Document:

Exhibit 10.2

 

[*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

AMENDMENT NO. 2 TO THE

 LICENSE AGREEMENT

 

THIS AMENDMENT NO.
2 (this “Amendment”) to that certain License Agreement dated as of December 6, 2017, by and between XOMA (US) LLC,
a Delaware limited liability company (“XOMA”), having an address of 2200 Powell Street, Suite 310, Emeryville, CA 94608
and Rezolute, Inc. (formerly known as AntriaBio, Inc.), a Delaware corporation (“Rezolute”), having an address of 1450
Infinite Drive, Louisville, CO 80027, as amended by Amendment No. 1 dated March 30, 2018 (the “License Agreement”),
is entered into by and between XOMA and Rezolute effective as of January 7, 2019 (the “Effective Date”).  Each
of XOMA and Rezolute may be referred to herein as a “Party”, or jointly as the “Parties”.  Terms
used but not otherwise defined herein shall have the meanings ascribed to them in the License Agreement.

 

WHEREAS, the
Parties desire to amend the License Agreement to revise certain provisions of the License Agreement, including the consideration
to be paid to XOMA upon Rezolute’s completion of a Qualified Financing, the assignment and assumption by Rezolute of the
[*] (as defined below), the reimbursement to XOMA by Rezolute of certain patent expenses, Rezolute’s required annual development
expenses and level of diligence efforts, and cancellation of XOMA’s right to a seat on Rezolute’s Board of  Directors;

 

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

 

Section 1.          Amendments.  The
following sections of the License Agreement are hereby amended as follows:

 

(a)          Sections
2.1.2 is hereby amended and restated to read in its entirety as follows:

 

The Parties have agreed that the
financial consideration to be paid to XOMA in exchange for the rights granted and materials transferred hereunder will be largely
deferred until such time as Rezolute has substantially advanced the Development of the Antibody and Licensed Products and commenced
commercialization of Licensed Products, such that XOMA is reliant on Rezolute’s diligent Development of the Antibody and
Licensed Products and commercialization of the Licensed Products to fully receive the benefit of its bargain.  Further,
Rezolute acknowledges that the diligent conduct of such Development requires the commitment by Rezolute of an appropriate level
of funding directed to such Development.  Accordingly, and without limiting the generality of Section 2.1.1, (a) Rezolute
(together with its Affiliates and sublicensees) shall expend [*] during calendar year 2019 in direct out of pocket costs (and without
the inclusion of overhead) on the Development of the Antibody and Licensed Products; and (b) Rezolute shall use Diligent Efforts,
itself or through an Affiliate or sublicensee, to dose the first patient in the Phase 2 Repeat Dose Study by [*].

 

     

     

    

 

[*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		(b)	The first sentence of Section 2.3.6 is hereby amended
and restated to read as follows: The Parties shall share all Tech Transfer Expenses as follows: XOMA shall pay the first $275,000
of all Tech Transfer Expenses and Rezolute shall be solely responsible for all Tech Transfer Expenses above $275,000.

 

		(c)	New Section 2.3.7 is hereby added to the License Agreement
to read in its entirety as follows:

 

2.3.7      Payments;
Assignment of [*].  Within thirty (30) days after January 7, 2019, Rezolute shall (a) reimburse XOMA for [*] in patent-related
maintenance costs incurred as of such date, and (b) pay XOMA [*] associated with the occurrence of any Qualified Financing delay
described in 4.7.1 below.  Within sixty (60) days after January 7, 2019: (a) XOMA and Rezolute shall use their best efforts
to enter into an assignment and assumption agreement with [*] whereby XOMA shall assign to Rezolute and Rezolute shall assume that
[*], by and between XOMA and AGC and all accompanying Work Statements (collectively, the “[*]”) and cause XOMA to be
released from any and all rights and obligations under the [*]; and (b) XOMA shall make commercially reasonable efforts to transfer
the IND for the fully human allosteric modulating monoclonal antibody formerly known as XOMA 358 (now known as RZ358) to Rezolute.  Unless
and until [*] assigns the [*] to Rezolute in full in good order and [*] fully releases XOMA from all obligations thereunder (the
“Assignment”), after XOMA pays the first $275,000 of Tech Transfer Expenses, Rezolute shall pay all amounts due under
the [*] promptly upon receipt of an invoice from [*] or XOMA related thereto and shall be the primary obligor of payments thereunder.

