote held at the Stockholder Meeting.

 

Section
8.02         Effect of Termination; Certain Fees and Expenses.

 

(a)          In
the event of the termination of this Agreement as provided in Section 8.01, written notice thereof shall be given to the
other party, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall forthwith become
null and void (other than this Section 8.02 and Section 5.07, the last sentence of Section 5.12, the last
sentence of Section 5.13 and Article IX, which shall remain in full force and effect and survive termination of this
Agreement), and there shall be no liability or obligation on the part of Investor or the Company or their respective directors,
officers and Affiliates in connection with this Agreement; provided that nothing herein shall relieve any party from liability
for any losses or damages incurred or suffered by the other party as a result of a breach of this Agreement prior to such termination
or from fraud.

 

(b)          The
Company agrees that if Investor shall terminate this Agreement pursuant to Section 8.01(d) or Section 8.01(f), the
Company shall pay to Investor the Company Fee promptly (but in any event no later than two (2) Business Days) after such termination.
In no event shall Investor be entitled to receive, whether pursuant to Section 5.12 or this Section 8.02(b), the
Company Fee in connection with the termination of this Agreement more than once; provided that such Company Fee is actually
received by Investor and not subject to any Encumbrance attributable to the Company, including any “clawback” or similar
obligation with respect to the Company Fee in connection with any bankruptcy, insolvency or similar proceeding involving the Company.

 

    	 	47	 

     

    

  

Article
IX

MISCELLANEOUS

 

Section
9.01         Governing Law; Jurisdiction; Waiver of Jury Trial. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdiction other than the State of New York. The parties hereto hereby irrevocably and unconditionally
consent to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each
case located in the County of New York, for any Action seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates
or against any party or any of its Affiliates). Consistent with the preceding sentence, each of the parties hereto hereby (a) submits
to the exclusive jurisdiction of such courts for the purpose of any Action arising out of or relating to this Agreement brought
by either party hereto, (b) agrees that service of process will be validly effected by sending notice in accordance with Section
9.06, (c) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that
this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and
(d) agrees not to move to transfer any such Action to a court other than any of the above-named courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.01.

 

Section
9.02         Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission or other means of electronic transmission, such as by electronic mail in “pdf”
form) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.

 

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Section
9.03         Interpretation; Headings. When a reference is made in this
Agreement to an Exhibit, a Schedule or a Section, such reference shall be to an Exhibit, a Schedule or a Section of this Agreement
unless otherwise indicated. The table of contents, index of defined terms and headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” The words “hereof”, “hereto”, “hereby”, “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. The term “or” is not exclusive. The word “extent” in
the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not
mean simply “if”. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as
from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to a Person are also to
its successors and permitted assigns. When calculating the period of time before which, within which or following which any act
is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be
excluded, and if the last day of such period is not a Business Day, the period shall end on the immediately following Business
Day. Unless otherwise specifically indicated, all references to “dollars” and “$” will be deemed references
to the lawful money of the United States of America. Each of the parties hereto has participated in the drafting and negotiation
of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is
drafted by all the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of authorship of any of the provisions of this Agreement. References to “days” shall mean “calendar days”
unless expressly stated otherwise. No specific provision, representation or warranty shall limit the applicability of a more general
provision, representation or warranty. It is the intent of the parties hereto that each representation, warranty, covenant, condition
and agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative.
The phrase “ordinary course of business” shall be deemed to be followed by the words “consistent with past practice”
whether or not such words actually follow such phrase. Any reference in this Agreement to a date or time shall be deemed to be
such date or time in the City of New York, New York, U.S.A., unless otherwise specified.

 

Section
9.04         Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by the Transaction Documents are not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable
manner in order that such transactions be consummated as originally contemplated to the fullest extent possible.

 

Section
9.05         Entire Agreement; Amendments. This Agreement (including
the exhibits and schedules hereto and including the Investor Disclosure Schedule and the Company Disclosure Schedule) and the other
Transaction Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and
supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the
subject matter hereof and thereof. This Agreement may not be amended except by an instrument in writing signed on behalf of each
of the parties hereto.