 

		(d)	Section 4.6 of the License Agreement is hereby amended
to read in its entirety as follows:

 

4.6 Qualified Financing.  Within
fifteen (15) days following the closing of the Qualified Financing, Rezolute shall pay XOMA the greater of (a) [*] of the net proceeds
from the Qualified Financing and (b) Six Million Dollars ($6,000,000).  Following the closing of the Qualified Financing,
Rezolute shall make the following five (5) cash payments to XOMA at the following times (the “Future Cash Payments”):

 

	Cash Payment #:	 	 	Cash Payment Amount	 	 	Time of Payment	 
	 	1	 	 	$	1,500,000	 	 	 	No later than September 30, 2019	 
	 	2	 	 	$	1,000,000	 	 	 	No later than December 31, 2019	 
	 	3	 	 	$	2,000,000	 	 	 	No later than March 31, 2020	 
	 	4	 	 	$	2,000,000	 	 	 	No later than June 30, 2020	 
	 	5	 	 	$	2,000,000	 	 	 	No later than September 30, 2020	 
	 	 	 	 	 	TOTAL:  $8,500,000	 	 	 	 	 

 

    	 	2	 

     

    

 

[*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

In addition, to provide a potential
for early payment and only until the above $8.5M total is reached, Rezolute shall make ongoing future cash payments to XOMA in
an amount equal to fifteen percent (15%) of the net proceeds from each future financing following the closing of the Qualified
Financing, which amounts shall be credited against the Future Cash Payments in reverse order of their timing and to end after the
Future Cash Payments are made (e.g., Payment #5 will be credited first, followed by Payment #4, etc. and this mechanism will end
after the above $8.5M total is reached).

 

		(e)	Sections 4.7.2, 4.7.3 and 4.9 of the License Agreement
are hereby deleted.

 

		(f)	New Section 12.16 is added to the License Agreement to
read in its entirety as follows:

 

2.16 Amendment and Modification.  This
Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party hereto.

 

Section 2.          Effect
of Amendment.  Except as expressly provided for herein, all terms and conditions of the License Agreement shall remain
in full force and effect.

 

Section 3.          Governing
Law.  The validity, construction and interpretation of this Amendment and any determination of the performance which
it requires shall be governed by and construed in accordance with the laws of the State of California without any reference to
any rules of conflicts of laws.

 

Section 4.          Counterparts.  This
Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same Amendment.  A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Amendment.

 

	REZOLUTE, INC.	 	XOMA (US) LLC	 
	 	 	 	 
	By:	/s/ Keith Vendola	 	By: 	/s/ Jim Neal	 
	Name:	Keith Vendola	 	Name: 	Jim Neal	 
	Title: 	CFO	 	Title: 	CEO	 

 

    	 	3Exhibit 10.3

REZOLUTE, INC.

 

PURCHASE AGREEMENT FOR SHARES OF SERIES
AA PREFERRED STOCK

 

1.                  
Share Purchase: Each undersigned purchaser (“Purchaser”) irrevocably agrees to purchase
from Rezolute, Inc., a Delaware corporation (“Rezolute” or the “Company”),
that number of Shares of Series AA Preferred Stock of Rezolute set forth on the signature page hereto (the “Offered
Shares” or the “Securities”) at a price of $10.00 per Offered Share (the “Purchase
Price”). The Purchasers shall receive a credit for the $1,500,000 exclusivity payment previously paid to the Company.
All figures are in United States Dollars unless otherwise specified.

 

Upon receipt by Rezolute of the Purchase
Price and satisfaction of the subject to Conditions set forth herein in Section 7 of this Agreement (the “Conditions”),
the Company shall sell to the Purchaser the Offered Shares free and clear of all encumbrances, and the Purchaser shall purchase
the Offered Shares (“Closing”). The Closing shall take place on or about January 11, 2019, or such other
date as the Parties may agree in writing (the “Closing Date”). The Securities purchased for herein, will
not be deemed issued to, or owned by, Purchaser until, the Purchase Agreement has been executed by Purchaser and accepted by Rezolute,
and all payments required to be made herein have been made. Within twenty (20) days after the Closing, Rezolute will deliver
the certificates representing the Offered Shares purchased by Purchaser at the address set forth in the registration instructions
set forth on the signature page (unless Purchaser otherwise instructs Rezolute in writing). None of the Offered Shares to be issued
under this Agreement have been registered under the Securities Act of 1933, as amended (“U.S. Securities Act”),
or the securities laws of any state in the United States. The Closing is subject to the fulfillment of the Conditions, which Conditions
Rezolute and Purchaser covenant to exercise their reasonable best efforts to have fulfilled on or prior to the Closing Date:

 

		(i)	Purchaser shall have tendered the Purchase Price to Rezolute;

 

		(ii)	all relevant documentation and approvals as may be required by applicable securities statutes,
regulations, policy statements and interpretation notes, by applicable securities regulatory authorities and by applicable
rules shall have been obtained and, where applicable, executed by or on behalf of Purchaser;

 

		(iii)	Rezolute shall have authorized and approved the execution and delivery of this Purchase Agreement
and the issuance, allotment and delivery of the Securities; and

 

		(iv)	the representations and warranties of the Company and Purchaser set forth in this Agreement shall
be true and correct as of the Closing Date.

 

2.                  
Representations and Warranties of Purchaser: Purchaser hereby represents and warrants to Rezolute:

 

(a)               
General:

 

		(i)	Purchaser has all requisite authority to purchase the Offered Shares, enter into this Purchase
Agreement and to perform all the obligations required to be performed by Purchaser hereunder, and such purchase will not contravene
any law, rule or regulation binding on Purchaser or any investment guideline or restriction applicable to Purchaser.

 

		(ii)	Purchaser will comply with all applicable laws and regulations in effect in any jurisdiction in
which Purchaser purchases or sells Offered Shares and obtain any consent, approval or permission required for such purchases or
sales under the laws and regulations of any jurisdiction to which Purchaser is subject or in which Purchaser makes such purchases
or sales, and the Company shall have no responsibility therefor.

 

     

     

    

 

(b)               
Information Concerning the Company:

 

		(i)	Purchaser understands and accepts that the purchase of the Offered Shares involves various risks,
including the risks outlined in Company’s public filings and in this Purchase Agreement. Purchaser represents that it is
able to bear any loss associated with an investment in the Offered Shares.

 

		(ii)	Purchaser confirms that it is not relying on any communication (written or oral) of the Company
or any of its affiliates, as investment advice or as a recommendation to purchase the Offered Shares. It is understood that information
and explanations related to the terms and conditions of the Offered Shares provided by the Company or any of its affiliates shall
not be considered investment advice or a recommendation to purchase the Offered Shares, and that neither the Company nor any of
its affiliates is acting or has acted as an advisor to Purchaser in deciding to invest in the Offered Shares. Purchaser acknowledges
that neither the Company nor any of its affiliates has made any representation regarding the proper characterization of the Offered
Shares for purposes of determining Purchaser's authority to invest in the Offered Shares.

 

		(iii)	Purchaser is familiar with the business and financial condition and operations of the Company.
Purchaser has had access to such information concerning the Company and the Offered Shares as it deems necessary to enable it to
make an informed investment decision concerning the purchase of the Offered Shares.

 

		(iv)	Purchaser understands that no federal or state agency has passed upon the merits or risks of an
investment in the Offered Shares or made any finding or determination concerning the fairness or advisability of this investment.

 

(c)               
Non-reliance:

 

		(i)	Purchaser confirms that the Company has not (A) given any guarantee or representation as to the
potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment
in the Offered Shares or (B) made any representation to Purchaser regarding the legality of an investment in the Offered Shares
under applicable legal investment or similar laws or regulations. In deciding to purchase the Offered Shares, Purchaser is not
relying on the advice or recommendations of the Company and Purchaser has made its own independent decision that the investment
in the Offered Shares is suitable and appropriate for Purchaser.

 

(d)               
Status of Undersigned:

 

		(i)	Purchaser has such knowledge, skill and experience in business, financial and investment matters
that Purchaser is capable of evaluating the merits and risks of an investment in the Offered Shares. With the assistance of Purchaser's
own professional advisors, to the extent that Purchaser has deemed appropriate, Purchaser has made its own legal, tax, accounting
and financial evaluation of the merits and risks of an investment in the Offered Shares and the consequences of this Purchase Agreement.
Purchaser has considered the suitability of the Offered Shares as an investment in light of its own circumstances and financial
condition and Purchaser is able to bear the risks associated with an investment in the Offered Shares and its authority to invest
in the Offered Shares.

 

     

     

    

 

		(ii)	Purchaser is an “accredited investor” as defined in Rule 501(a) under the U.S. Securities
Act. Purchaser agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance
with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Offered Shares.

 

		(e)	Restrictions on Transfer or Sale of Offered Shares: As applies to Purchaser:

 

		(i)	Purchaser is acquiring the Offered Shares solely for Purchaser’s own beneficial account,
for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Offered Shares. Purchaser
understands that the Offered Shares have not been registered under the U.S. Securities Act or any state securities laws by reason
of specific exemptions under the provisions thereof which depend in part upon the investment intent of Purchaser and of the other
representations made by Purchaser in this Purchase Agreement. Purchaser understands that the Company is relying upon the representations
and agreements contained in this Purchase Agreement (and any supplemental information) for the purpose of determining whether this
transaction meets the requirements for such exemptions.