 

Section
9.06         Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given
or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, or by email transmission
(upon confirmation of receipt and with a confirmatory copy sent by an internationally recognized overnight courier service) to
the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 9.06):

 

    	 	49	 

     

    

  

(a)          If
to the Company:

 

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, New Jersey 08512

Email: LawrenceKenyon@OncoBiologics.com

Attention: Lawrence A. Kenyon

 

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

 

Cooley LLP

1114 6th Avenue

New York, New York 10110

Email:ypierre@cooley.com

Attention: Yvan-Claude Pierre

 

(b)          If
to Investor:

 

GMS Tenshi Holdings Pte. Limited

36 Robinson Road

#13-01

City House

Singapore 06887

Email:info@gmsholdings.com

Attention: Executive Director

 

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

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Email: brien.wassner@shearman.com

Attention: Brien Wassner

 

Section
9.07         Assignment; No Third Party Beneficiaries. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party hereto, in whole or in part
(whether pursuant to a merger, by operation of law or otherwise), without the prior written consent of the other party hereto,
except that Investor may assign all or any of its rights and obligations under this Agreement to any of its Affiliates; provided
that no such assignment shall relieve Investor of its obligations under this Agreement if such assignee does not perform such obligations.
Subject to the immediately preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by, the parties hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied,
is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.

 

    	 	50	 

     

    

  

Section
9.08         Waiver. Any party hereto entitled to the benefits thereof
may, to the extent permitted by Law (a) extend the time for the performance of any of the obligations or other acts of the other
party hereto, (b) waive any inaccuracies in the representations and warranties contained herein, and (c) waive compliance with
any of the covenants, agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay
by a party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or future exercise of any other right hereunder.

 

Section
9.09         Survival. The representations, warranties, agreements and
covenants shall survive the Closing.

 

Section
9.10         Specific Performance. The parties hereto acknowledge and
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Each party agrees that, in the event of any breach or threatened breach by
the other party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled (in addition
to any other remedy that may be available to it whether in law or equity, including monetary damages) to (a) an Order of specific
performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such
breach or threatened breach. Each party further agrees that neither the other party nor any other Person shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 9.10, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of
any such bond or similar instrument.

 

[Signature Page Follows]

 

    	 	51	 

     

    

  

IN WITNESS WHEREOF,
Investor and the Company have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized.

 

	 	ONCOBIOLOGICS, INC.
	 	 	 
	 	By:	/s/ Pankaj Mohan
	 	 	Name: Pankaj Mohan, Ph.D.
	 	 	Title: Chief Executive Officer
	 	 	 
	 	GMS TENSHI HOLDINGS PTE. LIMITED
	 	 	 
	 	By:	/s/ Faisal G. Sukhtian
	 	 	Name: Faisal G. Sukhtian
	 	 	Title: DirectorExhibit 10.2

 

EXECUTION VERSION

 

PURCHASE AND EXCHANGE AGREEMENT

 

This PURCHASE AND
EXCHANGE AGREEMENT (this “Agreement”), dated as of September 7, 2017, is entered into by and among Oncobiologics,
Inc., a Delaware corporation (the “Company”), Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant
Master Fund, Ltd. (each, a “Purchaser”, and, collectively, the “Purchasers”).

 

WHEREAS, the Purchasers
wish to purchase from the Company, and the Company wishes to sell and issue to the Purchasers, pursuant to the terms and conditions
set forth in this Agreement, an aggregate of 1,500,000 shares of the Company’s Series B Convertible Preferred Stock, par value
$0.01 per share (the “Preferred Shares”), having the designations, preferences, conversion or other rights,
voting powers and other terms and conditions specified in the Certificate of Designation attached hereto as Exhibit A (the
“Certificate of Designation”), which Preferred Shares will be convertible into shares of common stock, par value
$0.01 per share, of the Company (the “Common Stock”);

 

WHEREAS, the shares of
Common Stock issuable upon conversion of the Preferred Shares are collectively referred to herein as the “Conversion Shares,”
and the Preferred Shares and the Conversion Shares are collectively referred to herein as the “Securities”;

 