 

		(ii)	Purchaser understands that the Securities are “restricted securities” under applicable
federal securities laws and that the U.S. Securities Act and the rules of the United States Securities and Exchange Commission
(the “SEC” or the “Commission”) provide in substance that Purchaser may dispose
of the Offered Shares only pursuant to an effective registration statement under the U.S. Securities Act or an exemption therefrom,
and Purchaser understands that the Company has no obligation or intention to register any of the Offered Shares, or to take action
so as to permit sales pursuant to the U.S. Securities Act (including Rule 144 thereunder). Accordingly, Purchaser understands that
under the Commission's rules, Purchaser may dispose of the Offered Shares principally only in “private placements”
which are exempt from registration under the U.S. Securities Act, in which event the transferee will acquire “restricted
securities” subject to the same limitations as in the hands of Purchaser. Consequently, Purchaser understands that Purchaser
must bear the economic risks of the investment in the Offered Shares for an indefinite period of time.

 

		(iii)	Purchaser agrees: (A) that Purchaser will not sell, assign, pledge, give, transfer or otherwise
dispose of the Offered Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant
to a registration of the Offered Shares under the U.S. Securities Act and all applicable State Securities Laws, or in a transaction
which is exempt from the registration provisions of the U.S. Securities Act and all applicable State Securities Laws; (B) that
the certificates representing the Offered Shares will bear a legend making reference to the foregoing restrictions; and (C) that
the Company and its affiliates shall not be required to give effect to any purported transfer of such Offered Shares except upon
compliance with the foregoing restrictions. Purchaser acknowledges that neither the Company nor any other person offered to sell
the Offered Shares to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio
or (B) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

     

     

    

 

		(f)	No Hedging: Neither the Purchaser nor any of its affiliates will, directly or indirectly hold or maintain any
short position in or engage in hedging transactions with respect to the common stock of the Company or any other securities of
the Company, other than in accordance with the U.S. Securities Act.

 

		3.	Representations and Warranties of the Company: Rezolute hereby represents and warrants to Purchaser that:

 

(a).             
Good Standing. The Company is duly formed and validly existing under the laws of Delaware, with full power and authority
to conduct its business as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals,
permits and orders required by law for the conduct by the Company of its business as it is currently being conducted.

 

(b).             
Authorization. The Offered Shares have been duly authorized and, when issued, delivered and paid for in the manner
set forth in this Purchase Agreement, will be validly issued, fully paid and nonassessable. The rights, privileges and preferences
of the Offered Shares are as stated in the Certificate and as provided by the Delaware General Corporation Law. This Agreement
constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, except that enforcement
of this Agreement and the terms of the Offered Shares may be limited by bankruptcy, insolvency, moratorium or other similar laws
relating to or affecting the rights of creditors generally and subject to the fact that equitable remedies are discretionary and
may not be granted by a court of competent jurisdiction.

 

(c).             
Subsidiaries. The Company does not currently own or control, directly or indirectly, any interest in any other corporation,
partnership, trust, joint venture, limited liability company, association, or other business entity. The Company is not a participant
in any joint venture, partnership or similar arrangement.

 

(d).             
No Default. The execution, delivery and performance of this Agreement by the Company and the consummation by the
Company of the transactions contemplated hereby do not and will not constitute a default under any of the terms, conditions or
provisions of the Certificate of Incorporation or Bylaws of the Company, or any material contract, agreement or arrangement to
which the Company is a party or by which it is bound.

 

(e).             
Compliance with Laws; Permits. The Company holds all material licenses, approvals, certificates, permits and authorizations
necessary for the lawful conduct of its business and is in material compliance with all applicable laws, rules, regulations and
ordinances. The Company has all franchises, permits, licenses, and any similar authority necessary for the conduct of its business,
the lack of which could materially and adversely affect the business, properties, prospects or financial condition of the Company.
The Company is not in default in any material respect under any such franchise, permit, license or other similar authority.

 

     

     

    

 

(f).              
Litigation. There is no action, suit, proceeding at law or in equity, arbitration or administrative or other proceeding
by or before (or to the best knowledge, information and belief of the Company any investigation by) any governmental or other instrumentality
or agency, pending, or, to the Company’s knowledge, information and belief, threatened against or affecting the Company or
any of its properties, intellectual property and patents, or other rights which could materially and adversely affect the right
or ability of the Company to carry on its business as now conducted, or which could materially and adversely affect the condition,
whether financial or otherwise, or properties or intellectual property of the Company; and the Company does not know of any valid
basis for any such action, proceeding or investigation.

 

(g).             
Intellectual Property. To the knowledge of the Company, the Company owns or possesses or believes it can obtain on
commercially reasonable terms sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade
secrets, licenses (software or otherwise), information, processes and similar proprietary rights (collectively “Intellectual
Property”) necessary to conduct the business of the Company as it is presently conducted or as presently contemplated
to be conducted (“Company Intellectual Property”) without any known conflict with, or infringement of,
the rights of others. To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold)
by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other
party. Except for agreements with its own employees, consultants and customers and standard end-user license agreements and as
otherwise disclosed in the Company’s annual or quarterly filings with the SEC, there are no outstanding options, licenses
or agreements relating to the Company Intellectual Property, and the Company is not bound by or a party to any options, licenses
or agreements with respect to the Intellectual Property of any other person or entity. The Company has not received any written
communication alleging that the Company has violated or, by conducting its business, would violate any of the Intellectual Property
of any other person or entity. To the knowledge of the Company, it will not be necessary to use any inventions of any of its employees
or consultants (or persons it currently intends to hire) made prior to their employment by the Company. Each employee of the Company
has executed a customary confidential information and invention assignment agreement. To the knowledge of the Company, no such
employee or consultant is in violation of such confidential information and invention assignment agreement.

 

(h).             
Property. The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens,
loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances
and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such
property or assets. With respect to the property and assets it leases, the Company is in material compliance with such leases and
holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or
assets. The Company does not own any real property.

 

(i).               
Tax Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company
which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of the Company
which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by
any applicable federal, state, local or foreign governmental agency. The Company has duly and timely filed all federal, state,
county, local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes
of limitations with respect to taxes for any year.

 

     

     

    

 

(j).               
Governmental Consents and Filings. Assuming the accuracy of the representations made by the Investors in Section
2 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the
consummation of the transactions contemplated by the Purchase Agreement, except for (i) the filing of the Charter with the Secretary
of State of the State of Delaware and (ii) filings pursuant to Regulation D of the U.S. Securities Act, and applicable state securities
laws, which have been made or will be made in a timely manner.

 

(k).             
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
as defined in the United States Internal Revenue Code of 1986, as amended.

 

(l).               
Labor and Employment Matters. To the Company’s knowledge, no Key Employee intends to terminate their employment
with the Company, nor does the Company have a present intention to terminate the employment of any of the foregoing. The Company
has complied in all material respects with all applicable laws related to labor or employment, including provisions thereof relating
to wages, hours, working conditions, benefits, retirement, social welfare, equal opportunity and collective bargaining. For the
purposes hereof, “Key Employee” means any executive-level employee (including division director and
vice president-level positions).

 

(m).           
No “Bad Actor” Disqualifications. The Company has exercised reasonable care, in accordance with SEC rules
and guidance, to determine whether any Covered Person (as defined below) is subject to any Disqualification Event (as defined in
Rule 506(d)(1)(i) through (viii) under the U.S. Securities Act). To the Company’s knowledge, no Covered Person is subject
to a Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the U.S. Securities
Act the Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the U.S. Securities
Act. “Covered Persons” are those persons specified in Rule 506(d)(1) under the U.S. Securities Act,
including the Company; any predecessor or affiliate of the Company; any director, executive officer, other officer participating
in the offering, general partner or managing member of the Company; any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405 under
the U.S. Securities Act) connected with the Company in any capacity at the time of the sale of the Securities; and any person that
has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the
Series AA Preferred Stock (a “Solicitor”), any general partner or managing member of any Solicitor, and
any director, executive officer or other officer participating in the Offering of any Solicitor or general partner or managing
member of any Solicitor.

 

     

     

    

 

4.                  
Registration Rights

 