WHEREAS, as consideration
for the purchase of the Preferred Shares, the Purchasers wish to forgive, pursuant to the terms and conditions set forth in this
Agreement, an aggregate principal amount of $1,500,000 of the senior secured promissory notes (the “Notes”)
issued in April 2017 pursuant to the Note and Warrant Purchase Agreement, dated as of December 22, 2016, as amended as of April
13, 2017, as further amended, among the Company and the other parties thereto (the “NWPA”), that are held by
the Purchasers (the “Purchaser Notes”) and all interest accrued with respect to such aggregate principal amount;

 

WHEREAS, in connection
with, and concurrently with, the execution of this Agreement, the Company and GMS Tenshi Holdings Pte. Limited have entered into
that certain Purchase Agreement (the “GMS Tenshi Purchase Agreement”; capitalized terms that are not otherwise
defined herein shall have the meanings assigned to such terms in the GMS Tenshi Purchase Agreement) pursuant to which, among other
things, the Company will issue to GMS Tenshi Holdings Pte. Limited shares of the Company’s Series A Convertible Preferred
Stock and warrants to purchase Common Stock; and

 

WHEREAS, in connection
with, and concurrently with, the execution of this Agreement, the Purchasers, the Company and the other parties thereto have entered
into that certain Note, Warrant and Registration Rights Amendment and Waiver (the “NWPA Amendment and Waiver”)
pursuant to which, among other things, the holders of the Notes have consented to, and made certain waivers in respect of, the
transactions contemplated by the GMS Tenshi Purchase Agreement and this Agreement.

 

    	 	 	 

     

    

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchasers hereby agree as follows:

 

Article
I

 

The
Exchange

 

Section
1.01         Share Issuance. Subject to the terms and conditions of
this Agreement, at the Exchange Closing (as defined below), the Company shall issue, sell and deliver to the Purchasers, and Purchasers
shall purchase and acquire from the Company, the Preferred Shares (the “Share Issuance”). Prior to the Exchange
Closing, the Certificate of Designation shall be filed with the Secretary of State of the State of Delaware in accordance with
the General Corporation Law of the State of Delaware, as amended.

 

Section
1.02         Redemption. At the Exchange Closing, as consideration for
and automatically upon the Share Issuance, an aggregate amount of $1,500,000 of the outstanding principal amount under the Purchaser
Notes applicable to the Purchasers, together with all interest accrued with respect to such principal amount as of the Exchange
Closing, shall be forgiven and no longer payable by the Company (the forgiveness of such amounts, together with the Share Issuance,
the “Exchange”). Upon the consummation of the Exchange, the outstanding amounts under the Notes, after giving
effect to the Exchange, shall be as set forth in the NWPA Amendment and Waiver.

 

Section
1.03         Exchange Closing. The closing of the Exchange (the “Exchange
Closing”) shall occur immediately after the occurrence of the Closing (the date on which the Exchange Closing occurs,
the “Exchange Closing Date”).

 

Section
1.04         Exchange Closing Deliverables. At the Exchange Closing,
the Company shall deliver to the Purchasers the Preferred Shares in book-entry form.

 

Article
II

 

COVENANTS

 

Section
2.01         Further Assurances. Subject to the terms and conditions
of this Agreement, each of the Company and the Purchasers shall cooperate with each other and use its reasonable best efforts to
promptly take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with each other in doing,
all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable, the transactions
contemplated by this Agreement, including preparing and filing promptly and fully all documentation to effect all necessary filings,
notices, petitions, statements, registrations, submissions of information, applications and other documents, and execute and deliver
any additional instruments necessary to consummate the transactions contemplated by this Agreement.

 

    	 	2	 

     

    

 

Section
2.02         Blue Sky. If applicable, the Company, on or before the
Exchange Closing, shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Securities for sale to the Purchasers at the Exchange Closing pursuant to this Agreement under applicable
securities or state “Blue Sky” laws (or to obtain an exemption from such qualification), and shall provide evidence
of any such action so taken to the Purchasers on or prior to the Exchange Closing Date. Without limiting any other obligation of
the Company under this Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities
required under all applicable securities laws (including all applicable federal securities laws and all applicable state “Blue
Sky” laws), and the Company shall comply with all applicable federal, state and local Laws relating to the offering and sale
of the Securities to the Purchasers.