(a).             
Rezolute shall use reasonable commercial efforts to (i) prepare and file with the SEC within sixty (60) calendar
days after the Closing Date a registration statement (on Form S-3, SB-1, SB-2, S-1, or other appropriate registration statement
form reasonably acceptable to Purchaser) under the U.S. Securities Act (the “Registration Statement”),
at the sole expense of Rezolute, in respect of Purchaser, so as to permit a public offering and resale of the shares of common
stock issuable upon the conversion of the Offered Shares (collectively, the “Registrable Securities”)
in the United States under the U.S. Securities Act by Purchaser as a selling stockholder and not as underwriter; and (ii) use commercially
reasonable efforts to cause a Registration Statement to be declared effective by the SEC as soon as possible, but in any event
not later than the earlier of ninety (90) calendar days following the Closing Date. Rezolute will notify Purchaser
of the effectiveness of the Registration Statement within three (3) trading days (days in which the OTCQB is open for quotation).
The initial Registration Statement shall cover the resale of 100% of the Registrable Securities, for an offering to be made on
a continuous basis pursuant to Rule 415 (as promulgated by the Commission pursuant to the U.S. Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same
purpose and effect as such Rule); provided, however, that if 100% of the Registrable Securities included hereunder
cannot be registered, the number of Registrable Securities on the initial Registration Statement shall be reduced pro-rata among
all Purchasers.

 

(b).             
Rezolute will use reasonable commercial efforts to maintain the Registration Statement or post-effective amendment filed
under this Section 4 effective under the U.S. Securities Act until the earlier of the date (i) all of the Registrable
Securities have been sold pursuant to such Registration Statement or (ii) Purchaser receives an opinion of counsel to Rezolute,
which opinion and counsel shall be reasonably acceptable to Purchaser, the Company and the transfer agent, that the Registrable
Securities may be sold under the provisions of Rule 144.

 

(c).             
All fees, disbursements and out-of-pocket expenses and costs incurred by Rezolute in connection with the preparation and
filing of the Registration Statement and in complying with applicable securities and “blue sky” laws (including, without
limitation, all attorneys’ fees of Rezolute, registration, qualification, notification and filing fees, printing expenses,
escrow fees, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration)
shall be borne by Rezolute. Purchaser shall bear the cost of underwriting and/or brokerage discounts, fees and commissions, if
any, applicable to the Registrable Securities being registered and the fees and expenses of its counsel. Rezolute shall qualify
any of the Registrable Securities for sale in such states as Purchaser reasonably designates. However, Rezolute shall not be required
to qualify in any state which will require an escrow or other restriction relating to Rezolute and/or the sellers, or which will
require Rezolute to qualify to do business in such state or require Rezolute to file therein any general consent to service of
process. Rezolute at its expense will supply Purchaser with copies of the applicable Registration Statement and the prospectus
included therein and other related documents in such quantities as may be reasonably requested by Purchaser.

 

     

     

    

 

(d).             
Purchaser will cooperate with Rezolute in all respects in connection with this Agreement, including timely supplying all
information reasonably requested by Rezolute (which shall include completing the Selling Shareholder Questionnaire attached hereto
as Exhibit A, and all information regarding Purchaser and proposed manner of sale of the Registrable Securities
required to be disclosed in any Registration Statement) and executing and returning all documents reasonably requested in connection
with the registration and sale of the Registrable Securities and entering into and performing its obligations under any underwriting
agreement, if the offering is an underwritten offering, in usual and customary form, with the managing underwriter or underwriters
of such underwritten offering. Any delay or delays caused by Purchaser, or by any other purchaser of securities of Rezolute having
registration rights similar to those contained herein, by failure to cooperate as required hereunder shall not constitute a breach
or default of Rezolute under this Agreement. Purchaser understands and agrees that the Company’s obligations under this Section 4
with respect to the preparation and filing of the Registration Statement are subject to Purchaser or any other purchaser of securities
of Rezolute having registration rights similar to those contained herein, timely providing the Company with the Selling Shareholder
Questionnaire and all information reasonably requested by the Company to prepare and file the Registration Statement.

 

5.                  
Market Stand-Off: Purchaser further agrees, if so requested by the Company or any representative of its underwriters,
to enter into such underwriter’s standard form of “lockup” or “market standoff” agreement in a form
satisfactory to the Company and such underwriter. The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of any such restriction period. Notwithstanding the foregoing, this Section
shall only apply to any Purchaser who own, at the time of such underwritten public offering, 3% of the issued and outstanding shares
of common or preferred stock of the Company on a fully-diluted basis.

 

6.                  
Legend: The certificates representing the Offered Shares sold pursuant to this Purchase Agreement will be
imprinted with a legend in substantially the following form:

 

“THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER
JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE
LAWS.”

 

7.                  
Conditions to Closing:

 

		(a).	Conditions to Obligations of Purchaser: The obligations of Purchaser to consummate
the transactions contemplated by this Agreement shall be subject to the fulfillment or Purchaser’s waiver, at or prior to
the Closing each of the following conditions.

 

		i.	The representations and warranties of the Company contained herein shall be true and correct in
all respects as of the Closing with the same effect as though made at and as of such time.

 

     

     

    

 

		ii.	The Company shall deliver to Purchaser written resignations effective as of closing, of the following
directors of the Company: Hoyoung Huh, David Welch, Tae Hoon Kim and Samir Patel.

 

		iii.	The Company shall have filed a Certificate of Designations with the Secretary of State of the State
of Delaware designating the rights and preferences of the Offered Shares.

 

		(b).	Conditions to Obligations of the Company: The obligations of Company to consummate
the transactions contemplated by this Agreement shall be subject to the fulfillment or Purchaser’s waiver, at or prior to
the Closing each of the following conditions.

 

		i.	The representations and warranties of Purchaser contained herein shall be true and correct in all
respects as of the Closing with the same effect as though made at and as of such time.

 

		ii.	The Company shall have received the Purchase Price.

 

		iii.	The Company shall have received a waiver from XOMA LLC to the terms of the License Agreement dated,
December 6, 2018.

 

8.                  
Covenants:

 

		(a).	Call Option.

 

		i.	Until the earlier to occur of (A) December 31, 2020, and (B) the date when the Company asks the
Purchasers for further financing, each Purchaser may elect to purchase up to $10,000,000 worth of shares of the Company’s
common stock at purchase price equal to the greater of:

 

		1.	$0.29 per share or

 

		2.	75% of the volume weighted average closing price of the Company’s common stock during the
thirty (30) consecutive trading days prior to the date of the Purchaser Notice.

 

		ii.	If the a Purchaser wishes to exercise its right to purchase shares of the Company’s common
stock pursuant to this Section, the Purchaser shall deliver to the Company a written notice (the "Purchase Notice")
specifying the number of shares of common stock to be repurchased by the Purchaser.

 

		iii.	The closing of any purchase of common stock pursuant to this Section shall take place no later
than five (5) days following receipt by the Company of the Purchase Notice.

 

		iv.	The Purchaser shall take all actions as may be reasonably necessary to consummate the sale contemplated
by this Section.

 

     

     

    

 

		(b).	Board Nomination Right.

 

		i.	The Purchasers, their affiliates or designee shall have the right (but not the obligation) to nominate
three (3) members of the Board of Directors of the Company (the "Purchaser Nominees") for so long as the Purchasers and
their affiliates collectively hold at least 40% of the aggregate Offered Shares or Registrable Securities purchased by the Purchasers
at the Closing; provided, that such nominee must qualify as an "independent" director as defined under NASDAQ Listing
Rule 5605(a)(2).  The Company agrees to take all necessary corporate and other actions, including increasing the size of the
Board of Directors, if necessary, and/or to request a voting of the stockholders, to permit the Purchaser Nominees to be elected
by the members of the Board of Directors pursuant to the Company's certificate of incorporations and Bylaws. One veto is available
to Purchasers and their affiliates for directors not designated by Purchaser and their affiliates.

 

		ii.	Each Purchaser hereby covenants and agrees (A) not to designate or participate in the designation
of any director designee who, to such Person’s knowledge, is a Disqualified Designee and (B) that in the event such Person
becomes aware that any individual previously designated by any such Person is or has become a Disqualified Designee, such Person
shall as promptly as practicable take such actions as are necessary to remove such Disqualified Designee from the Board and designate
a replacement designee who is not a Disqualified Designee. Any director designee to whom any Disqualification Event is applicable,
except for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable, is referred to as a “Disqualified
Designee”.

 

		(c).	Board Size. The Purchaser and their affiliates shall set the size of the Board and
the Company shall use commercially reasonable efforts to remain the size of Board at three (3) or more and up to five (5) directors

 

		(d).	Employee Arrangements. The Company will use commercially reasonable efforts during
the 30 day period after Closing to retain and compensate key employees of the Company.

 

9.                  
Governing Law: This Purchase Agreement shall be binding upon the parties hereto, their heirs, executors, successors,
and legal representatives. The laws of the State of Delaware shall govern the rights of the parties as to this Agreement.

 

10.               
Indemnification: Purchaser acknowledges that it understands the meaning and legal consequences of the representations
and warranties contained herein, and it hereby agrees to indemnify and hold harmless Rezolute and any other person or entity relying
upon such information thereof from and against any and all loss, damage or liability due to or arising out of a breach of any representation,
warranty, or acknowledgement of Purchaser contained in this Agreement.

 

11.               
Nonassignability:  Except as otherwise expressly provided herein, this Agreement may not be assigned by Purchaser.