 

Section
2.03         Reservation and Listing of Conversion Shares. During the
period commencing on the date of this Agreement and ending on the date that no Preferred Shares remain outstanding, the Company
shall take all actions reasonably necessary (including increasing any such reserve, as necessary) to at all times have authorized,
and reserved for the purpose of issuance, no less than the maximum number of Conversion Shares issuable upon conversion of the
Preferred Shares then outstanding (determined without taking into account any limitations on the conversion of the Preferred Shares
set forth in the Certificate of Designation). The Company shall use its best efforts to cause the Conversion Shares to be approved
for listing on the Nasdaq Global Market, subject to official notice of issuance.

 

Section
2.04         Tacking. The parties acknowledge and agree that in accordance
with, but subject to, Rule 144(d)(3)(ii) under the Securities Act of 1933, as amended (such rule, “Rule 144”
and the act, the “Securities Act”), the Preferred Stock issued in exchange for the Notes will tack back to the
original issue date of Notes and the Company agrees not to take a position to the contrary.

 

Section
2.05         Transfer Restrictions.

 

(a)          The
Securities may only be disposed of in compliance with state and federal securities laws, and are subject to the restrictions on
transfer contained in the Certificate of Designation. In connection with any transfer of Securities other than pursuant to an effective
registration statement or Rule 144, to the Company or to an affiliate of a Purchaser (“Affiliate”) or in connection
with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities
under the Securities Act of 1933, as amended.

 

    	 	3	 

     

    

 

(b)          The
Purchasers agree to the imprinting or annotation, as the case may be, so long as is required by this Section 2.05, of a legend
on any of the Securities in the following form:

 

[NEITHER] THIS SECURITY [NOR THE
SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE] HAVE] HAS 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 (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY [AND
THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company acknowledges and agrees that
a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security
interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in
Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged
or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company
and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further,
the Purchasers shall provide reasonably prompt written notice of any such pledge or transfer to the Company, but in any event within
two (2) Business Days. In connection with the transactions contemplated by this Agreement, the Purchasers hereby provide notice
to the Company that the Purchasers will pledge the Securities to Bank America Merrill Lynch, and the Company hereby acknowledges
receipt of such notice.

 

(c)          Certificates
in book-entry form evidencing the Conversion Shares shall not contain any legend (including the legend set forth in Section 2.05
hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following
any sale of such Conversion Shares pursuant to Rule 144, (iii) if such Conversion Shares are eligible for sale under Rule 144;
provided that Company to be in compliance with the current public information required under Rule 144 or (iv) if such legend is
not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued
by the staff of the Commission) (the earliest such date, the “Legend Removal Date”). The Company shall cause
its counsel to issue a legal opinion to the transfer agent of the Company (“Transfer Agent”) or the Purchaser
promptly after the Legend Removal Date if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested
by a Purchaser, respectively. If all or any shares of Preferred Stock are converted at a time when there is an effective registration
statement to cover the resale of the Conversion Shares, or if such Conversion Shares may be sold under Rule 144 and the Company
is then in compliance with the current public information required under Rule 144, or if the Conversion Shares may be sold under
Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144
as to such Conversion Shares and without volume or manner-of-sale restrictions or if such legend is not otherwise required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission) then such Conversion Shares shall be issued free of all legends. The Company agrees that following the Legend Removal
Date it will, no later than the Standard Settlement Period Delivery Date (as defined below) following the delivery by a Purchaser
to the Company or the Transfer Agent of a certificate in book-entry form representing Conversion Shares issued with a restrictive
legend deliver or cause to be delivered to such Purchaser a certificate in book-entry form representing such shares that is free
from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the transfer
agent that enlarge the restrictions on transfer set forth in this Section 2.05. Certificates in book-entry form for Conversion
Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account
of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate in book-entry form
representing Conversion Shares, as applicable, issued with a restrictive legend and “Standard Settlement Period Delivery
Date” means the Trading Day for delivery in compliance with the Standard Settlement Period.

 

    	 	4	 

     

    

 

(d)          In
addition to such Purchaser’s other available remedies, if the Company fails to (a) issue and deliver (or cause to be delivered)
to a Purchaser by the Legend Removal Date a certificate or confirmation of book-entry representing the Securities so delivered
to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such
Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without
any restrictive legend, then the Company shall pay to such Purchaser, in cash, an amount equal to the excess of such Purchaser’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock
so purchased (including brokerage commissions and other out-of-pocket expenses, if any) over the product of (i) such number of
Conversion Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (ii) the
lowest closing sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such
Purchaser to the Company of the applicable Conversion Shares (as the case may be) and ending on the date of such delivery and payment
under this clause (b). In addition to such Purchaser’s other available remedies, if the Company fails to deliver to a Purchaser
the applicable Conversion Shares by the Share Delivery Date (as defined in the Certificate of Designation) pursuant to the Certificate
of Designation and if after such Share Delivery Date such Purchaser is required by its brokerage firm to purchase (in an open market
transaction or otherwise), or the Purchaser’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction
of a sale by such Purchaser of the Conversion Shares which such Purchaser was entitled to receive on such Share Delivery Date pursuant
to the Certificate of Designation, then the Company shall (A) pay in cash to such Purchaser (in addition to any other remedies
available to or elected by such Holder) the amount, if any, by which (x) such Purchaser’s total purchase price (including
any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common
Stock that such Purchaser was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which
the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option
of such Purchaser, either reissue (if surrendered) the Preferred Shares equal to the number of Preferred Shares submitted for conversion
(in which case, such conversion shall be deemed rescinded) or deliver to such Purchaser the number of shares of Common Stock that
would have been issued if the Company had timely complied with its delivery requirements under the Certificate of Designation.

 

    	 	5	 

     

    

 

Section
2.06         Non-Public Information. Except with respect to the material
terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section
4.6, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or
its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public
information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company
to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.

 

Section
2.07         Synthetic Shares. The Purchasers agree that, in the event
of the sale, transfer or disposition by the Purchasers of the 100,000 shares of Common Stock held by the Purchasers through a “synthetic
long position” (pursuant to which the Purchasers beneficially own such shares, but do not have the ability to vote such shares)
prior to the Exchange Closing, immediately after at the Exchange Closing, an amount of Preferred Shares shall be converted pursuant
to, and subject to the terms of, the Certificate of Designation such that the Purchasers are issued 100,000 shares of Common Stock.

 

Article
III

 

TERMINATION

 

Section
3.01         Termination. In the event the GMS Tenshi Purchase Agreement
is finally terminated in accordance with its terms, (a) this Agreement shall terminate automatically and shall forthwith become
null and void (other than this Section 3.01 and Article IV, which shall remain in full force and effect and survive
termination of this Agreement), and there shall be no liability or obligation on the part of the Purchasers or the Company or their
respective directors, officers and Affiliates in connection with this Agreement; provided that nothing herein shall relieve
any party from liability for any losses or damages incurred or suffered by the other party as a result of a breach of this Agreement
prior to such termination or from fraud, and (b) the Company shall, within two (2) Business Days of such termination, provide written
notice thereof to the Purchasers.

 

    	 	6	 

     

    

 

Article
IV

 

MISCELLANEOUS

 

Section
4.01         Governing Law; Jurisdiction; Waiver of Jury Trial. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdiction other than the State of New York. The parties hereto hereby irrevocably and unconditionally
consent to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each
case located in the County of New York, for any Action seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates
or against any party or any of its Affiliates). Consistent with the preceding sentence, each of the parties hereto hereby (a) submits
to the exclusive jurisdiction of such courts for the purpose of any Action arising out of or relating to this Agreement brought
by either party hereto, (b) agrees that service of process will be validly effected by sending notice in accordance with Section
4.06, (c) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that
this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and
(d) agrees not to move to transfer any such Action to a court other than any of the above-named courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.01.

 

Section
4.02         Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission or other means of electronic transmission, such as by electronic mail in “pdf”
form) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.