 

12.               
Entire Agreement: This Agreement, including any supplements, schedules, or exhibits hereto, as each is amended
and supplemented from time to time contains the entire agreement among the parties with respect to the acquisition of the Offered
Shares and the other transactions contemplated hereby, and there are no representations, covenants or other agreements except as
stated, incorporated, or referred to herein.

 

     

     

    

 

13.               
Amendment: This Agreement may be amended or modified only by a writing signed by the party or parties to be
charged with such amendment or modification.

 

14.               
Binding On Successors: All of the terms, provisions and conditions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs, successors, and legal representatives.

 

15.               
Titles: The titles of the sections of this Agreement are for convenience of reference only and are not to
be considered in construing this Agreement.

 

16.               
Counterparts: This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original and all of which shall be deemed an original and all of which taken together shall constitute one and the same document,
notwithstanding that all parties are not signatories to the same counterpart.

 

17.               
Severability: The unenforceability or invalidity of any provision of this Agreement shall not affect the enforceability
or validity of the balance of this Agreement.

 

18.               
Disclosure Required Under State Law: The offering and sale of the securities is intended to be exempt from
registration under the securities laws of certain states. Purchasers who reside or purchase the Offered Shares may be required
to make additional disclosures by the securities laws of various states and agrees to provide such additional disclosures as requested
by Rezolute upon written request.

 

19.               
Notices: All notes or other communications hereunder (except payment) shall be in writing and shall be deemed
to have been duly given if delivered personally or sent by registered or certified mail postage prepaid, or by Express Mail Service
or similar courier, addressed as follows:

 

	 	If to Purchaser:	At the address designated on the signature page of this Agreement.
	 	 	 
	 	If to the Company:	Rezolute, Inc.
	 	 	570 El Camino Road Suite 150-403
	 	 	Redwood City, California 94063
	 	 	Attention: Nevan Elam, CEO
	 	 	 
	 	With Copy to:	Dorsey & Whitney LLP
	 	 	1400 Wewatta Street, Suite 400
	 	 	Denver, Colorado 80202
	 	 	Attention: Michael L. Weiner, Esq.

17.       Time
of the Essence: Time shall be of the essence of this Agreement in all respects.

 

18.        Facsimile
and Counterpart Purchase Agreements: Rezolute shall be entitled to rely on delivery of a facsimile or electronic copy of
this Agreement executed by the purchaser, and acceptance by Rezolute of such executed Agreement shall be legally effective to create
a valid and binding agreement between Purchaser and Rezolute in accordance with the terms hereof. In addition, this Agreement may
be executed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same document.

 

19.       Future
Assurances: Each of the parties hereto will from time to time execute and deliver all such further documents and instruments
and do all acts and things as the other party may, either before or after a Closing, reasonably require to effectively carry out
or better evidence or perfect the full intent and meaning of this Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, Purchaser executed
this Agreement this 4th day of January 2019.

  

PURCHASERS:

 

 

	GENEXINE, INC.	 	 
	 	 	 	 
	700 Daewangpangyo-ro	 	 
	Korea Bio-Park, Building B	 	 
	Bundang-gu, Seongnam-si, Gyeonggi-do 463-400	 	 
	Republic of Korea	 	 
	 	 	 	 
	By:   	/s/ You Suk Suh	 	 
	 	 	 	 
	Name: You Suk Suh	 	 
	 	 	 	 
	Title: CEO	 	 
	 	 	 	 
	Number of shares purchased: 1,250,000	 	 
	 	 	 	 
	HANDOK, INC.	 	 
	132 Teheran-ro	 	 
	Gangnam-gu	 	 
	Seoul 06235	 	 
	Republic of Korea	 	 
	 	 	 	 
	By:	/s/ Young Jin Kim	 	 
	 	 	 	 
	Name: Young Jin Kim	 	 
	 	 	 	 
	Title: Chairman & CEO	 	 
	 	 	 	 
	Number of shares purchased: 1,250,000	 	 
	 	 	 
	 	 	REZOLUTE, INC.
	 	 	 	 
	 	 	By:  	/s/ Nevan Elam
	 	 	Name: Nevan Elam
	 	 	Title: Chief Executive Officer

 

     

     

    

 

EXHIBIT A

SCHEDULE OF PURCHASERS

 

	Name and Address	Number of Shares of Series AA Preferred Stock Purchased	Total Purchase Price	Exclusivity payment

(2018.11.28)	Purchase Price Remaining
	
        Initial Closing:

         

        January __, 2019

        

         
	 	 	 	 
	HANDOK, INC.	1,250,000	$12,500,000	$750,000	$11,750,000
	
        GENEXINE, INC.

         

         
	1,250,000	$12,500,000	$750,000	$11,750,000

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