 

    	 	7	 

     

    

 

Section
4.03         Interpretation; Headings. When a reference is made in this
Agreement to an Exhibit or a Section, such reference shall be to an Exhibit or a Section of this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof”, “hereto”,
“hereby”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or” is not
exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or
other thing extends, and such phrase shall not mean simply “if”. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms. Any agreement, instrument or Law defined or referred to herein means
such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated.
References to a Person are also to its successors and permitted assigns. When calculating the period of time before which, within
which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the
immediately following Business Day. Unless otherwise specifically indicated, all references to “dollars” and “$”
will be deemed references to the lawful money of the United States of America. Each of the parties hereto has participated in the
drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must
be construed as if it is drafted by all the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of authorship of any of the provisions of this Agreement. References to “days” shall mean “calendar
days” unless expressly stated otherwise. No specific provision, representation or warranty shall limit the applicability
of a more general provision, representation or warranty. It is the intent of the parties hereto that each covenant, condition and
agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative.
Any reference in this Agreement to a date or time shall be deemed to be such date or time in the City of New York, New York, U.S.A.,
unless otherwise specified.

 

Section
4.04         Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Agreement are not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable
manner in order that such transactions be consummated as originally contemplated to the fullest extent possible.

 

Section
4.05         Entire Agreement; Amendments. This Agreement, the Purchaser
Notes, the NWPA, the Security Agreement (as defined in the NWPA), the IP Security Agreement (as defined in the NWPA) and the NWPA
Amendment and Waiver constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and
supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the
subject matter hereof and thereof. This Agreement may not be amended except by an instrument in writing signed on behalf of each
of the parties hereto.

 

    	 	8	 

     

    

 

Section
4.06         Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given
or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, or by email transmission
(upon confirmation of receipt and with a confirmatory copy sent by an internationally recognized overnight courier service) to
the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 4.06):

 

(a)          If
to the Company:

 

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, New Jersey 08512

Email: LawrenceKenyon@OncoBiologics.com

Attention: Lawrence A. Kenyon

 

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

 

Cooley LLP

1114 6th Avenue

New York, New York 10110

Email:ypierre@cooley.com

Attention: Yvan-Claude Pierre

 

(b)          If
to the Purchasers:

 

Sabby Management, LLC

10 Mountainview Road, Suite 205

Upper Saddle River, NJ 07458

Email:rgrundstein@sabbymanagement.com

Attention: Robert Grundstein

 

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Email: rcharron@egsllp.com

Attention: Robert Charron

 

Section
4.07         Assignment; No Third Party Beneficiaries. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party hereto, in whole or in part
(whether pursuant to a merger, by operation of law or otherwise), without the prior written consent of the other party hereto.
Subject to the immediately preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by, the parties hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied,
is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.

 

Section
4.08         Waiver. Any party hereto entitled to the benefits thereof
may, to the extent permitted by Law (a) extend the time for the performance of any of the obligations or other acts of the other
party hereto, (b) waive any inaccuracies in the representations and warranties contained herein, and (c) waive compliance with
any of the covenants, agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay
by a party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or future exercise of any other right hereunder.

 

    	 	9	 

     

    

 

Section
4.09         Survival. The agreements and covenants shall survive the
Exchange Closing.

 

Section
4.10         Specific Performance. The parties hereto acknowledge and
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Each party agrees that, in the event of any breach or threatened breach by
the other party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled (in addition
to any other remedy that may be available to it whether in law or equity, including monetary damages) to (a) an Order of specific
performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such
breach or threatened breach. Each party further agrees that neither the other party nor any other Person shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 4.10, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of
any such bond or similar instrument.

 

[Signature Page Follows]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF,
the Purchasers and the Company have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	ONCOBIOLOGICS, INC.
	 	 	 
	 	By:	/s/ Pankaj Mohan
	 	 	Name:  Pankaj Mohan, Ph.D.
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	Sabby Healthcare Master Fund, Ltd.
	 	 	 
	 	By:	/s/ Robert Grundstein
	 	 	Name:  Robert Grundstein
	 	 	Title:  COO of Investment Manager
	 	 	 
	 	Sabby Volatility Warrant Master Fund, Ltd.
	 	 	 
	 	By:	/s/ Robert Grundstein
	 	 	Name:  Robert Grundstein
	 	 	Title:  COO of Investment Manager

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